1. Saykha benzene ramp-up - The 63,000 MTPA benzene downstream plant at Saykha, built at a net project cost below ₹400 cr, achieved normal production in 9M FY26 and is targeting 80% utilisation by Q4 FY26. At maximum capacity utilisation, the plant can deliver about Rs. 320 crores of topline with \~13-14% EBITDA margin, making it the single largest incremental earnings driver as it scales from the ₹13 cr quarterly revenue run-rate in Q1 FY26.
2. TCCA anti-dumping volume capture - The March-2025 anti-dumping duty on Chinese TCCA lifted domestic prices from \~₹110 to ₹160+ per kg, and management targets at least 4,000 MT of production in FY26 with a \~₹70 cr topline potential. With channel inventory clearing in 1-2 months from Q1 FY26, meaningful margin-accretive contribution begins in H2 FY26 and adds a further ₹20-30 cr in FY27.
3. Punjab SGST subsidy cash flow - The long-pending Punjab government incentive for the Rajpura caustic soda plant was recognised in FY26, contributing to EBITDA growth, with \~₹20 cr annually expected for the next seven years. This recurring, zero-cost cash inflow directly lifts pre-tax earnings and improves debt-servicing capacity without any associated capex.
4. Debt reduction and asset monetisation - The company is targeting ₹120-150 cr of debt reduction in FY26 through scheduled repayments of \~₹120 cr and proceeds from sale of the Vatva plant, part of the Punjab unit, and surplus land parcels. Net Debt/Equity already improved to 0.67x in FY26 from 0.79x in FY25, and with no major capex planned for a couple of years, falling interest costs will directly expand net margins.
5. Chlor-alkali debottlenecking - A sub-₹10 cr debottlenecking exercise targets 10-15% capacity addition on the 99,000 MTPA caustic soda plant, which is already running near maximum utilisation. Management expects this low-cost expansion to add \~₹60-70 cr of additional topline in FY27, with the sixth pipeline chlorine consumer already added in FY25 and more land deals underway to secure offtake.
6. Dyestuff volume growth on captive integration - Dyestuff capacity utilisation stood at 56% in Q3 FY25, with management guiding \~10% volume improvement for FY26, and Q4 FY26 revenue already up 15% YoY to ₹1,441 Mn. With \~40% of intermediates captively consumed, incremental dyestuff volumes carry structurally better margins than merchant intermediate sales, compounding the earnings uplift as utilisation rises.