• Flask facility ramp-up: Commercial production has begun on two lines at the Rajasthan plant, with the third line starting in Q2 to reach an aggregate capacity of roughly 3.5 million bottles annually. Management expects 100% capacity utilization within three to six months, aiming to recover the approximately ₹100 crore in revenue lost last year due to import restrictions.
• Annual capex outlay: The company plans to deploy ₹150 to ₹200 crore or more in capital expenditure this year to expand its Bharuch facility, increase Jaipur borosilicate capacity, and potentially add further flask manufacturing lines.
• EBITDA margin target: The timeline to achieve a 20%+ EBITDA margin has been pushed back by one year to FY28–29, with margin expansion expected to be driven by a higher proportion of in-house manufacturing.
• Glassware and anti-dumping: Opal glass operations are operating near full capacity utilization, but borosilicate margins remain suppressed due to Chinese product dumping, prompting an application for anti-dumping duties with the DGTR.