1. CMCD revenue ramp - CMCD has commercialised 14 products with a \~50-molecule pipeline, six LOIs signed, and is on track for the ₹1,000 crore revenue target, expected by FY28. At FY26 revenue of \~₹1,537 crore and steady-state EBITDA margin guidance of 20-25%, this is the clearest near-term earnings driver.
2. R32 refrigerant gas expansion - The 14 KTPA R32 build-out is underway: the 2 KTPA swing plant at Mettur commenced commercial production May 18, 2026, with all 14,000 tons online by end-FY27. Management targets \~11,000 tons production in the first full year, worth \~₹550-600 crore revenue at current prices of \~$7.5/kg.
3. Paste PVC debottlenecking - A 7,000-ton debottlenecking project at Cuddalore is on track for commissioning in October 2026, adding to a plant already running at 100% utilisation. With \~66% domestic market share and Paste PVC realising \~$200/ton above Suspension PVC, incremental volume flows through at premium margins.
4. Paste PVC anti-dumping duty - DGTR final findings against EU and Japan paste PVC imports are expected to be implemented in H1 FY27, and have already reduced European import bookings. This protects the \~83% domestic capacity share from the \~62,000 tons of imports seen in 9M FY26.
5. Green power PPA - The JSW renewable energy PPA, covering over 35% of power requirements, is expected to deliver annual savings of ₹50-60 crore from fiscal 2027. Caustic soda is power-intensive, so this directly lifts the VAC business's margins.
6. Suspension PVC pricing floor - A Minimum Import Price of USD 766/MT has been introduced, providing a floor below which imports cannot undercut domestic prices. With current spreads at EBITDA-neutral levels, the MIP plus China's withdrawal of its 13% export rebate supports a recovery toward the close to $160 spread needed for profitability.
7. CMCD business development - A business development head has been appointed for Europe, with a representative in Japan, targeting the 'China Plus One' supply-chain shift. This supports the goal of tripling CMCD revenues in three years, with pharma projects expected to commercialise later this year.
8. Caustic soda operational improvements - The membrane changeover at Mettur is complete, improving productivity and supporting higher production levels. With India now a net exporter and caustic prices having surged to $459/dmt in March 2026, the 120,000-ton plant can capture better realisations.