1. Maintain 0.5 debt-equity ratio in future On track - In an August 2026 announcement, the company said it would maintain a 0.5 debt-equity ratio in future, with the ratio currently around 0.86 and expected to come down as prices stabilize. FY26 net debt to equity was 0.81 times as of March 31, 2026, while the latest D/E stands at 0.91.
2. Odisha (Sambalpur) plant to reach full capacity utilization within FY27 On track - In an August 2026 announcement, management said the Odisha plant, running \~6,000 tons over three months against a target run-rate of nearly 4,000 tons a month, should reach full capacity utilization within this financial year. The 48,000 tons-per-annum Hindalco-dedicated plant is ramping up, with Q1 FY27 UBC recycling volumes up 333% YoY.
3. Rebalance volume mix to 60-20-20 over the coming year On track - In an August 2026 announcement, management aimed to rebalance the volume mix from 66% automotive / 10% non-automotive / 24% other metals in FY26 to 60-20-20 over the coming year. No updated mix has been disclosed for Q1 FY27; the one-year horizon is not yet reached.
4. EBITDA per kg maintained at ₹12 on a sustainable basis with continuous improvement Delivered - At the Q4 FY26 call, management guided only directional EBITDA improvement from \~₹11/kg without a number; by the August 2026 filings, guidance was maintained at ₹12 EBITDA per kg on a sustainable basis. Q1 FY27 EBITDA per kg improved to ₹12.4, above the guided floor.
5. FY27 volume growth similar to FY26's \~25% On track - At the Q4 FY26 call, management guided FY27 volume growth similar to FY26's \~24-25%, reiterated at the Q1 FY27 call and in August 2026 filings at 25%. Q1 FY27 sales volume of 1,12,336 MT grew 25.2% YoY; the full year is not yet complete.
6. FY27 capex of about ₹200 crores for new capacities On track - At the Q4 FY26 call, management guided capex of about 200 crores for FY27, reiterated at the Q1 FY27 call for new capacities. In Q1 FY27, ₹53 crores was invested in greenfield projects at Shoolagiri and Bawal; the full-year actual is not yet known.
7. Capacity expansion to nearly 7 lakh tons by FY27 - Shoolagiri and Bawal plants On track - At the Q4 FY26 call, management guided capacity to rise from \~6.5 lakh tons to nearly 7 lakh tons by FY27, with the Chulagiri and Bawal plants operating "in this year", restated at the Q1 FY27 call and in filings. Q1 FY27 capacity stood at 6,15,150 MTPA across 13 facilities, with ₹53 crores deployed at Shoolagiri and Bawal.