1. Kakinada acid backward integration - The 2,000 t/day sulphuric acid and 650 t/day phosphoric acid plants commissioned in March 2026 are stabilized, with the phosphoric acid plant in trial runs and expected to hit desired capacity from April-May. Management targets roughly ₹400 crore annual EBITDA benefit and a payback in 2-2.5 years, lifting per-tonne EBITDA from ₹5,500 to ₹6,500.
2. NACL turnaround - The 53.13% stake acquired for ₹820 crore in August 2025 is delivering: NACL revenue rose 28% to ₹1,585 crore with EBITDA of ₹103 crore against prior-year losses. Management expects margins to stabilize at 9-10% next year and eventually reach Coromandel's 17-18% level, with the crop protection segment on an annualized basis reaching ₹5,000 crore revenue.
3. Kakinada Train H granulation - The 750,000-tonne NPK granulation train, a ₹500 crore investment, is on track for commissioning in Q4 FY27. It takes Kakinada to 30 lakh tonnes capacity and is designed to substitute DAP imports in northern markets, where new market sales already grew 30% YoY to 4 lakh tonnes.
4. Senegal rock phosphate ramp-up - BMCC output exceeded 3.5 lakh tonnes in FY26, with Q1 FY27 production of 1.1 lakh tonnes broadly in line with plan; management plans a 30-40% volume increase this year toward 5 lakh tonnes. This captive source covers 20-25% of rock requirements and secures feed for the new Kakinada phosphoric acid plant.
5. Crop protection capacity additions - Mancozeb capacity expanded 20% at Dahej with payback under one year, and another 20,000 tonnes at Sarigam is underway with payback under two years. Additional technical capacity at Ankleshwar and Sarigam is on track for commissioning by September, feeding export and CDMO demand.
6. Nano fertiliser scale-up - The Kakinada plant with 1 crore bottle annual capacity is commissioned; volumes grew 68% YoY to over 4,000 KL, with nearly 60% market share in Nano DAP. Exports have been initiated with registrations secured in a few markets, opening a new demand pool.
7. Retail network expansion - Retail revenue grew 85% YoY in Q1 FY27, with 22 new stores added to cross 1,200 outlets; 76% of stores are now profitable versus 61% a year ago. Management has drawn a blueprint to scale to 2,000 stores, with new markets Maharashtra and Tamil Nadu already contributing.
8. Fluoro chemistry CDMO - A launch facility for fluorination-based chemicals is being set up at Ankleshwar, with commercial-scale processes established for multiple strategic technical molecules. Two or three European entities have shown interest, with some revenue expected next year and significant revenue the year after.
9. Technical MAP import substitution - India's first Technical MAP water-soluble fertiliser plant at Vizag, with 25,000 tonnes first-phase capacity and ₹150-170 crore outlay, has commenced activity. India currently imports its entire MAP requirement, so this plant substitutes imports for the high-value specialty nutrients segment.