1. FY28 revenue - ₹4,800 cr standalone + ₹400 cr Ecosis Pending - At the Q4 FY26 call, management guided FY28 revenue of around ₹4,800 cr in Filatex plus another ₹400 cr from Ecosis; at Q1 FY27, the standalone ₹4,800 cr figure was not reaffirmed. FY28 has not begun, so no outcome data exists yet.
2. FY26 top line - around 5% growth Missed - At the Q4 FY24 call, management guided FY26 top line growth of "around the 5%, 5%". FY26 revenue came in at ₹4,160.52 cr against FY25's ₹4,252.15 cr, a decline of \~2.15%.
3. FY25 EBITDA margin - 9% (from ₹12-14/kg) Missed - At the Q3 FY24 call, management suggested EBITDA of 13-15% (₹12-14/kg) for new capacity, and at the Q4 FY24 call set the FY25 EBITDA margin target at \~9%. FY25 EBITDA margin was 6.06%, below the \~9% target.
4. FY23 top line - 12-15% addition from new POY capacity Delivered - At the Q1 FY22 call, management expected at least 12-15% top-line addition in FY23 from new POY capacity. FY23 revenue was ₹4,303.87 cr vs FY22's ₹3,828 cr, growth of \~12.4%, within the guided range.
5. Recycling technology patent - by next year end (FY23) Delivered - At the Q2 FY22 call, management expected patents for the recycling technology "by the next year end". The company applied for a patent on its chemical recycling technology, and a granted patent was disclosed in FY26.
6. FY21 debt reduction - ₹100+ cr net reduction Delivered - At the Q3 FY21 call, management guided debt reduction of around ₹100+ cr in FY21, with net debt near or little less than the prior year. The FY21 debt-equity ratio improved to 0.77 from 1.21 in FY20, with surplus cash used to reduce debt.
7. FY22 EBITDA margin - 15-16% full year Partial - At the Q1 FY22 call, management guided full-year FY22 EBITDA margin of "maybe 15% to 16%". FY22 EBITDA was ₹531.1 cr on revenue of ₹3,828 cr, a margin of \~13.9%, below the guided range.
8. Headcount reduction - 180-200 people, ₹4-5 cr annual savings Delivered - At the Q1 FY26 call, management guided automation reducing manpower dependence by almost 160-180 people; at Q1 FY27 this was refined to around 180-200 people with ₹4-5 cr annual savings. At Q1 FY27, a reduction of approximately 180 was already effected.
9. Ecosis client approvals - brand tie-ups by end of Q1 FY26 Delivered - At the Q1 FY26 call, management said more brand tie-ups were expected "by end of this quarter". MoUs were signed with Decathlon India and American & Efird Global LLC, and at Q1 FY27 \~15-20% of production was committed.
10. FY27 capex EBITDA contribution - ₹140-150 cr in FY27, ₹220-230 cr annual Pending - At the Q4 FY26 call, management guided the ₹690 cr capex program to deliver annual EBITDA impact of ₹218-230 cr; at Q1 FY27, \~40% (\~₹140-150 cr) was guided for FY27. Capex deployed stood at almost ₹450-500 cr of \~₹700 cr at Q1 FY27, with no EBITDA contribution yet realized.
11. FY27 debt - ₹350-370 cr gross debt by end of FY27 Pending - At the Q3 FY26 call, management guided net-net debt of \~₹350-360 cr by end of FY27, reiterated at Q4 FY26 and refined at Q1 FY27 to gross debt of ₹350-370 cr with peak net debt of ₹150-200 cr. At Q1 FY27, gross debt was close to \~₹200 cr with net debt ₹30-40 cr.
12. FY27 revenue - ₹4,500 cr standalone Pending - At the Q4 FY26 call, management guided FY27 revenue of maybe around ₹4,500 cr; at Q1 FY27, the figure was not reaffirmed, with top line said to depend on raw material prices. Q1 FY27 revenue was ₹1,145 cr; FY27 is not yet complete.
13. FY27 EBITDA growth - \~30% above FY26 Pending - At the Q4 FY25 call, management guided FY27 EBITDA another \~30% above FY26, possibly "much more than 30%". Q1 FY27 EBITDA was ₹77.92 cr, down 9.65% YoY; the full-year FY27 outcome is not yet available.
14. Renewable energy transition - 55% renewable share, ₹18-20 cr annual savings On track - At the Q4 FY25 call, management guided a Torrent renewable PPA of \~20 MW at ₹4.75/unit from January 2026, cutting energy payouts by \~₹19-20 cr annually; the timeline slipped to July/August 2026 and then October/November 2026, with a \~55% renewable share targeted by November 2026. As of Q1 FY27 the project was awaiting statutory approvals, with current renewable share at \~26%.
15. Yarn capacity expansion (₹235 cr brownfield) - operational by August/September 2026 On track - At the Q4 FY25 call, management guided Dahej additions of POY 19,800 MTPA, DTY 14,400 MTPA and FDY 28,800 MTPA for \~₹235 cr, operational by August 2026 with \~₹70 cr annual EBITDA; the timeline moved to September 2026, then 50% September and 50% October 2026. At Q1 FY27, installation and commissioning were in full swing.
16. Steam distribution project - ₹60-65 cr EBITDA, commercialized by June/September 2026 On track - At the Q4 FY25 call, management guided an ₹85-90 cr steam extraction project with \~₹60 cr annual savings and \~15 MW electricity generation; completion was set for June 2026, pushed to mid-July on turbine delivery issues, then to September 2026. At Q1 FY27, \~60% of steam offtake capacity was tied up.
17. Recycling expansion - multiple plants, 1 lakh+ tons long-term Pending - Management progressively scaled the recycling vision: evaluating plants near textile hubs, then a next plant at least 5x-7x the current 27,000-ton capacity with 1 lakh tons "too small", and at Q1 FY27, "at least 2 more plants of 1,50,000 ton each in next 2 to 3 years, one in India, one outside India". A Spain subsidiary was incorporated; the first plant is not yet operational.
18. Recycling plant EBITDA - ₹80-85 cr at steady state, minimum 30% margin Pending - The target was revised from \~₹50 cr first-year EBITDA on \~₹250 cr top line to ₹105-110 cr at \~40% margin, then ₹80-85 cr with minimum 30% margin, reiterated at Q4 FY26 and Q1 FY27 "for sure". The plant is not yet operational; recycled chip realization from pilot sales was ₹140-150/kg.
19. Recycling plant (26,750 TPA) - commissioned by September/October 2026 On track - The chemical recycling plant was first planned for September 2025, then December 2025, Q1 2026, July 2026, September 2026, and finally October/November 2026. At Q1 FY27, the Ecosis plant was under installation with product approvals from most brands.
20. FY26 debt-free target - "very close to debt free in end of FY '26" Partial - At the Q2 FY25 call, management guided the company would be "very close to debt free in end of FY '26"; the target was later superseded by guidance of \~₹350-360 cr net debt by end of FY27 and ₹350-370 cr gross debt. Debt at Q3 FY26 was ₹100 cr, and at Q1 FY27 gross debt was \~₹200 cr with net debt ₹30-40 cr.
21. FY26 double-digit EBITDA margin - "for sure" Partial - At the Q2 FY25 call, management guided EBITDA "will be more than double digit in FY '26, for sure", later targeted double-digit by H2 FY26, and at Q1 FY26 softened to "at least 8.5% to 9%" for H2 and full year "above 8% for sure". FY26 EBITDA margin was 8.33%, above 8% but below double digits.
22. FY26 EBITDA growth - another 40% over FY25 Delivered - At the Q4 FY24 call, management guided FY26 EBITDA to grow another 40% over FY25; at Q4 FY25 this was revised to \~30% above FY25. FY26 EBITDA was ₹346.5 cr vs FY25's ₹257.7 cr, growth of \~34.5%.
23. FY25 EBITDA growth - at least 40-50% over FY24 Missed - At the Q4 FY24 call, management guided FY25 EBITDA to improve by "at least 40% to 50%" over FY24. FY25 EBITDA was ₹257.7 cr vs FY24's ₹239.2 cr, growth of \~7.7%.
24. FY25 top line growth - 5-7% over FY24 Missed - At the Q4 FY24 call, management guided FY25 top line up \~5-7% over FY24. FY25 revenue was ₹4,252 cr vs FY24's ₹4,286 cr, a decline of \~0.8%.
25. Cationic chips line - 70 TPD by March 2024 Partial - At the Q3 FY23 call, management guided a new 70 TPD cationic chips line at Dahej to be completed by March 2024, reiterated at Q3 FY24 and slipped to May 2024 at Q4 FY24. No later explicit commissioning confirmation appears in the record, and the FY25 annual report does not flag it as a pending item.
26. Wind-solar hybrid project - 10.8 MW by March 2023, ₹10+ cr annual savings Delivered - At the Q4 FY22 call, the Fourth Partner hybrid wind-solar project was scheduled for commissioning by March 2023, saving ₹15.4 cr annually; this was reiterated at Q1 FY23 and power delivery pushed to April 2023 at Q3 FY23. Transmission of power from the 10.8 MW project started in June 2023.
27. Commercial recycling plant - 100 TPD by end of CY2023 / FY24 end Missed - The commercial recycling plant timeline was repeatedly pushed: production by end of CY2022, running in H1 2023, 100 TPD "at best by 23 September 2023", up by CY2023, and finally "by 2024 end we should have the plant starting". No commercial plant was commissioned by FY2024 end; the pilot plant continued trials through FY24 and the project was re-scoped and re-timed.
28. Chemical recycling pilot plant - 1.5 TPD by April/June 2022 Delivered - The pilot timeline slipped from year-end FY21 to the 1,500 kg/day plant ready by April 2022, then "likely to go on stream by 10th June 2022". The 1.5 TPD pilot plant was commissioned in July 2022 and was operating steadily by Q4 FY24.
29. POY + texturizing expansion - \~100 TPD POY by Q1 FY23 Delivered - At the Q4 FY21 call, management guided \~₹175 cr capex adding \~100 TPD of POY plus texturizing, operative by Q1 FY23; the timeline slipped to June 2022, July 2022 and then August 2022. The 50 MT/day melt debottlenecking and 120 MT/day POY lines started commercial production in Q2 FY23.
30. Shareholder reward - buyback or dividend after FY21 Delivered - At the Q3 FY21 call, management said it would declare either a dividend or a buyback after FY21, whichever was more tax-efficient, later saying it would "mostly be a buyback". The board approved a buyback at ₹140 per share for ₹59.50 cr in March 2022 and recommended a 10% final dividend for FY22.
31. Share de-pledging - release of pledged promoter shares Delivered - At the Q4 FY21 call, management expected to release the pledged stock during FY22, and at Q1 FY22 said "hopefully, we will be able to get de-pledged by the end of this quarter". All pledged shares were released on 5th November 2021 by consortium bankers in Q2 FY22.
32. FY22 debt reduction - at least ₹100-150 cr net reduction Delivered - At the Q3 FY21 call, management guided debt reduction of at least ₹120-150 cr in FY22, restated as at least ₹100-150 cr and net term debt down at least ₹100 cr, with total debt at March 2022 close to a little less than ₹400 cr. FY22 term loans were prepaid from cash surplus, taking debt-equity to 0.33 from 0.77.
33. FY22 revenue growth - more than 50% over FY21 Delivered - At the Q4 FY21 call, management guided FY22 revenue growth of more than 50% over FY21; guidance was set at around ₹3,200 cr at Q1 FY22 and raised to exceed ₹3,500 cr at Q2 FY22. FY22 revenue was ₹3,828 cr, growth of \~72% over FY21.
34. 30 MW captive power plant - commissioned by April/May 2021, ₹45-50 cr annual savings Partial - At the Q1 FY21 call, management targeted commissioning of the 30 MW captive power plant by April 2021 with annual energy-cost savings of ₹45-50 cr, later slipped to early May. The plant was commissioned on 4th August 2021; generation stopped from 29th October 2021 on coal prices and restarted from 11th January 2022, with savings restated at \~₹40 cr and operations intermittent through the record.