1. Long-term debt cut via internal accruals - \~Rs 20 crores annual commitment On track - At the Q4 FY26 call, the CFO said the first intention was to reduce debt, with long-term debt at \~Rs 71-72 crores and an annual repayment commitment of \~Rs 20 crores from internal accruals. Q4 FY26 borrowings fell \~Rs 15-16 crores, with standalone debt at Rs 411 crores versus Rs 427 crores a year earlier.
2. US B2C Tetra Recart launch - soon Delivered - At the Q3 FY26 call, management said "soon, we may start in US also our B2C product in Tetra Recart pack". By Q4 FY26, Tetra Recart products were on shelves in Finland, Germany, US and Canada, and the international push continued through Q1 FY27.
3. Pectin commercial orders - possible March 2026, major customers from Q1 FY27 Partial - At the Q3 FY26 call, management said pectin orders were possible from a couple of customers in March 2026, with major customers likely from Q1 FY27. Commercial production started in March 2026, but as of Q1 FY27 there were no orders yet, with management now expecting orders from October or November onwards.
4. Q4 FY26 EBITDA - growth versus last year "taken for granted" Missed - At the Q3 FY26 call, management said Q4 FY26 EBITDA would be "in a much better position... with a growth as compared to what it was last year". Q4 FY26 EBITDA came in at Rs 45 crores, down 11% YoY from Rs 51 crores.
5. FY26 profit before tax - higher than last year's \~Rs 52 crores Missed - At the Q3 FY26 call, management said FY26 profitability would be maintained and likely better than last year, when total profit before tax was around Rs 52 crores. Consolidated PBT for FY26 came in at Rs 40 crores, down from Rs 50 crores in FY25, missing the commitment.
6. FY25 tomato revenue - double of last year (\~Rs 49 crores) Partial - At the Q3 FY25 call, management expected tomato revenue to be double of last year's \~Rs 49 crores, split between FY25 and FY26, conditional on crop projections. FY25 tomato revenue was Rs 48 crores, with 9M FY26 at \~Rs 55 crores and FY26 not separately disclosed.
7. Q4 FY25 revenue - growth versus Q4 FY24 Delivered - At the Q2 FY25 call, management guided Q4 FY25 revenue would show growth versus Q4 FY24, calling it "Q4 will be like a power play". Q4 FY25 total income was Rs 400 crores, up 15% YoY from Rs 348 crores.
8. FY25 revenue - end on a higher note than FY24 Missed - At the Q2 FY25 call, management guided to end FY25 "on a higher note" than FY24, hedged as "our hope". FY25 total income was Rs 1,005 crores, down 2% YoY from Rs 1,027 crores.
9. FY25 capex - minimal, "not more than Rs 3 crores or Rs 4 crores" Missed - At the Q1 FY25 call, management guided FY25 capex would be minimal - only a couple of additional pastry lines, "should not be more than Rs 3 crores or Rs 4 crores". FY25 capex was Rs 57 crores per cash flow, front-ended for PLI (to be completed by March 2024) plus tomato capex.
10. Pastry line expansion - two more lines by October/November 2024, targeting 10 lines On track - At the Q1 FY25 call, management planned two more pastry lines by October or November 2024, then five more toward a 10-line target generating more than Rs 100 crores. Two lines were set for commercial production by end of February 2025, another line was commercialized in 2025, and no read exists on the full 10-line target.
11. Hong Kong own-brand tomato pulp launch - Q1 FY25 Delivered - At the Q4 FY24 call, management committed to launching its own-brand tomato pulp product in Hong Kong "sometime end of this quarter or early next quarter". Around 20 metric tons of canned tomato product valued around $35,000 were dispatched, and Hong Kong market entry was achieved in FY25.
12. Green Top RTE - 6 SKUs launched by October 2023 Delivered - At the Q1 FY24 call, management committed to launching 6 RTE SKUs under the Green Top brand by October 2023. Six SKUs in Tetra Recart packaging were launched during the World Food India Exhibition, all in production and "almost out in the market" by Q2 FY24.
13. FY27 pectin utilization - at least 50% of capacity (\~Rs 7-8 crores revenue) On track - At the Q4 FY26 call, management guided at least 50% pectin capacity utilization in FY27, translating to \~Rs 7-8 crores of revenue at \~70% gross margins. In Q1 FY27, commercial production had started, samples were with big export brands and consumer testing was underway, with orders expected from October or November onwards.
14. FY27 Tetra Recart revenue - \~Rs 20 crores On track - At the Q4 FY26 call, management guided FY27 Tetra Recart revenue of \~Rs 20 crores, with confirmed orders of \~400 MT valued at \~Rs 8 crores. Q1 FY27 saw the segment continuing to expand its international presence with repeat business from existing customers; no FY27 revenue read yet.
15. FY27 volume growth - \~18% On track - At the Q4 FY26 call, management guided \~18% volume growth for FY27 across the overall product basket, based on volume commitments from larger brands. Q1 FY27 tonnage fell \~30% YoY to 20,836 MT, with \~1,800 MT of finished goods overdue on freight issues, but management conditionally maintained a 20% domestic target.
16. Spray-drying capacity expansion - 120 MTPA, commercial run by December 2026 On track - At the Q3 FY26 call, management said the 120 metric tons per annum spray drying expansion had started construction with completion in another 9 months; at Q4 FY26 the target was set as commercial run by December 2026, with an attempt to prepone. The Rs 2.5 crores expansion was underway through Q4 FY26 and confirmed in progress in Q1 FY27.
17. FY26 volume growth - around 20% internal target Missed - At the Q1 FY26 call, management set an internal volume growth target of around 20% for FY26, reiterated at Q2 FY26 for FY26 and FY27. FY26 volume growth ended at \~4% (domestic \~3%, exports \~6%) versus \~10% guided at the start of the year, with management attributing the Q4 domestic decline to the UP Kumbh Mela base effect.
18. FY26 capex - less than Rs 10 crores (later roughly Rs 10-15 crores) Delivered - At the Q4 FY25 call, management guided FY26 capex at less than Rs 10 crores, later qualified as "roughly around 10 or maximum of 15". No major capex was executed - only maintenance capex, automation, and the Rs 2.5 crores, 120 MTPA spray drying expansion; no full-year figure is disclosed.
19. FY26 PLI incentive - \~Rs 33.2 crores (FY25 claim) Delivered - At the Q4 FY25 call, management expected a PLI incentive of \~Rs 33.2 crores for FY25, to be received in FY26. The FY25 claim of Rs 33.86 crores was submitted before December 2025 and received and recognized in Q4 FY26.
20. FY26 pectin revenue - \~Rs 6 plus crores Missed - At the Q4 FY25 call, management expected to book around Rs 6 plus crores of pectin revenue in FY26. By Q3 FY26 management said FY26 pectin sales "may not be substantial," and no FY26 revenue materialized; the Rs 7-8 crores target shifted to FY27.
21. FY26 Tetra Recart revenue - \~Rs 6 crores (later \~Rs 5 crores) Partial - At the Q4 FY25 call, management targeted Tetra Recart revenues of around Rs 6 crores in FY26 on a conservative basis, reconfirmed at Q2 FY26 as \~Rs 5-odd crores with visibility only up to Rs 5 crores. FY26 Tetra Recart revenue was Rs 3 crores, with 9M FY26 around Rs 4-5 crores.
22. FY26 frozen foods growth - minimum 35% Delivered - At the Q4 FY25 call, management set an internal target of a minimum of 35% growth for frozen foods in FY26. FY26 frozen revenue grew from Rs 68 crores to Rs 92 crores, up \~35%, while volumes grew \~28%.
23. FY26 Kusum growth - at least 30-40% Missed - At the Q4 FY25 call, management targeted growth of at least 30-40% in the Kusum business in FY26. FY26 spices revenue was Rs 19 crores versus Rs 21 crores in FY25, with Q2 flat and the CFO admitting in Q1 FY26, "We have underperformed for sure".
24. FY26 spray drying revenue - Rs 30-odd plus crores Missed - At the Q4 FY25 call, management guided spray drying revenue to reach around Rs 30 odd plus crores in FY26, up from \~Rs 22 crores in FY25, with the PPT stating a target to double the topline. FY26 spray drying revenue was Rs 19 crores, down from Rs 21 crores, impacted in March-April 2026 by gas non-availability.
25. FY26 tomato revenue - Rs 70-90 crores (revised to Rs 80-90 crores) Partial - At the Q4 FY25 call, management guided FY26 tomato revenues of around Rs 70-90 crores, raised at Q1 FY26 to Rs 130-140 crores ("quite bullish"), then downgraded at Q2 FY26 to Rs 80-90 crores citing call-offs not yet placed. 9M FY26 tomato revenue was \~Rs 55 crores with \~20% expected in Q4; quality tomatoes were constrained and no full-year figure is disclosed.
26. FY25 PLI claim - \~Rs 27-odd crores, receipt latest by March 2025 Partial - At the Q2 FY25 call, management said the FY24 PLI claim was around Rs 27-odd crores, to be filed by November or December 2024 with receipt expected latest by March 2025. The claim was filed as of December 2024 and the Rs 25.08 crores was received on 19 May 2025, roughly seven weeks late.
27. Pectin JV - Rs 15 crores revenue at capacity On track - At the Q3 FY24 call, management guided that at capacity the pectin JV would generate around Rs 15 crores of revenue, of which 50% is Foods and Inns', with extremely high gross margins; no deadline was set. Commercial production started by Q4 FY26, investment to date was Rs 12-13 crores, and FY27 was guided at \~Rs 7-8 crores of revenue.
28. Tetra Recart - Rs 100 crores revenue potential from single line On track - At the Q3 FY24 call, management guided that a fully utilized single Tetra Recart line could generate around Rs 100-odd crores of sales at EBITDA margins north of 15-18%; later revised at Q2 FY26 to around Rs 80-90 crores and restated at Q4 FY26 at \~Rs 80-plus crores at today's prices. Actual revenue was \~Rs 1 crore in FY25 and Rs 3 crores in FY26, with confirmed orders of \~400 MT valued at \~Rs 8 crores and utilization "very low as of now".
29. Frozen foods - Rs 150 crores going forward (later Rs 300-400 crores in 3-4 years) On track - At the Q4 FY24 call, management guided the new Vankal frozen facility should deliver "something around Rs 150 crores going forward"; at the Q4 FY26 call this became Rs 300-400 crores in the next 3-4 years from \~Rs 100 crores today, restated at Q1 FY27 as USD30-plus million in 3 years. Frozen revenue grew from Rs 46 crores in FY24 to Rs 92 crores in FY26 at a \~30% two-year CAGR, with Q1 FY27 value up \~19.5% YoY.
30. Kusum Spices - Rs 100 crore brand in 3 years On track - At the Q4 FY24 call, management set a first-step target of getting Kusum spices to Rs 100 crores in the next 3 years, after an internal Rs 100 crores target with no timing at Q1 FY24. Revenue grew from \~Rs 18 crores to Rs 23 crores in FY24, then fell to Rs 19 crores in FY25 and FY26 after loss of a tender-based client, with Q1 FY27 up 14.7% YoY and the 3-year window running to FY27.
31. Tomato processing line at Gonde, Nashik - on stream by Q2 FY25 Partial - At the Q4 FY24 call, management guided the Gonde, Nashik tomato processing line to go on stream by Q2 FY25, with remaining capex not more than Rs 15 odd crores on a Rs 25-30 crores project. The line actually went on stream only in November 2024, i.e. Q3 FY25, with the more-than-doubled capacity running at full utilization since December 2024.
32. Promoter shareholding - maintain minimum 25-26% Delivered - At the Q4 FY23 call, Milan Dalal said the endeavor would be to keep promoter shareholding above 25% at all times, reiterated at Q3 FY24 as minimum 25-26%. After the holding dipped below 25% on an ex-partner's exit, a voluntary open offer at Rs 147/share in 2024 restored it - 26% as of March 2026 and over 25% maintained through Q1 FY27.
33. Non-mango mix - 40% of revenue in three to four years On track - At the Q4 FY23 call, CEO Moloy Saha said in three to four years non-mango should be approximately 40% and mango 60%, later restated as an objective over a period of time. In FY26, non-mango verticals totaled \~Rs 133 crores, about 15% of the Rs 880 crores total income, with mango above 75% of turnover.
34. Revenue potential from completed capex - Rs 1,700-1,800 crores across all businesses On track - At the Q3 FY23 call, CEO Moloy Saha said with capex completing by June 2023 the company could achieve turnover of around Rs 1,700-1,800 crores, later framed as a three/four-year target, then \~Rs 1,700-odd crores by FY27, before the CFO flagged at Q1 FY26 the number as "definitely at risk" from lower raw material prices. FY26 total income was Rs 880 crores, down 12% YoY, Q1 FY27 was Rs 160 crores, down 33% YoY, and management clarified that on tonnage "we are on track".
35. FY24 volume growth - 25-30% (later revised to \~15-20%) Delivered - At the Q4 FY23 call, management projected FY24 consolidated volume growth of around 25-30%, softened at Q1 FY24 to around 15-20% annualized and maintained at \~15% at Q2 FY24. FY24 total sales tonnage was 35,420 MT, up 20% YoY, with management noting the 20%-plus commitment "has actually come in".
36. FY23 volume - near/around 85,000-90,000 metric tons Delivered - At the Q3 FY23 call, CEO Moloy Saha said FY23 volume was expected to be near/around 85,000-90,000 metric tons. FY23 consolidated volumes came in at \~1,03,000 tonnes, of which pulp was 91,600 tonnes - figures cited by the analyst and not corrected by management.
37. PLI scheme - \~Rs 78 crores capex by March 2023 and Rs 872 crores eligible food sales by FY26-27 On track - At the Q3 FY23 call, management said committed PLI capex of Rs 78-odd crores had to be completed and operationalized by March 2023, with Rs 872 crores of eligible food sales needed by FY26-27 to earn incentives capped at around Rs 145-148 crores. The capex was completed and sales targets for FY22 and FY23 achieved; incentives received total \~Rs 83 crores - Rs 9.71 crores, Rs 25.4 crores, Rs 25.08 crores and Rs 33.86 crores - with \~Rs 60 crores remaining and \~2 years of scheme balance.
38. Pectin JV (Beyond Mango) - production launch by June 2023 Partial - At the Q3 FY23 call, management said the pectin JV would launch with production beginning in June 2023, guided at Q4 FY23 for end of June or July 2023, then successively pushed - to September 2023, then 22 November 2023, then Q1 FY25, with commercial production starting in March 2024. Full-fledged commercial production started \~7-8 days before the Q4 FY26 call, with no pectin revenue recognized through FY25 and FY26 revenue expected immaterial.
39. Tetra Recart greenfield facility - commercially operational by March 2023 Delivered - At the Q3 FY23 call, management said the greenfield Tetra Recart facility would be launched in March 2023. The Vankal, Gujarat facility was operationalized at end of March 2023, starting commercial run with Madhu mango pulp production at a capex of \~Rs 25-26 crores.