1. FY27 EBIT growth of 20-24% YoY On track - At the Q1 FY27 call in June 2026, management guided FY27 EBIT growth of 20-24% year on year. Q1 FY27 EBIT was up 58% YoY as reported, or up 31% excluding duty benefit scrips; no further quarterly reads are in the record yet.
2. FY27 RORO volume of 260,000-270,000 cars On track - At the Q1 FY27 call, management guided RORO volume of about 260,000-270,000 cars for FY27, reaffirmed later on the call with "we'll stick to that". Q1 FY27 RORO volume was up 53% YoY, and FY26 full-year RORO was 229,326 units, up 39%; no FY27 cumulative volume is disclosed yet.
3. FY27 liquids volume of 0.13-0.14 crore metric tons On track - At the Q1 FY27 call, management guided liquids volume of 0.13-0.14 crore metric tons for FY27, implying roughly a 15-20% decline from last year's 0.16 crore. Q1 FY27 liquids volume was down 47% YoY, with LPG down 63%; management expects some catch-up in the remainder of the year with LPG now coming from the US.
4. FY27 dry bulk volume of 2.4-2.6 crore metric tons On track - At the Q1 FY27 call, management guided dry bulk volume of 2.4-2.6 crore metric tons for FY27. Q1 FY27 dry bulk volume was down 7% YoY, largely on limestone/minerals, against FY26 full-year dry bulk of 2,974,540 MT, up 35%; no FY27 cumulative volume is disclosed yet.
5. FY27 container volume growth of 4-5% to \~700,000 TEUs On track - At the Q1 FY27 call, management guided container volume growth of 4-5%, to approximately 700,000 TEUs, for FY27, reiterated despite the Shaheen suspension. Q1 FY27 container volume was up 3% YoY; management assumes Shaheen stays suspended, losing 70-80,000 TEU this year, while the new Maersk FAA2 service started end June 2026 and is expected to match Shaheen's weekly volumes.
6. Liquid jetty capacity expansion - 0.2 to 0.5 crore MT by March 2027 On track - At the Q1 FY27 call, management targeted the liquid jetty expansion from 0.2 crore to 0.5 crore metric tons for completion by March 2027, revising the FY26 annual report's December 2026 commissioning date for a 0.52 crore MT capacity. Construction of the new liquid berth has commenced, with capital dredging completed and civil works in progress, and liquid bulk berth CWIP of ₹2,738.04 million as at 31 March 2026; no commissioning is disclosed yet.
7. Liquid capacity utilisation - 0.5 crore MT fully utilised in 3-4 years Pending - At the Q1 FY27 call, management expected the expanded 0.5 crore ton liquid capacity to be fully utilized ("back to full") over the next three to four years, and to fill the \~3 million ton (0.3 crore) capacity over three to five years. The expanded capacity is not yet commissioned, so no utilisation read exists yet.
8. FY27 capex of around ₹200 crore Pending - At the Q1 FY27 call, the CFO stated FY27 capex of around ₹200 crore is expected, with major spend on the liquid jetty to be commissioned this financial year. No FY27 capex actual is disclosed yet; FY26 CWIP stood at ₹286 crore, with liquid berth CWIP of ₹2,738.04 million as at 31 March 2026.
9. MoU with NYK India - RoRo infrastructure for 500,000 cars per annum Pending - In the FY26 annual report, management recorded an MoU with NYK India Pvt Ltd to enhance RoRo infrastructure capable of handling 500,000 cars per annum. FY26 car exports handled were 229,433 units, up over 39% from 164,977 units in FY25; no infrastructure completion or capacity achievement is disclosed yet.
10. Dividend policy - pay entire distributable profits as dividend Delivered - In the FY24 annual report, management stated a policy of paying the entire distributable profits as dividend, with a FY24 final dividend of ₹3.70 per share plus interim of ₹3.60 per share, a cumulative payout of ₹352.91 crore. The FY24 payout was the highest ever for a financial year, and at the Q1 FY27 call management stated no change in dividend policy as of now.
11. Container tariff hike - 6% across-the-board implementation Delivered - In the May 2022 announcement, management expected the 6% container tariff hike to see \~100% across-the-board implementation within a month or two, giving full effect for roughly half a year or nine months of the calendar year. The hike was implemented for most customers in February 2022, with one main line operator accepting effective 1 May and others coming on board during April and May, remaining customers being handled contract-by-contract.
12. Liquid cargo run-rate - 1 million MT annually Delivered - In the May 2022 announcement, management set a liquid cargo run-rate target of 1 million metric ton on an annual basis, via consistent quarterly volumes of 200,000 MT. Liquid volumes of 1,287,863 MT in FY24, 1,469,504 MT in FY25 and 1,591,614 MT in FY26 each exceeded the 1 million MT annual run-rate.