1. No new plants/acquisitions for a year or two; ₹750-800 cr from running all 4 units Pending - At the Q1 FY27 call, management stated no new plants/acquisitions are planned "at least for a year or two now", with growth to ₹750-800 cr coming from running all 4 units. No new plant or acquisition announcement is disclosed in our record through 03 Sep 2026.
2. Combined monthly run-rate of \~₹60 cr by March 2027 On track - At the Q4 FY26 call, management confirmed the plan for a combined monthly run-rate of \~₹60 cr by March 2027 ("that is the vision we are taking forward"), and at Q1 FY27 endorsed \~₹55-60 cr in Q4 FY27 as "well on track". Current run-rate is around ₹35 cr as of Q1 FY27, with Ahmedabad at 35% utilization and Unit 4 starting production.
3. Forward integration only - margins double - by end of FY27 Pending - At the Q4 FY26 call, management said any new integration will be forward integration only, with margins "will double" (8-10% incremental), timed "maybe towards the end of FY27" once Ahmedabad is set. No forward integration unit or capex is disclosed through Q1 FY27, and management stated no new plants/acquisitions "at least for a year or two now".
4. Main board listing within 1-1.5 to 2 years Pending - At the Q3 FY26 call, management targeted a main board listing in "another 1-1.5 years", later stated as 1.5-2 years, with the vision "strongly aligned". No listing filing or approval is disclosed in our record through 03 Sep 2026.
5. Self-sustained in \~3 years - no fundraise or equity dilution On track - At the Q4 FY25 call, management committed the company would be self-sustained in \~3 years, growing organically without fundraise or equity dilution. A ₹23.06 cr rights issue completed in Q2 FY26 preceded the commitment's reaffirmations: no dilution planned for 12-18 months (Q4 FY26) and no more promoter selling for 1.5 years (Q1 FY27). No further dilution is disclosed through 03 Sep 2026.
6. All debts extinguished within two years Pending - The FY25 Annual Report stated cash flows are sufficient to extinguish or repay all debts within less than two years. Total debt stands at ₹44.39 cr as of 03 Sep 2026, and no debt extinguishment is disclosed in our record.
7. Rights issue proceeds fully deployed by end of FY26 Delivered - The rights issue offer document stated the entire Net Proceeds would be deployed towards the Objects during FY 2025-26. Proceeds were fully utilized by 31st December 2025 - \~₹20 cr working capital, ₹2.89 cr GCP, ₹17.50 lakhs issue expenses, no unutilized balance, with the working capital object completed with no delay.
8. Direct exports 5-6 months after the export alliance starts Pending - At the Q1 FY27 call, management planned to export directly "5 to 6 months" after the export alliance starts, with first-quarter-or-two sales to the merchant exporter. Unit 4 is planned totally for export, targeting Gulf, Nigeria, South Africa, Ghana and Zimbabwe; no direct export commencement is disclosed in our record.
9. No more promoter selling for at least 1.5 years Pending - At the Q1 FY27 call, after the Q1 stake sale of 12%, management stated no more selling from the promoter side for at least one and a half years, with shares voluntarily locked/frozen for 1.5 years. No further promoter sale is disclosed in our record through 03 Sep 2026.
10. Unit 4 (Vasai export unit) production by end of August 2026 Pending - At the Q1 FY27 call, management said the new Vasai unit would start production "by end of August" 2026, and the 23rd July 2026 announcement said commercial production was expected from end-August 2026. Unit 4 is expected to generate ₹5 cr monthly at current capacity and ₹15 cr at peak; as of 03 Sep 2026 the end-August deadline has lapsed and our record contains no confirmation that production commenced.
11. ROPP caps facility - commercial production by June 2026, ₹50 cr peak annual revenue On track - At the Q1 FY27 call, management guided ROPP caps peak capacity of ₹50-60 cr annual revenue, with \~₹30-35 cr cap revenue this year and ₹60-65 cr next year. Commercial production commenced in June 2026, with first billing raised about two days before the Q1 FY27 call and revenue started.
12. New debt of ₹40-50 cr for Unit 3 and Unit 4, finalized in a month or two Pending - At the Q1 FY27 call, management said talks were ongoing with banks for additional debt of around ₹40-50 cr, to be finalized "in a month or two", to fund units 3 and 4. No finalization of this facility is disclosed through the Q1 FY27 call; total debt is ₹44.39 cr as of 03 Sep 2026, but the new facility is not separately identified.
13. FY28 revenue of ₹750-800 cr across all plants Pending - At the Q1 FY27 call, management confirmed the plan to reach combined optimum capacity of \~₹750-800 cr revenue in FY28, enabled by new debt plus internal accruals. Plant potentials were confirmed - Vasai ₹300-350 cr, Ahmedabad ₹350-400 cr, Mumbai ROPP \~₹50 cr; FY28 has not begun.
14. FY27 PAT of \~₹35 cr On track - At the Q1 FY27 call, management confirmed the intention of \~₹35 cr PAT for FY27 at around 7.5% PAT margin. Q1 FY27 PAT was ₹7.6 cr, up 98.8% YoY, at a 7.9% margin - annualizing to \~₹30 cr against the ₹35 cr target; FY27 is not complete.
15. FY27 EBITDA margin sustained at \~11.5-12% On track - At the Q4 FY26 call, management committed to sustaining \~11.5% EBITDA margin for FY27, and at Q1 FY27 guided the quarter's \~12% as sustainable for Q2 and Q3. Q1 FY27 EBITDA margin was 11.9%, within the guided range; FY27 is not complete.
16. FY27 revenue of ₹400-450 cr, raised to ₹450-500 cr On track - At the Q4 FY26 call, management guided FY27 topline of ₹400-450 cr even with "mediocre or average" business. At Q1 FY27 this was raised to crossing ₹450 cr at the lower end, with the aim "₹450 to ₹500 crores"; Q1 revenue was ₹96.9 cr, up 86.3% YoY, and FY27 is not yet complete.
17. Positive operating cash flow over 18-20 months On track - At the Q2 FY26 call, management agreed with the "over 18-20 months" timeframe for positive operating cash flow, saying "definitely, 100%". At Q1 FY27, operating cash flow was stated as negative due to inventory and debtor levels and expected to remain so at current growth even at ₹600-700 cr by FY28; the horizon ends around Q4 FY27-Q1 FY28.
18. Ahmedabad debt of ₹12-15 cr within six months Partial - At the Q1 FY26 call, management planned debt of around ₹12-15 cr for the Ahmedabad plant, in place "within six months". A CC of \~₹5 cr was infused mid-August 2025, and a \~₹15 cr debt facility from ICICI Bank was obtained by Q4 FY26 - beyond the six-month window, with the specific Ahmedabad drawdown not separately disclosed.
19. Debt-to-equity comfortable at 0.6-0.7 Delivered - At the Q1 FY26 call, management confirmed a comfortable debt-to-equity ratio target of around 0.6-0.7. At Q1 FY27 the company had \~0.6x debt-to-equity, confirmed by management, and the reported financials show D/E of 0.60 as of 03 Sep 2026.
20. Working capital days down to 60-65, not above 71 Missed - At the Q1 FY26 call, management targeted working capital days down to around 60-65 from the current 71, stating "it won't go above that", later framed as 60-70 days at Q3 and Q4 FY26. FY26 working capital days were 84, above the ceiling; Q1 FY27 receivables improved to within 75-80 days.
21. Vasai utilization 90%+ by end of FY26 Partial - At the Q2 FY26 call, management said Vasai utilization, then \~70-72%, would reach 90%+ within 3-4 months and "more than 90%" by February or March 2026, with Q3 FY26 machine-speed capex planned for the remainder. Utilization reached almost 85-87% in Q3 FY26, Vasai hit ₹25-28 cr monthly in Q4 FY26 with \~10% capacity left, and crossed 85% in Q1 FY27 - short of the 90%+ target.
22. Ahmedabad 100% utilization within one year (FY27) On track - At the Q3 FY26 call, management's vision was 100% capacity at Ahmedabad within 1 year, equating to ₹25-27 cr monthly. This was refined to optimal utilization by FY27-end at ₹30-35 cr monthly (Q4 FY26) and then 80%+ by FY27-end with \~₹28 cr/month (Q1 FY27p.4, p.5); Ahmedabad was at 35% utilization contributing ₹6-7 cr monthly as of Q1 FY27.
23. Ahmedabad operational by December 2025, 40-50% utilization by March 2026 Partial - At the Q2 FY26 call, management said the Ahmedabad unit would be operational "by December 1st week or 2nd week" 2025, with 40-50% utilization till March 2026. The facility was operational by the Q3 FY26 call at ₹5 cr monthly, but reached only 25-30% utilization with \~₹5-5.5 cr monthly in March 2026 - below the 40-50% target.
24. FY26 PAT margin up 100-200 bps in subsequent quarters Missed - At the Q1 FY26 call, management said it was "quite confident of achieving" 100-200 bps of PAT margin increase in subsequent quarters. From Q1 FY26's 7.37%, margins reached 8.04% in Q3 FY26 and 7.7% in Q4 FY26, with the full year at 7.7%, up 50 bps over FY25 - below the 100-200 bps commitment.
25. FY26 EBITDA margin sustained at \~11-12%, +100-200 bps if possible Delivered - At the Q1 FY26 call, management said it was "quite confident of sustaining" an EBITDA (gross) margin of roughly 11-12% for FY26, trying for a further 100-200 bps if everything went well. Quarterly margins ran 11.20%, within range, 11.89% and 11.5%, with FY26 full-year EBITDA margin at 11.5% - within the guided range.
26. FY26 revenue of ₹190-250 cr, later ₹230-250 cr Delivered - At the Q4 FY25 call, management guided FY26 top line of \~₹190-200 cr even with zero growth, aiming for ₹240-250 cr, revised to ₹240-260 cr at Q1 FY26 and "around between 230 and 250" at Q2 FY26, with the ₹240 cr target reaffirmed at Q3 FY26. FY26 revenue was ₹258.15 cr, up 92.9% YoY - above the top of the range.
27. LDPE plant acquisition by end of Q3 FY26 Missed - At the Q4 FY25 call, management said it was planning to acquire the LDPE plant "maybe by end of Q3" FY26, monitoring it closely. The acquisition was explicitly shelved at the Q1 FY26 call as "currently, we are not looking at LDPE" due to insufficient profitability; the Q3 FY26 PPT still listed it as under active evaluation, but no acquisition is disclosed.
28. Lamitube manufacturing capex of ₹3-4 cr by end of Q3 FY26 Missed - At the Q4 FY25 call, management intended to invest around ₹3-4 cr in Lamitube manufacturing capex by end of Q2 or Q3 FY26, later extended to FY26-end at Q1 FY26 and de-prioritized "at least for two quarters" at Q2 FY26. No Lamitube capex or commissioning is disclosed through Q1 FY27, and at Q4 FY26 management stated any new integration will be forward integration only.