1. FY27 profitability not impacted by raw material period Missed - At the Q1 FY27 call, management stated profitability was not expected to be impacted in this difficult raw-material period given the premium product focus. Q1 FY27 gross margin rose from 29% to 31.6%, but EBITDA margin fell from 12.2% to 11.1% and PAT margin from 8.4% to 7.2%.
2. FY27 working capital cycle - \~120 days achievable Pending - At the Q4 FY26 call, management endorsed an analyst's target of \~120 days working capital cycle as achievable, "your target won't be difficult even in this year". FY26 net working capital was 168 days, and at Q1 FY27 the objective was to reduce the cycle as the season normalizes, with no FY27 figure disclosed.
3. ROCE and ROE improvement - 6-7% over three years On track - At the Q3 FY26 call, management stated "we will increase the capital efficiency and the organization revenue, ROCE and ROE up to 6% to 7% over three years is already visible". FY26 ROCE was 16.1% and ROE 11.4%, up from FY23's 10.4% and 6.9%.
4. Growth from Q1 FY27 Missed - At the Q3 FY26 call, management expected growth from Q1 of FY27 with new product traction - "cautiously I'm saying that we should start seeing the growth from Q1 itself". Q1 FY27 revenue degrew 12% YoY.
5. At least 5 launches in Q1 FY27 Missed - At the Q3 FY26 call, management stated "there will be at least 5 launches in Q1 itself". Q1 FY27 saw two products launched in the quarter, generating ₹5.50 crores.
6. FY25 product launches - 7-8 new products Delivered - At the Q4 FY24 PPT, management planned to launch about 7-8 new products in FY25. FY25 saw 11 new products launched, with management at Q4 FY25 citing almost 12 launches, the highest number.
7. FY24 international registrations - exceed 200 Missed - Non-transcript filings anticipated exceeding 200 international registrations in FY24, from \~162 in FY23. Approximately 182 international registrations were received as of the Q4 FY25 and Q4 FY26 PPTs.
8. More than 30 products in pipeline over next 2 years Pending - At the Q1 FY27 call, management stated more than 30 products are in the pipeline to be launched in the next 2 years. Q1 FY27 saw two products launched generating ₹5.50 crores; the 2-year horizon is still open.
9. Company doubling in next 4-5 years Pending - At the Q1 FY27 call, management aimed to double itself in the next 4 to 5 years, having previously doubled in 3 to 4 years. FY26 revenue was ₹2,140 crores, implying \~₹4,280 crores for a doubling; the horizon is still open.
10. FY27 capex normalizing to ₹30-40 crore maintenance capex Pending - At the Q1 FY27 call, management expected annual capex to normalize around ₹30 crores to ₹40 crores of maintenance capex once current projects are completed. At Q4 FY26 the range given was ₹25-₹30 crores; no FY27 capex figure is disclosed yet, and CWIP stood at ₹130 cr in FY26.
11. FY27 interest cost reduction - at least 25-30% Pending - At the Q4 FY26 call, management set an internal target to reduce interest cost by at least 25-30% in FY27. FY26 consolidated finance cost was ₹16.87 crores; no FY27 interest cost figure is disclosed yet.
12. FY27 sales returns cut to at least half of ₹200 crores Pending - At the Q1 FY27 call, management expected sales returns to be reduced to at least half of the previous year's ₹200 crores. Placements were deliberately kept lower and diversified across varieties to reduce returns; no explicit FY27 sales return figure is disclosed yet.
13. FY27 Kaeros revenue - ₹150-200 crore Pending - At the Q1 FY26 call, management set a FY27 revenue target of ₹150 crores to ₹200 crores for Kaeros. Q4 FY26 guidance was at least doubling sales from \~₹110-111 crore, and at Q1 FY27 Kaeros targeted 100% CAGR with 40+ products commercialized; no FY27 revenue figure is disclosed yet.
14. Altair maturity revenue - \~₹70 crores in 2-3 years On track - At the Q1 FY26 call, management targeted Altair maturity volumes of roughly 0.05 crore acres in a 2-3 years' time frame, with maturity revenue close to ₹70 crores. Altair was placed in more than 900 villages by Q1 FY26, with good seeding in eastern and southern paddy markets by Q2 FY26.
15. OAT Agrio JV first product launch in 2026 Partial - At the Q4 FY24 call, management expected the OAT Agrio JV first product to hit the market in 2026, or early '27 if delayed; at Q1 FY26 filing was planned in year '25 with launch within a year. At Q4 FY26 the first discovery product was expected to hit in 2027, with the data pack ready to file; it has not yet launched.
16. 10% net profit margin - 2-3 years target On track - At the Q4 FY25 call, management set a 10% net profit margin as a 2 to 3 years target. FY25 PAT margin was 7.1% and FY26 6.5%; Q1 FY27 stood at 7.2%.
17. FY26 margin improvement - 200-300 bps over 2-3 years On track - At the Q4 FY25 call, management guided margin improvement of 200 to 300 bps over the next 2-3 years from the FY25 base. FY25 EBITDA margin was 11.06% and FY26 was 10.61%, a slight decline; the 2-3 year window remains open.
18. FY26 product launches - almost half a dozen (\~6) Delivered - At the Q4 FY25 call, management guided almost half a dozen (\~6) product launches in FY26. Five products were launched in FY26 - Brahamos, Amuse, Altair, Centran SC and Sparcle - after 5 launches in the first 9 months.
19. Kaeros profit - ₹10-12 crore in FY26 Missed - At the Q4 FY25 call, management guided a profit of around ₹10 crores-₹12 crores from the Kaeros business this fiscal (FY26). At Q4 FY26, Kaeros PAT was above ₹5 crores in its second year.
20. Kaeros revenue - ₹100 crore in FY26 Delivered - At the Q4 FY25 call, management confirmed the \~₹100 crore FY26 revenue guidance for Kaeros: "yes we'll stick to 100 crores", reiterated at Q2 and Q3 FY26. Kaeros closed FY26 with revenue of about ₹110-111 crore.
21. FY26 exports - ₹150 crore target Missed - At the Q2 FY26 call, management reaffirmed the \~₹150 crores export target: "This year, I am confident that we should be able to touch that number". At Q3 FY26 it was revised as not possible, and FY26 exports were 5% of ₹2,140 crores sales, roughly \~₹107 crores.
22. FY26 EBITDA margin - double-digit Delivered - At the Q3 FY26 call, management revised the guidance to "we'll be landing with double-digit margins", from an earlier 15% plus EBITDA growth target. FY26 EBITDA margin was 10.61%, meeting the revised double-digit target.
23. FY26 revenue growth - double-digit Missed - At the Q4 FY25 call, management reiterated a double-digit growth strategy for FY26, maintaining it at Q2 FY26 despite a weak H1. FY26 revenue was ₹2,140 crores, growth of 7.00% YoY.
24. Dahej plant revenue potential - ₹250 crore plus in first full year (FY26) Partial - At the Q1 FY25 call, management guided revenue potential of ₹250 crore plus from the Dahej plant in its first full year, i.e. FY26; at Q4 FY25 the FY26 contribution was guided at roughly ₹100 crore with 50%+ CAGR over 3-4 years. The technical plant started production in Q1 FY26, but by Q1 FY27 only 50-60% of new-plant equipment was utilized, no FY26 revenue contribution is disclosed, and management now points to roughly ₹200 crore of possible addition going forward.
25. FY25 Maharatna segment contribution - ₹1,000 crores Missed - At the Q1 FY25 call, management said the Maharatna (premium) segment contributed roughly ₹800 crore plus in the last fiscal and that "we should touch 1,000 crores in this fiscal itself" (FY25). FY25's premium range grew 13% to 61% of B2C revenues - roughly \~₹915 crores on B2C's 75% of ₹2,000 crores consolidated revenue - falling short of the ₹1,000 crore target.
26. Premium share - 75% in 3-4 years On track - At the Q1 FY25 call, management committed to take premium share to 75% in the next 3-4 years, from \~60% in Q1 FY25. The target was revised to 70% in 3-4 years by Q1 FY27; premium share rose to 64% of B2C contribution in Q1 FY27 from 58% in FY26.
27. FY25 volume growth - 15-20% Missed - At the Q1 FY25 call, management guided 15-20% volume growth possible in FY25. FY25 volume growth was roughly 10%.
28. FY25 EBITDA margin improvement - more than 300 bps Partial - At the Q1 FY25 call, management guided profitability growth from last year's \~7% to (+10%), an improvement of more than 300 basis points in EBITDA margins. FY25 EBITDA margin was 11.06%, an improvement of \~279 bps over FY24's 8.27%.
29. FY25 revenue growth - near double digit Missed - At the Q1 FY25 call, management guided FY25 revenue growth "somewhere near to double digit"; at Q2 FY25 maintaining 15% growth "might be a little difficult". FY25 revenue was ₹2,000 crores, growth of 1.71% YoY.
30. FY24 product launches - 4 products in Q2 FY24 Delivered - At the Q1 FY24 call, management lined up 4 product launches in Q2 FY24 - herbicides Green Expert, Nakshatra and Opaque, and insecticide Supremo SP - in August-September 2023. Q2 FY24 launches included Torry, Mission, Supremo SP, Green Expert, Opaque and Nakshatra - all 4 planned products among them.
31. FY24 Q1 gross sales - ₹800 crore-plus Missed - At the Q4 FY23 call, management planned Q1 FY24 gross sales of ₹800 crore-plus. Q1 FY24 revenue from operations was ₹639.95 crore; gross sales were not explicitly disclosed, but net revenue of ₹640 crore sits well below the ₹800 crore target.
32. Sotanala (Behror) production by end of FY24 Missed - At the Q4 FY23 call, management expected Sotanala site production of at least formulations to start by the end of fiscal '24. The target slipped repeatedly - to early 2025, then 2026, then 2027 - and at Q1 FY27 the formulation facility was targeted for April-May 2027 with technical products by Diwali.
33. Maharatna and Focused Maharatna - not less than 60% of FY24 sales Missed - At the Q4 FY23 call, management expected Maharatna and Focused Maharatna segments to contribute "not less than 60%" of sales in FY24. FY24 Maharatna contribution in B2C sales grew from 51% in FY23 to 59% in FY24, after running at \~61.49% of branded formulation sales in Q1 FY24.
34. FY24 exports - double from FY23 Missed - At the Q4 FY23 call, management expected exports to double in FY24. At Q1 FY24 the target was revised to somewhere between ₹150 crores to ₹200 crores; FY24 exports were approximately 5% of ₹1,966 crores sales, \~₹98 crores against ₹94 crores in FY23 - roughly flat.
35. FY24 EBITDA margin - 9-10% Missed - At the Q4 FY23 call, management targeted an EBITDA margin of 9% to 10% for FY24, reiterated at Q1 FY24 while explicitly declining to revise the guidance. FY24 EBITDA margin was 8.27%, below the 9% floor of the range.
36. FY24 revenue growth - 10-12% Missed - At the Q4 FY23 call, management targeted double-digit revenue growth of 10% to 12% for FY24, reiterated at Q1 FY24 with the guidance kept deliberately conservative. FY24 revenue was ₹1,966 crores, growth of 9.16% YoY - below the 10% floor.
37. Shinwa sales - cross ₹100 crore in FY24 Delivered - At the Q2 FY23 call, management expected Shinwa to cross ₹100 crore sales next year as the company's number one product. Shinwa crossed ₹100 crores net sales in FY24 - the first Nissan product to do so - and by Q3 FY24 was tracking \~₹150 crore net, the biggest product in the portfolio.
38. FY23 product launches - 8-9 products Missed - At the Q1 FY23 call, management targeted launching 8-9 products in FY23. Six new products were introduced in FY23, including Mission, Stunner, Izuki and Torry.
39. FY23 exports - ₹150 crore target Missed - At the Q1 FY23 call, management revised down the FY23 international sales target from ₹200 crore to ₹150 crore. The target was raised to ₹250 crore at Q2 FY23, then lowered to ₹110-115 crores at Q3 FY23; FY23 export revenue was ₹94 crores.
40. FY23 EBITDA margin improvement - 100 bps Missed - At the Q1 FY23 call, management guided EBITDA margin improvement of about 100 basis points for Q2 FY23 and for the full year, reiterating it in Q&A. FY23 EBITDA margin was 6.77%, a decline of 451 bps from FY22's 11.28%.
41. FY23 revenue growth - 18-20% Delivered - At the Q1 FY23 call, management guided full-year FY23 revenue growth of 18-20%, confirming it as the internal target; later calls softened this to strong double-digit growth. FY23 revenue was ₹1,801.33 crore, growth of 19.77% YoY - within the guided range.
42. Hachiman revenue contribution - more than ₹20 crores Delivered - At the Q4 FY21 call, management expected Hachiman to contribute more than ₹20 crores to top line; at Q2 FY22 Hachiman and Oxim were expected to cross ₹50 crores in FY23 after a little below ₹20 crores in FY22. Hachiman grew from ₹21.5 crore in FY21 to ₹67.9 crore in FY23.
43. Hachiman launch - this week upon registration Delivered - At the Q4 FY21 call, management expected Hachiman, a patented herbicide mixture from the Japanese collaboration with Nissan, to launch "this week" upon receipt of registration papers, expected within two days. Hachiman was launched in Q2 FY22.
44. Gujarat (Dahej) project completion within FY22 Partial - At the Q2 FY22 call, management was "quite confident" of completing the Gujarat expansion within FY22, with the SEZ formulation facility already producing. The timeline slipped repeatedly - to January 2023, then March 2023, then through FY24-FY25 - and the Dahej technical plant started production only in Q1 FY26.
45. Rajasthan technical plant capacity expansion - 50% increase by December 2021 Delivered - At the Q2 FY22 call, management reiterated the Rajasthan technical plant capacity expansion of almost 50% to be complete "by December and in January it should come into production". The Chopanki expansion of \~30 reactors was complete, with the plant entering manufacturing in the first week of November 2022 and capacity up more than 50%+.
46. FY22 exports - ₹100 crore target Delivered - At the Q2 FY22 call, management confirmed the ₹100 crore export revenue target for FY22, with \~57 crores already done in October; the Q3 FY22 PPT raised the expectation to crossing ₹125 crore. FY22 exports closed at ₹130.76 crore, with ₹103.62 crore already achieved in 9M FY22.
47. FY22 PAT margin improvement - 60-70 bps Delivered - Non-transcript filings guided PAT margins to improve by 60-70 bps in FY22 from 6.5% in FY21. FY22 PAT margin was 7.14% - ₹107.42 cr PAT on ₹1,504 cr revenue - an improvement of \~64 bps, within the guided range.
48. FY22 EBITDA margin improvement - 100 bps Missed - At the Q2 FY22 call, management referenced the earlier guidance of 100 bps improvement in EBITDA margins for FY22, calling it "a conservative indication" and declining to revise it; non-transcript filings confirmed the same from 10.7% in FY21. FY22 EBITDA margin was 11.28%, an improvement of \~58 bps.
49. FY22 revenue growth - \~10-15% top-line growth Missed - At the Q4 FY21 call, management guided \~10% top-line growth in FY22, reduced from an earlier \~15%, with actuals expected "somewhere in the range of 10% to 15% only"; non-transcript filings later reset the guidance to \~10%. FY22 revenue from operations was ₹1,504 crores, growth of 5.90% YoY.