1. Tin capacity expansion - 125 MTPA to 500 MTPA Delivered - In the Q3 FY26 PPT, management stated tin capacity was raised from 125 MTPA to 500 MTPA via an additional Vacuum Distillation Furnace. The additional furnace was installed during FY26, taking tin capacity from 125 to 500 metric tons per annum, with the tin division scaling up steadily.
2. Antimony extraction plant - Q3 FY27 commissioning, \~100 tons/month, \~₹20 cr capex On track - At the Q3 FY26 call, management guided the antimony plant to process 1,000 metric tons of lead-antimony bullion with \~100 tons of antimony output per month at \~₹20 cr capex, commissioning in Q3 FY27. The project was on schedule for Q3 FY27 as of Q1 FY27, with niche technology secured but no commissioning yet.
3. Kuwait battery recycling JV - running by Q3 FY27, 2,000 tons/month On track - At the Q3 FY26 call, management guided the Kuwait JV to be up and running in Q3 FY27 with 2,000 tons/month of battery scrap processing, an estimated \~USD 3 million investment. Civil construction is complete and machinery is ready at the supplier's facility, but dispatches are delayed by Iran-related shipping disruption, with benefits still expected from Q3 FY27.
4. Plastic recycling unit - operational by Q3 FY27, \~₹15 cr capex On track - At the Q4 FY26 call, management guided the dedicated plastic recycling unit to become operational by Q3 FY27 with capex of around ₹15 cr. Around 6 acres of land are finalized at SIPCOT Gummidipoondi, and as of Q1 FY27 the unit is still expected operational in Q3 FY27.
5. Lead volume growth - 10-15% in FY27 Pending - At the Q4 FY26 call, management guided lead volume growth of 10% to 15% for FY27. Q1 FY27 lead volumes were 32,150 MT vs 36,572 MT in Q1 FY26, down 12.1% YoY, while FY26 volumes grew 25% to 1,85,779 MT; management declined percentage guidance at Q1 FY27.
6. Copper volume growth - beyond 15% for FY27/FY28 On track - At the Q4 FY26 call, management stated copper volume growth "has potential to go beyond 15%" for FY27/FY28. Q1 FY27 copper volumes were 14,679 MT vs 8,509 MT in Q1 FY26, up 72.5% YoY, after FY26 growth of 34% to 53,702 MT.
7. Working capital below 60 days, positive operating cash flow from Q2 On track - At the Q4 FY26 call, management guided the working capital cycle, then around 66 days, to come down below 60 days, with operating cash flow hopefully turning positive from Q2 onwards. The cycle stood at 60 days as at June 2026; FY26 operating cash flow was negative \~₹600 cr, with no Q1 FY27 cash flow disclosure in our record.
8. Copper capacity utilization - beyond 65% over 2-3 years On track - At the Q4 FY26 call, management stated copper capacity utilization will go beyond the current 65% over the next 2-3 years as volumes grow. FY26 utilization was \~65%, and Q1 FY27 copper volumes rose to 14,679 MT from 8,509 MT YoY, with no updated utilization figure disclosed.
9. FY27 capex - ₹115-120 cr total Pending - At the Q4 FY26 call, management guided FY27 capex of around ₹115-120 cr: antimony \~₹20 cr, plastic recycling \~₹15 cr, Ahmedabad \~₹30 cr, Kuwait \~₹30 cr, plus copper value-added phase two. At Q1 FY27 the outlay was revised to \~₹87 cr, with no FY27 capex actuals disclosed yet.
10. Copper EBITDA per ton - ₹50,000-55,000 average, ₹70,000-75,000 with value-added Missed - At the Q3 FY26 call, management guided copper EBITDA per ton of ₹50,000-55,000 on average, rising to ₹70,000-75,000 once the value-added plant starts. FY26 copper EBITDA per ton averaged ₹26,140, with Q4 FY26 at ₹14,894 and Q1 FY27 at ₹31,027, after guidance was reset to \~₹32,000-33,000 normalized.
11. ROCE return to 25-30% band Partial - At the Q3 FY26 call, management endorsed ROCE returning to the 25%-30% band once working capital settles, saying "of course, that's true assumptions". ROCE reached 25.3% as at March 2026 but fell to 21.4% as at June 2026; FY26 ROCE was 20.15%.
12. Inventory reduction - drastic drop by next result Delivered - At the Q3 FY26 call, management guided the one-time tender inventory to come down and "by the next result, you will see a drastic drop in the inventory". Inventory days fell from 90 in December 2025 to 62 in March 2026 and 55 in June 2026, with the working capital cycle down from 82 to 60 days.
13. Ahmedabad JV top-line addition - \~₹650 cr Pending - At the Q3 FY26 call, management guided the Ahmedabad JV project to add \~₹650 cr to the top line per the partnership ratio. Trial production commenced in Q1 FY27, and Jain CY Circular Solutions reported FY26 revenue of ₹23.93 cr, with no read yet on the ₹650 cr trajectory.
14. Wire rod, busbar/profile and coating - Q1 FY27 commissioning Missed - At the Q3 FY26 call, management guided the wire rod, busbar/profile and coating parts of Unit 3 to be commissioned in Q1 FY27, with 600 tons/month wire rod and 500 tons/month busbar capacity. Timelines slipped to Q3 FY27 for both wire rod and busbar, with construction near completion but no commissioning as of Q1 FY27; coating has no progress disclosure.
15. Cathode capacity doubling - 1,500 MT/month by Q3 FY27 On track - At the Q3 FY26 call, management guided the cathode section capacity to double to 1,500 tons per month by Q3 FY27. Cathode Phase-1 commissioning is on track for Q2 FY27 as of Q1 FY27, with civil work complete and machinery erection progressing; no capacity commissioned yet.
16. Anode capacity doubling - 1,600 MT/month in Q1 FY27 Delivered - At the Q3 FY26 call, management guided the anode section capacity to double to 1,600 tons per month in Q1 FY27. The second anode furnace was commissioned on July 6, 2026, taking anode capacity to 1,600 MT/month, with both furnaces operational as of Q1 FY27.
17. Copper cathode phase - March 2026 commissioning, 750 MT/month Missed - At the Q3 FY26 call, management guided the copper cathode phase to be commissioned in March 2026 with 750 tons per month installed capacity. Civil construction completed in March 2026, but machinery delivery was delayed by the West Asia crisis and Phase-1 commissioning remains pending as of Q1 FY27, now guided for Q2 FY27.
18. Copper anode phase - February 2026 commissioning, 800 MT/month Delivered - At the Q3 FY26 call, management guided the copper anode phase of Jain Green Unit 3 to commence in February 2026 with 800 tons per month capacity. Anode production commenced in March 2026 at 800 MT/month, one month after the stated date, and the second furnace followed on July 6, 2026, taking capacity to 1,600 MT/month.
19. Lead capacity expansion - additional 20% On track - At the Q2 FY26 call, management said the company is going to additionally build 20% extra lead capacity, with lead running at 100% capacity. At Q1 FY27 the project was described as "almost done" with approval pending, adding between 15% and 20% to existing capacity; lead utilization was 97-100% in FY26.
20. Finance cost savings from IPO debt repayment - ₹24-25 cr annual savings Pending - At the Q2 FY26 call, management guided finance cost savings of around ₹24-25 cr from the ₹375 cr debt repayment with IPO proceeds, estimating finance cost down by around ₹20-22 cr annually. The ₹375 cr IPO proceeds were used to repay bank debt, and Q1 FY27 finance cost was ₹18.9 cr, with no annualized savings figure disclosed.
21. Working capital cycle normalization - back to 40-42 days by end of last quarter Missed - At the Q2 FY26 call, management guided the working capital cycle, risen from 38 to around 52 days, to normalize from end-December and return to around 40-42 days by the end of the last quarter. The cycle was 66 days as at March 2026 and 60 days as at June 2026, with inventory days at 55 and FY26 operating cash flow negative \~₹600 cr.
22. Copper value-addition margin uplift - 0.75% to 1.5% per stage Pending - At the Q2 FY26 call, management said each stage of copper value addition (cathode → wire rod → busbar → plating) will add at least 0.75% to 1.5% margin. Guidance was later revised to an average 2% margin addition once projects are in full swing; Q1 FY27 copper EBITDA per tonne was ₹31,027 including initial value-added quantities, with no stage-wise uplift disclosed.
23. EBITDA margins sustained in each segment Missed - At the Q2 FY26 call, management guided that EBITDA margins in each segment will get sustained, with copper EBITDA per ton of ₹51,000 "will definitely sustain". FY26 EBITDA per tonne fell to Copper ₹26,140, Lead ₹15,714 and Aluminium ₹20,815 from FY25's ₹36,075, ₹18,328 and ₹23,723; Q1 FY27 EBITDA margin was 4.0% vs 5.8% YoY.
24. Revenue growth - 20-25% continuing on present portfolio Delivered - At the Q2 FY26 call, management guided revenue growth of around 20%-25% to continue on the present portfolio in FY26 and FY27, later raising it to 40%-50% YoY at Q3 FY26. FY26 revenue grew 48.4% YoY to ₹9,543 cr and Q1 FY27 grew 75.9% YoY to ₹2,725 cr, with TTM growth at 65.35%.
25. C&Y JV copper scrap recycling plant - production 6-9 months after licenses, stabilized in 9-12 months Partial - At the Q2 FY26 call, management said the ₹60 cr Ahmedabad C&Y JV plant (JRR 55% / C&Y 45%) would start production six to nine months after licenses and stabilize within nine to twelve months, later guided operational from June 2026 with 72,000 MT/annum scrap processing. Trial production commenced in Q1 FY27 with operations expected to stabilize by Q2 FY27; FY26 revenue was ₹23.93 cr.
26. Copper value-added capacity doubling - replica project, 2-3 months after Phase I On track - At the Q2 FY26 call, management stated a replica project would double copper value-added capacity two-three months after Phase I commissioning, at additional capex of ₹50 cr. The second anode furnace was commissioned on July 6, 2026, taking anode capacity to 1,600 MT/month, while cathode phase two awaits Q3 FY27 with Phase-1 pending; the ₹50 cr spend is not specifically disclosed.
27. Copper cathode/wire rod Phase I - 9,000 MT/yr, operations Q1 FY27, ₹95 cr capex Partial - At the Q2 FY26 call, management guided the copper cathode/wire rod Phase I project (9,000 MT per annum, ₹95 cr capex, internal accrual funded) to commence operations in Q1 FY27. ₹74 cr of the ₹95 cr was spent till March 2026 with construction \~85% complete; anode production began March 2026 and the second furnace on July 6, 2026, but cathode, wire rod and busbar phases slipped to Q2/Q3 FY27.