1. Composite Scheme of Arrangement - completion within 12-18 months Delivered - In the FY25 annual report, management stated the Scheme of Arrangement was expected to be completed within 12 to 18 months. The scheme was sanctioned by NCLT Ahmedabad on 3rd February 2026 and became effective from 15th March 2026, well within the stated window.
2. Net debt-EBITDA ratio - below 1.0x in 3 years Delivered - In the FY21 annual report, the company intended to moderate its net debt-EBITDA ratio from 2.52 to less than 1.0 in the next 3 years. The ratio improved to 2.0x in FY22, declined to 0.89 by Q4 FY23, and further improved to 0.59x by FY24, meeting the target a year early.
3. Mechanical pulp mill (BCTMP) - commissioned in H2 FY26, saving $100-150/ton On track - At the Q4 FY24 call, management guided the 125,000 ADMT BCTMP mill would be commissioned in the second half of FY26, saving $100-150 per ton of pulp with a \~15% return on investment. The FY25 annual report revised commissioning to Q1 FY27, and as of May 2026 the plant was at an advanced stage with commercial production expected from Q1 FY27.
4. Consolidated topline - close to ₹7,000-7,500 crores Delivered - At the Q4 FY23 call, management guided that on a consolidated basis the company should be close to ₹7,000-7,500 crores as a topline. Consolidated revenue was ₹6,659 cr in FY24 and ₹6,718 cr in FY25, before reaching ₹7,076 cr for the year ended March 2026, falling within the guided band (SQL; D20 p.2).
5. Corrugation business - ₹1,000-1,100 cr turnover, ₹100-120 cr EBITDA on full-year consolidation Pending - At the Q4 FY23 call, management guided that on a full-year consolidation basis, the corrugation business should give close to ₹1,000-1,100 crores of turnover and EBITDA of ₹100-120 crores. The corrugated box segment achieved 10% volume growth in FY25 and total group capacity reached 3,50,000 MT, but our record holds no explicit disclosure of consolidated corrugation turnover or EBITDA at the guided scale.
6. No major CAPEX for 2-3 years - volume expansion pause Delivered - At the Q1 FY23 call, management stated there would be no additional CAPEX for at least 2-3 years for volume, with only minor de-bottlenecking and improvements permitted. Through FY26, no major paper or board capacity expansion was announced; the BCTMP pulp mill commissioned was a backward-integration project and packaging board debottlenecking was consistent with the stated exceptions.
7. Ludhiana greenfield corrugated plant - on stream by March 2023 Partial - At the Q4 FY22 call, management guided the ₹150 crore Ludhiana corrugated plant would start trial production around October-November 2022 and be on stream by March 2023. The plant was commissioned in August 2023 and commercial production began during FY24, approximately five months beyond the original deadline.
8. Sirpur plant utilisation - improve to 90% level Delivered - At the Q4 FY22 call, management stated the Sirpur plant, then at \~80%+ utilisation, should reach the 90% level in coming months with improvement capex in FY22-23. The plant was operating at 80-85% in Q1 FY23, produced close to 90% of capacity by Q4 FY23, and achieved 94% capacity utilisation in FY24.
9. Packaging board capacity expansion - 170,000 TPA new machine, total capacity to 7,61,000 MT Delivered - At the Q1 FY22 call, management guided that the new 170,000 TPA packaging board machine would take total saleable capacity from 5,91,000 MT to 7,61,000 MT, with production starting in H2 FY22. Commercial production began on 14th January 2022, utilisation exceeded 90% by May 2022, reached 95.4% in FY23, and hit 100% of installed capacity by Q4 FY24.