1. Total income FY26 - around Rs. 400 crore or a little more Delivered - At the Q2 FY26 call, management guided full-year total income could be around Rs. 400 crore or a little more, assuming similar prices and no capacity addition in the next two quarters. FY26 total income stood at Rs. 393.10 crore, approximately Rs. 400 crore and within reasonable tolerance of the guided range.
2. Renewable energy - 80% in the medium term Pending - At the Q4 FY26 PPT, management guided the company is targeting 80% renewable energy in the medium term, layered onto the existing 40-45% short-term target. Current renewable share is 15-20%, the 40-45% short-term target is not yet achieved, and no specific project pipeline or capex plan that would deliver 80% has been disclosed.
3. Renewable energy share - 40% to 45% target On track - At the Q2 FY26 call, management stated the company was on track to reach about 40% to 45% in renewable power integration, with the 21 MW solar project adding at least another 15%, and the Q4 FY26 PPT revised this to a short-term target of 40-45%. Current renewable share is around 15% to 20%, the 16 MW solar plant meets \~10%, the 10 MW hybrid is partially commissioned, and the 21 MW solar plant is expected by mid-June 2026, with full 40%+ expected once all three deliver full power.
4. Sulfuric acid plant - 100 TPD Missed - At the Q2 FY26 call, management committed to adding sulfuric acid production capacity as part of the Rs. 165 crore capex plan, and the Q3 FY26 PPT listed a 100 TPD sulphuric acid plant as part of the FY26-FY28 capex plan. At the Q4 FY26 call, management stated the project has been deferred due to volatile sulfur prices and the war situation, and is on a back burner for now.
5. CPW capacity expansion - 50 TPD to 100 TPD On track - At the Q2 FY26 call, management committed to expanding CPW capacity from 50 TPD to 100 TPD as part of ongoing projects totaling approximately Rs. 40 crore, with commissioning guided by FY27 end. As of Q4 FY26, the 50 TPD CPW expansion was ongoing and reflected in capital work-in-progress, with current CPW capacity remaining at 50 TPD.
6. Caustic soda capacity expansion - 300 TPD to 360 TPD On track - At the Q2 FY26 call, management committed to expanding caustic soda capacity from 300 TPD to 400 TPD while shutting down a 40 TPD Ode plant, resulting in net installed capacity of 360 TPD, with commissioning expected around Q4 FY27. As of Q4 FY26, the 100 TPD caustic soda expansion was ongoing with capital work-in-progress of Rs. 43.85 crore, and current installed capacity remains 300 TPD.
7. 21 MW solar plant - commissioning by March/April 2026 On track - At the Q2 FY26 call, management guided the 21 MW solar plant would be commissioned by March/April 2026, later revised to mid-June 2026 at the Q4 FY26 PPT. As of the Q4 FY26 call in late May 2026, the 21 MW solar plant was ongoing with capital work-in-progress of Rs. 43.85 crore and had not yet been commissioned.
8. Total capex outlay - Rs. 355 crore across FY24 to FY28 On track - At the Q2 FY26 call, management stated the total capex between FY24 and FY28 is roughly Rs. 355 crore, with the latest stated figure revised to Rs. 315 crore at the Q4 FY26 call. Phase 1 of Rs. 150 crore was completed in FY24-FY25, Phase 2 of Rs. 165 crore is ongoing with capital work-in-progress of Rs. 43.85 crore as of March 31, 2026, bringing total deployed to approximately Rs. 194 crore against the Rs. 315-355 crore plan.
9. Warrant issue - completion by January 2026 Delivered - At the Q2 FY26 call, management stated the warrant issue for around Rs. 44 crore had January as the last date for completion, with 25% already received and Rs. 32 crore expected through the equity route. The warrant issue was successfully completed, with shareholders' funds rising to Rs. 242.52 crore as of March 31, 2026, from Rs. 181.67 crore a year ago.
10. 10 MW hybrid wind-solar group captive project - Continuum Energy On track - At the Q2 FY26 call, management stated the company had acquired a 26% equity stake in a hybrid energy park operated by Continuum Energy, providing 10 MW of hybrid energy and bringing the renewable footprint to around 25%. The 10 MW hybrid wind-solar group captive project in Jaisalmer was commissioned, the 100 MW solar component was 100% completed, 65 MW of the 100 MW wind project was commissioned as of late May 2026, and full committed units are expected from June 2026.
11. 16 MW captive solar power plant - Bikaner, Rajasthan Delivered - At the Q1 FY24 result, management guided the company was setting up a captive 12 MW solar power plant in Rajasthan, later revised to a 16 MW solar power plant in Bikaner expected to be ready by Q3 FY25. The 16 MW solar power plant in Bikaner commenced operations in October 2024, generating 20 lakh units/month, meeting \~10% of power requirements, and saving \~Rs. 1 crore/month in grid electricity costs.
12. Caustic soda capacity expansion - 210 TPD to 300 TPD Delivered - At the Q1 FY24 result, management guided the company was increasing caustic soda capacity by approximately 90 TPD to an installed capacity of 300 TPD, an increase of over 43%, with new capacities expected online in the second half of FY25. The 90 TPD caustic soda expansion was commissioned in December 2024, increasing total installed capacity from 210 TPD to 300 TPD, and was operating at \~80% utilization as of Q2 FY26.