1. FY27 consolidated revenue of \~₹950 cr (conservative); ₹1,100 cr at full ethanol utilisation Pending - At the Q4 FY26 call, management guided FY27 consolidated revenue of \~₹950 cr on a conservative basis, crossing ₹1,100 cr at full ethanol capacity utilisation. The Q4 FY26 PPT and FY26 annual report set a ₹925-965 cr target. No read yet - FY27 has not commenced as of 14 Jul 2026.
2. FY27 consolidated EBITDA of ₹100-105 cr Pending - At the Q4 FY26 PPT and in the FY26 annual report, management guided FY27E consolidated EBITDA of ₹100-105 cr. No read yet - FY27 has not commenced.
3. FY27 consolidated PAT of ₹66-70 cr Pending - At the Q4 FY26 PPT and in the FY26 annual report, management guided FY27E consolidated PAT of ₹66-70 cr. No read yet - FY27 has not commenced.
4. Long-term vision: FMCG division to reach \~₹500 cr Pending - At the Q2 FY26 call, management stated the long-term vision for the FMCG division is to reach about ₹500 cr, later refined at the Q4 FY26 call with a split of oil \~₹300-350 cr and food \~₹150 cr in the medium term. FY26 consumer division revenue was ₹183.5 cr; the medium-term horizon is open.
5. Ready-to-eat snacking segment entry Pending - At the Q2 FY26 call, management stated they are looking at entering the ready-to-eat snacking segment soon, with the FY26 annual report and Q4 FY26 call indicating a launch later in the year. No launch disclosed as of Q4 FY26; the FY27 window is open.
6. Strong internal accruals over next 12-18 months to take care of most borrowings On track - At the Q2 FY26 call, management stated they expect strong internal accruals over the next 12 to 18 months to take care of most borrowings. Debt-to-equity improved from 1.22 in FY25 to 0.94 in FY26, cash flow from operations rose to ₹61.1 cr, and debt reduced to ₹161 cr; the 12-18 month window from Sep 2025 remains open.
7. Ethanol division asset turn of \~3.4x from total capex post-expansion Pending - At the Q4 FY25 call, management stated they expect an asset turn of about 3.4x from the total ethanol division capex of \~₹250 cr after expansion. FY26 ethanol revenue was ₹337.4 cr against \~₹250 cr total capex, yielding an asset turn of \~1.35x; Phase 2 contributed only partially in FY26, with full-year operations expected in FY27.
8. FY26 division-wise revenue targets: Branded ₹210 cr, Bulk ₹215 cr, Ethanol ₹275 cr Partial - At the Q4 FY25 PPT, management guided FY26 segment revenue targets of Branded ₹210 cr, Bulk ₹215 cr, and Ethanol ₹275 cr. FY26 actuals were Branded ₹183.5 cr, Bulk ₹198.3 cr, and Ethanol ₹337.4 cr - Ethanol significantly exceeded while Branded and Bulk fell short.
9. Double above-the-line advertising spend in FY26 vs FY25 Missed - At the Q4 FY25 call, management stated they intend to double above-the-line advertising spend in FY26 compared to FY25, while maintaining or increasing A&P as a percentage of revenue from \~7%. FY26 ad spend was ₹12 cr, about 6.5% of consumer division revenue - the percentage declined and doubling was not achieved.
10. Consumer division (Branded) EBITDA margin of 8.5-9% for FY26 Partial - At the Q4 FY25 call, management guided the Consumer division EBITDA margin in the range of 8.5% to 9% for FY26. FY26 full-year Consumer division EBITDA margin was 8.3%, just below the lower bound of the guided range.
11. FY26 consolidated revenue of ₹850-880 cr Partial - At the Q4 FY25 call, management guided FY26 consolidated revenue of ₹850-880 cr, later revised to ₹720-730 cr in the Q4 FY26 PPT. FY26 actual revenue was ₹719.2 cr - achieved the late-revised range but missed the original ₹850-880 cr target.
12. FY26 consolidated EBITDA of ₹80-85 cr Partial - At the Q4 FY25 call, management guided FY26 consolidated EBITDA of ₹80-85 cr, later revised to ₹68-72 cr in the Q4 FY26 PPT. FY26 actual EBITDA was ₹73.5 cr - exceeded the late-revised range but missed the original ₹80-85 cr target.
13. FY26 consolidated PAT of ₹42-48 cr Delivered - At the Q4 FY25 call, management guided FY26 consolidated PAT of ₹42-48 cr. FY26 actual PAT was ₹50.3 cr, exceeding the guidance range even after excluding a ₹4.9 cr insurance claim.
14. Ethanol Phase 2 utilisation: 50-60% in Q3 FY26, ramping to \~90% in Q4 FY26 Missed - At the Q4 FY25 call, management guided Phase 2 ethanol capacity utilisation of 50-60% in Q3 FY26, ramping to \~90% in Q4 FY26. Phase 2 was commissioned only at end of February 2026 and was not operational in Q3 FY26; Q4 ramp-up was limited, not \~90%.
15. 180 KLPD ethanol distillery expansion - total capacity to 310 KLPD, H2 FY26 Partial - At the Q2 FY25 call, management guided the 180 KLPD ethanol expansion to 310 KLPD total capacity by H2 FY26, with timelines later refined to December 2025 and then end of February 2026. Phase 2 was commissioned in late FY26 but at 282 KLPD total capacity, short of the 310 KLPD target.
16. New brand ambassador to be announced shortly Delivered - At the Q2 FY25 call, management guided a new brand ambassador would be announced shortly, with the Q4 FY25 PPT indicating hiring in FY26. At the Q4 FY26 call, management confirmed Karisma Kapoor as the brand ambassador and the engagement is ongoing.
17. FY25 division-wise revenue targets: Branded ₹210 cr, Bulk ₹215 cr, Ethanol ₹275 cr Partial - At the Q2 FY25 call, management guided FY25 division-wise revenue of Branded ₹210 cr, Bulk ₹215 cr, and Ethanol ₹275 cr, later revised to Branded ₹180 cr, Bulk ₹190 cr, and Ethanol ₹310 cr. FY25 actuals were Branded ₹179 cr, Bulk ₹159 cr, and Ethanol ₹325 cr - Ethanol exceeded while Branded was a near miss and Bulk fell significantly short.
18. Bulk division steady-state EBITDA margin of 5-6% Missed - At the Q2 FY25 call, management guided the Bulk division's steady-state EBITDA margin at 5% to 6%. FY25 Bulk margin was 0.3% and FY26 was 0.7% - no quarter or fiscal year has approached the 5-6% range.
19. Ethanol division EBITDA margin of 10-12% maintainable in near to medium term Delivered - At the Q2 FY25 call, management guided ethanol division EBITDA margin of 10-12% is maintainable in the near to medium term, later revised upward to 12-15%. FY25 ethanol margin was 13.1% and FY26 was 17.3%, consistently exceeding both the original and revised guidance bands.
20. FY25 consolidated revenue of ₹700 cr - 75% growth over FY24 Delivered - At the Q2 FY25 call, management guided FY25 consolidated revenue of ₹700 cr, a 75% increase over FY24, later revised to ₹680 cr. FY25 actual revenue was ₹662.9 cr, meeting the revised target within \~2.5% and management confirmed guidance was met.
21. FY25 consolidated EBITDA of ₹50 cr Delivered - At the Q2 FY25 call, management guided FY25 consolidated EBITDA of ₹50 cr. FY25 actual EBITDA was ₹56 cr, exceeding the target.
22. FY25 consolidated PAT of ₹30 cr Delivered - At the Q2 FY25 call, management guided FY25 consolidated PAT of ₹30 cr. FY25 actual PAT was ₹31 cr, exceeding the target.
23. Ethanol plant commissioning - original timeline (Phase 1, 110-130 KLPD) Partial - The company originally expected to commission the ethanol distillery in Q3 FY23, with timelines revised through December-January FY23, September 2023, and finally Q2 FY24. Commercial production began at end of Q3 FY24 in November 2023 at 130 KLPD, roughly two quarters later than the last-stated Q2 FY24 target.