1. FY26 throughput - \~1.7 crore tons, >100% capacity utilization On track - At the Q4 FY25 call, management targeted around 1.7 crore tons throughput for FY26, operating above 100% capacity utilization. Throughput reached 3.52 MMT in Q1, 4.4 MMT in Q2, and 4.7 MMT in Q3 FY26, putting the nine-month run-rate at \~12.62 MMT.
2. Debt-to-equity - maintained at around current levels (\~1) Delivered - At the Q4 FY25 call, management guided that debt-to-equity would be maintained at around the current levels of \~1. D/E stood at 0.99 at FY25-end, rose to 1.08x in Q1 FY26, then improved substantially to 0.63 by Q3 FY26.
3. New Bitumen Blowing Train (144 KTPA) - mechanical completion Q3 FY24 Partial - The FY23 annual report scheduled mechanical completion of the New Bitumen Blowing Train (144 KTPA) in Q3 FY24. The unit was commissioned and adding to higher margins and reliability as of Q4 FY25, approximately one year late.
4. PFCC Stack Wet Gas Scrubber - mechanical completion Q2 FY24 Partial - The FY23 annual report scheduled mechanical completion of the PFCC Stack Wet Gas Scrubber System in Q2 FY24. The wet gas scrubber was commissioned and adding to higher margins and reliability as of Q4 FY25, approximately one year late.
5. Marketing Terminal at Devangonthi - completion by Q3 FY24 / October 2023 Partial - The FY23 annual report guided the Marketing Terminal at Devangonthi near Bengaluru to be completed by Q3 FY24, with the FY22 annual report setting an October 2023 deadline. The terminal was commissioned in FY25, approximately one year behind the original schedule.
6. Dividend consideration - post H1 FY25 results On track - At the Q4 FY24 call, management guided the company would take a view on dividend distribution post H1 FY25 results. FY25 PAT was ₹56 cr with no dividend distributed that year, while at the Q3 FY26 call management indicated the board might consider a dividend after Q4 FY26.
7. FY25 loan repayment - ₹1,174 cr through internal accruals Partial - At the Q4 FY24 call, management guided that ₹1,174 crores in loans repayable for FY24-25 would be met through internal accruals. Total debt stood at ₹13,227 cr as of 31st March 2025, and FY25 PAT was ₹56.21 cr, leaving the full repayment through internal accruals unconfirmed by the cited evidence.
8. Isobutyl Benzene (IBB) pilot plant - mechanical completion by August 2025, trials by September 2025 Partial - At the Q4 FY24 call, management stated the IBB pilot plant was awarded with significant progress made; the FY25 annual report targeted commissioning by August 2025, and Q1 FY26 guidance set mechanical completion by end of August 2025 with trial runs by end of September 2025. Mechanical completion was imminent as of Q2 FY26, but by Q3 FY26 the start was pushed to FY27 with commercialization still 3-4 years away.
9. 2G ethanol project - Board asked to explore options to make project more viable Pending - At the Q4 FY24 call, management guided that the Board had asked for exploration of options to make the 2G ethanol project more viable, following an earlier announcement of a 60 KLPD plant at Harihara with a non-binding MOU with Mitsui. No further disclosure on the project has appeared in our record after Q4 FY24.
10. Bio-ATF demo plant - 20 KLPD, ready by 2026-2027 On track - At the Q4 FY24 call, management guided the bio-ATF demo plant (20 KLPD) would be ready by 2026-2027 at a capex of \~₹350 cr; the FY25 annual report set targeted completion at January 2027 with an approved cost of ₹364 cr. Consistent guidance through Q3 FY26 confirms the January 2027 deadline remains in place, with the plant based on indigenous IIP/EIL technology.
11. Green hydrogen project - board-approved, implementation within refinery Pending - At the Q4 FY24 call, management guided the board had approved the green hydrogen project for implementation within the refinery at a capex of \~₹50 cr. By Q4 FY25, the project was under evaluation on a build, own and operate basis, with a smaller 500 tons per year unit being retendered, and no further milestone disclosure exists through Q3 FY26.
12. Retail outlets - 1,000 outlets by FY26-27, sales of 0.1 crore metric tons On track - At the Q4 FY24 call, management guided a target of 1,000 retail outlets by FY26-27 with sales of 0.1 crore metric tons through these outlets. Retail outlet count reached 167 by FY25-end and 200 by Q3 FY26, with FY25 retail sales volume at \~230 TKL against the 1,000 TKL (0.1 crore metric tons) target, as the FY26-27 horizon remains live.
13. Grid power upgradation project - on track, completion by December 2025 Partial - At the Q4 FY24 call, management stated the grid power import project was on track for 2025-26; the Q4 FY25 call set a target completion date of December 2025. The December 2025 deadline passed without commissioning, and by Q2 FY26 guidance was revised to mid-FY27, with Q3 FY26 stating the project will bring fuel and loss under 10% within FY27.
14. Net zero emissions - by 2038 Pending - At the Q4 FY24 call, management guided a target of net zero emissions by 2038, and the FY25 annual report confirmed the target year with a consultant appointed to formulate a concrete action plan. The grid power infrastructure project is nearing completion to maximize green power import, but no interim emissions-reduction milestones or quantified progress have been disclosed.
15. Petchem intensity increase - from 10% to 12.5%, \~₹8,000 cr investment over 5 years Pending - At the Q4 FY24 call, management guided an investment of approximately ₹8,000 crores over five years to enhance petchem intensity from 10% to 12.5%, with the DPR under compilation and board approval expected by Q3 FY25. No disclosure of board approval, DPR finalization, or capex deployment toward this target exists through Q3 FY26.
16. Throughput target - in excess of 1.7 crore metric tons for FY25 Delivered - At the Q4 FY24 call, management guided a throughput target in excess of 1.7 crore metric tons for FY25 with no planned shutdowns. FY25 crude throughput reached 1.8 crore tons (18.04 MMT), achieving 120% of nameplate capacity and setting a new record.