1. Advanced Materials adoption capacities (₹90 cr) - completion by Q2 FY28 On track - At the Q1 FY27 call, the Board approved ₹90 cr of capex for adoption capacities in the advanced materials business, with completion by Q2 FY28. Q1 FY27: the first phase is due "more towards middle of last quarter of this financial year".
2. Potassium fluoride capacity doubling - from FY23 Pending - At the FY22 annual report, management flagged an initiative to double potassium fluoride production capacity, expected to materialise from FY 2022-23. No explicit disclosure of the doubling appears in later filings; FY22 inorganic fluorides revenue was ₹274 cr, +42% YoY.
3. Specialty business doubling in three years Missed - At the FY23 annual report, initiatives were expected to double the specialty business in three years. Specialty revenue went from ₹848 cr in FY23 to ₹800 cr in FY25 and ₹1,152 cr in FY26 - \~36% growth over the window ending FY26, not a doubling.
4. CRAMS growth 25% in FY23 Delivered - At the FY22 annual report, the CRAMS business was expected to grow 25% in FY 2022-23. FY23 CDMO revenue grew 29% vs FY22, with Q4 FY23 CDMO revenue of ₹203 cr, +106% YoY.
5. CDMO commercial-to-early-stage mix - 50:50 balance Delivered - At the Q2 FY23 call, management committed to a \~50:50 balance between early-stage and late-stage CDMO molecules, reiterated at Q4 FY24. Q4 FY26: the \~50-55 molecule portfolio is roughly half late-stage/commercial and half early-stage.
6. Employee cost as % of sales - significant dip from FY24 Delivered - At the Q4 FY22 call, employee cost was to run higher in FY23, then dip significantly from FY24 as three new projects annualized. Employee cost was 12-13% of sales before affirmative actions brought it to a 7-8% run rate by Q4 FY26, with Q4 expense up only 4% YoY.
7. Net debt-to-equity - 0.5x guidance Delivered - At the Q2 FY23 call, management guided consolidated debt-equity of 0.5 to 0.6 with the current capex tranche, not beyond. Net debt-to-equity peaked at 0.9x in Q2 FY26, fell to 0.01x by Q4 FY26, and the company turned net debt free in Q1 FY27.
8. Working capital - 90 days target Delivered - At the Q4 FY22 call, management expected the working capital cycle around 90 days, with receivables \~90 and inventory \~60 days. Net working capital improved from \~135 days at FY23 end to 74 days by Q4 FY26 and 81 days in Q1 FY27, beating even the revised 75-80 day guidance.
9. Phase 2 cGMP4 (₹125 cr) - operational by Q4 FY27 On track - At the Q1 FY27 call, Phase 2 cGMP4 capex of ₹125 cr was initiated, expected to operationalize by Q4 FY27, with asset turnover potential \~3x. No operational disclosure yet; the project is initiated and the horizon has not arrived.
10. Advanced Materials vertical - material business unit by end of decade On track - At the Q1 FY27 call, management said the advanced materials vertical is being incubated to become a material business unit by end of decade, "should look like the CDMO business of today", backed by ₹90 cr adoption-capacity capex. Q1 FY27: 4-5 products customer-qualified with a pipeline near a dozen.
11. HFC capacity expansion (₹236.5 cr, 15,000 MTPA R32) - commissioning Q3 FY27 On track - At the Q2 FY26 call, the Board approved ₹236.5 cr for additional HFC capacity up to 15,000 MTPA of R32, commissioning by Q3 FY27 with peak annual revenue of ₹600-825 cr. Q1 FY27: the project remains on track for Q3 FY27 commissioning.
12. MPP debottlenecking (₹75 cr) - commissioning Q3 FY27 On track - At the Q2 FY26 call, the Board approved ₹75 cr to debottleneck MPP capacity at Dahej, targeting Q3 FY27 commissioning with peak revenue potential \~₹140-160 cr per annum. Q1 FY27: debottlenecking activities remain on track for completion by Q3 FY27.
13. Chemours Opteon project - operational by Q1 FY27 On track - At the Q4 FY25 call, the strategic agreement with Chemours to produce Opteon immersion cooling fluid was expected operational during Q1 FY27, reiterated through Q3 FY26. Q1 FY27: completion is now targeted by end of Q2 FY27, with no commissioning disclosure yet.
14. R32 capacity expansion (₹84 cr, 4,500 MT) - operational by Feb 2025 Delivered - At the Q3 FY24 call, the Board approved ₹84 cr to add 4,500 tons of R32 HFC capacity, operational by February 2025. The project was commercialized in March 2025, one month after target, and ran at 100% utilization by Q3 FY26.
15. Margin journey - 25% EBITDA margin, then 30% Delivered - At the Q3 FY23 call, management set a goal of 25% plus/minus EBITDA margin on the base business, moving to 30% plus/minus over time. EBITDA margin went 19.3% in FY24, 22.7% in FY25, then 32.6% in FY26 and 34.2% in Q1 FY27, above the 30% guidance.
16. Specialty mix - 1/3 agro, 1/3 performance materials, 1/3 pharma/industrial by FY26 Missed - At the Q3 FY23 call, management expected the Specialty mix to reach roughly 1/3 agro, 1/3 performance materials and 1/3 pharma and industrial by FY26. The business stayed \~80-90% agchem driven as of Q4 FY24, and no disclosure of the 1/3-1/3-1/3 mix appears through FY26.
17. HFO debottlenecking - 25% capacity increase by end CY2024 Missed - At the Q1 FY24 call, HFO debottlenecking adding \~25% capacity was expected to be done by end of CY2024. At Q4 FY24 management said the Honeywell plant debottlenecking was never an approved project and remains in the hopper; by Q4 FY26 the contract ran at 80% capacity with room to expand 20% within it.
18. Fermion agreement - $40 million revenue over three years from CY2025 On track - At the Q1 FY24 call, management signed a material supplies agreement with Fermion spanning three years from CY2025, expected to yield \~$40 million. Commercial supplies from cGMP4 to the European CDMO partner commenced in Q3 FY26, with orders in hand for CY26 delivery.
19. Surat new capability capex (₹30 cr) - revenue from FY25 Delivered - At the Q1 FY24 call, the Board approved ₹30 cr for a completely new capability in Surat, ready in 15-18 months, with revenue expected from FY25. The project was commissioned in Q2 FY25 with first dispatch in November 2024 and a firm PO for the full next year.
20. AHF project - ₹450 cr, 40,000 MT HF capacity, commissioning by end FY25/early FY26 Delivered - At the Q4 FY23 call, the 40,000 MT AHF plant at Dahej (₹450 cr capex) was expected onstream in \~24 months, later guided to end FY25/early FY26 and then Q2-Q3 FY26. The plant was commissioned in February 2026 with commercial supplies commenced.
21. cGMP4 facility - ₹288 cr capex, Phase 1 by end CY2025 Delivered - At the Q3 FY24 call, the Board approved ₹288 cr for a 200 KL cGMP4 facility, Phase 1 of 100 KL (₹160 cr) to be commissioned by end of CY2025. Phase 1 was commissioned in December 2025 in Q3 FY26 with commercial supplies started, and Phase 2 (₹125 cr) is due by Q4 FY27.
22. CDMO $100 million revenue target - by FY25-FY27 On track - At the Q2 FY23 call, management reiterated the CDMO target of $100 million revenue by FY25 or the year after, later firmed to "by FY27. We stand to it". FY26 CDMO revenue reached ₹541 cr and Q1 FY27 ₹180 cr, +82% YoY, with the target called "very much on track".
23. R32 project - ₹80 cr capex, \~₹200 cr revenue, production from April 2023 Delivered - At the Q2 FY23 call, management guided the R32 project at ₹80 cr capex with \~₹200 cr plus/minus revenue and the plant ready from April 2023. The plant was commissioned and fully operational by Q3 FY24, ran above rated capacity, and HPP revenue reached ₹540 cr, +33% YoY, in Q1 FY27.
24. cGMP3 debottlenecking - completion Q3 FY23 Delivered - At the Q1 FY23 call, work on the cGMP3 plant capacity expansion was scheduled to finish in Q3 FY23. The FY23 annual report discloses the Dewas unit invested ₹75 cr in debottlenecking capacity from 160KL to 200 KL.
25. Dedicated agrochemical facility Dahej - commissioning by December 2022 Delivered - At the Q1 FY23 call, management planned to commission the dedicated agrochemical facility at Dahej by December 2022. Commercial production commenced in Q3 FY23, the plant hit optimal utilization by Q4 FY23, and it achieved its peak annual revenue in FY24.
26. MPP (multi-purpose plant) Dahej - staged commissioning from Q2 FY23, peak revenue ₹260-280 cr Partial - At the Q1 FY23 call, management planned staged commissioning of the Dahej MPP from Q2 FY23, with MPP1 peak annual revenue of ₹260-280 cr and 80% expected in FY24. MPP1 reached \~80% of PAR in FY24 and was expected to almost hit par in FY26, while MPP2 utilization sits at \~70-80%.
27. HPP (Honeywell) plant - manufacturing start May 2022, full capacity from Q4 FY23 Delivered - At the Q4 FY22 call, the HPP plant at Dahej had completed pre-commissioning with manufacturing to start in May 2022, and full capacity was expected from year two. Commercial production started in Q2 FY23 after trials; despite ramp-up breakdowns through FY24, the plant reached optimal capacity and HFO revenues of ₹460-470 cr under the five-year contract by Q1 FY27.
28. New fluoro specialty molecule project - ₹540 cr capex, \~₹600 cr peak revenue, plant ready by Dec 2023 Partial - At the Q4 FY22 call, management guided a ₹540 cr fluoro specialty molecule project at Dahej with \~₹600 cr peak revenue and the plant ready by December 2023. The plant was commissioned in December 2024, \~11 months late, and full utilization is now revised to 75-80% by end of FY28 against a restated \~₹515 cr peak.