1. 9 MW waste-to-energy plant - The ₹50 cr captive power plant at Shamli is fully funded from IPO proceeds and expected to be commissioned in October 2026, with management guiding annual cost savings of ₹12-13 cr. At the company's FY25 EBITDA of \~₹28 cr, that saving alone represents a \~45% EBITDA uplift once the plant stabilises, with the full benefit visible from Q4 FY27.
2. EPR credit scale-up - EPR credits contributed ₹5.29 cr in profit in FY25, and management expects this to rise to over ₹12.5 cr annually once the waste-to-energy plant is running, because waste incinerated will increase roughly 2.5x. That adds \~₹7 cr of high-margin profit, flowing almost entirely to the bottom line with no associated cost of goods sold.
3. PM-1 upgrade to absorbent paper - The conversion of the 35-year-old Unit 1 to produce absorbent paper is capexed at ₹57.54 cr, funded via term loan and internal accrual, with work starting July 2026 and completion targeted for October 2026. Management expects incremental sales of ₹50 cr in just the six months of FY27 from this upgrade, which would be a \~14% revenue bump on the FY25 base of ₹350 cr.
4. Kraft capacity expansion to 550 TPD - Consent to Establish has been received for raising kraft paper capacity from 400 TPD to 550 TPD, with commencement expected within one year of actual operations starting. The 150 TPD addition removes the main volume constraint and, combined with the power plant's 10% utilisation uplift target, sets the stage for a material step-up in output.
5. Specialty grade mix shift - Value-added specialty grades already make up 8-10% of volume and are growing at an 18-20% market rate with better realisations per tonne. As this mix inches higher, average revenue per tonne rises without requiring additional fixed-asset investment, directly expanding operating margins.
6. CBG joint venture with IGL - Indraprastha Gas Limited empanelled Nikita as an execution partner in January 2026 for setting up compressed bio-gas plants with a minimum 2 TPD capacity, with project proposals due within 120 days. While still at the proposal stage, a CBG plant co-located with the Shamli waste-processing infrastructure would monetise organic waste fractions that currently yield no revenue.