1. Nupur Extrusion incorporation - new entity with advanced extrusion technologies Delivered - In the 22 Jul 2024 announcement, management stated the company incorporated a new entity with advanced extrusion technologies. Nupur Extrusion (Sampla, Haryana) is operational with aluminium extrusion installed capacity of 2,400 tons per annum, using 1,800 tons per annum (75%), catering to solar plant manufacturing and OEM customers.
2. Frank Metals Recyclers acquisition - 80% stake, 6,000 MT annual production capacity Delivered - In the 22 Jul 2024 announcement, management stated the company acquired 80% of Frank Metals Recyclers Private Limited, with annual production capacity of 6,000 MT. Frank Metals is operational - Palwal zinc ingots 2,500 MTPA at 100%, aluminium ingots 1,200 MTPA at 100%, aluminium billet 1,000 t/month installed with 300 MT/month produced (30%), extrusion 2,000 MTPA at 100%.
3. Tycod Autotech acquisition - forward integration into auto components Delivered - At the Q1 FY27 call, management stated Tycod Autotech was acquired via a 51% stake at enterprise value of \~Rs.24 crore, described in the 21 May 2026 announcement as a step towards forward integration and entry into auto components, supplying Tata Motors, Multitech Auto, Sundaram, Interpump Hydraulics and Havells. The Pantnagar, Rudrapur plant runs at 48% of 2,500 MT per annum installed capacity (\~1,200 MT per annum).
4. Bonus shares issue - 1:2 ratio, announced 16 February 2024 Delivered - In the 16 February 2024 announcement, the board sought shareholder approval by ordinary resolution for a bonus issue under Companies Act Section 63. Bonus shares were issued in the ratio 1:2, the third bonus issuance since listing after 1:10 on 25 February 2022 and 1:1 on 24 December 2022.
5. Margin outlook - maintain \~10-25% range, not fall back to 10-12% On track - At the Q1 FY27 call, management stated margins "may fluctuate within a range and could be around 10%-25%" but "we do not expect the margins to fall back to the earlier levels of around 10%-12%", with the framework of \~7-10% total business margin. Q1 FY27 consolidated EBITDA margin was 15.48% vs 11.46% in Q1 FY26, while statement-basis OPM was 11.56% - both within the stated range.
6. LFP plant capex - ₹50-70 crore funded largely through internal accruals On track - At the Q1 FY27 call, management guided LFP plant capex of "around INR50 crore to INR70 crore" for land, building and plant, to be funded "largely through internal accruals other than relying on external borrowings", a commitment reiterated on 24 Aug 2026. Consolidated long-term borrowings of \~INR24.14 crore relate to the Tata Capital loan for the Tycod investment; reported financials show Debt 33.43 cr and D/E 0.25 as of 2 Sep 2026, with no LFP-specific capex deployment figure disclosed.
7. Nupur Extrusion capacity expansion - \~350 tons/month by FY27 end On track - At the Q1 FY27 call, management stated a new Chinese 4-inch automatic machine was ordered, expected "in the next two or three quarters or maybe this financial year end", taking extrusion output to \~350 tons per month, "the final capacity of this Nupur Extrusion plant", reiterated on 24 Aug 2026. The plant currently runs a 5-inch press producing 200 tons/month at Sampla, with installed capacity of 2,400 TPA at 75% use; no delivery or commissioning of the new machine has been disclosed.
8. Sampla LFP battery recycling plant - 6,000 tpa operational within 2-3 months (by \~Oct-Nov 2026) On track - At the Q1 FY27 call, management guided the new Sampla LFP battery recycling plant (6,000 tons per annum, 5 acres) "expected to become operational over next 2 to 3 months", ready for manufacturing of \~200 MT/month zinc ingot and \~200 MT/month aluminium (ADC-12), reiterated on 24 Aug 2026. As of 2 Sep 2026 the plant was still under construction with no commissioning disclosed in our record.