1. 3-4 new export/CSM molecules in next 2-3 years On track - At the Q4 FY26 call, management said it is working to introduce \~3 new export/CSM molecules "which should get introduced in the next 2 to 3 years"; at Q1 FY27 this was refined to 3-4 products in the next 3 years. In Q1 FY27, Rallis started making a product for a US customer with first shipments this year, with 3-4 products in parallel development and no completed introductions yet.
2. Crop Protection - double-digit revenue growth in FY27 On track - At the Q4 FY26 call, management expected Crop Protection revenue growth "probably will be maybe double digit" in FY27, driven by price increases of 5-10%. In Q1 FY27, Crop Protection grew 18% to ₹455 cr, Crop Care grew 7% to ₹697 cr and domestic B2C grew 19%.
3. Seeds business - high double-digit growth in FY27 On track - At the Q4 FY26 call, management expected the Seeds business to deliver "high double-digit growth again this year", confirming "mid-teen easily" when pressed. In Q1 FY27, seeds revenue grew 6% to ₹325 cr, and management guided the cotton seed business to be a "flat year" at best for FY27.
4. Seeds business - \~20% EBITDA margin long-term On track - At the Q1 FY26 call, management guided that on a long-term basis the seed business should deliver \~20% EBITDA margin; at Q3 FY26 no timeline was given when asked about mid-20s/25%. Q1 FY26 seed EBITDA margin was \~26%, Q1 FY27 improved from 26% to 30%, while FY26 full-year was 14.3% (₹69 cr on ₹481 cr revenue).
5. Company revenue double-digit growth and 500 bps EBITDA margin expansion over 5 years On track - At the Q3 FY26 call, management reiterated the aspirational target of double-digit revenue growth and 500 bps blended EBITDA margin expansion over 5 years, first stated at Q1 FY26 with a 15-20% margin range; at Q1 FY27 it said "I think we're on the track". FY25 EBITDA margin was 10.8%, FY26 12.5% (₹362 cr on ₹2,897 cr), and Q1 FY27 18%, with FY26 revenue up 9% and Q1 FY27 up 7%.
6. Soil & Plant Health - 4x to ₹700-800 cr in 5 years On track - At the Q3 FY26 call, management reiterated an aspirational target to grow Soil & Plant Health 4x, from ₹225 cr to ₹700-800 cr, a target stated the previous year. FY25 SPH revenue was ₹220 cr; Q2 FY26 was flat against planned 20% growth, Q3 FY26 grew 16% to ₹73 cr, Q4 FY26 grew 27% to ₹47 cr, and Q1 FY27 grew 10% to ₹62 cr, with no disclosure of progress toward ₹700-800 cr.
7. Seeds market share - high single digit to low double digit in 1-2 years On track - At the Q2 FY25 call, Dr. Shukla aimed for seeds share to rise from \~4% of a \~₹10,000 cr addressable market to "at least a high single digit or low double digit" over the next one to two years; at Q3 FY26 the target was restated as growing the seed business closer to ₹1,000 cr in 5 years. FY25 seeds revenue was ₹418 cr, FY26 ₹481 cr (+15%), and Q1 FY27 ₹325 cr (+6%), with no market-share disclosure yet.
8. Innovation Turnover Index (ITI) - 15% target Delivered - At the Q4 FY22 call, management targeted an ITI ratio of 15% of sales from new products, reiterated at Q1 FY24 and raised at Q1 FY25 to an ambition of "high teens". FY23 ITI was 13%, FY24 improved to 15.9% (\~16%), and Q3 FY25 was "in the high teens" / "probably above 15%".
9. Integrated R&D facility - ready in 18 months (from Q3 FY24) / two years (from Q1 FY25) On track - At the Q3 FY24 call, management said the integrated R&D facility construction was commencing and expected it ready within 18 months; at Q1 FY25 this became "should be ready in two years of time", with Q2 FY25 noting construction would commence "in a phased manner soon". The FY24 annual report noted the "Rallis Science and Technology Center" was under construction, with no completion disclosure through Q1 FY27.
10. Pendimethalin capacity expansion - operational by end FY25, \~7,000 tons Delivered - At the Q4 FY24 call, management announced scaling up Pendimethalin capacity of "in the vicinity of around 7,000 tons", operational "by the end of fiscal year 25"; at Q2 FY25 commercialization was reaffirmed for end FY25. Q2 FY26 confirmed the expansion with new efficient technologies was commercialized, Q3 FY26 Pendimethalin volumes surpassed Q3 FY25, and the FY26 annual report noted the nitration process moved from batch to continuous (CSTR), cutting energy consumption \~35%.
11. FY24 capex - ₹150-180 cr Missed - At the Q4 FY23 call, management envisaged FY24 capex of ₹150-180 cr, reiterated at \~₹150 cr at Q1, Q2 and Q3 FY24. FY24 capex came in at about ₹80-odd crore, residual capex for MPP plus sustenance, roughly half the guided range.
12. Crop nutrition - at least 20% growth in FY23 Delivered - At the Q2 FY23 call, management outlooked at least 20% growth in crop nutrition during FY23, with NPK-mobilization products coming during the year. Q3 FY23 crop nutrition grew 22%, and the category sustained strong growth with \~31% at Q1 FY25 and FY25 soil and plant health up 23% to ₹220 cr.
13. Exports share - \~40% of crop care by FY26 Missed - At the Q3 FY22 call, management reaffirmed a 60-40 domestic-international split with international \~40% by FY25 per presentation; at Q1 FY23 exports \~40% was "maybe three, four years down the line" and at Q2 FY23 expected by FY26; at Q3 FY23 revising the target was "too early". Q3 FY24 international mix was \~35%, Q4 FY24 exports \~35% of top line, FY25 export mix around 15-20% formulations, and Q4 FY26 and Q1 FY27 exports de-grew 33% and 28%, with no disclosure of 40% being achieved.
14. Seeds business review - normalized from Q1 FY24 Delivered - At the Q3 FY23 call, management committed to complete the seeds sales plan/impairment review by Q4 FY23, with a normalized seeds business from Q1 FY24. Q4 FY23 took ₹39.8 cr inventory provision plus ₹23.6 cr impairment of seed development technology (₹63.4 cr total); Q1 FY24 had no material seeds write-offs, the seed business broke even in FY24, FY25 seeds PBT was ₹18 cr, and FY26 seeds revenue grew 15% with EBITDA up 87%.
15. Contract manufacturing - two new contracts to meaningful scale in 2-3 years On track - At the Q2 FY22 call, management expected contract synthesis growth to start contributing "in the next two years", with two small contracts in advanced stage by Q3 FY22; at Q2 FY23 the two recently won contracts were to take 2-3 years to reach meaningful scale, later slotted for end FY24 and the next financial year subject to approvals. Three CSM contracts were signed with first dispatches in H1 FY24; Q3 FY26 CSM revenue grew 26% to ₹46 cr, Q4 FY26 grew 59% to ₹66 cr, and Q1 FY27 grew 191% to ₹24 cr.
16. PEKK contract manufacturing revival - shipments from Q4 FY23 Delivered - At the Q2 FY22 call, management expected polymer revival "only towards middle of next financial year", then towards Q3-Q4 of next financial year at Q3 FY22, and at Q2 FY23 expected PEKK shipments to commence from Q4 FY23, reiterated at Q3 FY23. PEKK shipments restarted in Q4 FY23 after a gap of nearly two years, with revenues seen in Q1 FY24 and Q1 FY27 CSM up 191% on a rebound in PEKK volumes.
17. Dahej CZ formulation plant - utilization pickup from Q1 FY23 Delivered - At the Q2 FY22 call, the first phase of the Dahej formulation plant was complete with commercial production awaiting regulatory approvals; at Q3 FY22 utilization was expected to pick up during Q1 FY23, with Q4 FY22 noting "reasonably good capacity utilization" by H2 FY23. Dispatches commenced towards end of December 2021, the CZ plant was commissioned in Q4 FY22, the formulation plant was fully operational since FY23 with substantial output, and at Q2 FY25 it was "working in line with… the business case".
18. Metribuzin plant - full capacity utilization by Q2 FY23 Partial - At the Q2 FY22 call, management expected the Metribuzin facility fully leveraged "by end of Q4" FY22, revised at Q3 FY22 to full utilization by Q2 FY23, then running towards Q3 as the order book builds; at Q1 FY23, 60-65% utilization was called "good" for the expanded 2,300-tonne capacity. Q1 FY23 utilization was \~55-60%, Q3 FY24 production was cut on high inventory and low prices, and the highest-ever H1 volume came only in Q2 FY25, surpassing full FY24 volume.
19. Multipurpose plant (MPP) at Dahej SEZ - commissioning H1 FY23 Partial - At the Q2 FY22 call, management said the MPP was "on track to complete... during H1 of the next financial year", reiterated at Q3 FY22; at Q3 FY23 it was acknowledged as "a little behind schedule" with commissioning expected within FY23, and at Q4 FY23 the first Difenoconazole batch was expected in H1 FY24. Trial production started in June 2023, Difenoconazole was commercialized from the plant in Q2 FY24, and the plant was commissioned in the midcourse of FY24.