1. Net-zero GHG emissions by FY2050 On track - In the FY26 Annual Report, management committed to net-zero greenhouse gas emissions across the value chain by FY2050, with an interim target to cut Scope 1 and 2 GHG intensity 18.8% per tonne of cementitious product by FY2030 from a FY23 base. SBTi validated the targets in December 2024, and GHG intensity declined from 680 kg CO₂e/tonne in FY23 to 648 in FY26.
2. Andhra Cements merger with Sagar Cements Pending - At the Q4 FY26 call, the Board approved in principle the amalgamation of Andhra Cements Limited with Sagar Cements, subject to regulatory approvals. In-principle approval has been granted and the process under Sections 230 and 232 of the Companies Act 2013 is underway, with no completion date stated.
3. Green power share of 50% by FY30 On track - At the Q1 FY24 call, management guided green power share would increase to 50% by FY30, a target reiterated through Q4 FY25. Green power share exited FY25 at \~13% and rose to 18.83% of total electricity consumption in FY26, with management stating in Q4 FY25 they should cross 25% by FY27.
4. Vizag land monetisation within 15-18 months from April 2023 Partial - At the Q4 FY23 call, management guided monetisation of the Vizag plant land would take 15 to 18 months from April 2023, a timeline repeatedly pushed across subsequent quarters. As of Q4 FY26, GVMC and Urban Development Authority approvals have been received but the government GO is still awaited, and the land remains unsold.
5. Andhra Cements brownfield expansion to 0.3 crore tons by end of FY25 Partial - At the Q4 FY23 call, management guided expanding Andhra Cements capacity from 0.2 crore tons to 0.3 crore tons with commissioning by end of FY25. The 6-stage preheater at Dachepalli was commissioned on 23rd October 2025, raising clinker capacity to 7,000 TPD, but cement grinding expansion to 3.00 MTPA is now expected only by August-September 2026.
6. Andhra Cements acquisition via NCLT resolution and restart Delivered - At the Q1 FY23 call, management stated the resolution plan for Andhra Cement would be submitted before 18th August 2022, with clearances expected around end of September to early October and production restart after three months of maintenance. Grinding operations were commissioned and dispatches started on 12th April 2023, with the clinker line commissioned by middle of June 2023.
7. 1 crore tonne capacity by 2025 Delivered - At the Q1 FY21 call, management stated the company was objectively trying to become a 1 crore tonne capacity company by 2025. Following the Andhra Cements acquisition, the company declared in Q4 FY23 that the 1 crore ton capacity objective had been achieved well before 2025, with installed capacity reaching 10.50 MTPA.
8. Peak gross/net debt not to exceed ₹800 crore Missed - At the Q1 FY21 call, management stated peak consolidated gross debt after implementing two projects should touch \~₹800 crore around end of FY22. Gross debt stood at ₹1,503 crore as of 31st March 2022, breaching the original ceiling, and the target was revised upward repeatedly, with gross debt reaching ₹1,672 crore by 31st March 2026.
9. Satguru and Jajpur projects commissioned by September 2021 Partial - At the Q1 FY21 call, management committed the Satguru and Jajpur projects would be completed by September 2021, with no further delay beyond the 3-month pushback already announced. Satguru commenced cement grinding and dispatches on 15th August 2021, but the Jajpur plant was commissioned on 10th January 2022, roughly 3.5 months late due to heavy rains.
10. Capacity doubling to 20 MTPA by 2035 On track - In the FY24 Annual Report, management set a goal to achieve 20 MTPA capacity by 2035 through organic and inorganic growth, a target reiterated in the FY26 Annual Report. Effective installed capacity as of FY26 stands at 10.50 MTPA, with expansion projects underway.