1. CDMO:CRO mix - 65:35 to 60:40 range Delivered - At the Q3 FY26 call, management guided the CDMO:CRO revenue mix to remain broadly in the 65-35% to 60-40% range, after the CFO's Q1 FY26 framing of roughly two-thirds to one-third. Q1 FY27 mix was CDMO 60%, CRO 40%, with Q3 and Q4 FY26 both at 65:35.
2. Oligonucleotide commercial validation - 15-18 months to commercial On track - At the Q2 FY26 call, management said oligonucleotide commercial validation for a large pharma product "probably takes us 15-18 months before it becomes commercial". By Q3 FY26 validation was still in process, and in Q1 FY27 new modalities contributed 4-5% of revenues, all development and discovery side.
3. Digitization of manufacturing - complete by CY2027 On track - At the Q4 FY26 PPT, management guided the digitization process in manufacturing to be complete by CY 2027, reiterated in the Q1 FY27 PPT. R&D and manufacturing processes were progressively digitized to 85% levels as of Q1 FY27.
4. XDC Center of Excellence - opening Pending - At the Q1 FY27 call, management said it is close to opening the XDC Center of Excellence supporting discovery and development across payloads, linkers and conjugation. A pilot-scale conjugation/ADC space spanning discovery and development for all ADCs was already being built in Q1 FY27, with no opening confirmation yet.
5. Integrated service models - two large pharma customers in FY27 Pending - At the Q1 FY27 call, management said it hopes to transition at least two large pharmaceutical customers to integrated service models this year. Integrated service delivery covered approximately 65% of customers in Q1 FY27, primarily biotechs, with extension to large pharma collaborations expected.
6. Formulation capacity - operational in FY27 On track - At the Q1 FY27 call, management said formulation capacity will be brought into operation this fiscal year, about six months away from being operationally ready. Entry will be small molecules, primarily oral solids up to phase 1 and 2 clinical supplies only, driven by China+1 needs.
7. Four commercial contracts - revenue in FY27 On track - At the Q4 FY26 call, management expected at least three of four newly added commercial molecules to start delivering revenue in fiscal '27, three on a "pretty decent revenue growth trajectory". By Q1 FY27, CMC production had commenced for 3 of the 4 molecules, with one approval in FY26 and further milestones through Q2 FY28.
8. Net asset turn - 1.2x to 1.4x medium-term On track - At the Q1 FY26 call, the CFO set an internal metric of net asset turns of 1.2 to 1.4 on a net basis, reiterated at Q4 FY26 as a medium-term commitment with dips expected during the 2-3 year capex ramp. FY26 net fixed asset turnover held at 1.2x vs 1.1x in FY25, with the outcome still ahead of the company.
9. FY27 capex - ₹1,100-1,300 cr On track - At the Q4 FY26 call, management guided FY27 capex of INR1,100 crores to INR1,300 crores, split CDMO 65% / CRO 35%, funded from internal accruals and debt. The guidance was reiterated at Q1 FY27 with ₹263 cr incurred in the quarter, described as largely on schedule.
10. New Hyderabad greenfield site - operational in 18-24 months On track - At the Q3 FY26 call, management said the new Hyderabad site expansion would be up and running in the next 18-24 months as a mixed-use facility with non-GMP, peptide and GMP capacity. Land at Choutuppal was acquired by Q4 FY26, groundbreaking is planned with peptide operations targeted for 2028 and spend under INR300 crores by end-2028.
11. Animal health Phase 1 - completion by March 2027 On track - At the Q3 FY26 call, management targeted animal health Phase 1 completion by March '27, enabling validation for veterinary API production. A dedicated Veterinary API facility was launched in Q2 FY26 with partnerships with three of the top five global animal health companies; the next phase involves around INR70-75 crores of capex.
12. OEB laboratories for process development - October 2026 On track - At the Q3 FY26 call, management said OEB laboratories for process development were on schedule for October '26 completion, enhancing ADC capabilities for discovery and clinical supply. OEB-6 labs were being built as of Q2 FY26, and the pilot-scale conjugation/ADC space was still under construction at Q1 FY27.
13. Peptide process development and pilot facility - September 2026 On track - At the Q3 FY26 call, management targeted the peptide process development and pilot facility for September '26, expanding capabilities up to pilot scale. By Q1 FY27 one dedicated peptide development lab had come up for a pharma company, with the broader GMP pilot facility coming online.
14. Unit 8 R&D expansion Phase 1 - 200 fume hoods by Q4 FY26 Delivered - At the Q3 FY26 call, management scheduled Unit 8 R&D expansion Phase 1 in Hyderabad to commission in Q4 FY26 with about 200 fume hoods for discovery chemistry. The U8 MedChem block with 200 fume hood capacity was opened by Q4 FY26, and the facility came on stream in Q1 FY27 already sold out.
15. Manufacturing capacity - 450 KL addition by H2 FY27 (total 1,150 KL) On track - At the Q1 FY26 call, management guided 450 KL of new capacity commissioned around H2 FY27 on top of \~600 KL, taking capacity up by close to 90%. The plan was scaled to 1,150 KL by end-FY27, and at Q1 FY27 the first 225 KL block remained on track for H2/Q3 with at most one-two months slippage; utilization was 65%.
16. Discovery capacity - 30% extra space by end of FY26 Delivered - At the Q1 FY26 call, management said it was "on track" to add about 30% extra space in Discovery by the end of FY26. The discovery facility came on stream in Q1 FY27 and was already sold out, with a new 100,000 sq. ft. R&D facility operationalized at Genome Valley and the U8 MedChem block opened.
17. Process R&D capacity - doubling by FY27 On track - At the Q1 FY26 call, management said a new Process R&D block had been started that will nearly double Process R&D capabilities, adding clinical-scale peptide and early-phase formulation capabilities. Commissioning was tracked to September '26, and by Q4 FY26 ground had been broken for the new block doubling PRD capacity, with no final commissioning confirmation in the record.
18. Debt repayment - remaining IPO-proceeds debt completed in January 2025 Delivered - At the Q3 FY25 call, management said the remaining IPO-proceeds debt repayment, beyond the 585 crores already repaid, was completed in January, with interest cost reduction expected that quarter. The planned INR720 crores repayment was completed by Q4 FY25, the interest decline was reflected by Q1 FY26, and debt stood at ₹95.12 cr with D/E 0.04 as of Q1 FY27.
19. Manufacturing capacity - 100 KL addition in Q1 FY26 Delivered - At the Q3 FY25 call, management said the company expects to add another 100 KL of manufacturing capacity in Q1 FY26. 100 KL was brought online at the end of Q1 FY26 - about 90 KL per the CFO - completing a year in which capacity rose close to 30%.
20. Capex - FY26 plan of ₹700 cr Partial - At the Q4 FY25 call, management guided FY26 capex of close to INR700 crores, around INR550 crores on current visibility, funded from internal accruals, debt and remaining IPO proceeds. FY26 capex came in at INR633 crores against the budgeted INR700 crores, after ₹405 cr invested through 9M FY26.
21. ROCE - mid-to-high teens over 3-4 years Delivered - At the Q3 FY25 call, management aspired to a ROCE of "mid to high teens over a 3-4 year period," a commitment reiterated at Q4 FY25. FY25 ROCE was 12.25% and FY26 ROCE reached 19.60% per reported financials, 18.2% per the Q4 FY26 PPT, exceeding the target within two years.
22. EBITDA margin - 28-30% steady state Delivered - At the Q3 FY25 call, management set a stated objective of reaching a 28-30% EBITDA margin steady state "in the next 2 to 3 years," reiterated across subsequent quarters. FY26 EBITDA margin reached 30.1% before exceptional items, with Q3 FY26 at 34% and Q4 FY26 at 31%, and management scoring the goal as achieved ahead of schedule.
23. Revenue CAGR - 15-20% over 3-5 years On track - At the Q3 FY25 call, management set a long-term aspiration of revenue CAGR of 15-20% when considered in 3-to-5-year blocks, with margins continuing to improve. FY25 revenue grew 16% to ₹1,695 cr and FY26 grew 29% to ₹2,192 cr, with Q1 FY27 up 12% to ₹554 cr and TTM growth at 17.74%.