1. 6 API approvals in Europe - CEPs received Delivered - At the Q2 FY25 PPT, management stated 6 API approvals were received in Europe, reiterated in the FY25 annual report. The FY25 AR confirms 6 APIs received CEP in Europe, up from 4 CEPs registered with EDQM per the FY24 AR.
2. 7 products under development for European markets - CDMO model Pending - At the Q2 FY25 PPT and the FY25 annual report, management stated 7 products were under development for European markets under the CDMO model. No disclosure in our record confirms development completion or commercial supply to Europe.
3. US company exclusive API manufacturing agreement - revenue support in coming years Pending - In the FY25 annual report, management stated an agreement was entered with a US company to manufacture API exclusively for it, with the new molecules to "support Company's revenue in coming years". Our record holds no disclosure of revenue contribution from this agreement yet.
4. Issue proceeds - Rs. 18 crore for R&D by March 2029, Rs. 7 crore for equipment by September 2027 Pending - At the FY26 announcement, management guided Rs. 33.00 crore of issue proceeds (assuming 100% warrant conversion) to be deployed: Rs. 18.00 crore for R&D by March 31, 2029, and Rs. 7.00 crore for plant equipment and infrastructure by September 30, 2027. Neither deadline has been reached and no deployment disclosure exists in our record.
5. Preferential issue proceeds - Rs. 55.23 crore for Diabetology and Cardiovascular API facility Partial - In the June 2023 preferential issue announcement, management stated Rs. 55.23 crore of issue proceeds would create a separate facility in the existing Dahej API plant for Diabetology and Cardiovascular APIs, utilised latest by January 31, 2025. The FY23 AR showed the facility being created and the FY25 AR records funds still being received via warrant conversions for this object, with no disclosure confirming completion by the deadline.
6. Three to five DMFs - filed by March 2021 Missed - In the FY20 annual report, management committed to file three to five DMFs by March 2021. No disclosure confirms three to five DMF filings by that date; the FY22 AR shows one DMF (Bortezomib) with USFDA and 3 CEPs with EDQM, appearing to be later filings.
7. Two DMFs - filed by December 2021 Partial - In the FY21 annual report, management committed to file two DMFs by December 2021. By FY22, one DMF (Bortezomib) was filed with USFDA along with 3 CEPs for Pirfenidone, Temozolomide and Busulfan, not two DMFs as committed.
8. New agro chemicals - Azoxystrobin, Pymetrozine, Dinotefuran, Phenyl Glyoxylate, Amino Ester, Oxime - production in FY25 Partial - In the FY24 annual report, management stated new agro chemicals - Azoxystrobin, Pymetrozine, Dinotefuran, Phenyl Glyoxylate, Amino Ester, Oxime, Immino Easter - were likely to be produced during 2024-25. The FY25 AR confirms production of Dimethoate Tech, Phenyl Glyoxylate and Pymetrozine during FY25; the other four named products are not evidenced.
9. API tie-up with Chinese marketing company - dossier submissions Delivered - In the FY23 annual report, management stated a dossier for one molecule was submitted to Chinese regulator NMPA, with two others under evaluation. Four APIs - Busalfan, Bendamustine, Bortezomib and Palbociclib - were submitted to CDE, China during FY24, and 5 molecules by FY25, exceeding the initial count.
10. Non-infringing processes for CTPR, Trifloxystrobin, Dinotefuran, Pymetrozine - production in new plant Partial - In the FY23 annual report, management stated non-infringing processes were developed for CTPR, Trifloxystrobin Technical, Dinotefuran and Pymetrozine, to be taken up in the new plant once ready. Pymetrozine was produced during FY25 and CTPR is planned at Dahej-II during FY26; Trifloxystrobin and Dinotefuran production is not evidenced.
11. 34 CIB&RC agrochemical product registrations - approvals in 18-24 months Missed - In the FY23 annual report, management stated 34 new agrochemical product registration applications were submitted to CIB&RC, with approvals expected over the next 18-24 months. Both the FY24 and FY25 annual reports show all 34 products still pending clearance, with no approvals disclosed by the time the window lapsed in September 2025.
12. US FDA approval for Dahej API facility - anticipated soon Delivered - In the FY24 annual report, management stated the USFDA audit of the API plant was completed in April 2024 with approval anticipated soon, and the Q2 FY25 call reiterated the company was "expecting approval at any time". US FDA approval for the Dahej Unit-I API facility was received in October 2024, with the EIR released during FY25.
13. Trifloxystrobin fungicide - commercialization in 2-3 years On track - At the Q2 FY25 PPT, management stated Trifloxystrobin was developed, with trials beginning at the plant and commercialization expected in 2-3 years, reiterated in the Q2 FY25 result and FY25 AR. The window from November 2024 extends to November 2026-2027, and no disclosure in our record reports completed commercialization or contrary evidence.
14. Novaluron insecticide - distribution in FY26 On track - At the Q2 FY25 PPT, management stated Novaluron was developed and commercialized, ready for distribution in FY26, reiterated in the Q2 FY25 result and FY25 AR. The FY25 AR confirms Novaluron will be taken up at the Dahej-II plant during FY26; no FY26 outcome disclosure in our record yet.
15. Dimethoate technical capacity - increase from 1,450 MTPA to 5,000 MTPA Delivered - At the Q2 FY25 PPT, management stated Dimethoate technical capacity would increase from 1,450 MTPA to 5,000 MTPA - a 250% increase - after the new Dahej plant started operations. The Dahej III plant commenced operations in September 2024, and the FY25 AR confirms the 250% increase was achieved.
16. APIs (oncology & non-oncology) - commercial sales in early 2023 Partial - At the Q2 FY22 PPT, management stated APIs (oncology & non-oncology) were in plant validation and regulatory phases and would be available for commercial sales in early 2023. The Dahej-II API plant was operational with 8 oncology and 5 non-oncology validations by FY23, but the first export disclosures appear only in FY25 (Rs. 149.23 crore standalone revenue including API exports), with US FDA approval arriving in October 2024.
17. Oncology dosage forms - global roll-out starting 2022 Missed - At the Q2 FY22 PPT, management stated oncology dosage forms were in launch phase in India, with global roll-out planned starting 2022. No disclosure confirms a global roll-out in 2022 or any later year, and FY25 turnover mix shows exports at just 0.08% of turnover.
18. Dahej agro & specialty chemical plant - 3,500 MT capacity, commissioning by Jan 2023 Partial - At the Q2 FY22 result, management stated construction of the Dahej-III agro & specialty chemical plant would start from December 2021 with a 3,500 MT single block and commissioning by December 2022, later moved to January 2023 and then September 2023. The plant commenced operations from September 2024 with a launched block of 2,000 MT per annum, achieving Rs. 52.97 crore turnover in FY25; the full 3,500 MT is not evidenced in our record.