1. Product mix shift to 70:30 solvent:water-based in three years, 50:50 in 7-8 years On track - At the Q4 FY26 call, management guided the product mix may shift to 70:30 in the next three years and possibly 50:50 in 7-8 years. FY26 revenue from in-house solvent-based adhesives was 97.85% against 2.15% from contract-manufactured water-based adhesives, and the new Khalapur plant Phase 1 is dedicated to in-house water-based manufacturing.
2. EBITDA margin of 20% by FY29E On track - In the Q4 FY26 PPT, management guided an EBITDA margin target of 20% for FY29E. FY26 EBITDA margin was 17.87%, up from 17.44% in FY25, with H2FY26 at 16.04%.
3. Revenue growth of 25-30% CAGR from FY26 to FY29E On track - At the Q4 FY26 call, management guided 25-30% growth going forward, formalised in the Q4 FY26 PPT as a revenue CAGR of 25-30% from FY26 to FY29E and restated in D6 as through FY2028. FY26 revenue growth was 12.71% YoY, below the target band, with management acknowledging the last two years' shortfall.
4. International and domestic distribution network expansion via independent hardware distributors and D2R channel On track - At the Q3 FY26 call, management committed to appointing independent hardware distributors and strengthening the D2R channel, later adding a Rajasthan pilot warehouse from June 2026 with a two-quarter evaluation window. The dealer-distributor network accounted for 75.01% of FY26 revenue, one distributor was appointed in Saudi Arabia, and the company reached 455+ active clients across 12 states.
5. Expansion into cladding, wallpaper, epoxy and flooring adhesives On track - At the Q3 FY26 call, management committed to expanding into cladding, wallpaper, epoxy and flooring adhesives, later refining the wallpaper adhesive launch to end of FY27 with epoxy as phase-wise development. No product launches in these categories are recorded as of 14th July 2026, with the wallpaper adhesive product still in refinement.
6. Strengthening export capabilities through experienced professionals, customer acquisition and global expansion On track - At the Q3 FY26 call, management committed to onboarding experienced export professionals and expanding globally, with a GCC OEM sales hire expected in June 2026 and Regional Sales Managers from July 2026. Shipments of white adhesives into international markets have commenced, one distributor was appointed in Saudi Arabia, and exports represented 0.57% of FY26 revenue.
7. Khalapur manufacturing facility construction commencing with 4,950 TPA new capacity On track - At the Q3 FY26 call, management committed to commencing construction at Khalapur for 4,950 TPA of in-house water-based adhesive capacity, later guiding land acquisition by June 2026 and plant readiness by FY27 year-end. Construction is underway on the 16,000+ sq. mt. site, capital advances of ₹1,292.68 lakhs were recorded as of 31st March 2026, and total installed capacity is guided to expand from 3,600 TPA to 8,550 TPA in CY2026.