1. Total investment on new projects - ₹450 cr Pending - At the Q1 FY27 call, management stated total estimated investment on the new PS line, XPS expansion, and compounding expansion is ₹450 cr, funded entirely through internal accruals. Projects have been initiated as of the Q1 FY27 PPT, with no spend disclosed yet.
2. FY27-28 volume growth - \~10% Pending - At the Q3 FY26 call, management guided that assuming the ABS plant was operational by end of the current financial year, the company should log volume growth of around 10% for FY27-28, with base business contribution closer to 3-4%. Q1 FY27 volumes declined 24.5% YoY due to external disruption; no full-year read yet.
3. FY26 cash capex - ₹200-250 cr Delivered - At the Q4 FY25 call, management expected FY26 cash capex of only around ₹200 odd cr, reiterated as ₹200-250 cr at the Q1 FY26 call. FY26 total capital expenditure was ₹210 cr, within the guided range.
4. Total compounding capacity - 70,000 tonnes post-FY26 Missed - At the Q4 FY25 call, management said total compounding capacity post-FY26 including Xmold "should be closer to 70,000 tonnes". Compounding capacity stood at 50,000 tpa as of Q1 FY27, with an expansion to 80,000 tpa initiated; the 70,000-tonne target was not achieved by FY26-end.
5. Xmold total potential revenue - \~₹200 cr at full utilisation Pending - At the Q4 FY25 call, management said Xmold's total potential revenue is "closer to ₹200 cr" at full utilisation. Xmold revenue was ₹72 cr at \~40% effective utilisation in FY25, and FY26 utilisation was \~40-45%; no full-utilisation revenue read yet.
6. ABS capex - \~₹600 cr total, Phase 1 \~₹500 cr Delivered - At the Q4 FY25 call, management said total ABS capex would be approximately ₹600 cr, of which Phase 1 - including infrastructure and utilities costs for phase two - would be closer to ₹500 cr; the \~₹600 cr figure was reaffirmed at the Q1 FY26 call. ABS CWIP of ₹680 cr was on the balance sheet as of Q4 FY25, and the 70,000 MTPA ABS plant was commissioned with production starting in September 2025.
7. Top line increase - ₹3,000+ cr at 75-80% utilisation when all schemes complete Pending - At the Q4 FY23 call, management said when all schemes are complete, at 75-80% capacity utilisation at current market prices, top line should increase by around ₹3,000+ cr. FY26 revenue was ₹5,338 cr, down 11% YoY on lower SM prices; ABS Phase 1 runs at 65% of curtailed capacity, Phase 2 is not built and Haryana has not started.
8. Total capex programme - ₹1,200 cr over FY21-FY26 Delivered - At the Q1 FY24 call, management laid out the remaining capex programme under the ₹1,250 cr planned in 2021 - phase two of EPS, compound lines, and XPS line - with March 2025 as target; the December 2023 announcement noted \~₹500 cr+ incurred with the balance by 2025 and the full ₹1,200 cr by March 2026. Cumulative capex reached ₹1,417.6 cr over FY22-1HFY26, exceeding the original estimate.
9. EPS exports - substantially grow to GCC and Europe in FY26 Missed - In the FY25 annual report, management hoped to substantially grow EPS exports to the GCC region and Europe in FY26. Only small quantities of EPS were exported in FY26, though grades were approved in Europe, and Q1 FY27 exports were minimal due to the West Asia disruption.
10. SPC business - 20% growth in FY26 Delivered - In the FY25 annual report, management expected the SPC business to grow by 20% in FY26, with ABS compound volumes over and above this growth. The SPC business grew by 25% during FY26, beating the target.
11. Xmold remaining 20% stake acquisition - by March 2027 On track - At the Q4 FY25 call, management noted Xmold was acquired (80% stake) in April 2025; Crisil noted in February 2026 that the company aims to acquire the remaining 20% by March 2027, valuing 100% equity at \~₹40 cr. The 80% stake was acquired in April 2025 for \~₹31 cr, with no disclosure yet on the remaining 20%.
12. EBITDA margin - move from high single-digit to double digits Delivered - At the Q3 FY25 call, management said with Mass ABS Phase 1 and Phase 2 volumes coming up, it expects to move from high single-digit EBITDA to double digits. FY25 operating EBITDA margin was 8.84% and FY26 9.64%, before Q4 FY26 reached 15.95% and Q1 FY27 19.53%.
13. ROCE - upwards of 20% Delivered - At the Q3 FY24 call, management stated its ROCE aim: "we should be upwards of 20%". ROCE was 24.2% in FY24, 24% in FY25 and 21% in FY26, all above 20%.
14. Value-added products - cross 40% of volumes Pending - At the Q1 FY26 call, management said the target is to cross 40% value-added grades going forward with ABS and ABS compounds included. Q1 FY26 value-added grades stood at \~36%, with the historical range 35-40% and no updated read in later quarters in our record.
15. New 80,000 tpa polystyrene line at Amdoshi - completed by March 2029 On track - In the Q1 FY27 disclosures (July 2026), the Board approved a new 80,000 tpa polystyrene line at the Amdoshi complex, which when completed by March 2029 will take installed PS capacity to 380,000 tpa. The project is approved with no construction progress disclosed as of Q1 FY27; the March 2029 completion target remains ahead.
16. FY27 capex - ₹250 cr (later ₹900 cr) Pending - At the Q4 FY26 call, management guided company-wide capex of \~₹250 cr for FY27, after estimating ₹250-275 cr at the Q3 FY26 call; the FY26 annual report earmarked \~₹250 cr towards ABS Phase II, XPS Phase II, compounding lines and infrastructure. At the Q1 FY27 call, guidance was raised to "closer to 900 crores" funded from internal accruals, with the new projects initiated.
17. FY27 volume growth - 8-10% (later withdrawn) Pending - At the Q4 FY26 call, management guided 8-10% volume growth for FY27, conditional on normalcy returning by June end and ABS being operational. At the Q1 FY27 call, management declined any volume guidance saying the situation is "very fluid"; Q1 FY27 volumes declined 24.5% YoY to 70,842 MT.
18. Compounding volumes - 50,000 tonnes by FY28 On track - At the Q4 FY26 call, management said compounding volumes should reach 50,000 tonnes by FY28, if not FY27. At the Q1 FY27 call, capacity was expanded from 50,000 to 80,000 tpa for commissioning by June 2027, with full utilisation "in the next 2 years or so thereafter"; capacity stands at 50,000 tpa as of Q1 FY27.
19. Xmold Polymers - 20-25% volume increase in FY27 On track - At the Q3 FY26 call, management said Xmold should see almost 20-25% increase in volumes from current levels in the next financial year. At the Q4 FY26 call this was raised to 50-60% higher volumes in FY27, moving from \~40-45% utilisation in FY26 to 65-70%; two AC manufacturers were onboarded at Sri City and a third automobile OEM's material is going to a tier-one supplier.
20. ABS Phase 1 + Phase 2 combined revenue - ₹2,000 cr at full utilisation Pending - At the Q4 FY24 call, management said mass ABS at full capacity would add \~₹2,200 cr to top line at current prices, reiterated at the Q1 FY26 call as Phase 1 + Phase 2 combined top-line of ₹2,000 cr at 100% utilisation. Phase 1 was commissioned in September 2025 but ran at 65% of curtailed capacity by FY26-end, and Phase 2 has not started.
21. ABS Phase 1 ramp-up - 50-60% utilisation in first six months, 80%+ in FY27 Missed - At the Q1 FY26 call, management expected ABS Phase 1 to operate at 50-60% utilisation in the first six months, then ramp up, with FY27 utilisation "80% plus". The plant was commissioned in September 2025, ran smoothly October-November, then was suspended in December 2025 due to equipment malfunction, restarting at 65% of design capacity by Q4 FY26.
22. FY26 volume growth - \~13% (later 12%) Missed - At the Q4 FY25 call, management guided \~13% volume growth for FY26, with the CFO correcting an analyst's 15-16% figure, reiterated as 12% at the Q1 FY26 call. FY26 total sales volume of manufactured products grew 2.0% to 3,63,203 MT, net of \~14,000 tonnes transferred internally.
23. FY25 volume growth - 8-10% (later 5-6%, then \~8%) Delivered - At the Q4 FY24 call, management guided FY25 volume growth of around 8-10%, revised down to 5-6% at the Q2 FY25 call on export slowdown, then maintained at \~8% targeting \~350,000 tonnes at the Q3 FY25 call. FY25 total sales volume of manufactured products grew 9.4% to 3,55,967 MT, beating the latest guidance.
24. Haryana greenfield complex - ₹800 cr investment, ₹1,900-2,000 cr revenue potential On track - At the Q3 FY24 call, management guided that once all Haryana projects are implemented at full capacity, they would generate revenue "close to 1900 odd crores" at current prices with payback under five years, restated as ₹2,000 cr through FY25; capex was pegged at \~₹800 cr at the Q3 FY25 call. Land at Karnal (107 acres) is acquired with EIA and environment clearance ongoing, and basic infrastructure development is to be taken up in FY27, with all capacities on board by March 2029.
25. Masterbatches/compounds lines - ₹70 cr planned through FY25 Delivered - At the Q4 FY23 call, management said masterbatches/compounds lines would be installed as demand comes, over a period till '25, with almost ₹70 cr planned. The Manali compounds expansion (25 to 75) was completed by Q2 FY25, SPC capacity expanded from 30,000 to 50,000 tpa in FY26, and a further expansion to 80,000 tpa was initiated.
26. XPS Phase 2 - 1,50,000 m³ wide-width board line, targeted for completion by end of FY27 On track - At the Q3 FY24 call, management said XPS phase 2 was delayed due to product changes and equipment re-examination with no new timeline, and at the Q1 FY25 call said the expansion "will happen sometime in next financial year". The FY26 annual report states the second XPS line of 1,50,000 m³ with wide-width flexibility is underway and likely to be completed by end of 2026-27, and the Q1 FY27 deck confirms expansion from 72,000 to 122,000 m³ has been initiated; no commissioning date was given on the Q1 FY27 call.
27. EPS Phase 2 expansion - completed by end CY2024 (later Q4 FY25, then Q1 FY26, then April 2026) Partial - At the Q4 FY23 call, management said the EPS second phase expansion was likely to be over by the next year end, with the Q3 FY24 call citing December 2024, later pushed to the last quarter of FY25, then end of Q1 or Q2 FY26, then February or March 2026. The expansion was commissioned on April 14, 2026, enhancing EPS capacity from 85,000 to 115,000 tpa at Amdoshi, taking total EPS capacity to 1,43,000 tpa including Manali.
28. Mass ABS Phase 2 - second 70,000 tpa line On track - At the Q4 FY23 call, management said second line configurations were still under discussion with Versalis, with total investment of ₹850 cr for both phases; Phase 2 was expected "maybe in financial year 2026 or later", then hoped for in FY26, then "in the next two years or so", then firmly "in FY28 only" at the Q1 FY26 call. No Phase 2 construction start is disclosed; Phase 2 capex is estimated at ₹300-350 cr and the FY28 aim was reiterated at the Q4 FY26 call despite the Phase 1 snag.
29. Mass ABS Phase 1 - 70,000 tpa commissioned by Q3 FY25 (later Q4 FY25, then Q2 FY26) Partial - At the Q1 FY24 call, management stated the first phase of the Mass ABS Project (70,000 tpa) was expected to be commissioned by Q3 FY25, then end of CY2024, then "ready by the end of this calendar", before delays to Q4 FY25 on proprietary equipment delivery of 4-5 months and eventually Q2 FY26. The ABS plant was commissioned and production started in September 2025, but operations were suspended in December 2025 due to malfunctioning of critical proprietary equipment, restarting at 65% of design capacity by Q4 FY26.
30. FY24 exports - 50,000 tonnes Delivered - At the Q1 FY24 call, management reiterated FY24 export guidance of 50,000 tonnes, restated as "50,000 plus" at the Q2 FY24 call, then revised down to \~45,000 tonnes at the Q3 FY24 call due to the Red Sea freight setback. FY24 export volumes grew 82% for the full year, with exports resumed "with full force" after capacity expansion; no precise tonnage is disclosed.
31. FY24 volume growth - 15-16% (later 17%, then 12%, then 10-12%) Delivered - At the Q4 FY23 call, management guided FY24 volume growth of around 15-16%, restated on the same call as around 17% including exports, then revised down to 12% at the Q1 FY24 call on low appliance-sector offtake and to "almost 10% to 12%" at the Q3 FY24 call. FY24 total sales volume of manufactured products grew 13.7% to 3,25,250 tonnes, beating the latest guided range.
32. FY25 capex - similar level to FY24 (\~₹430-450 cr) Delivered - At the Q4 FY23 call, management said a similar level of capex would be incurred in FY25 as in FY24, reiterating "430 is the number I gave for this year". Guidance was revised to \~₹380 cr at the Q2 FY25 call, and FY25 actual capex came in at ₹377.8 cr, on the revised plan.
33. FY24 capex - ₹430 cr guided Missed - At the Q4 FY23 call, management guided FY24 capex of about ₹430 cr on the ongoing ABS project, EPS second phase expansion, XPS second line, and normal capex, restated at the Q1 FY24 call as \~₹450 cr in FY24 with the balance of the \~₹900 cr remaining programme in FY25. FY24 total capex incurred was ₹313 cr, below the guided ₹430-450 cr, with the ABS project, EPS phase 2 and XPS line all still in progress at FY24-end.