1. Four new patented products launch in FY27 Pending - In the FY26 annual report, the company stated it has plans to introduce four new patented products during FY27. FY27 has just begun and no launches have been reported yet.
2. Dahej herbicide intermediate plant - ₹150 cr capex, commercialisation Q2 FY29 Pending - At the Q4 FY26 PPT and the Jan 2026 announcement, capex of \~₹150 cr was approved for a herbicide intermediate plant at Dahej, with estimated commercialisation in Q2 FY29. The project is approved and progressing on track, but the Q2 FY29 horizon has not been reached.
3. Tarapur fitment - two additional molecules, ₹10 cr capex, commercialisation Q4 FY28 Pending - At the Q4 FY26 PPT and the Jan 2026 announcement, capex of \~₹10 cr was approved for fitment to manufacture two additional molecules at Tarapur, with estimated commercialisation in Q4 FY28. The project is approved but no completion has been reported as of Q4 FY26.
4. Tarapur brownfield project - ₹10 cr capex, completion by Q4 FY27 On track - At the Q4 FY25 call, management announced a Tarapur brownfield project for a newly launched global molecule with capex of less than ₹10 cr, expected to be completed by Q4 FY27. As of Q4 FY26, the project is approved and in progress with no completion reported yet.
5. Bhavnagar brownfield expansion - double capacity, ₹55 cr capex, completion by Q4 FY27 On track - At the Q4 FY25 call, management announced a brownfield expansion at Bhavnagar to double capacities with an investment of about ₹55 cr, expected to be completed by Q4 FY27. As of Q4 FY26, the project is approved and in progress with no completion reported yet.
6. 100% green power by end of FY25 Partial - At the Q4 FY24 call, management stated they wanted to be a 100% green power generation company by the end of FY25, with capex of around ₹25 cr. As of FY25, 65% of total power requirement was met through wind and solar, representing substantial progress but not full achievement of the target.
7. Barrix Agro Sciences - turnaround and global product rollout in 2-3 years On track - At the Q2 FY24 call, management stated that in the next two to three years, they should start seeing movement in taking Barrix products globally. Barrix turned around to a positive 16% EBITDA margin in FY25, and while H1 FY26 profitability was impacted by regulatory constraints, clearances came through in November-December 2025 and sales have since commenced.
8. Dahej Greenfield facility - multiple plants, ₹300 cr initial capex, phased manufacturing deliveries from FY27-30 On track - At the Q2 FY22 call, management expected blueprints ready by FY23 for the Dahej land parcel, with phased manufacturing deliveries later guided between FY27 and FY30 and initial investment of ₹300 cr. Environmental clearance was received without conditions by Q2 FY25, and the first project of ₹150 cr is approved and progressing on track towards commercialisation.
9. Maintain working capital discipline - \~100 days Partial - At the Q4 FY22 call, management stated they would like to keep total working capital days at 100 days under normal conditions. Net working capital days swung from 133 in FY22 to 89 in FY25 before settling at 103 days in FY26, showing significant volatility rather than sustained discipline around the 100-day target.
10. Maintain or improve EBITDA margin - 18.4%+ sustained Partial - At the Q4 FY21 call, management stated their endeavour would be to maintain or increase the EBITDA margin from the 18.4% achieved in FY21, later refined to an 18-20% range. The margin fell to 16.7% in FY24 during an industry-wide destocking cycle, but recovered to 20.1% in FY25 and 20.7% in FY26 (SQL).
11. Tebuconazole capacity expansion - double existing capacity, 1,500-tonne additional plant Missed - At the Q4 FY21 call, management stated they were planning to double Tebuconazole capacity and put up a 1,500-tonne additional plant. No disclosure of a 1,500-tonne plant being commissioned or a formal doubling of capacity beyond the \~1,350-tonne level appears in the record through FY26, and the topic was dropped from management commentary after FY23.
12. Five proprietary products commercialisation - 5 products, ₹100-110 cr capex, within two years (by \~Mar 2023) Partial - At the Q4 FY21 call, management committed to commercialising five proprietary products from SCC within two years with capex of ₹100-110 cr and revenue potential in excess of 2× the investment. The Bhavnagar plant achieved full production by FY25, but the Tarapur plant never reached full commercialisation for export revenues, and aggregate CRAMS/CSM sales reached only ₹110-140 cr by Q4 FY26 against the ₹200-250 cr target.