1. Southeast Asia and Latin America market entry in FY27 On track - At the Q1 FY27 call, management stated markets in Southeast Asia and Latin America remain on track for entry this financial year. Q1 FY27: Far East and Africa, which opened last year, moved from qualification volumes to repeated commercial orders, with export growth disproportionately from these markets.
2. Home textiles business doubled in about 2 years On track - At the Q1 FY27 call, management said "we are looking at doubling this in about 2 years, the home textile business"; at Q3 FY26 it wanted home textiles at 20% of top line. Q1 FY27 home textiles revenue was ₹48 crores, up 22% YoY, against FY26's ₹179 crores, implying \~₹358 crores by FY29.
3. Technical textiles (Protech) as FY28 contributors On track - At the Q1 FY27 call, management stated technical textiles are "FY28 contributors not FY27"; at Q4 FY26 it expected 12-15% margins there. Q1 FY27: Protech moved from qualification into sampling with some protective products already qualified.
4. Home textiles EBITDA at least doubles in FY27 On track - At the Q4 FY26 call, management was "very confident" home textiles EBITDA, then ₹8.4 crores, would at least double in the coming year. Q1 FY27 segment EBIT was ₹-0.3 crores, with revenue up 22% YoY; the full-year outcome is not yet due.
5. FY26 capex of \~₹58 crores plus additional Board approval Delivered - At the Q2 FY26 call, management committed capex of "close to about ₹58 crores" for FY26, with a similar amount additionally Board-approved as markets ramp up. FY26 capex executed was roughly ₹70 crores, against CWIP of ₹8.79 crores.
6. Value-added products at 33% of mix in 2-3 years On track - At the Q2 FY26 call, management targeted replacing at least 33% of product mix with value-added products over 2-3 years, later reiterated as 1/3rd of the yarn portfolio within about 12 months. Q1 FY27: value-added share is "possibly 10% to 15%", with first specialty yarn containers out for testing and \~60% of a 2.5% raw-material ratio reduction from moving up the value chain.
7. EBITDA margin minimum 12% going forward Missed - At the Q2 FY25 call, management guided EBITDA margin "not less than 12% going forward", calling it "the minimum requirement"; at Q4 FY25 it declined to commit to the historical 11-13% range. Margins ran Q2 FY25 1.73%, Q4 FY25 1.29%, Q1 FY26 -0.62%, Q4 FY26 4.17% and Q1 FY27 5.53% - never approaching 12%.
8. Employee cost reduction within one year Missed - At the Q2 FY25 call, management committed: "In one year, you will definitely see significant changes" in employee cost as a percentage of revenue. The ratio was \~15% for the prior 3-4 years, 15% in Q3 FY25, 17.7% in Q1 FY26 and 16.6% in Q1 FY27 - no significant reduction within the year.
9. Debt-to-equity kept below 1 Partial - At the Q3 FY22 call, management committed to gearing below one, reiterated at Q4 FY22 through the greenfield build-out and refined at Q3 FY24 to a 0.7-0.8 range. D/E held between 0.76x and 0.95x through Q1 FY26, then crossed to 1.07x in FY26, with the Q4 FY26 PPT restating discipline as below 1.2x.
10. J&K greenfield project - 89,184 spindles, ₹914 crores, by Q4 FY25 Missed - At the Q4 FY22 call, management announced a Board-approved 89,184-spindle greenfield at Jammu & Kashmir costing ₹914 crores, to be implemented by around Q4 FY25, adding \~₹850 crores of turnover at 17-18%+ EBITDA margins. After land allotment in May 2023, the project was put on hold in Q2 FY24, land surrendered at a ₹8 crores cost in Q4 FY24 and formally withdrawn in Q1 FY25; no spindles were added.
11. Home textiles revenue of ₹500 crores in 3-4 years Missed - At the Q2 FY22 call, management set an internal target of at least a ₹500 crore home textile business contributing 7.5-10% of top line in "at least three to four years' timeframe", echoing the ₹500 crores goal from Q4 FY21. Segment revenue was FY22 ₹172 crores, FY24 ₹214 crores, FY26 ₹179 crores and Q1 FY27 ₹48 crores - declining since FY24 and far below ₹500 crores.
12. Nesterra cut-service volume of 1,000 meters/day Partial - At the Q3 FY22 call, management said the \~300 meters/day cut-service run-rate would rise to almost 1,000 meters/day, guided at Q4 FY22 as "1000+" in the very near future from \~400-500 meters/day. Q3 FY23 cuts touched almost 1,200 meters/day but averaged about 500-600 meters; no sustained 1,000+ average was disclosed.
13. Nesterra retail footprint of 250 stores in six months Delivered - At the Q3 FY22 call, management committed to increasing retail points from \~160 to 250 in six months, later raised to 600 by end of Q1 FY23. Nesterra reached almost 300 stores by Q4 FY22, about 900 retailers by Q4 FY24 and 625 active stores in FY25.
14. Home textiles break-even in FY23 Partial - At the Q3 FY22 call, management committed to home textiles breaking even in FY2023 with "good traction", later guided to "next one or two quarters" and then FY24: "We should be doing it this year". Q2 FY24 showed positive EBITDA and FY26 EBITDA swung to ₹8.4 crores, but segment EBIT stayed negative, at ₹-20 crores in FY26.
15. Pre-COVID business levels by FY22 or earlier Delivered - At the Q2 FY21 call, management stated, "by the end of FY 21-22 or sometime even before say September 2021-22 we should be able to achieve pre COVID level". FY22 consolidated total income was ₹3,112 crores, up 63% from ₹1,915 crores in FY21, exceeding the pre-COVID FY20 figure of ₹2,405 crores.
16. 100% spinning capacity utilization by December 2020 Missed - At the Q2 FY21 call, management committed: "100% we will be achieving by December end". Q3 FY21 yarn utilization averaged 85% and Q4 FY21 reached \~93%, with management later clarifying dyed yarn spinning is sustainable only up to 94-95% - 100% was not reached by December 2020.
17. 120 TPD green fibre plant commissioned and in commercial production this year Delivered - At the Q1 FY21 call, management guided commissioning, trial run and commercial production of the 120 TPD green fibre plant "this year", with the plant "almost ready"; timing slipped through the year to "sometime next month" at Q3 FY21. The full 120 TPD plant was commissioned on 1 March 2021 with commercial production from March 2021, reaching 100% utilization by FY23 and over 100% in FY26.