1. Non-acid chloride commercialization - Two products are close to commercialization: a 5-metric-ton pilot lot for a large Indian customer with a 3-4 month trial, and a second product by end of FY27; each carries \~₹50 cr annual revenue potential. At 15-20% higher EBITDA margins than current products, these two alone could add \~₹100 cr revenue against FY26 revenue of \~₹618 cr.
2. Odisha greenfield site - An EOI for land in Gopalpur, Odisha was submitted on 22 Jul 2026, with the plan to go to the board for approval within another maximum 25-30 days from 20 Aug 2026 and construction taking 1.5-2 years after permissions. This \~₹250 cr phased capex over 5-6 years unblocks expansion that has been stalled at Ekalbara for \~11 years, with a 4-5 year payback.
3. DuPont/Arclin contract renewal - The DuPont contract, assigned to Arclin, continues with unchanged terms; renewal discussions start between Q4 CY26 and Q1 CY27, backed by a 9-year record of zero rejected kilos. Arclin is running at maximum utilization, driving higher material requirements from Transpek this quarter.
4. Multi-purpose pilot plant - A 4-stream pilot plant at Ekalbara, handling chlorination, fluorination, nitration and multi-step chemistry, is under construction with readiness around February 2027. This bridges the kilo lab to 2-5 ton scale, enabling the non-acid chloride pipeline to move from R&D to commercial trials.
5. Geographic expansion - The company added two customers in Eurasia, two in South America, and is working with 4-5 in Japan plus 8-9 more across 2-3 new geographies. New non-acid chloride sales have already begun in South America, Eurasia and Japan, diversifying beyond the US-concentrated acid chloride base.
6. Renewable energy investment - The Board approved a ₹3.5 cr stake in Thermax's First Energy Eleven SPV, providing 2.8 MW of solar and wind power with benefits from FY26-27. This reduces power costs and earns carbon credits, with a target of 5-7% of energy from renewables by 2025-26.