1. Odisha capex - almost ₹250 cr over 5-6 years Pending - At the Q1 FY27 call, management guided Odisha capex of "almost ₹250 cr over 5-6 years" in multiple phases, with payback "would be 4 to 5 years". The project is not yet approved, with the board decision pending.
2. Second new product commercialization - revenue end of FY27, \~₹50 cr annually from FY28 On track - At the Q1 FY27 call, management stated the second product under commercialization will be commercialized "in the end of the current financial year" (FY27), with about another ₹50 cr of annual revenue in FY28. In Q1 FY27 the commercialization is still expected end of FY27 with no revenue booked yet.
3. First new product commercialization - \~₹50 cr annual potential, revenue in Q4 FY27 On track - At the Q1 FY27 call, management stated the first new product has \~₹50 cr annual revenue potential, with revenue expected "last quarter of this financial year" (Q4 FY27). In Q1 FY27 the product was "very close to commercialization" with no revenue booked yet.
4. Multi-purpose pilot plant - ready around February 2027 Pending - At the Q1 FY27 call, management said the multi-purpose pilot plant (4 streams, multi-chemistry) at Ekalbara needs "another 6 months to 7 months", ready "around, maybe February" (Feb 2027). No construction progress has been disclosed in the Q1 FY27 PPT or subsequent filings in our record.
5. R&D team and infrastructure - double in FY27 On track - At the Q1 FY27 call, management committed to double its R&D team and R&D infrastructure "in this financial year" (FY27). The Q1 FY27 PPT states the company has started strengthening its talent pool by doubling the current R&D team and infrastructure, with no completion figure yet.
6. High-volume domestic acid chloride - almost ₹15 cr of sales in FY27 On track - At the Q1 FY27 call, management expected the new high-volume domestic acid chloride product to reach "almost ₹15 cr worth of sales" in FY27, up from \~₹4 cr last year. Q1 FY27 disclosed no product-specific revenue; total revenue was ₹155.1 cr.
7. Five-year strategy - double size and business in 5 years Pending - At the Q1 FY27 call, management finalized a 5-year strategy and is "looking to double our size and business in next 5 years" (elsewhere doubling revenue in "next 5 to 6 years"). FY26 revenue was ₹645.7 cr and Q1 FY27 revenue ₹155.1 cr, -6.5% YoY; no measurable progress yet.
8. FY27 revenue - at least 15-20% growth On track - At the Q1 FY27 call, management guided FY27 revenue to be "at least, almost 15% to 20% higher" than FY26, reiterated in the Q1 FY27 PPT. Q1 FY27 revenue was ₹155.1 cr, -6.5% YoY, below the Q1 FY26 level of ₹165.9 cr.
9. Third high-margin product - small-quantity purchases from June 2025 Missed - At the Q3 FY25 call, management said the third product was approved at lab level with the customer starting small-quantity purchases from June 2025 onwards. By the Q1 FY27 call, the product was stopped because the end-application technology (battery electrolyte) changed and will need full re-trials.
10. Second high-margin product - validation clarity by Aug-Sep 2025 Missed - At the Q3 FY25 call, management said the second product's validation should give a clear idea around August or September 2025. By the Q1 FY27 call, commercialization is expected only end of FY27 with revenue in FY28.
11. First high-margin product - on stream April-May 2025 Missed - At the Q3 FY25 call, management expected customer end-approval by end of March and the product to gradually go on stream around April or May 2025. By the Q1 FY27 call, revenue from the product is expected only in Q4 FY27, with three products validated in FY26 but no commercial supply in April-May 2025 in our record.
12. DuPont contract - maintain supplies until contract ends On track - At the Q3 FY25 call, management said that for the remaining contract period, "largely we will maintain what we are supplying until this current contract ends". By the Q1 FY27 call the contract had been assigned to Arclin "in the same letter and spirit", with supplies continuing and "no change in terms of their demand and their orders to Transpek"; renewal discussions are slated for Q4 CY2026-Q1 CY2027.
13. FY26 margins - "largely current margins should be possible to be maintained" Delivered - At the Q3 FY25 call, management guided that FY26 margins would largely be maintained. FY26 EBITDA margin came in at 18.3% vs 18.2% in FY25, and PAT margin at 7.1% vs 7.2%.
14. FY26 revenue - "largely same range, maybe about 10% growth" Missed - At the Q3 FY25 call, management guided FY26 revenue to be "largely in the same range as we are this year, maybe about 10% growth". FY26 revenue came in at ₹645.7 cr, down 4.8% YoY from ₹678.6 cr.
15. New products commercialization - most over next 2.5 years On track - At the Q4 FY24 call, management expected most new products to be commercialized "over next two and a half years". By Q1 FY27, two products are being commercialized - one "very close", the second expected end of FY27 with revenue in FY28 - and products in advanced development are slated for 2026-2027.
16. Non-acid chloride products - ₹200-250 cr revenue when commercialized Pending - At the Q4 FY24 call, management expected the non-acid chloride products together to reach ₹200-250 cr of revenue when all are commercialized. By Q1 FY27, specialty chemicals contributed 22.5% of revenue, but no non-acid chloride product is at commercial scale; three were validated with key global customers in FY26.
17. High-margin products EBITDA - 22-23% margins Pending - At the Q4 FY24 call, management expected high-margin non-acid chloride products to deliver 22-23% EBITDA margins, roughly 15-20% above the company's then level; at Q3 FY25 this was restated as around 20%. No non-acid chloride product is on commercial scale yet, so no segment margin has been disclosed.
18. FY25 revenue growth - "very close to double-digit" Delivered - At the Q4 FY24 call, management guided FY25 revenue growth of "maybe very close to double-digit". FY25 revenue grew 12.2% to ₹678.6 cr.
19. NSE listing - application "very shortly", then "by April end" Missed - At the Q4 FY24 call, management said the NSE listing application was "almost ready" and would be filed "very shortly"; at the Q3 FY25 call the listing "should be done by April end" (April 2025). No NSE listing or application filing is disclosed in any subsequent filing or call through Q1 FY27.
20. Polymer business stabilization - base revenue back to \~₹800 cr Missed - At the Q4 FY24 call, management guided that once the polymer business stabilizes, base revenue should go back to close to about ₹800 cr. FY25 revenue was ₹678.6 cr, FY26 ₹645.7 cr and Q1 FY27 ₹155.1 cr (-6.5% YoY), with polymer's share down to 45-50% in Q1 FY27.
21. New acid chloride products - ₹80-100 cr turnover, revenue starting H2 FY25 On track - At the Q4 FY24 call, management estimated 3-4 new acid chlorides could generate roughly ₹80-100 cr of turnover once business picks up, possibly ₹150-170 cr longer term, with revenue starting H2 FY25; at Q3 FY25 this became ₹150-200 cr annually at the completion of 2 years. By Q1 FY27, most products are still under development, with one new product giving \~₹4 cr last year and expected to reach \~₹15 cr in FY27.
22. FY25 demand recovery - 30-40% of FY24 volume de-growth recovered in H2 FY25 Delivered - At the Q4 FY24 call, management expected about 30-40% recovery of the FY24 volume de-growth in H2 FY25, with the balance spilling into FY26. FY25 revenue grew 12.2% to ₹678.6 cr, with Q4 FY25 revenue of ₹173.0 cr, +13.1% YoY, on improved domestic and international demand.
23. High-margin non-acid chloride products - 30-35% of business in 3-4 years On track - At the Q4 FY24 call, management targeted nearly 30-35% of business from high-margin non-acid chloride products in the next 3-4 years; at Q3 FY25 no revised target was given, with three products in development. Specialty chemicals contributed 22.5% of Q1 FY27 revenue, versus 9.7% in FY26, with three products validated with key global customers.
24. Customer concentration - DuPont share from >50% to 20-25% On track - At the Q3 FY23 call, management endorsed reducing single-customer (DuPont) revenue share from over 50% to 20-25% via new products and geographies as an ongoing strategy. Polymer end-use contributed >48% of Q1 FY27 revenue, down from 60-65% a few years ago, though the DuPont/Arclin contract remains dominant.
25. Normalized EBITDA margin band - 16-20% Delivered - At the Q3 FY23 call, management set the normalized EBITDA margin band at 16% to 20%, reiterated at Q4 FY24 and Q4 FY25, and revised to 15% to 20% at the Q1 FY27 call. Annual EBITDA margins ran FY23 19.5%, FY24 17.8%, FY25 18.2%, FY26 18.3%, with Q1 FY27 at 15.6%.
26. FY24 revenue - ₹900-1,000 cr conditional target Missed - At the Q3 FY23 call, management said FY24 revenue could reach ₹900-1,000 cr "if everything goes well", conditional on new product introductions and timely permissions. FY24 revenue was ₹604.8 cr, with the conditions not materializing as expected.
27. New products revenue potential - ₹150-200 cr annually from new products On track - At the Q3 FY23 call, management stated the seven new products (five launched, two in pipeline) have total revenue potential of about ₹150 cr; this was sized at ₹80-100 cr (Q4 FY24) and then ₹150-200 cr annually at the completion of 2 years (Q3 FY25). By Q1 FY27, most products remain under development with commercialization expected 2026-2027; two products nearing commercialization are each expected to generate about ₹50 cr annually, and others ₹50-100 cr each.
28. Replacement plant - 70% capacity addition, operational Aug-Oct 2023, ₹20 cr revenue Delivered - At the Q1 FY23 call, management guided the ₹35 cr replacement plant to add 70% of current capacity, with volumes over 18-24 months and another ₹20 cr of revenue; at the Q3 FY23 call it was expected operational between August and October 2023. By the Q4 FY24 call the plant was commissioned and producing, though below full capacity on low demand.
29. Pollution-board capacity addition - 200-250 MT/month, final approval \~3 months Delivered - At the Q1 FY23 call, management said realized capacity addition may be limited to 200-250 metric tons per month of alkyl and acid chlorides, with final approval expected in "another three months at least"; the Q2 FY23 PPT expected the nod in the coming month. The 450 MT/month permission was confirmed granted by the Q3 FY23 call with utilization capped at 200-250 MT/month by effluent limits, and at Q1 FY27 permitted levels still constrain utilization to \~70-75%.