1. SPF eggs capacity expansion - ₹70 cr capex, commercial production Q3 FY27 On track - At the Q4 FY25 call and result filing, management announced SPF expansion capex of ₹70 cr for 6 houses, construction to be completed by Q2 FY27 and commercial production from Q3 FY27. As of Q4 FY26, SPF capacity utilisation was 48% and the project was confirmed as underway, with the Q3 FY27 deadline not yet reached.
2. Layer chick volume - 5 cr+ in FY27 Pending - At the Q4 FY26 call, management guided they expect to sell almost 5 cr plus layer chicks in FY27. FY27 has not commenced; FY26 layer chick volume was 4.57 cr.
3. Broiler chick and CBF volume growth - 4-5% in FY27 Pending - At the Q4 FY26 call, management guided 4-5% growth in broiler chicks and CBF numbers, and "at least 2% to 3% more". FY27 has not commenced; FY26 broiler chick volume was 11.46 cr and CBF volume was 8.69 cr kg.
4. Oilseed capacity utilisation - \~80% in FY27 Pending - At the Q4 FY26 call, management guided capacity utilisation in oilseed to be around 80% in FY27, up from 65-70%. As of 14 July 2026, FY27 is in progress; no updated utilisation figure has been reported to confirm or contradict the target.
5. Animal Health segment EBIT margins - sustain 22-23%+ On track - At the Q4 FY26 call, management guided that Animal Health segment would sustain 22-23% EBIT margins and above for the full year, with improvement in top line. Q4 FY26 AHP EBIT margin was \~29%, exceeding the target, though FY27 has not commenced.
6. Oilseed outside sales - increase to 1/3 of production (60-65% outside revenue) Pending - At the Q4 FY26 call, management guided they expect to increase outside sales of soya meal to 1/3 of production from current 20%, so that 60-65% of revenue comes from outside the group. Current outside sales are 20% of production and no timeline was specified; the initiative is in early stages.
7. AHP segment top-line growth - 15% in FY26 Pending - At the Q4 FY25 call, management guided AHP segment top-line growth of 15% for FY26 vs \~₹340 cr in FY25, later revised to ₹370-380 cr at Q2 FY26. Our record holds no FY26 AHP revenue disclosure; the Q4 FY26 call noted AHP business "\~₹100 crores yearly performance for FY26" which appears to refer to profit.
8. Soybean segment volume growth - \~25% in FY26 Pending - At the Q4 FY25 call, management guided \~25% volume growth in the soybean segment for FY26. No volume growth figure for FY26 is available in our record; FY25 oilseed turnover was ₹1,140.75 cr, down from ₹1,777.87 cr in FY24.
9. Poultry segment volume growth - 8-9% steady growth Partial - At the Q2 FY25 call, management stated they want to retain a "healthy growth of 8% to 9% which is in line with the industry demand" for poultry volumes, later guiding 5-10% for FY26 and 7-8% thereafter. FY25 aggregate volume growth was below 8-9% with broiler chicks flat at 10.77 cr, and FY26 broiler birds declined 5.2% to 8.69 cr kg.
10. New AHP plant full capacity utilisation - in 4-5 years (by FY28-FY29) On track - At the Q4 FY24 call, management guided that full capacity utilisation of the new AHP plant, which commenced production in March 2024, is expected in four to five years. As of Q4 FY26, utilisation was 35-40%, with the FY28-FY29 horizon not yet reached.
11. AHP division revenue - \~₹310 cr in FY25, +20% volume growth Partial - At the Q4 FY24 call, management guided that the AHP division would close FY25 at \~₹310 cr revenue, with plus-20% improvement in volumes. FY25 AHP revenue was ₹339.31 cr, exceeding the ₹310 cr target, but revenue growth was \~9% YoY, suggesting volume growth fell short of 20%.
12. AHP expansion project - completion by end of FY22, phase-1 revenue +30% in FY24 Partial - At the Q4 FY22 call, management stated the AHP expansion project would likely be completed by end of FY22, with phase-1 giving additional revenues of \~30% in FY24. Commercial production commenced in March 2024, \~2 years late, and AHP segment revenue in FY24 was ₹310.05 cr, growth of \~7% against the 30% target.
13. Venky's Chicken Xpress outlets - West 2.5x, North double in FY22 Missed - At the Q3 FY21 call, management guided that Venky's Chicken Xpress outlets in the West would expand "almost 2.5 times in this coming year" and in the North "would double". As of March 2022, the company had \~61 stores across all formats, down from \~73 outlets in December 2020, with no regional break-up disclosed.
14. Processed food retail growth - minimum 25% in FY22 Partial - At the Q3 FY21 call, management guided that for the processed food sector (retail, excluding QSR), there should be "minimum 25% growth". Processed chicken sold in H1 FY22 was 20.11 lakh kg vs 12.06 lakh kg in H1 FY21, a \~67% increase, but full-year FY22 growth was not separately disclosed in our record.
15. New soya plant business volume - \~₹500 cr in FY22 Missed - At the Q3 FY21 call, management guided that the new soya plant would generate "almost 500 Crores business volume on account of soya" in FY22. The FY22 annual report discloses oilseed segment turnover of ₹2,567.81 cr but provides no plant-specific attribution, leaving the \~₹500 cr target unconfirmed against the lapsed FY22 horizon.
16. Broiler chicks volume - 13-14 cr in FY22 Missed - At the Q3 FY21 call, management guided that broiler chicks placed in FY22 were "likely to be almost 13 to 14 Crores". Broiler chicks sold in FY22 were 10.56 cr, well below the 13-14 cr target.
17. Layer chicks volume - \~4.80 cr in FY22 Delivered - At the Q3 FY21 call, management guided that layer chicks for FY22 were "likely to be... almost 4 Crores 80 lakhs". Layer chicks sold in FY22 were 5.03 cr, exceeding the \~4.80 cr target.
18. Capex - ₹40-50 cr every year for FY22-FY23 Partial - At the Q3 FY21 call, management guided that for FY22 and FY23, "roughly 40 to 50 Crores will be the capital expenditure every year", later revised to max \~₹25 cr for remaining FY22 and \~₹60 cr for FY23. CWIP at FY22 year-end was ₹14.40 cr and FY23 CWIP was ₹33.72 cr, suggesting the ₹40-50 cr annual outlay was not fully confirmed as spent.
19. Third solvent extraction plant capacity utilisation - \~60% in FY22, 80%+ in FY23 Pending - At the Q4 FY21 call, management guided that the third solvent extraction plant at Shrirampur would achieve \~60% capacity utilisation in FY22 and 80%+ in FY23. No specific utilisation figure for the Shrirampur plant was disclosed in FY22 or FY23; overall oilseed segment utilisation was 65-70% in Q4 FY26, and the FY23 target has not been confirmed as achieved or missed.
20. SPF eggs capacity utilisation - 85% in FY22, 90% in FY23 Missed - At the Q4 FY21 call, management guided that expanded SPF eggs capacity would reach 85% utilisation in FY22 and optimum 90% in FY23, later revising to \~60% in Q4 FY22. FY22 utilisation was not explicitly stated as 85%; by FY26, utilisation was 48%, and the 85% and 90% targets were never reported as achieved.