1. CoatIcon pharma product line - commissioning mid-FY28, capex ₹5-12 cr On track - At the Q4 FY26 call, management guided that the CoatIcon pharma product line would be commissioned in the middle of FY28 with a capex outflow of ₹5-12 cr, mostly spent in FY27. The product was launched in 2026 and is in an aggressive phase of sampling and approval from pharmaceutical companies, with a customer approval cycle of around six months.
2. New product line at Dahej - first phase sales of ₹125-150 cr Pending - At the Q4 FY26 call, management guided that the new product line at Dahej would achieve first-phase sales of ₹125-150 cr, with commissioning expected mid-FY28. The project is not yet commissioned, though a pilot plant is ready and product sampling is to begin soon.
3. High-margin value-added products - increase revenue mix to \~50% in next few quarters Missed - At the Q2 FY26 call, management targeted increasing high-margin value-added products from \~15% of revenue mix to \~50% in the next few quarters, later revising the FY27 expectation to 10-12% at the Q4 FY26 call. At Q4 FY26, the contribution was around 5%, well short of the original target.
4. Total capacity - 1,000 TPM goal On track - Management first stated in August 2023 a target to increase overall capacity from 325 tonnes per month to 1,000 tonnes per month. Post-Dahej Phase I in December 2023, total installed capacity reached 675 TPM, with Roha Phase II and Dahej Phase II in active planning and sampling stages.
5. Roha expansion (Phase II) - capacity addition timeline FY25 Missed - In the Q4 FY24 PPT, management guided that Arjun Foods in Roha MIDC would install 360 MT/month capacity with an expected timeline of 2024-25, later revised to 2025-26. As of Q4 FY26, the pilot plant is ready and product is under sampling, but no commercial production has commenced.
6. Trading business - estimated at zero for FY25 Missed - At the Q4 FY24 call, management guided that the trading business was estimated to be zero as far as FY25 is concerned. Trading sales for FY25 were ₹49.6 cr, and FY26 trading sales stood at ₹49.8 cr.
7. New high-value, high-margin products - \~15% of volume, >30% of revenue Pending - At the Q4 FY24 call, management guided that new high-value, high-margin products would account for around 15% of total volume and more than 30% of revenue contribution, without specifying a completion timeline. At Q4 FY26, the contribution was around 5% of the total product portfolio mix, with no volume-share disclosure available.
8. Total volume for FY25 - 4,600-4,800 MT (revised to 5,000-5,500 MT) Partial - At the Q4 FY24 call, management guided FY25 total volume at roughly 4,600-4,800 MT, and on June 12, 2024, revised it upward to 5,000-5,500 MT. Total volume produced and sold in FY25 was 4,977 tons, falling within the original range but below the revised target.
9. EBITDA margins - add 400-500 bps with substantial Dahej and new product contribution Pending - At the Q4 FY24 call, management guided that EBITDA margins should add another 400 to 500 basis points once there is substantial contribution from Dahej and the new product line, implying a target of \~22.8-23.8% from an FY24 base of 18.8%. FY26 EBITDA margin was 20.52%, up \~172 bps from the FY24 base, with Dahej not yet at full capacity and new product lines not yet commissioned.
10. Realisations per kilo - jump above $10 per kilo over 3-5 years Pending - At the Q4 FY24 call, management guided that realisations per kilo would jump above $10 per kilo comfortably over a three-to-five-year period, implying a window of FY27-FY29. At Q2 FY26, management noted newer products have an average selling price of more than $25 per kilo upwards, but no blended realisation-per-kilo figure is available to measure progress against the $10 target.
11. Peak revenue potential from Dahej - ₹250-300 cr once full stream Pending - At the Q4 FY24 call, management guided that the peak revenue potential from Dahej would be roughly ₹250-300 cr once the facility goes full stream. Dahej utilisation was \~65-70% as of Q2 FY26, with full utilisation now expected in FY27, but no Dahej-specific revenue attribution is available.
12. Dahej plant - full capacity utilisation by end of FY25 Missed - At the Q4 FY24 call, management guided that the Dahej plant was expected to be running at full capacity by the end of FY25, later revising the timeline to end of FY26 and subsequently to FY27. At Q2 FY26, Dahej utilisation was \~65-70%, and no further utilisation disclosure is available through FY26.
13. Dahej facility - contribute 250 MT/month from Q3 FY25 Pending - At the Q4 FY24 call, management guided that the Dahej facility was expected to contribute 250 metric tons per month from the third quarter of FY25. Total volume produced and sold in FY25 was 4,977 tons, but no quarter-by-quarter Dahej-specific volume disclosure is available to confirm the 250 MT/month run rate from Q3 FY25.
14. Group capex of \~₹60 cr in 2 phases - funded through internal accruals Delivered - In May 2022, management guided that the group was undertaking capex of around ₹60 cr in two phases of \~₹30 cr each, funded entirely through internal accruals and spread over a three-year period. Dahej Phase I was completed at ₹70 cr and funded through internal accruals by December 2023, exceeding the stated ₹60 cr commitment.
15. Dahej SEZ plant - commercial production within 12-15 months from February 2021 Partial - In February 2021, management guided that commercial production at the Dahej SEZ plant would commence within 12-15 months, implying a deadline of May 2022. Trial production commenced on 27 August 2023 and commercial production on 12 December 2023, approximately 19 months behind the original timeline.