1. Warrant conversion - equity capital to INR23.47 crores by July 2025 Delivered - At the Q4 FY25 call, management stated that assuming full conversion of outstanding warrants, equity capital would rise to INR23.47 crores, which "should happen by end July 2025". All outstanding warrants were fully converted during FY26, with 11,70,000 equity shares allotted, and paid-up equity capital stood at INR23.47 crores as of FY26 year-end.
2. Solar power supply from TP Mercury SPV - commence before December 2024 Delivered - At the Q4 FY23 call, management stated the investment in an SPV with Tata Power Renewable Energy for solar energy at Ranjangaon was expected to commence "in early 2025", later revised at the Q4 FY24 call to "well before December this year" i.e. before December 2024. Solar power supply via open access from TP Mercury Limited commenced on October 1, 2024, and the company saved its entire investment in the associate within the first six months of operation.
3. Biax expansion capex - \~INR500 crores for first phase, debt restricted to ECB supplier credit Partial - At the Q4 FY23 call, management stated the first phase of Biax expansion would cost "about INR500 crores or a little bit over that" with debt "restricted to ECB to the extent of supplier credit available", and at the Q4 FY24 call guided the Barjora capex would be "broadly incurred" by FY25 with another INR250-odd crores for the Middle East line in FY26. The new Barjora line entered commercial operation by end-March 2026, supplier credit was taken with three instalments already repaid, all long-term debt remains limited to supplier's credit, and net debt to equity stood negligible at FY26.
4. Second Biax line (UAE / Ras Al Khaimah) - operations in FY26 Partial - At the Q4 FY23 call, management stated the second new line in a UAE subsidiary would begin operations "sometime in FY 2025-2026", later revised at the Q4 FY25 call to dry runs in the last quarter of calendar year 2025. The Q4 FY26 call discussed product validation and market strategy for the new capacity without providing an updated timeline for the UAE line's trial or commercial production.
5. Double Biax capacity at Barjora - first phase operational in FY25 Partial - At the Q4 FY22 call, management stated the first phase would double capacity at Barjora with the first line coming "in a year", affirmed at the Q4 FY23 call as "likely to start contributing in FY 2024-2025", and tightened at the Q4 FY24 call to "operational definitely in the third quarter of the current fiscal" i.e. Q3 FY25, before a revision in February 2025 acknowledged a "modest delay" with operations expected early in FY26. The new dielectric film line entered commercial production on March 27, 2026, has been capitalized at about INR240 crores, and invoicing has begun, approximately 2-3 quarters behind the original Q3 FY25 deadline.
6. Dividend of INR2 per share - maintained annually Delivered - At the Q4 FY22 call, management stated the Board had recommended a dividend of Rs. 2 per equity share, a level reiterated annually through the Q4 FY26 call. A dividend of INR2 per equity share was recommended and paid each year from FY22 through FY26, with the FY25 payout amounting to INR4.69 crore on the expanded capital base.
7. ROCE target - dynamic improvement, well over 20% Partial - At the Q4 FY22 call, management stated ROCE had improved to well over 22, with both businesses well over 20%, and described these targets as "dynamic". ROCE declined from 27.70% in FY23 to 11.84% in FY24, 6.92% in FY25, and 3.49% in FY26, as expansion capital raised sat idle or in CWIP before revenue generation, breaching the "well over 20%" level significantly from FY24 onward (SQL).