Aarti Industries Management Guidance Tracker

Debottlenecking from 290+ KT to 360 KT, expected to be completed by end of Q4 FY26.

Calcium chloride and multi-purpose plant to be commissioned in Q4 FY26; remaining process blocks through CY26.

FY26 capex guided at ₹1,100 crore; FY27 expected to be much lower as Zone 4 capex largely completes.

Management guided FY27 capex in the range of ₹700-800 crore, down from ₹1,125 crore in FY26, focusing on completion of Zone 4 and new contract capex.

Management reiterated commitment to mid-term EBITDA target (previously communicated) by FY28.

Tax rate expected in the range of 9-15% for FY27, benefiting from depreciation on Zone 4 assets and resolution of prior litigations.

All Zone 4 assets (MTP, PA, calcium chloride, five chemistry blocks) will be commissioned during FY27, with initial revenue from Q2 FY27.

Management expects net debt to decline in FY27 as capex intensity reduces and operating cash flows improve, despite working capital pressures.