H Project Mechanical Completion in Q3 FY27
Mechanical completion and stabilization expected in early Q3 FY27, followed by customer qualification in Q3 and ramp-up in Q4 FY27. Phase 2 capitalization (~85% of phase 2 capex) planned for Q2 FY27.
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Laxmi Organic Industries · forward-looking guidance across the available source record.
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What management said would happen.
expansion
H Project Revenue in FY28
Full revenue contribution from H project expected in FY28 with ramp-up in Q4 FY27. The project blends Essential (40%) and Specialty (60%) segments.
FY27 Capex Guidance: ₹125-150 crore
Full year capex estimate for FY27, including H project spending, is expected to be in the range of ₹125-150 crore.
Incremental Depreciation from Q2 FY27
Post H Phase 2 capitalization, incremental quarterly depreciation of ~₹7.5 crore expected, with debt repayment starting next year over 5 years.
FY26 Capex Capitalization ~800 Crore
Majority of ₹1,100 crore capex program to be capitalized by FY26 end, focused on H facility phase 2 completion and world-scale ethyl acetate commissioning.
Fluorination Revenue 80 Crore for FY26
Company reaffirms 40-50% of peak revenue target for fluorination business in FY26, with steady ramp-up from current levels.
Hitachi SF6 Replacement - Q2 FY27 Mechanical Completion
60 metric ton capacity for eco-efficient gas in high-voltage switchgear; ₹75 crore capex with ~1.2x asset turn expected; primarily serving export markets for Hitachi.
Deferred Specialty Orders in H2
Customer deliveries deferred from Q2 will materialize in Q3-Q4 FY26, providing revenue recovery in second half.
Dahej Phase 2 Completion
Mechanical completion of the ₹710 crore Dahej facility targeted by end of Q4 FY26, with FY27 being the first year of customer qualification and volume ramp-up.
Fluoro Intermediates Revenue Target
Laxmi's fluoro intermediates operation targeting ~₹70-80 crore revenue run-rate in FY26, with FY28 expected for accelerated ramp-up.
Essential Business Volume Growth
Current focus on volume-driven profitable growth in both specialties and essentials, with 70% of essentials business domestic where India demand remains a positive outlier versus global peers.