Chemicals business growth to exceed 20%
Management maintained confidence in surpassing the 20% chemicals growth target given H1 performance of 23%+ and expects H2 specialty chemicals to benefit from seasonality and new product traction.
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FY26 capex guidance of Rs 2,300 crore
FY26 capital expenditure expected in range of Rs 2,300 crore including Odisha land purchase of approximately Rs 282 crore. Lower than initially expected Rs 2,400-2,500 crore due to project timing adjustments.
HFO project commissioning in FY27
Fourth generation refrigerants (HFO) project scheduled for commissioning in FY2027 with first revenue expected in FY28. Full revenue potential on 10,000 ton basis.
Fluoropolymer capex increased to Rs 745 crore
Board approved increase from Rs 595 crore to Rs 745 crore to accommodate expanded project scope including new grades and phases. Chemos-specific products constitute approximately Rs 295 crore of capex. Project targeting completion by December 2026.
FY27 Capex: ₹2,200-2,300 crore range
On track for previously guided capex; Phase 1 investment at new Odisha site for next-generation gases expected in ₹1,500-2,000 crore range, with ancillary plants requiring board approval.
Second Pharma Intermediate Plant: ₹180 crore, 8-month timeline
Investment of ₹180 crore at existing Dahej site for second pharma intermediates plant, expected commissioning in approximately 8 months to capture growing pharma pipeline.
Q4 Specialty Chemicals: Significantly better than Q3
Management expects Q4 to be substantially better driven by pent-up demand deferrals from Q2 and Q3, with POs already in hand. However, full revival remains contingent on Chinese pricing correction timing.
One AI Launch in FY26, Two in FY27 on track
Active ingredient pipeline for agrochemicals remains on schedule with one AI launch expected in FY26 and two additional AIs in FY27; registrations progressing as planned.
Chemicals business growth 15-20% in FY27
Management expects the chemicals segment to grow 15-20% in FY27, driven by HFC volumes, specialty recovery, and new capacities.
HFO plant commissioning by Feb 2028
The new HFO plant in Odisha is expected to be commissioned by February 2028, with all three products coming up in parallel.
BOPP line to commence production in July 2026
The new BOPP line is on track to start production in July 2026, strengthening the packaging films portfolio.
PA line (BOPA) operational by September 2027
A state-of-the-art polyamide line, India's first based on simultaneous stretching, will be operational by September 2027 with an investment of ₹180 crore.