Deepakfrtlsrsandptrchmcl Management Guidance Tracker

7 forward-looking guidance items tracked across 2 quarters.

Expansion

Q2 FY26TAN and nitric acid projects commissioning by Q4 FY26Active

The TAN project at Gopalpur is 87% complete and nitric acid project at 70%, both on track for commissioning by end of Q4 FY26.

Q3 FY26Gopalpur TAN and H2 nitric acid projects to commission in Q1 FY27Active

Both projects are progressing well (91% and 79% completion) and will materially enhance competitiveness and margin resilience once operational.

Growth

Q2 FY26New TAN plant capacity utilization: 70% in FY27, 80%+ in FY28Tracked

Management expects the new TAN plant to achieve ~70% capacity utilization in FY27 and 80%+ in FY28.

Q2 FY26Ammonia plant capacity increase of ~10% after Q4 shutdownActive

A planned shutdown in Q4 FY26 is expected to increase ammonia plant capacity by ~10% and improve efficiency.

Q3 FY26Export quota for TAN may be removedTracked

Discussions with ministries suggest the 50,000 ton/year export quota may be removed as India becomes self-sufficient in ammonium nitrate.

Margins

Q2 FY26LNG contract with Equinor to reduce gas costs from May 2026Tracked

The new LNG contract with Equinor will start supply from May 2026, expected to materially reduce gas costs and lower ammonia breakeven.

Q3 FY2615-year LNG contract to reduce ammonia break-even by double-digit percentageTracked

The long-term LNG contract with a Norwegian giant will lower gas costs, reducing the ammonia break-even level significantly from current ~$430-440/ton.