Revenue growth: 20%+ CAGR for next 2-3 years
Management targets over 20% annual growth based on strong domestic and export demand, new Sanand capacity ramp-up, and disciplined capital allocation.
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Operating margin: 11-12% sustainable range
After crossing the 11% hurdle, management expects to operate at 11-12% EBITDA margin going forward, supported by product mix, retail expansion, and operating leverage.
Annual capex: ₹600-700 crore for next 3-4 years
New Salarpur (Dholera) factory will require ~₹700 crore over 2 years; Sanand balance ₹300 crore to be spent in H1 FY27. Total Sanand project cost ₹2,000 crore for ₹6,000-7,000 crore revenue potential.
Export target: 17-18% of total sales for FY27
Despite Q1 weakness (Middle East war impact, US customs duties), full-year export expected to reach 17-18% vs 16% in FY26, with US market now opening and shipments resuming.
FY26 revenue growth: >20%
Company raised full-year guidance from 17-18% to more than 20% growth, driven by strong H1 performance and expected ramp-up from Sanand Phase 1 by November 2025.
FY27+ revenue growth: 20%+ CAGR for 3-5 years
Management reiterated commitment to 20%+ CAGR over the next 3-5 years, with Sanand full project (₹6,000 cr capacity) providing growth engine from FY27 onwards.
Sanand Phase 1: 50% capacity by November 2025, full Phase 1 by December 2025
Trial runs already started; Phase 1 (50% of total Sanand capacity) will be commercially operational by November, contributing significantly from Q4 FY26 onwards. Revenue target from Sanand is ₹2,000-2,500 cr in FY27.
Margin expansion: +1 to 1.5% post full Sanand commissioning
Management expects EBITDA margin improvement of 1-1.5% once the entire Sanand plant is fully operational, primarily due to economies of scale. FY26-27 margins expected to be similar to FY24-25 levels.
FY26 Full Year: 20%+ Revenue Growth
Management expects 20%+ growth for full year FY26, with Q4 specifically seeing 25%+ growth driven by volume growth of 16-18% plus input price inflation pass-through.
FY27 EBITDA Margin: ~11%
Next year EBITDA margin is guided at around 11% for the full year, despite Sanand ramp-up costs, as new capacity utilization and export mix provide incremental margins.
3-Year Revenue Target: ₹6,000 crore
With Sanand project complete by March 2027 adding peak sales capacity of ₹2,700 crore, total revenue target of ₹6,000 crore is expected to be achieved by FY29.
Additional ₹2,000 Crore Capex Over 3-4 Years
Beyond Sanand (₹2,000 crore total), the company plans another ₹2,000 crore investment in new greenfield capacity at Dwarika and Bhopal (70 acres acquired) targeting 20% CAGR for next 4-5 years.
Volume growth of 17-18% in FY27
Driven by ramp-up of Sanand plant first phase and Chinchpada wire capacity.
EBITDA margin guidance of 10.5-11% for FY27
Management expects margins between 10.5% and 11% on a conservative basis.
Export revenue to reach 20% of total sales in FY27
Exports expected to grow significantly, with US market reopening after tariff lull.
Capex of ₹600-700 crore annually for next 2-3 years
Funded through internal accruals; includes Sanand phase 2 and backward integration.