LXCHEM Q1 FY27 Guidance vs Delivery (LXCHEM Management Mirror)

Dahej Phase 2 Mechanical Completion Revised to Sep'26/Dec'26 Qtrs Against Prior Q4FY26 Guidance; Total FY27 Capex Guided at INR 1,250-1,500 Million

Management's timeline for the Dahej Phase 2 expansion (representing 85% of total Capex and doubling diketene derivatives capacity) has shifted. In the Sep'25 Qtr concall, mechanical completion was guided for Q4FY26, with a steady ramp-up in FY27. This was reaffirmed in the Dec'25 Qtr concall, maintaining the Q4FY26 mechanical completion target and anticipating a fast-tracked ramp-up in FY28. However, in the Jun'26 Qtr concall, guidance was revised: mechanical completion and stabilization are now expected in early Q2/Q3 of the financial year ending Mar'27 (Sep'26/Dec'26 Qtrs), followed by customer qualifications in the Dec'26 Qtr. Volume ramp-up is projected to begin in the Mar'27 Qtr (Q4 FY27), with primary commercial scale-up benefits accruing in the financial years ending Mar'28 and Mar'29. Total Capex for the financial year ending Mar'27 is guided between INR 1,250 million and INR 1,500 million. Upon Dahej Phase 2 capitalization, quarterly depreciation is expected to increase by an incremental INR 70 million to INR 75 million starting in the Sep'26 Qtr.