Growth & capex delivery — the active build book, completion, and where ramp margin is slipping against plan.
8 of 9 active builds are still below their at-ramp margin targets, putting ₹353 Cr of annualized EBITDA at stake — the greenfields ramp from zero, so the watch is scope, cost and CPG qualification discipline while each build is in flight. With 2 initiatives needing attention and ₹1,093 Cr of program capex still to deploy, FY27's volume-led deleverage depends on these commissioning on plan.
2 of 2 headline metrics improving vs prior · all on or above target
Egypt aseptic greenfield commissioning (12 bn packs) is 76% deployed at 0% vs a 18% at-ramp target — ₹214 Cr at stake that locks in once the line commissions (validation & CPG qualification are the critical path).
₹1,093 Cr of committed program capex remains to be deployed across 9 active builds at 63% average completion — capacity stays off-line (and leverage stays at 4.35×) until it commissions.
Behind the ₹2,044 Cr FY26 capex programme sit the live Egypt aseptic greenfield, Dharwad BOPP line, Noida recycling plant, Mexico WPP line and the Sanand Asepto ramp — plus flagship CPG programs. This view is where capex becomes operating capacity — and where ramp margin erodes if a build runs long, scope creeps or qualification slips. 2 of 9 active builds need attention.
Margin shown as actual / at-ramp target — greenfields (Egypt, Dharwad) run at 0% until they commission; red where the ramp is at risk.
| Initiative | Anchor / sponsor | Segment | Location | Capex | Complete | Margin | Health |
|---|---|---|---|---|---|---|---|
| Egypt aseptic greenfield commissioning (12 bn packs) | Internal (Asepto) | Flexible Packaging, Aseptic & Holography | Middle East & Africa | ₹1,190 Cr | 76% | 0% / 18% | Watch |
| Dharwad BOPP line build (54 kTPA, ₹715 Cr) | Internal (Films) | Packaging Films (incl. PET chips) | India | ₹715 Cr | 30% | 0% / 12% | On track |
| Mexico WPP pet-food bag line validation (80 mn bags/yr) | Global CPGs — overseas films (150+ countries) | Packaging Films (incl. PET chips) | Americas | ₹490 Cr | 85% | 10% / 16% | On track |
| Noida recycling ramp (36 kTPA rPET + 3.6 kTPA MLP) | Internal (Sustainability) | Packaging Films (incl. PET chips) | India | ₹250 Cr | 92% | 8% / 14% | On track |
| Asepto dairy & juice ramp — Sanand 12 bn packs | Amul | Flexible Packaging, Aseptic & Holography | India | ₹180 Cr | 70% | 16% / 18% | On track |
| Snacks laminate program (post-GST 2.0 restock) | Britannia | Flexible Packaging, Aseptic & Holography | India | ₹140 Cr | 55% | 15% / 17% | On track |
| Plant MES / Industry-4.0 rollout (films lines, 9 countries) | Internal (Digital) | Packaging Films (incl. PET chips) | Europe & CIS | ₹90 Cr | 50% | 0% / 0% | On track |
| UF200 HFFS machine deliveries | Haldiram's | Engineering & Cylinders | India | ₹60 Cr | 45% | 11% / 13% | Watch |
| Low-migration inks & coatings qualification | Nestlé | Chemicals & Inks | India | ₹45 Cr | 60% | 12% / 14% | On track |
The fastest recovery is on builds already in flight — tighten scope, conversion cost and CPG qualification before they ramp.
Act now: the Egypt aseptic greenfield commissioning (12 bn packs) build is 76% deployed at 0% vs a 18% target — recover via scope and conversion-cost discipline before it ramps, because once the line commissions the margin is locked in.