Growth & capex delivery — the active build book, completion, and where project margin is slipping against plan.
7 active capex builds are tracking below target margin, putting ₹22 Cr of profit at stake — recoverable while the build is still in flight. With 3 of 9 initiatives needing attention and ₹572 Cr of capex still to deploy, the fastest margin recovery is on the builds already underway.
2 of 2 headline metrics improving vs prior · still off target: Confirmed Order Book ₹1,750 Cr vs ₹1,900 Cr
Sabitgarh distillery expansion (860→1,110 KLPD) is 55% deployed at 16% vs a 18% target — ₹6 Cr at stake that locks in once the line ramps.
₹572 Cr of committed capex remains to be deployed across 9 active builds at 52% average completion — capacity stays off-line until it commissions.
Behind the ₹1,750 Cr order book sit live distillery expansion, co-gen, turbo-gear and water-project builds. This view is where capex becomes operating capacity — and where project margin erodes if a build runs long or scope creeps. 3 of 9 active builds need attention.
Margin shown as actual / target — red where the build is tracking below plan.
| Initiative | Anchor / sponsor | Division | Location | Capex | Complete | Margin | Health |
|---|---|---|---|---|---|---|---|
| Sabitgarh distillery expansion (860→1,110 KLPD) | IOCL (Indian Oil) | Alcohol / Distillery (Ethanol) | Uttar Pradesh (sugar & ethanol heartland) | ₹300 Cr | 55% | 16% / 18% | Watch |
| Rani Nangal 200 KLPD multi-feed commissioning | BPCL | Alcohol / Distillery (Ethanol) | Uttar Pradesh (sugar & ethanol heartland) | ₹180 Cr | 70% | 15% / 17% | On track |
| Mysuru gear capacity & defence qualification | Indian Navy / DRDO | Power Transmission (Gears) | South India (Mysuru / Bengaluru) | ₹150 Cr | 40% | 18% / 20% | On track |
| Water ZLD project delivery | Municipal & Industrial Water Boards | Water & Defence | West & Central India | ₹130 Cr | 35% | 13% / 15% | Watch |
| Sugar refinery & quality upgrade | Sugar traders & exporters | Sugar | Uttar Pradesh (sugar & ethanol heartland) | ₹120 Cr | 60% | 11% / 13% | On track |
| Bagasse co-gen upgrade | NTPC / State Power Utilities (UPPCL) | Sugar | Uttar Pradesh (sugar & ethanol heartland) | ₹110 Cr | 50% | 20% / 22% | On track |
| Cane development & recovery program | Internal (Sugar) | Sugar | Uttar Pradesh (sugar & ethanol heartland) | ₹90 Cr | 45% | 12% / 15% | Watch |
| SAP / SCADA digitalization (mills & distilleries) | Internal (Digital) | Alcohol / Distillery (Ethanol) | Uttar Pradesh (sugar & ethanol heartland) | ₹70 Cr | 50% | 0% / 0% | On track |
| Triveni Power Transmission demerger (carve-out) | Internal (Corporate) | Power Transmission (Gears) | South India (Mysuru / Bengaluru) | ₹60 Cr | 65% | 0% / 0% | On track |
The fastest margin recovery is on builds already in flight — tighten scope and conversion cost before they ramp.
Act now: the Sabitgarh distillery expansion (860→1,110 KLPD) build is 55% deployed at 16% vs a 18% target — recover via scope and conversion-cost discipline before it ramps, because once the line commissions the margin is locked in.