Growth & capex delivery — the active build book, completion, and where project margin is slipping against plan.
9 active capex builds are tracking below target margin, putting ₹50 Cr of profit at stake — recoverable while the build is still in flight. With 3 of 9 initiatives needing attention and ₹1,142 Cr of capex still to deploy, the fastest margin recovery is on the builds already underway.
2 of 2 headline metrics improving vs prior · all on or above target
Coal-out / renewables (energy transition) is 25% deployed at 22% vs a 28% target — ₹12 Cr at stake that locks in once the line ramps.
₹1,142 Cr of committed capex remains to be deployed across 9 active builds at 39% average completion — capacity stays off-line until it commissions.
Behind the ₹4,200 Cr order book sit live capacity, garmenting, AMD and circularity 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 |
|---|---|---|---|---|---|---|---|
| AMD capacity expansion (Human Protection) | Indian Defence / Ordnance | Advanced Materials | Gujarat (mfg hub) | ₹320 Cr | 35% | 30% / 32% | On track |
| Garmenting expansion (Ranchi / Varanasi) | GAP Inc. | Garments | Rest of India | ₹280 Cr | 45% | 28% / 30% | On track |
| MP / Odisha garment greenfield | Walmart / George | Garments | Rest of India | ₹240 Cr | 15% | 27% / 30% | On track |
| PAMI circularity facility (PurFi JV) | H&M | Environmental & Others | Gujarat (mfg hub) | ₹220 Cr | 30% | 26% / 30% | Watch |
| Coal-out / renewables (energy transition) | Internal (Sustainability) | Environmental & Others | Gujarat (mfg hub) | ₹200 Cr | 25% | 22% / 28% | At risk |
| Composites line ramp (PD JV) | Tata Motors / Auto OEMs | Advanced Materials | Gujarat (mfg hub) | ₹180 Cr | 40% | 31% / 33% | On track |
| Sustainable-denim modernization | Levi Strauss & Co. | Denim | Gujarat (mfg hub) | ₹150 Cr | 60% | 27% / 28% | On track |
| Bengaluru Industry-4.0 garment scale-up | Fast Retailing (Uniqlo) | Garments | South India | ₹130 Cr | 55% | 29% / 31% | Watch |
| Envisol water / ZLD upgrade | Internal (Operations) | Environmental & Others | Gujarat (mfg hub) | ₹90 Cr | 50% | 24% / 26% | On track |
The fastest margin recovery is on builds already in flight — tighten scope and conversion cost before they ramp.
Act now: the Coal-out / renewables (energy transition) build is 25% deployed at 22% vs a 28% target — recover via scope and conversion-cost discipline before it ramps, because once the line commissions the margin is locked in.