Growth & capex delivery — the active build book (SMOODH dairy · PET/rPET · Q-commerce fulfilment · capacity), completion, and where project margin is slipping against plan.
6 active capex builds are tracking below target margin, putting ₹23 Cr of profit at stake — recoverable while the build is still in flight. With 2 of 8 initiatives needing attention and ₹386 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: Net Worth (FY25) ₹1,929 Cr vs ₹2,100 Cr, Turnover-to-Filed-Revenue (franchise leverage) 2.6x vs 2.7x
SMOODH dairy small-factory rollout (Mysuru · Sitarganj) is 55% deployed at 12% vs a 16% target — ₹8 Cr at stake that locks in once the line ramps.
₹386 Cr of committed capex remains to be deployed across 8 active builds at 54% average completion — capacity stays off-line until it commissions.
Backed by a ₹1,929 Cr net-worth balance sheet sit live SMOODH dairy, PET / rPET, Q-commerce fulfilment and capacity builds. This view is where capex becomes operating capacity — and where project margin erodes if a build runs long or scope creeps. 2 of 8 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 |
|---|---|---|---|---|---|---|---|
| SMOODH dairy small-factory rollout (Mysuru · Sitarganj) | Rural sub-distributors | Dairy (SMOODH) & Others | South India (Karnataka · TN · Telangana) | ₹200 Cr | 55% | 12% / 16% | Watch |
| Frooti capacity & summer-peak readiness | General Trade distributor network | Beverages — Fruit & Juice | West India (Maharashtra · Gujarat · HQ Mumbai) | ₹150 Cr | 65% | 13% / 15% | On track |
| PET preform & rPET capacity (30% mandate) | Modern Trade (DMart · Reliance Retail · More) | Packaged Water (Bailley) | West India (Maharashtra · Gujarat · HQ Mumbai) | ₹120 Cr | 60% | 10% / 13% | On track |
| Rural deep-distribution (₹5/₹10 packs) | Rural sub-distributors | Beverages — Fruit & Juice | East India (WB · Odisha · Northeast) | ₹110 Cr | 40% | 12% / 15% | On track |
| Q-commerce fulfilment & chilled distribution | Q-commerce (Blinkit · Zepto · Instamart) | Beverages — Sparkling | North India (NCR · Punjab · UP) | ₹90 Cr | 45% | 14% / 17% | Watch |
| Bombay 99 premium-mixer launch scale-up | HoReCa & institutional | Dairy (SMOODH) & Others | West India (Maharashtra · Gujarat · HQ Mumbai) | ₹70 Cr | 50% | 15% / 18% | On track |
| DMS / digital-trade rollout | General Trade distributor network | Beverages — Fruit & Juice | North India (NCR · Punjab · UP) | ₹60 Cr | 50% | 0% / 0% | On track |
| Nationwide PET-waste recycling program | General Trade distributor network | Packaged Water (Bailley) | South India (Karnataka · TN · Telangana) | ₹50 Cr | 70% | 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 SMOODH dairy small-factory rollout (Mysuru · Sitarganj) build is 55% deployed at 12% vs a 16% target — recover via scope and conversion-cost discipline before it ramps, because once the line commissions the margin is locked in.