Growth & capex delivery — the active build book, completion, and where project margin is slipping against plan.
6 active capex builds are tracking below target margin, putting ₹15 Cr of profit at stake — recoverable while the build is still in flight. With 2 of 9 initiatives needing attention and ₹304 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: Open Channel & Export Order Book ₹320 Cr vs ₹360 Cr
Steam-sterilization (ETO-free) capacity — Umbergaon is 55% deployed at 14% vs a 18% target — ₹5 Cr at stake that locks in once the line ramps.
₹304 Cr of committed capex remains to be deployed across 9 active builds at 49% average completion — capacity stays off-line until it commissions.
Behind the ₹320 Cr order book sit live steam-sterilization, new grinding / blending line, packing-automation and farm-to-pack traceability builds. This view is where capex becomes operating capacity — and where project margin erodes if a build runs long or scope creeps. 2 of 9 active builds need attention.
Margin shown as actual / target — red where the build is tracking below plan.
| Initiative | Anchor / sponsor | Category | Location | Capex | Complete | Margin | Health |
|---|---|---|---|---|---|---|---|
| Steam-sterilization (ETO-free) capacity — Umbergaon | Export importers (US / EU / Gulf) | International & New Formats | West India (home market) | ₹120 Cr | 55% | 14% / 18% | Watch |
| New grinding & blending line — Vapi (modeled) | Internal (Manufacturing) | Pure / Ground Spices | West India (home market) | ₹90 Cr | 60% | 15% / 17% | On track |
| Packing-line automation & OEE upgrade | Internal (Manufacturing) | Blended Masalas | West India (home market) | ₹80 Cr | 45% | 16% / 20% | Watch |
| ERP + farm-to-pack traceability (SAP + LIMS) | Internal (Digital / Quality) | Blended Masalas | West India (home market) | ₹70 Cr | 50% | 0% / 0% | On track |
| New blends & ready-mix NPD (regional cuisines) | General & Modern Trade | Blended Masalas | West India (home market) | ₹60 Cr | 35% | 18% / 22% | On track |
| Cold-storage & spice-warehousing upgrade | Internal (Supply Chain) | Whole Spices | West India (home market) | ₹55 Cr | 50% | 13% / 15% | On track |
| Export compliance & FSSAI / Spices-Board program | Export importers & Spices Board | International & New Formats | International / Exports | ₹50 Cr | 40% | 0% / 0% | On track |
| D2C / everestspices.com + q-commerce build | Direct-to-consumer | International & New Formats | West India (home market) | ₹45 Cr | 50% | 12% / 16% | On track |
| Distributor-management-system (DMS) rollout | GT distributors | Pure / Ground Spices | North India | ₹40 Cr | 60% | 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 Steam-sterilization (ETO-free) capacity — Umbergaon build is 55% deployed at 14% vs a 18% target — recover via scope and conversion-cost discipline before it ramps, because once the line commissions the margin is locked in.