1. HUMRO - reduce product price by 50% in two years Pending - At the Q4 FY26 call, management targeted reducing Humro product prices by 50% in the next two years. The horizon extends to \~FY28 and is not yet due; HUMRO is currently 15-20% cheaper than the nearest Chinese competitor.
2. HUMRO - five products manufactured 100% locally this year Pending - At the Q4 FY26 call, management guided that five Humro mobile robot products will be manufactured 100% locally this year, with the first product announced by June end and a second by August. The FY27 horizon is not yet reached and the first milestone is imminent but unconfirmed in our record.
3. ARAPL - export car parking products in 6-9 months Pending - At the Q4 FY26 call, management guided that ARAPL will start exporting car parking products in the coming six to nine months. The horizon extends to Sep-Dec 2026 and is not yet due.
4. HUMRO - 1-2% share of North America forklift market in 5 years Pending - At the Q3 FY26 call, management stated the company plans to take 1-2% share of the North America forklift market in the next five years. As of Q4 FY26, Humro had 15 robots deployed and \~49 more in pipeline, a tiny fraction of the 7,500-15,000 unit target, with the \~FY31 horizon still open.
5. HUMRO - RaaS model \~70% IRR and 50-60% gross margin On track - At the Q3 FY26 call, management stated that for the RaaS model, unit economics show around 70% IRR and gross margin will be around 50-60%. Q3 FY26 manufacturing cost of a robot deployed in the USA has a gross margin of around 50%, consistent with the target; no IRR disclosure is in our record.
6. HUMRO - deploy 200-225 robots cumulatively by March 2027 On track - At the Q3 FY26 call, management planned to deploy around 200-225 Humro machines cumulatively by March 2027, targeting \~$550,000 monthly revenue. As of Q4 FY26, 15 robots were deployed with \~49 more in pipeline and SOWs/POs for \~24 robots signed in April-May 2026, with the FY27 horizon still open.
7. Consolidated PAT margin - 10-15% Missed - At the Q2 FY26 call, management expected consolidated PAT margins somewhere around 10-15%. FY26 consolidated PAT margin was 5.76%, below the 10-15% range, and margin guidance was subsequently withdrawn in Q4 FY26.
8. Standalone - minimum 50% YoY growth going forward Missed - At the Q2 FY26 call, management targeted minimum 50% year-on-year growth on a standalone basis going forward. FY26 standalone revenue declined \~31% YoY, and the guidance was subsequently withdrawn in Q4 FY26.
9. Welding automation and parking - 17-20% CAGR Pending - At the Q2 FY26 call, management stated that welding automation and parking are expected to grow by 17 to 18% or 20% CAGR. FY26 standalone revenue declined \~31% YoY to ₹111 cr, but no deadline was set for the CAGR target and segment-level outcomes are not disclosed.
10. Billion-dollar valuation in 4-5 years Pending - At the Q2 FY26 call, management stated they want to be a billion-dollar valuation company in the next 4 to 5 years. Current market cap is ₹216 cr as of Jul 2026, with the FY30-FY31 horizon not yet reached (SQL).
11. HUMRO - joint venture partner for heavy welding Missed - At the Q2 FY26 call, management stated they are searching for a joint venture partner for heavy welding and will declare probably in some time. By Q3 FY26, management confirmed the heavy welding JV did not go through and the company is pursuing heavy welding independently.
12. HUMRO - no capex on land and manufacturing till FY27 On track - At the Q2 FY26 call, management stated that till FY27, they will not spend any capex on land and manufacturing. CWIP declined from ₹36.26 cr in FY25 to ₹23.86 cr in FY26, consistent with the commitment, though new manufacturing plant announcements suggest activity is beginning.
13. Order book - ₹140 cr delivered before FY26 year-end Missed - At the Q2 FY26 call, management stated that ₹140 cr of order book will be delivered before FY26 year-end. FY26 consolidated net revenue from operations was ₹117.67 cr, below the ₹140 cr target, and order book delivery of ₹59 cr by Dec 2025 was far short.
14. Promoter interest-free loan of ₹26 cr - conversion into equity Pending - At the Q2 FY26 call, management stated promoter Mr. Milind Padole has given an interest-free loan of around ₹26 cr to the subsidiary, with a provision to convert into equity or warrants at a later date. The loan amount was restated at ₹28-35 cr in Q3 FY26, but no conversion event is recorded in our record.
15. ARAPL - ₹80 cr investment into subsidiary ARAPL RAAS Partial - At the Q2 FY26 call, management stated the ARAPL board approved a new investment of around ₹80 cr into subsidiary ARAPL RAAS Private Limited. ARAPL RaaS secured a committed investment of ₹48 cr by Q4 FY26, representing \~60% of the original target.
16. HUMRO - huge growth in FY27 from warehouse automation Pending - At the Q2 FY26 call, management stated they expect huge growth in the subsidiary in FY27 from warehouse automation, with exponential growth and a J curve. As of Q4 FY26, SOWs and POs for \~24 robots (₹36 cr) were signed in April-May 2026, but the FY27 horizon has not yet commenced.
17. Europe entry - only after US revenue reaches $10-20M Pending - In the FY25 annual report, management stated they will expand into Europe only after US business reaches revenues between USD 10 to 20 million. US monthly lease revenue was \~$25,000 as of Q4 FY26, annualizing to \~$0.3M, far below the $10-20M threshold.
18. 40%+ CAGR YoY growth momentum Partial - In a Nov 2023 filing, management stated that as per their earlier commitment of more than 40% CAGR YoY, growth momentum will continue with an adequate order book to ensure it. FY24 revenue grew 43.34%, meeting the target, but FY25 declined -0.33% and FY26 declined -27.61%, breaking the CAGR trajectory (SQL).
19. 25-30% growth every year at parent level Missed - In a Sep 2024 filing, management planned to achieve 25% to 30% growth every year at the parent level. FY25 standalone revenue grew only 7% YoY and FY26 standalone revenue declined \~31%, missing the target in both years.
20. PAT - positive growth with significant YoY improvement in FY25 Missed - In a Feb 2025 filing, management expected PAT to show positive growth with significant year-over-year improvement compared to the previous year. FY25 consolidated PAT was -₹11.65 cr versus ₹6.43 cr in FY24, turning sharply negative (SQL).
21. Welding Automation - launch new robot for low-volume production Pending - At the Q2 FY25 call, management stated they are launching a new type of robot capable for low volume production. No subsequent disclosure confirming or denying the launch was identified in the provided record.
22. ARAPL RaaS - launch 3 autonomous driverless forklifts in US market Delivered - At the Q2 FY25 call, management stated they launched 3 autonomous driverless forklifts in the US market for ARAPL RaaS. The same call confirmed ARAPL RaaS launched 3 Autonomous Battery-Operated Forklifts in the US, and by Q3 FY26 Humro had delivered its first order of Atlas AC-2000 autonomous forklifts to a large US-based logistics firm.
23. ARAPL RaaS - start new micro factory in December 2024 Missed - At the Q2 FY25 call, management stated they are starting a new micro factory in December 2024 for ARAPL RaaS - USA. Our record holds no disclosure of a US micro factory starting in December 2024; the FY25 annual report mentions manufacturing capacity in-house but no US-based micro factory.
24. ARAPL RaaS - raise $15M in A-series Partial - At the Q2 FY25 call, management stated they are raising $15M in A-series for ARAPL RaaS - USA. A ₹15 cr preferential round from Sai Green was signed and approved, and a further ₹48 cr strategic investment was secured, but the original $15M target was not achieved in that form.
25. Automated Car Parking - double revenues in 3 years Pending - At the Q2 FY25 call, management guided that in the Automated Car Parking vertical, they will double revenues in the next 3 years. The inferred FY28 horizon is not yet reached; FY26 standalone total income declined to ₹110.93 cr from ₹160.69 cr in FY25, but no car-parking-specific revenue read is available.
26. Min 30% revenue growth for FY25 Missed - At the Q2 FY25 call, management stated a continuing growth target of minimum 30% for FY25, referencing proven growth of min 30% in the last couple of years. FY25 standalone net revenue grew only 7% YoY and consolidated revenue declined -0.33%, against the 30% target.
27. FY22 - surpass all previous years in topline and bottom line Delivered - In a Jul 2021 filing, management expected FY22 to surpass all previous years in terms of both topline and bottom line, subject to no further disruptions in the market. FY22 revenue was ₹81.10 cr with 44.55% growth and PAT was ₹2.37 cr, consistent with surpassing prior years (SQL).