1. Hygen solid-state storage technology launched - commercialisation ongoing Pending - At the Q1 FY27 call, management said the company has acquired first-in-India solid-state hydrogen storage technology with patents for the design and hydrogen-to-solid-storage process, and that commercialisation activities are ongoing with no revenue timeline declared; the Q1 FY27 PPT says the technology was launched in Q1 FY27. No hydrogen order has been received and no item sold so far, and hydrogen margins are not yet in the financials; the technology was demonstrated at Automation Expo.
2. Post-merger projections - FY2024-FY2028 revenue, EBITDA, PAT On track - In the Announcement of 30th August 2024, revised post-merger projections were given, including FY2025 revenue of 11,392.04 lakh and PAT of 695.59 lakh and FY2026 revenue of 15,948.85 lakh and PAT of 977.75 lakh. FY25 actuals came in at ₹201.32 cr revenue and ₹33.48 cr PAT, and FY26 at ₹240.67 cr and ₹28.84 cr - each exceeding the corresponding projection; FY27 and FY28 are not yet due.
3. EBITDA margin - 14-15% by FY2028 On track - In the FY25 Annual Report, the internal financial roadmap projected EBITDA margin expansion to 14-15% by FY2028. FY26 EBITDA margin was 18.9%, already above the target band, and Q1 FY27 came in at 12.70%.
4. Top line - ₹650-700 cr by FY2028 On track - In the FY25 Annual Report, the internal financial roadmap projected a top line of ₹650-700 Crores by FY2028. FY26 revenue was ₹240.67 cr and Q1 FY27 revenue ₹48.98 cr, up 78% YoY, with no updated roadmap figure disclosed.
5. Global business contribution - 25-30% of total revenue by FY2028 Pending - In the FY25 Annual Report, management targeted raising the global business contribution to 25-30% of total revenue by FY2028. The Q1 FY27 mix was disclosed by segment - Industrial 59%, Water 26%, Automation 15% - with no global/export percentage disclosed, and a Saudi subsidiary was incorporated in June 2026.
6. Export revenue CAGR - 25-28% from UAE and European expansion Pending - In the FY25 Annual Report, management stated that expansion into UAE and European markets is expected to yield a 25-28% CAGR in export revenue. A Germany office opened in 2023, a UK office in 2026 and the Middle East office dates to 2019, but no export revenue CAGR figure has been disclosed.
7. NSE listing - after minimum public shareholding compliance Pending - At the Q1 FY27 call, management said the company must first meet the minimum public shareholding requirement before deciding on an NSE listing, has "enough time right now", and will remain BSE-only until then. Shareholding as of Q1 FY27 was promoters 85.64%, public 12.62% and DIIs 1.74%, and no NSE listing decision has been disclosed.
8. R&D investment - 10% of annual profit on a continuous basis Pending - At the Q1 FY27 call, management committed to investing about 10% of annual profit into R&D, restated in the Q1 FY27 PPT as 10% of annual profit on a continuous basis. No R&D spend figure for FY27 has been disclosed yet; the PPT states an R&D Vision 2030 aspiration.
9. ₹365 cr open order book - majorly executed/closed during FY27 On track - At the Q1 FY27 call, management committed that the ₹365 crore open order book will "majorly" be executed/closed during the current year (FY27), with some orders spilling into next year. Q1 FY27 revenue was ₹48.98 cr, up 78% YoY, and the order book stood at ₹365 cr as of Q1 FY27.