1. Capacity expansion - more than double to \~6,000 tons per annum On track - At the Q1 FY27 call, MD Alpesh Kanugo guided that post-expansion output would more than double to about 500 tons per month, 6,000 tons per annum, from a ₹25-30 cr infrastructure investment. Capacity is currently 3,600 MT with \~80% utilisation; press finalisation was ongoing with no machine order placed yet.
2. ₹1,000 crore revenue - within 3-5 years On track - At the Q1 FY27 call, management reaffirmed the ₹1,000 crore revenue vision, with the MD narrowing to "from the 3 to 5 years. I'm on the plus side"; the Q4 FY26 and Q1 FY27 PPTs stated approximately ₹1,000 crore within 3-5 years. FY26 revenue was ₹182.51 cr against a current run-rate of about ₹200 crore.
3. Margins - maintain current levels within ±1-2% On track - At the Q1 FY27 call, management said margins should continue at current levels, firm to within "1% or 2% plus minus" variation. Q1 FY27 EBITDA margin was \~7.68% (₹3.68 cr on ₹47.90 cr revenue), consistent with Q4 FY26's 7.67% and above FY26's 5.80%.
4. FY27 revenue growth - minimum 35-40% vs FY26 On track - At the Q1 FY27 call, MD Alpesh Kanugo guided minimum revenue growth of 35-40% versus FY26 for FY27, noting the company was already \~25% ahead of comparison. Q1 FY27 revenue was ₹47.90 cr vs ₹38.05 cr, up 25.87% YoY, below the 35-40% floor but one quarter into the year.
5. Going-concern turnaround - profits, positive cash flows and net worth in 2-3 years Delivered - The FY23, FY24 and FY25 going-concern notes expected the Company to reverse losses and report profits, positive cash flows and net-worth within 2-3 years. FY25 delivered a ₹1,972.19 lakhs net profit, and by FY26 net worth turned positive at ₹2,746.05 lakhs as on 31-Mar-2026, with debt reduced \~90% from ₹59 cr to ₹5.58 cr.