1. Penta Automation acquisition - 100% equity for ₹19.8 cr, 80% upfront Delivered - Announced in July 2026, Batliboi committed to acquire 100% of Penta Automation Systems Pvt Ltd for ₹19.8 cr, with 80% upfront and the balance over five annual payments from April 2027. The acquisition closed in July 2026, making Penta a subsidiary and Pats Robotics an indirect subsidiary, with Penta FY26 revenue at ₹25.17 cr and described as consistently profitable and earnings-accretive.
2. EBITDA margin target of 7-8% in next 1-2 years On track - At the Q1 FY27 call, management said it was working towards EBITDA of \~7-8% in the next 1-2 years, versus the current \~4% stable margin. Q1 FY27 EBITDA margin was 4%, with no further improvement disclosed yet.
3. Penta Automation growth of 25-30% per year for next 2-3 years Pending - At the Q1 FY27 call, management guided Penta Automation to end the current year with almost 25-30% growth and average 25-30% growth over the next two-three years, from a base turnover of \~₹25 cr in FY26. Penta was acquired in July 2026 with FY26 revenue of ₹25.17 cr, but no post-acquisition quarterly revenue has been disclosed yet.
4. SAEL Industries pollution control system - commissioning within 6-8 months On track - At the Q1 FY27 call, management committed the SAEL Industries project (\~₹52 cr) was on track for commissioning within the next six to eight months, roughly Feb-Apr 2027. No commissioning has been disclosed yet, but the order is secured and sits in the air pollution systems division of EEG.
5. Bioconserve Renewables Envirotech - major ZLD projects in FY27, better than FY26 On track - At the Q4 FY26 call, management targeted major new Zero Liquid Discharge projects in FY27, with ETP upgrades and O&M contracts, and said performance "will be better than what we have achieved this year". FY26 was BREPL's first year with "pretty good profits" and better than projected, though Q1 FY27 has no specific BREPL financials disclosed and the SAEL order sits in air pollution systems, not water/ZLD.
6. Quickmill Canada plant expansion - capex of CAD 0.4 cr (\~₹25-30 cr), pending municipal permissions Pending - At the Q4 FY26 call, management planned Quickmill Canada expansion with capex of \~CAD 0.4 cr (\~₹25-30 cr), pending municipal permissions expected in the next two quarters. As of Q4 FY26, Quickmill was running at capacity with expansion pending Canadian municipal permissions, and no permission or expansion start was disclosed in Q1 FY27 notes.
7. Debt-to-equity ratio sustained at 0.28x On track - At the Q4 FY26 call, management committed to sustain the debt-to-equity ratio of 0.28x going forward. D/E was 0.28x as of March 2026, and while reported financials show 0.42 as of Q1 FY27, this may reflect a different calculation basis with no explicit Q1 FY27 D/E disclosure in notes.
8. FY27 additional capex of \~₹10 cr Pending - At the Q4 FY26 call, management planned to close FY27 with additional capex of around ₹10 cr. No FY27 capex figure has been disclosed yet in Q1 FY27 notes, with FY26 cumulative capex at ₹27 cr.
9. FY27 order inflow of ₹1,000 cr+ - full-year order intake On track - At the Q4 FY26 filings, management committed to close FY27 with order inflow worth ₹1,000+ cr. Q1 FY27 order inflow was ₹283 cr, and the full-year FY27 is not yet complete.
10. FY27 top-line growth of \~10% - consolidated revenue On track - At the Q4 FY26 call and filings, management guided FY27 revenue growth of \~10% on a consolidated basis with stable margins, reiterated at Q1 FY27. Q1 FY27 revenue grew 80% YoY to ₹125 cr, "beating our earlier guidance," though the full-year FY27 is not yet complete.
11. QuickMill reasonable performance in FY26 Partial - At the Q1 FY26 call, management expected QuickMill to deliver reasonably good performance for FY26, with improvement from Q2 based on Q1 order flow. QuickMill FY26 revenue was ₹127 cr, with Q1 at ₹15 cr, Q2 at ₹34 cr, Q3 at ₹44 cr, and Q4 at ₹35 cr, but FY26 profitability was "marginally lower than projected".
12. Bioconserve Renewables reasonable profits by end of FY26 Delivered - At the Q1 FY26 call, management expected Bioconserve Renewables to end FY26 with reasonable profits, reiterated at Q2 FY26. Bioconserve Renewables Envirotech turned in "pretty good profits" in FY26, better than projected.
13. Power cost reduction to negligible by end of FY26 - savings of ₹1.2-1.5 cr Partial - At the Q1 FY26 call, management committed that power cost, then \~₹1.5 cr a year, would go down to a negligible amount by end of FY26, with savings of ₹1.2-1.5 cr. 800 kW solar was commissioned by Q1 FY27, with 65-70% of power now solar at ₹10 per unit, but no explicit disclosure of power cost savings achieved.
14. Environmental Engineering Q2 FY26 order inflow of \~₹50 cr and revenue of \~₹40 cr Missed - At the Q1 FY26 call, management anticipated Q2 FY26 Environmental Engineering order inflow of almost ₹50 cr and revenue of approximately ₹40 cr. Q2 FY26 Environmental Engineering order inflow was ₹33.2 cr and revenue was ₹33.3 cr, both below the guided figures.
15. Textile Machinery Q2 FY26 order inflow of \~₹200 cr Missed - At the Q1 FY26 call, management expected Q2 FY26 textile machinery order inflow around ₹200 cr. Q2 FY26 textile machinery order inflow was ₹180.85 cr, below the ₹200 cr target.
16. Machine tool Q2 FY26 order inflow of ₹20-25 cr Delivered - At the Q1 FY26 call, management anticipated Q2 FY26 machine tool manufacturing order inflow of approximately ₹20-25 cr. Q2 FY26 machine tool division order inflow was ₹108.61 cr, far above the guided range.
17. FY26 order backlog of ₹1,000 cr - closing backlog target Missed - At the Q2 FY26 call, an analyst cited the investor presentation's plan to close FY26 with an order book of ₹1,000 cr, and management did not dispute it. FY26 closing order backlog was ₹593 cr, well below ₹1,000 cr.
18. Second phase of foundry upgradation and new CNC machines - planned Delivered - The FY24 annual report planned a second phase of foundry upgradation and new CNC machines on the shop floor for efficiency, cost reduction, and increased machine production. FY25-26 capex of ₹25 cr in foundry and machine shop was completed and commissioned by end of Q1 FY26, with a new 6T induction furnace delivering \~21% power saving and machine tool capacity up \~30%.
19. Quickmill FY25 performance improvement over FY24 Delivered - The FY24 annual report stated Quickmill expected to continue improving performance in FY24-25 over last year. Quickmill FY24-25 profitability improved considerably over the previous year, helped by increased sales in new markets and new product development.
20. Machine tool manufacturing \~30% top-line growth in FY26-27 On track - The FY26 annual report stated machine tool manufacturing achieved \~30% top-line growth in FY25-26 and management expressed confidence of continuing at a similar pace in FY26-27. Machine Tools division revenue grew from ₹18 cr in Q1 FY26 to ₹22 cr in Q1 FY27, with FY26 order inflow at ₹232 cr.
21. FY25 capex of ₹20 cr / ₹25 cr planned Partial - Announced in August 2024, capex of ₹20 cr was planned for FY25, later revised to ₹25 cr in the Q4 FY25 PPT. FY25 capex incurred was ₹13.22 cr, with the ₹25 cr planned capex completed and commissioned by end of Q1 FY26.
22. BEEL merger completion by Q4 FY25 Delivered - Announced in May 2024 and August 2024, the BEEL merger with Batliboi was expected to be completed by Q4 FY25. NCLT approved the merger on 24 March 2025, effective March 2025, within Q4 FY25.
23. Machine tool division growth in line with market CGR of 12-14% On track - At the Q1 FY26 call, management committed the machine tool division to grow in line with market CGR of 12-14%, later revised in the FY26 annual report to \~30% top-line growth in FY26-27. Machine tool division FY26 order inflow was ₹232 cr, with Q1 FY27 order inflow at ₹59 cr and revenue growing from ₹18 cr in Q1 FY26 to ₹22 cr in Q1 FY27.
24. Green hydrogen breakthrough - small electrolyzer/balance-of-plant orders in FY26 Missed - At the Q1 FY26 call, management targeted small green hydrogen plants via electrolyzer and balance-of-plant supply, hoping for a breakthrough in FY26, with Q2 FY26 leads expected to close in Q3 or start of Q4 FY26. As of Q4 FY26, only MOUs were signed with two-three active inquiries pursued, and no order closed, with the target pushed to the next two-three quarters.
25. Order backlog of \~₹600 cr executed within a year Pending - At the Q2 FY26 call, management said the order backlog of \~₹600-odd crores should "confidently within a year" get executed or converted into revenue. Order backlog at September 2025 was ₹621.44 cr, and by March 2026 it was ₹593 cr, implying only \~₹28 cr net reduction over two quarters, with no explicit disclosure of backlog conversion rate.
26. EBITDA margin guidance of 10-12% - sustained Missed - At the Q2 FY26 call, an analyst cited the 10-12% EBITDA margin guidance, and management responded that guidelines still hold with quarterly fluctuations, later revising the target to \~7-8% in the next 1-2 years at Q1 FY27. FY26 EBITDA margin was 6%, and Q1 FY27 EBITDA margin was 4%, with the 10-12% EBITDA margin never achieved in any disclosed quarter.
27. Gross margin guidance of 38-40% - sustained Delivered - At the Q2 FY26 call, management reiterated earlier gross margin guidance of 38-40%, noting margins could fluctuate quarterly on product mix, and later said gross margin would not improve substantially beyond the current \~43% level. Q2 FY26 gross margin was 43%, above the guided range, and Q4 FY26 gross profit of ₹45 cr on revenue of ₹126 cr implies \~36% gross margin.
28. ROE improvement to double digits by end of FY26 Missed - At the Q1 FY26 call, management committed that ROE would improve and become double-digit, "hopefully shown by end of this year," with Q3 FY26 endorsing better ROE in FY27. FY26 ROE was -2.71%, and FY25 ROE was 2.93%, with no double-digit ROE achieved.
29. 8 acres Surat land development - leasing to IT/BPO for annuity income Pending - At the Q1 FY26 call, management earmarked 8 acres of Surat land for future development to create a continuous source of income, e.g., leasing to IT/BPO companies. Q2 FY26 saw "no progress at all" as Surat has not picked up as an IT/back-office city, with no further disclosure in our record.
30. Promoter loan repayment - \~₹40 cr from sale of 4 acres Surat land Pending - At the Q1 FY26 call, management committed that the promoter's non-interest-bearing loan (\~₹40 cr) would be repaid once the four acres of Surat land are sold, with the land expected to fetch roughly ₹40 cr, reiterated at Q3 FY26. As of Q1 FY27, no buyer had been found and no land sale or promoter loan repayment was disclosed.
31. Additional 400 kW solar in FY27 - further power cost reduction On track - The FY26 annual report planned to add another 400 kW of solar plant in FY26-27 to further reduce power costs, and the Q1 FY27 call committed to augmenting spare solar capacity by another 30-40% by end of FY27. As of Q1 FY27, 65-70% of factory power is commissioned solar with 30-40% spare capacity available, and management said it is "probably looking at the idea" of one more solar plant.
32. Rooftop solar at Surat - 800 kW commissioned by Q4 FY26, energy cost near-neutral Delivered - At the Q3 FY26 call, management committed to commissioning the \~1 MW rooftop solar plant at Surat by end of March 2026, with payback of about four years and making the factory more or less energy self-sufficient. The 800 kW solar system was commissioned by Q1 FY27, with \~65-70% of factory power now solar and another 30-40% spare capacity available.
33. FY26 capex plan - ₹25 cr completed plus additional ₹19.38 cr / ₹8 cr / ₹10 cr Partial - The Q4 FY25 PPT planned additional capex of ₹19.38 cr in FY26, later revised to ₹8 cr in Q2 FY26 filings and \~₹10 cr in Q3 FY26 filings. FY26 cumulative capex was ₹27 cr, against the ₹25 cr already completed in FY25 plus the planned additional amount, with the final \~₹10 cr plan effectively executed but the original ₹19.38 cr plan under-executed.
34. Foundry upgrade to 200T/month with \~30% power reduction - capacity and efficiency Partial - In the Q4 FY25 PPT, management planned to upgrade the foundry from 90T/month to 200T/month castings, with energy-efficient equipment and an electric furnace reducing power consumption by \~30%. Foundry and machine shop capex of ₹25 cr was completed and commissioned by end of Q1 FY26, with the new 6T induction furnace delivering \~21% power saving, but no explicit disclosure of reaching the 200T/month capacity.
35. Machine tool capacity doubling - from \~30 to 60-70 machines per month in 1-2 years On track - At the Q1 FY26 call, management committed to doubling machine tool capacity from \~30 machines per month to 60-70 machines per month in the next one or two years, with required investment already done. As of Q1 FY27, production capacity had increased \~30% over the prior year, with 88 machines installed in Q1 FY27 and 115 in Q4 FY26, but no disclosure yet of reaching the 60-70 machines-per-month run-rate.
36. Q2 FY26 revenue target of ₹125-130 cr - quarterly revenue Missed - In the Q1 FY26 investor presentation, management targeted Q2 FY26 revenue of ₹125-130 cr. Q2 FY26 revenue was ₹121 cr, below the ₹125 cr floor.
37. Q2 FY26 order inflow of ₹350 cr+ - quarterly order intake Missed - At the Q1 FY26 call, management envisaged Q2 FY26 order inflow of ₹350 cr+. Q2 FY26 order inflow was ₹336.81 cr, below the ₹350 cr guided floor.
38. FY26 order inflow of ₹1,000 cr+ - full-year order intake Delivered - At the Q1 FY26 call, management guided order inflow of almost ₹1,000 cr+ for FY26, reiterated in Q2 FY26 and Q3 FY26 filings as a firm commitment. FY26 order inflow was \~₹988 cr, described by management as "in line with guidance," with order backlog at March 2026 of ₹593 cr versus ₹339 cr at March 2025.
39. FY26 double-digit top-line and bottom-line growth - 10-12% revenue growth, improved PAT vs FY25 Partial - At the Q1 FY26 call, management firmly committed to close FY26 with double-digit growth in both top line and bottom line, targeting 10%-12% revenue growth and improved bottom line vs FY25, later revised at Q3 FY26 to 7%-8%/9% revenue growth. FY26 revenue was ₹440 cr, 7% YoY growth, but FY26 PAT was ₹7 cr after exceptional items versus FY25 PAT of ₹13.49 cr, with the bottom line declining despite the revised top-line being met.