1. Group company merger - "very high possibility" of a surprise in coming few months Pending - At the Q4 FY26 call, management stated the group company merger is going to happen, with a "very high possibility" of a surprise in the coming few months. No merger announcement in our record as of 14 Jul 2026; the "coming few months" from Mar 2026 implies \~Jun-Sep 2026, horizon not yet fully lapsed.
2. Asset turnover - 3x in FY27, 3.5-4x in FY28 (on gross value) Pending - At the Q4 FY26 call, management guided asset turnover of 3x in FY27 and 3.5-4x in FY28, on gross value. FY27 horizon not yet reached.
3. Automotive segment revenue - INR225 cr target (later INR165 cr FY27E, INR195 cr FY28E) Pending - In the Q3 FY26 PPT, management set an automotive segment revenue target of INR225 cr; the Q4 FY26 PPT revised this to FY27E INR165 cr and FY28E INR195 cr with 20-22% EBITDA margin. FY26 automotive revenue was INR105 cr; FY27 horizon not yet reached.
4. OEM revenue contribution - \~40% by FY27, \~60% in 2-3 years thereafter Pending - In the Q3 FY26 PPT, management targeted \~40% OEM revenue contribution by FY27; at the Q4 FY26 call, \~40% by end of FY27 and \~60% in 2-3 years thereafter. FY26 OEM revenue contribution was 7%; FY27 horizon not yet reached.
5. Acquisition of Emmbros Automotives - after mainboard migration Pending - In the Q3 FY26 PPT, management guided intention to acquire Emmbros Automotives Pvt. Ltd. after mainboard migration; repeated in the Q4 FY26 PPT. Mainboard migration not yet completed; acquisition not yet executed.
6. Mainboard migration - within approximately one year (by \~Feb 2027) Pending - In the Q3 FY26 PPT, management guided intention to migrate to the mainboard within approximately one year; repeated in the Q4 FY26 PPT. No migration completed as of 14 Jul 2026; horizon of \~Feb 2027 not yet reached.
7. No major capex needed - current equipment sufficient for guided sales On track - At the Q2 FY26 call, management stated that whatever capex was required had been done and current equipment is sufficient for guided sales. FY26 fixed assets rose 45.35%, a greenfield dedicated facility was commissioned within 12 months, and installed capacity is \~INR350 cr; no major new capex announced beyond existing pipeline.
8. Standalone EBITDA margins - \~20-21% for the new order; consolidated profitability improvement in H2 FY26 Partial - At the Q2 FY26 call, management guided standalone EBITDA margins of \~20-21% for the new INR470 cr order and that consolidated profitability should improve in H2 FY26. FY26 standalone EBITDA margin was 20%; H2 FY26 EBITDA margin was 20% versus H1 FY26 21%, and consolidated PAT was \~INR8 cr, flat YoY.
9. Total potential revenue - INR650 cr over 3-5 years Pending - At the Q2 FY26 call, management guided total potential revenue of INR650 crores as a long-term target over 3-5 years; also stated as INR400 cr drivetrain plus INR250 cr agri. FY26 revenue was INR113 cr; the 3-5 year window runs to FY29-FY31, horizon not reached.
10. FY28 consolidated revenue - \~INR250-300 cr (later \~INR240-245 cr) Pending - At the Q2 FY26 call, management guided FY28 revenue of \~INR250-300 crores; the Q4 FY26 call revised this to nearly INR240 cr, and the Q4 FY26 PPT to INR245 cr. FY28 horizon not yet reached.
11. FY27 consolidated revenue - \~INR175 cr (range INR175-200 cr; later \~INR195 cr) Pending - At the Q2 FY26 call, management guided FY27 revenue of \~INR175 crores in a range of INR175-200 cr; the Q4 FY26 call revised this to \~INR195 cr, and the Q4 FY26 PPT to INR195 cr. FY27 horizon not yet reached.
12. Agri-subsidiary - INR50-75 cr revenue in FY27 (later \~INR30 cr) Pending - At the Q2 FY26 call, management guided the agri-subsidiary would generate INR50-75 crores revenue in FY27; the Q4 FY26 call revised this to \~INR30 cr, and the Q4 FY26 PPT to INR30 cr. FY26 agri segment revenue was INR8 cr; FY27 horizon not yet reached.
13. Subsidiary (Emmforce Mobility) - cash loss covered in 6 months, net profitability in FY27 On track - At the Q2 FY26 call, management guided the subsidiary's cash loss would be covered in the next 6 months, by \~Mar 2026, and net profitability would be achieved in FY27. The subsidiary achieved a turnaround from cash losses to a modest cash profit within its first full year of operation; FY27 profitability horizon not yet reached.
14. INR470 crore US export order - \~INR20 cr revenue in FY26, \~INR55-60 cr annually from FY27 Partial - At the Q2 FY26 call, management guided the INR470 crore order would generate \~INR20 crores in FY26 and \~INR55 crores annually in FY27; the Q3 FY26 PPT revised FY26 to \~INR10 cr, and the Q4 FY26 PPT revised FY27 to \~INR60 cr. Mass production commenced 15 December 2025; the Q4 FY26 transcript confirmed the order was in commercial production at full run-rate by May 2026.