1. FY27 margin stabilisation and improvement Pending - In a non-transcript filing dated 29 Apr 2026, management stated PAT margin stabilisation and improvement is expected in FY27, and at the Q4 FY26 call, stated that after reference commissioning, the company will not need to take business decisions on new projects that impact margins. FY26 PAT margin was 7.13%, down from 8.81% in FY25, with the FY27 outcome not yet due.
2. Order book to jump to ₹275-300 crore within 15-20 days (by late May 2026) Delivered - At the Q4 FY26 call, management guided the order book of \~₹199 cr would jump to almost ₹300 cr in the next 15 to 20 days, reaching upwards of ₹275 to ₹300 cr. The consolidated order book stood at ₹354.74 cr as of 31st May 2026, exceeding the target, up from ₹229.25 cr as of 30 April 2026.
3. Waaree solar project - commissioned by July 2026 Pending - At the Q4 FY26 call, management stated the largest solar ticket, the Waaree project, should be commissioned by July 2026. Manufacturing for the ₹68 cr order was completed in three months, with delivery starting in February 2026 and commissioning shifted to July 2026, a deadline not yet reached as of 14th July 2026.
4. FY27 revenue growth of 40% year-on-year Pending - At the Q2 FY26 call, management guided the company is looking at a 40% year-on-year growth for FY27, later revised at the Q4 FY26 call to expecting growth in top line and bottom line, assuming the same percentage margins, and in a non-transcript filing to maintaining growth rates of 30-40%. The FY27 outcome is not yet due, with the year ending March 2027.
5. Increase stake in Kelvin from 51% to 76% - triggered at ₹7 crore PAT Pending - At the Q2 FY26 call, management guided the next stake increase in Kelvin from 51% to 76% would be triggered the moment Kelvin touched ₹7 cr PAT, with the Q4 FY26 call later stating a plan to enhance the stake from 60.53% to 70-72% very soon. Kelvin H1 FY26 PAT was ₹1.62 cr, and while the stake rose to 60.53% by March 2026, no disclosure confirms the ₹7 cr PAT trigger was met or the stake reached 76%.
6. Hyderabad facility - functional by March 2026 Delivered - At the Q2 FY26 call, management guided the company was setting up another unit in Hyderabad which would probably be functional by March 2026. The Hyderabad facility is operational as of the Q4 FY26 call, spanning \~2 acres with \~50,000 sq ft built-up area and 2,000 sqm/day capacity.
7. Order book of ₹200-250 crore by March 2026 Partial - At the Q2 FY26 call, management guided the order book position would be flowing into the next year with a very decent order position between 200 and 250 crores by March 2026. The order book as of 31st March 2026 was approximately ₹199 cr, just below the ₹200 cr floor, before rising to ₹354.74 cr by 31st May 2026.
8. Kelvin FY26 revenue of ₹80 crore Missed - At the Q2 FY26 call, management guided that Kelvin was on track for an 80 crore full year revenue achievement that had been envisaged, budgeted, and projected. Kelvin delivered an estimated topline of ₹64.53 cr for FY26, falling materially short of the ₹80 cr target.
9. FY26 consolidated PAT margin of 7% to 8% Delivered - At the Q2 FY26 call, management guided the second-half PAT margin for FY26 would be between 7 to 8%. FY26 consolidated PAT was ₹15.82 cr on total income of ₹221.72 cr, yielding a PAT margin of 7.13%, within the guided range.
10. FY26 consolidated revenue growth of 30% to 40% Delivered - At the Q4 FY25 call, management guided FY26 consolidated revenue growth of 30% to 40% over FY25, later revised at the Q4 FY26 call to delivering within a 25% to 30% growth guidance. FY26 consolidated total income was ₹221.72 cr, up 46.93% YoY from ₹150.90 cr, exceeding both the original 30-40% band and the revised 25-30% floor.