1. 33 kV Metering Cubicle launch - by July 2026, \~₹30 Cr annual turnover Pending - In the Q4 FY26 PPT, management guided the launch of 33 kV Metering Cubicle by July 2026, with annual turnover for Metering Cubicle product at about ₹30 Cr. The July 2026 horizon has not been reached; MSEDCL vendor approval for 11 kV metering cubicles was received earlier.
2. RMU (Ring Main Unit) launch - June 2027, \~₹200 Cr revenue Pending - In the Q4 FY26 PPT, management guided the launch of the RMU in June 2027, with total expected revenue of around ₹200 Cr. The June 2027 horizon has not been reached.
3. PCVCB panel launch - by August 2026, 20% market share by 2027 Pending - In the Q4 FY26 PPT, management guided the launch of the PCVCB panel by August 2026, with a cost of ₹1.35 Lakh per device, targeting 20% market share by 2027. The August 2026 launch deadline has not been reached.
4. Revenue scale-up - ₹800 to ₹1,000 cr in FY28 or FY29 Pending - At the Q3 FY26 call, management guided that they can easily go from 800 to 1000 crores in revenue in the next-to-next year, FY28 or FY29, later revised at Q4 FY26 to becoming a 1,000-plus turnover company in three years. The FY28-FY29 horizon has not been reached; FY26 revenue was \~₹310 cr.
5. Exports - UK plan out next year (FY27), targeting international customers from Sep 2026 On track - At the Q3 FY26 call, management guided a UK plan to be out in FY27, with the Q4 FY26 call specifying exports starting from September 2026 targeting US and Germany markets with samples already sent. A container was sent to Oman for trial of FRP products, exports to Oman and Gulf countries started, and samples were sent to US and Germany; the September 2026 target is not yet due.
6. Sustainable EBITDA margin with PAT between 10-12% On track - At the Q3 FY26 call, management guided they want to maintain sustainable EBITDA margin with PAT between 10%-12%, later revising the FY27 EBITDA margin target to above 15% at the Q4 FY26 call. FY26 EBITDA margin was 15.35% and PAT margin was 10.43%, within the 10-12% range; the FY27 horizon has not been reached.
7. FY27 segment targets - SMC ₹120-150 cr, CT/PT LTCT \~₹250 cr, FRP ₹70-80 cr On track - At the Q3 FY26 call, management guided FY27 segment targets of SMC at 120 to 150 crores, CT/PT LTCT at almost 250 crores, and FRP at around 70 to 80 crores. The FY27 horizon has not been reached; FY26 actuals show CT PT jumped to ₹222 cr, and the current order book includes \~₹125 cr in CT PT and LTCT and \~₹80 cr in SMC.
8. FY27 revenue target - "almost (+450)" crores minimum, ₹450-500 cr range On track - At the Q3 FY26 call, management guided FY27 revenue target of almost (+450) crores minimum, refined at the Q4 FY26 call to a range of INR450-500 crores. The FY27 horizon has not been reached; an H1 FY27 revenue target of ₹200 cr+ was guided, with an order book of ₹237 cr plus ₹125 cr fresh orders targeted for completion in the first 6 months.
9. FY26 order book target - "around Rs. 250 crores" by end of March Partial - At the Q3 FY26 call, management guided that by the end of March FY26, the order book should be around Rs. 250 crores. The order book as of March 31, 2026 was ₹237 crores, close to but below the around ₹250 cr target.
10. FY26 PAT margin target - minimum 10%, target 12% Delivered - At the Q3 FY26 call, management guided a PAT margin minimum target of around 10%, currently doing up to 11%, and a target to go up to 12% with same growth speed. FY26 PAT margin was 10.43%, exceeding the minimum 10% target, though the 12% aspirational target was not reached.
11. FY26 revenue target - "around (+300)" crores Delivered - At the Q3 FY26 call, management guided an FY26 revenue target of around (+300) crores, with an internal target of Rs. 280-290 crores but now expecting to go beyond that. FY26 revenue from operations was ₹30,973.93 lakhs, or ₹309.74 crores, meeting the around (+300) cr target.
12. IPO working capital allocation - ₹52 cr for FY26 and FY27 On track - The Company intended to utilise ₹52 crore from Net Proceeds towards funding its working capital requirements in FY26 and FY27. As of March 31, 2026, ₹34.28 cr had been utilised from the ₹52 cr working capital allocation; the FY27 portion is not yet due.
13. IPO capex plan - ₹25.71 cr to elevate production capacity Partial - The Company planned to invest ₹25.71 crore from IPO proceeds to elevate production capacity from current levels to meet heightened demand, reaffirmed at the Q4 FY26 call as capex of INR25 crores to be developed first. As of March 31, 2026, only ₹77.50 lakhs had been utilised from the ₹25.71 cr capex allocation, and the Monitoring Agency reported the issuer as non-cooperative, unable to confirm utilisation of IPO proceeds of ₹84.6 cr.