1. EPC contract (NH-2, ₹243.99 Cr) completed within one year from execution Pending - In January 2026, management announced the ₹243.99 Cr NH-2 six-laning EPC contract would be completed within one year from execution, with construction starting immediately. As of the Q4 FY26 call, approximately 10% was completed, with the \~January 2027 deadline still ahead.
2. Enter data center and solar cable segments in the near future Pending - At the Q2 FY26 call, management planned to enter data center and solar cable segments "in the near future, very soon". No disclosure of entry into either segment has appeared in our record through July 2026.
3. Enter house wire segment in the near future via distributorship Pending - At the Q2 FY26 call, management planned to enter the house wire segment "in the near future" via distributorship. No disclosure of entry into the house wire segment has appeared in our record through July 2026.
4. Equity raise in the further six months or one year for EPC contract expansion Pending - At the Q2 FY26 call, management stated it would need equity "in the further six months or one year" for EPC contract expansion. As of the Q4 FY26 call, management had shifted to a debt funding narrative, citing sufficient cash and bank balance, with no equity raise disclosed.
5. EPC division margins of around 7%-8%-9% (bottomline/PAT margins) Pending - At the Q2 FY26 call, management expected EPC division PAT margins of "around like 7%-8%-9%", later clarifying in Q4 FY26 that 12% to 13% EBITDA margin is targeted for EPC. FY26 EPC revenue was \~₹30 cr, but no segment-level PAT margin has been disclosed in our record.
6. EPC division revenue of at least 150 Cr.-200 Cr. in FY27, with major 500 Cr.-700 Cr. after that Pending - At the Q2 FY26 call, management expected EPC revenue of "at least, say, 150 Cr.-200 Cr." in FY27, with "major 500 Cr.-700 Cr." thereafter, later revising the FY27 target to a "conservative" minimum of ₹200 cr. FY26 EPC revenue was \~₹30 cr, and FY27 is not yet reported.
7. FY26 EBITDA margins to remain around 15% or 16% Missed - At the Q2 FY26 call, management expected FY26 EBITDA margins to "remain around 15% or 16%". FY26 EBITDA margin came in at 13.17%.
8. FY26 revenue of around 350 Cr.-360 Cr. Delivered - At the Q2 FY26 call, management targeted revenue of "around 350 Cr.-360 Cr." for FY26. FY26 total income reached ₹365 cr.
9. Revenue of Rs. 1,000 Cr in the next two years (\~FY28) Pending - At the Q2 FY26 call, management targeted revenue of "Rs. 1,000 Cr in the next two years" with "more or less same PAT margins". FY26 revenue was ₹365 cr, and the \~FY28 horizon is not yet reached.
10. Double revenue in FY27 (next financial year after March 2026) Pending - At the Q2 FY26 call, management targeted doubling revenue in FY27 to "at least Rs. 500 Cr. to Rs. 600 Cr.", later revising to "50% to 60% revenue growth" for FY27 and FY28, with EPC contributing a minimum of ₹200 cr. FY26 revenue was ₹365 cr, and FY27 is not yet reported.
11. 4x to 5x capacity expansion within 2 to 3 years (\~FY28-29) On track - At the Q2 FY26 call, management targeted "around 4x to 5x expansion within the next 2 to 3 years", later guiding 3x to 4x within two years. Base capacity of 28,000 Kms doubled to 56,000 Kms when Unit III commenced production in July 2026, with the \~FY28-29 horizon still open.
12. Doubling present capacity by March 2026 Missed - At the Q2 FY26 call, management targeted doubling present capacity by March 2026. Installed capacity remained flat at 28,000 Kms through FY26, with Unit III commencing production only on July 6, 2026.
13. Conductor Division at Dankuni - installed December 2025, start-up by early January 2026 Partial - At the Q2 FY26 call, management expected the Conductor Division to be installed in December 2025 with start-up by the first week of January 2026. Production commenced at the Dankuni Conductor Division on July 6, 2026, with an installed capacity of 28,000 Kms.
14. Order book of Rs. 1,000 crores by FY26-27 (end of FY27) Pending - At the Q2 FY26 call, management targeted an order book of Rs. 1,000 cr by end of FY27, later revising to a conservative "INR700 crores or INR800 crores at least" by March 31, 2027. Order book stood at \~₹515 cr as of March 31, 2026, and the FY27 deadline is not yet reached.