1. Kings Maritime Aquaculture Technology Park (Vizag) - 500-acre cluster On track - At the Q3 FY26 result, management stated Kings Infra is fast-tracking a 500-acre Kings Maritime Aquaculture Technology Park near Vizag integrating AI, automation, and sustainable practices. Discussions with the Government of Andhra Pradesh for the commercial development phase are underway, with no disclosure of land acquisition completed or construction commenced through Q4 FY26.
2. Net zero carbon across all verticals - by 2030 On track - In an announcement from Sep 2022, the company aimed to achieve net zero carbon across all verticals by 2030. Kings Infra partnered with Snowkap for ESG and GHG reporting, though no disclosure of progress toward net zero has been made and the 2030 deadline is not yet reached.
3. Unique venture for aqua farms and farmers - launch during Q1 FY25 Missed - In the FY24 annual report, management stated a unique venture for aqua farms and farmers, with products tried and tested, was to be launched during Q1 FY25. No disclosure identifying a specific unique venture launched in Q1 FY25 exists in our record through Q4 FY26.
4. Logistics Division - Reefer trucks and cold storage launched in Q2 FY25 Missed - In the FY24 annual report, management proposed launching a Logistics Division with Reefer and Insulated Trucks and Cold Storage Warehouse facilities in Q2 FY25. No disclosure of a Logistics Division launch appears in any subsequent filing through Q4 FY26.
5. Kings Maritech Eco Park construction - commence during Q3 FY25 Delivered - In the FY24 annual report, management stated work on the Kings Maritech Eco Park at Tuticorin would commence during Q3 FY25. Construction work on KMEPL had commenced as of Nov 2024, within the Oct-Dec 2024 quarter.
6. POC-2 precision shrimp farming with NEC Corporation - completed by 31st March 2022 Missed - In the FY21 annual report, management targeted POC-2 for precision shrimp farming using RAS technology with NEC Corporation, Japan to be completed by 31st March 2022. While POC-1 was successfully completed and a subsequent PoC project using RAS-based shrimp aquaculture with AI and IoT was launched in May 2021, no disclosure of POC-2 completion exists in our record.
7. Topline to double in 12 months, bottomline to increase 200% - from SISTA360 and three crops Missed - In an announcement from Jan 2022, management expected topline to double in the next 12 months and bottomline to increase by 200% as a result of adopting SISTA360 protocols and harvesting three crops instead of two. FY23 revenue grew 48.92% to ₹61.24 cr against a doubling target, and PAT grew 93% to ₹5.72 cr against a 200% increase target, with the 12-month window expiring around Jan 2023.
8. USD 50 crore sustainable supply chain - via Kings SISTA360 Private Ltd over five years On track - In an announcement from Jan 2022, management stated the new SPV Kings SISTA360 Private Ltd was expected to create a sustainable and traceable supply chain of over USD 50 crore in the next five years. Kings SISTA360 Pvt Ltd launched in Sep 2023 as a technology interface platform, with the five-year window running to Jan 2027 and no disclosure of supply chain value achieved yet.
9. 10,000 aqua entrepreneurs under SISTA360 - over five years / by 2030 On track - In an announcement from Jan 2022, management planned to bring 10,000 aqua entrepreneurs under SISTA360 over the next five years, later revised to a 2030 horizon in Sep 2022. The SISTA360 platform had registration of almost 1,500 farmers as of Dec 2024, with the 2030 deadline not yet reached.
10. Kings Frigo and Kings Bento - 5% market share of organised sector within 5 years; break-even in 3 years On track - In the Q3 FY25 PPT, management guided a target market share of 5% of the organised sector within 5 years for Kings Frigo and Kings Bento retail brands, with a break-even timeline of 3 years. The first hub is operational in Bangalore, pilot operations reached commercial scale by Q1 FY26, and exclusive showrooms are being signed up in Kerala, with the 3-year and 5-year windows from Feb 2025 not yet reached.
11. Sriaqua acquisition - performance-linked, operating under Kings Infra brand from signing On track - At the Q1 FY26 call and PPT, management guided the Sriaqua Seafoods acquisition would be executed under a performance-linked structure with Sriaqua operating under the Kings Infra brand from the date of signing. As of the Q1 FY26 call, the companies had started working as a single team, Sriaqua's order book of 100+ containers was transferred, and Mr. Sreeram Inagalla had taken over as COO International Business, though completion of the acquisition was not confirmed.
12. Interest cost as % of revenue - to come down by FY27 On track - At the Q1 FY26 call, the Chairman guided that by FY27 interest cost as a percentage of revenue will come down, as the company expects to reach the \~₹100 crore scale needed for supply-chain financing from Punjab National Bank by the end of FY26. FY26 revenue reached ₹161 cr, exceeding the scale threshold, with FY27 not yet reached (SQL).
13. Crop cycles - three crops in own farms in FY26; five crops in leased farms within two years Partial - At the Q1 FY26 call, the Chairman committed that own farms can definitely target three crops in FY26, with five crops in leased farms within two years. The company had already achieved three cycles per year in some ponds pre-FY26, but no explicit disclosure confirms three crops across all own farms in FY26, while the leased-farm five-crop target is not yet due.
14. Farming area - more than double by end of FY26 Pending - At the Q1 FY26 call, the Chairman committed that by the end of FY26 the company's farming area would more than double from the current level. Farm area had already increased by \~50% in Q1 FY26 and the lease-cum-revenue-sharing programme boosted capacity by over 50%, but no explicit disclosure confirming the milestone was achieved by end of FY26 is available in our record.
15. 60-65% CAGR topline growth with 18-20% EBITDA margin - over three years Partial - At the Q1 FY26 call, the CFO guided a 60-65% CAGR growth in topline for the next three years, with an EBITDA margin of about 20%. In FY26, year 1 of 3, revenue grew 29.90% to ₹161 cr, falling materially short of the 60-65% CAGR band, while OPM of 18.43% held within the guided range (SQL).
16. 100 containers - export volume target in the coming year Partial - At the Q3 FY25 call, management stated they expected to grow to the previously projected figure of 100 containers in the coming year. The Sriaqua acquisition brought an order book of more than 100 containers, but no explicit disclosure confirms Kings Infra's own shipments hit the 100-container target in FY26.
17. Frigo, Bento and Indian retail chain - \~₹25 crore CapEx over 36 months On track - At the Q3 FY25 call, management stated CapEx for Frigo, Bento and developing the Indian retail chain would be \~₹25 crore over the next 36 months, mostly through internal accruals. Pilot operations reached commercial scale by Q1 FY26, the first hub is operational in Bangalore, and the first Kings Frigo D2C outlet was announced for December 2025 launch, with the 36-month window running to Dec 2027.
18. Land monetisation - ₹150 crore free cash over three years On track - At the Q3 FY25 call, management stated they expected to realise \~₹150 crore over the next 36 months from monetising land assets via joint development across Cochin, Bangalore, and Tuticorin. Initial advances have started coming in as of Q1 FY26, with the 36-month window running to Dec 2027 and no disclosure of completed sale proceeds through Q4 FY26.
19. US subsidiary - open within six months Missed - At the Q3 FY25 call, management stated they planned to open their own subsidiary in the US in the next six months. No disclosure of a US subsidiary having been opened exists in any subsequent filing through Q4 FY26, with the six-month window expiring around Jun 2025 and subsequent filings reframing US entry as contingent on capital-raising and production expansion.
20. 150 additional acres of ponds - developed over 12-24 months On track - At the Q3 FY25 call, management stated 150 additional acres of ponds would be developed over the next 12-24 months, costing \~₹35-40 crore. Owned plus leased capacity was expanding from \~600 tons to 1,200 tons and a new factory with \~1,800 MT p.a. capacity was onboarded in Q4 FY25, with the 12-24 month window running to Dec 2026.
21. Maritech Eco Park Phase I - commercial production within 24-30 months On track - At the Q3 FY25 call, management stated the Maritech Eco Park would produce 1,600 tons of shrimp at full capacity, with commercial production within 24-30 months. Construction commenced at the 126-acre Tuticorin site, in-principle sanction for a ₹100 cr term loan was received, and ₹6.22 cr was infused into KMEPL, with the 24-30 month window implying commercial production between Dec 2026 and Jun 2027.