1. FY26 order intake of ₹500-600 crore Delivered - At the Q1 FY26 call, management reiterated order booking guidance of ₹500-600 crore for FY26. FY26 order inflows were approximately ₹600 crore, at the top of the guided range.
2. FY24 order intake of ₹350 crore plus Delivered - At the Q3 FY24 call, Amritanshu Khaitan said FY24 order inflows "should be at ₹350 odd crores or even it could be higher". FY24 standalone order intake was ₹275.83 crore and consolidated order intake was ₹358.51 crore, with the consolidated figure above the target.
3. M.E. Energy order booking of ₹138 crore in FY26 Delivered - M.E. Energy surpassed its total order booking of the previous financial year, achieving ₹138 crore of external orders so far in FY26, excluding in-house projects for Kilburn Engineering Ltd. Order booking was over ₹150 crore till October 2025, and the FY26 horizon has passed.
4. Proposed fund raise of ₹200 crore via warrant conversion Delivered - The FY25 annual report flagged a proposed ₹200 crore fund raise via conversion of warrants to fund capacity augmentation, debt reduction, subsidiary investments and working capital. All warrant conversions happened and the fundraise was completed, with roughly ₹98 crore of subscription money raised in Q1 FY27; the company became net debt free.
5. FY24 opening order book of over ₹200 crore Delivered - In the FY22 annual report, management targeted opening FY 2024 with a significantly higher order book of over Rs.200 cr, resulting in continued top-line and bottom-line growth. The FY24 opening order book was ₹240 crore, above ₹200 crore.
6. Preferential issue objects - Monga acquisition, debt repayment, capex, subsidiary investment, working capital Delivered - The Board resolution of 27 Aug 2024 set preferential issue objects of ₹299.63 crore total: Monga Acquisition up to ₹123 crore, Debt Repayment up to ₹25 crore, Capex up to ₹13 crore, Subsidiary Investment up to ₹25 crore, Long Term Working Capital up to ₹39.63 crore and GCP ₹74 crore. The size was later revised to ₹290.65 crore with GCP at ₹65.02 crore and working capital raised to ₹64.63 crore; by Q1 FY27, ₹25 crore subsidiary investment was fully utilised and ₹56.92 crore of working capital deployed.
7. FY26 order conversion of 20-25% on ₹3,000 crore pipeline Delivered - The FY25 annual report flagged a rolling inquiry pipeline of over ₹3,000 crore with targeted conversion of 20-25% into firm orders over FY 2025-26. FY26 order inflows were approximately ₹600 crore, 20% of the pipeline and the lower end of the target.
8. Monga Strayfield sheet metal capacity expansion Pending - At the Q1 FY27 call, management said Monga Strayfield is expanding metal sheet fabrication capacity, with details to be disclosed over coming quarters. The expansion is in the planning phase with no completion date or capacity target disclosed.
9. Kilburn East End JV - first-year order of \~₹50 crore Pending - At the Q3 FY26 call, management expected the new Kilburn East End Private Limited JV to get an order in the range of ₹50 crore in its first year, FY27, and execute it. The JV was incorporated on 28th January 2026; no order disclosure is in our record as of Q1 FY27.
10. FY27 EBITDA margin of 25% On track - At the Q2 FY26 call, the MD said FY27 EBITDA is expected to be in the range of 25%; guidance was later restated at Q3 FY26 and Q4 FY26 as "20% plus" with an internal benchmark of 23%, and maintained at 20% at Q1 FY27. Q1 FY27 consolidated EBITDA margin was 20.1%, with the FY27 horizon not yet reached.
11. Export share of 30-40% of revenue On track - At the Q2 FY26 call, Khaitan said Kilburn's export share can go up from \~15% of revenue historically to 30-40%, and at Q4 FY26 exports were expected to contribute 30-40% going into the future. Export order intake had risen to around 25-30% over the last two years as of Q1 FY26, with export backlog near ₹160 crore at Q4 FY25.
12. Kilburn standalone revenue of ₹450-500 crore in FY26 Delivered - At the Q1 FY26 call, management indicated standalone Kilburn revenue of \~₹450-500 crore for FY26, reiterated at Q3 FY26. FY26 standalone revenue was ₹448 crore, marginally below the guided floor.
13. M.E. Energy Phase 2 expansion - completion by H1 FY26, then H2 FY26, then Q2 FY27 Partial - At the Q2 FY25 call, management said M.E. Energy Phase 2 would complete by March 2025; the timeline slipped repeatedly, to "middle of H2" at Q4 FY25, six-to-eight months at Q3 FY26, end of Q2 FY27 at Q4 FY26, and end October 2026 at Q1 FY27. Phase 2 commenced by Q3 FY26 and was at an advanced stage as of Q1 FY27, against the passed March 2025 deadline.
14. FY28 revenue of ₹1,000 crore - group level On track - At the Q1 FY26 call, management stated a vision to "cross the 1000 crore top line mark by FY28", reiterated through Q2 FY26, Q3 FY26, Q4 FY26 and May 2026 filings. At Q1 FY27, management declined to give FY28 guidance while noting capacity is being created for ₹1,000 crore plus revenue, with the FY28 horizon not yet reached.
15. FY27 order intake of ₹800 crore - group level On track - At the Q4 FY26 call, management targeted order intake of \~₹800 crore to ₹1,000 crore at group level for FY27, reiterated at Q1 FY27 as ₹800 crore. Approximately ₹190 crore of order inflows were secured in FY27 till 14th August 2026, with the FY27 horizon not yet reached.
16. FY27 revenue of ₹800 crore - group level On track - At the Q3 FY26 call, management set a ₹800 crore top line target for FY27; at Q4 FY26 this became 20-25% growth, implying \~₹750-800 crore, and at Q1 FY27 management maintained an expectation of around ₹700 crore. Q1 FY27 consolidated revenue was ₹117 crore, down 9.49% YoY, with management expecting a significantly second-half weighted year.
17. Saravali brownfield expansion - CapEx \~₹30 crore, completion by March 2026 Partial - At the Q1 FY26 call, the Board approved a Saravali brownfield expansion with CapEx of around ₹30 crore, timeline of approximately March 2026, adding \~5,000 sqm with expected output of ₹100-150 crore; the timeline later moved to end Q2 FY27 at Q2 FY26, then end October 2026 at Q1 FY27. The expansion commenced by Q3 FY26 and was at an advanced stage as of Q1 FY27, against the passed March 2026 deadline.
18. FY26 EBITDA margin of 22-23% - consolidated Delivered - At the Q1 FY26 call, margin guidance was raised to "around 23%", later confirmed as "22% to 23%" going forward; at Q2 FY26 management even expected \~26% before reiterating 22-23% at Q3 FY26. FY26 consolidated EBITDA margin was 25.1%, above the guided range.
19. FY26 revenue of ₹650-700 crore - group level Delivered - At the Q2 FY25 call, management targeted "a ₹700 crore kind of number for FY26", guided ₹650-700 crore at Q3 FY25, then 50% growth at Q4 FY25 and Q1-Q3 FY26 calls, finally translating to \~625-650 crore at Q3 FY26. FY26 consolidated revenue was ₹628.8-629 crore, within the final guided range on 48.1-50.4% growth.
20. Monga Strayfield acquisition completion by December 2024 Partial - At the Q2 FY25 call, management said the Monga Strayfield acquisition, then in due diligence, was expected to be completed by December end. The acquisition was completed on 27th January 2025, approximately one month after the target.
21. M.E. Energy Phase 1 expansion completion by December 2024 Delivered - At the Q2 FY25 call, management said the M.E. Energy Pune phase one expansion would complete by December end. Phase 1 was completed in the middle of FY25 and fully operational by Q4 FY25, within the deadline.
22. Net debt free by end of FY25 Partial - At the Q1 FY25 call, management said the company "should be in a comfortable position net debt free by end of the year, unless any other acquisition opportunity comes up". At Q2 FY26 Khaitan said the company was "virtually net debt zero with cash balances and fixed deposits", and it became net debt free as on 31st March 2026, remaining so at 30th June 2026, roughly a year after the stated deadline.
23. Ambernath facility - ₹100 crore revenue capability, operational in 2-3 months On track - At the Q1 FY25 call, management said the new Ambernath unit "should be up and running in two to three months' time", with CapEx of ₹22 crore and expected revenue of ₹100 crore (\~5x asset turn); the handover slipped to end of November at Q2 FY25 and the ₹100 crore turnover addition was targeted for FY26 at Q4 FY25. The factory was fully operational at 100% capacity by Q4 FY25, with no separate FY26 revenue disclosure in our record.
24. M.E. Energy revenue of ₹100 crore plus in FY25 Missed - At the Q4 FY24 call, management said M.E. Energy revenue "definitely would be more than ₹100 crores this year. It should cross that" for FY25, raising it to ₹120 crore at Q1 FY25 and ₹125-130 crore at Q2 FY25, before Q3 FY25 guidance settled at ₹100-110 crore. Actual FY25 execution was close to ₹95 crore, reported at ₹77 crore net of intercompany, below the target.
25. FY25 consolidated revenue of ₹500 crore plus with 20% EBITDA Partial - At the Q4 FY24 call, management targeted FY25 consolidated revenue of ₹500 crore plus with EBITDA of 20%, reiterated at Q1 FY25 and Q2 FY25 before being revised to ₹450-500 crore at Q3 FY25. FY25 consolidated revenue was ₹424.46 crore, below the revised range, while EBITDA margin of 23.79% exceeded the 20% target.
26. FY25 order intake of ₹500 crore plus - group level Delivered - At the Q4 FY24 call, management targeted group order intake of ₹500 crore plus for FY25, reiterated at Q1 FY25, Q2 FY25 and Q3 FY25. Kilburn standalone order intake was ₹493 crore and M.E. Energy ₹83 crore, with Monga Strayfield also contributing, so group intake exceeded ₹576 crore.
27. FY25 CapEx of ₹15-20 crore - group level Delivered - At the Q2 FY24 call, management guided FY25 CapEx of ₹15-20 crore, mostly for the Pune factory expansion, later noting it "could be even more than ₹20 crores"; subsequent calls detailed M.E. Energy CapEx of ₹10-15 crore, Kilburn annual CapEx of ₹10-12 crore and Ambernath CapEx of ₹22 crore. CWIP moved from ₹4.97 crore (FY24) to ₹5.08 crore (FY25), the Ambernath facility became fully operational by Q4 FY25 and M.E. Energy Phase 1 completed in the middle of FY25.
28. M.E. Energy acquisition completion by December 2023 Partial - At the Q2 FY24 call, management expected the acquisition of 100% of M.E. Energy Private Limited to be completed by December 2023, in the current quarter. The acquisition was completed on 20th February 2024, approximately two months after the target.
29. EBITDA margin of 15-17% going forward - FY24 Delivered - At the Q1 FY24 call, CFO Sachin Vijayakar said "going ahead, we endeavor to keep this margin of around 15% to" (statement cut off, \~15-17% implied from discussion of 16-17% current margins); the target was then raised to 20% at Q2 FY24, 18-20% at Q3 FY24 and 20% consolidated for FY25 at Q4 FY24. FY24 standalone EBITDA margin was 22.12% and consolidated 23.19%, with FY25 consolidated at 23.79%, exceeding every revision.
30. FY24 revenue of ₹300 crore plus - standalone Delivered - At the Q1 FY24 call, management expected FY24 revenue of around ₹300 crore plus from the open order book plus orders received in the first four to five months; guidance was revised to ₹290-300 crore standalone at Q3 FY24, with M.E. Energy adding \~₹30 crore post acquisition. Kilburn standalone FY24 revenue was ₹293.2 crore, within the revised range, with consolidated revenue at ₹329.48 crore.
31. Turnover of ₹450-500 crore in two to three years - FY24-FY26 Partial - At the Q1 FY24 call, management targeted turnover of around ₹450-500 crore in two to three years' time based on existing setup and capacity, described as an "endeavor"; this evolved into ₹500 crore plus by 2025 under Vision 2025, then FY25 guidance of ₹500 crore plus, revised down to ₹450-500 crore at Q3 FY25. FY25 consolidated revenue was ₹424.46 crore, below the range, while FY26 revenue of ₹628.8-629 crore exceeded the original target a year after the two-to-three-year window's earliest point.