1. Halol facility (KPPL JV) - Phase 1 commercial production from Q1 FY27 Delivered - In the FY26 Annual Report, the company said KPPL - a JV with Kores Group incorporated in October 2025 - would kick off Phase 1 of the Halol, Gujarat facility with commercial production starting from Q1 of FY 2026-27. The same report affirms Phase 1 "has already been kicked off" with commercial production from Q1 FY27, though Phase 1 lines were described as still being equipped at reporting date.
2. Warrant issue - ₹12.8 crore preferential allotment Delivered - At Q1 FY25, the company announced issue and allotment of 16,00,000 fully convertible warrants at ₹80 per warrant, totalling ₹12.8 crore, subject to shareholders' approval. BSE granted in-principle approval in October 2024; \~₹10.5 crore was raised by Q1 FY26 and only ₹1.5 crore remained by Q2 FY26.
3. FY26 bottom-line recovery - restore profitability Delivered - In the FY25 Annual Report, management committed to restoring profitability in FY 2025-26 and beyond via a 3-pronged strategy of capacity utilization, debt refinancing and product mix shift. FY26 consolidated PAT turned positive at ₹1.56 crore versus a ₹3.08 crore loss in FY25, and standalone PAT improved to ₹2.6 crore versus a ₹75 lakh loss.
4. EBITDA margin - 18-20% by FY28 at \~85% utilization On track - At the Q4 FY26 call, management expected EBITDA margins to stabilize at around 18% to 20% at \~85% capacity utilization with better product mix, explicitly by FY28. Q1 FY27 EBITDA margin was 11.3% and FY26 full-year margin was 13.3%, improving from FY25's 10.5%; no FY28 read yet.
5. Revenue growth - \~20% for FY27 and FY28 On track - At the Q3 FY26 call, management expected the \~20% growth rate achieved in FY26 to continue for at least the next 2 years, i.e., FY27 and FY28, later rephrased at Q4 FY26 as "definitely" double-digit growth from FY26 levels and at Q1 FY27 as double-digit FY27 growth. Q1 FY27 revenue was ₹25.47 crore, up 26.8% YoY; FY27 is not yet complete.
6. Defence segment - ₹12-15 crore in FY27 Pending - At the Q3 FY26 call, management targeted FY27 defence segment business of at least around ₹12 crore to ₹15 crore in orders and execution. Defence entry in FY26 brought orders of approximately ₹2.04 crore from AVNL, and at Q4 FY26 management said a substantial hold in defence would take another 4-6 quarters at least; no FY27 defence revenue read yet.
7. Jaipur facility capacity utilization - 70-80% by April 2026 Missed - At the Q3 FY26 call, management targeted Plant 4 (Jaipur) capacity utilization of somewhere around 70% to 80% of complete installed current capacity by April 2026. Plant-4 utilization in its first quarter was less than 40% at Q4 FY26, and still below 60% at Q1 FY27.
8. Jaipur facility revenue - ₹4-4.5 crore in Q4 FY26, ₹20-22 crore in FY27 Pending - At the Q2 FY26 call, management expected the Jaipur facility to add revenue of around ₹4-4.5 crore in Q4 FY26 (close to ₹1.5 crore per month) and ₹20-22 crore in FY27; at Q4 FY26 this was revised to close to ₹12-14 crore from Plant-4 Jaipur in FY27. Q4 FY26 standalone revenue was ₹29.31 crore with no specific Jaipur contribution disclosed, and no FY27 read yet.
9. Jaipur (Plant 4) facility - operations from January 2026 Delivered - At the Q2 FY26 call, management announced the UFL MOU for a long-term machining alliance in Rajasthan, with the Jaipur facility starting in January 2026 for a seven-year term. Plant 4 in Jaipur was commissioned and commenced commercial operations from January 1, 2026, adding 35,160 sq. ft. of machining capacity.
10. Automotive vs non-automotive revenue split - 60:40 in three years On track - At the Q1 FY26 call, management guided that three years down the line the automotive vs non-automotive revenue split should be "somewhere between 60:40". FY26 standalone segment mix was Tractors 64.7%, Construction Equipment 15.4%, EV 5.3% and other categories the rest, with Q1 FY27 diversification at \~65% from \~99-100% five-six years ago.
11. New customer development orders - production from Q4 FY26 Partial - At the Q1 FY26 call, management stated development orders from CNH, Bonfiglioli, Ingersoll-Rand and Eka were under development, to be completed by Q3 with production starting "somewhere tentatively" by Q4 onwards. Eka Mobility series production commenced in Q2 FY26, some Bonfiglioli parts started by Q2 FY26 and the Ingersoll-Rand order was secured in Q1 FY26; no explicit Q4 confirmation for all four customers.
12. PMPL contribution to consolidated results - from Q3 FY26 Partial - At the Q1 FY26 call, management stated PMPL would start to benefit consolidated results from Q3 onwards of FY26, with EBITDA positivity already achieved; at Q2 FY26 this shifted to strong recovery from Q4 onwards. PMPL reached 12%-13% EBITDA in Q2 FY26, but in FY26 Kranti disinvested 8 lakh shares in Preciso Metall for ₹80 lakh, making it an associate.
13. Virtual debt-free - three years from FY26 On track - At the Q1 FY26 call, management targeted making the company "virtual debt-free" three years down the line, later rephrased at Q2 FY26 as net debt-free by 2030-2032 and at Q3 FY26 as virtually/net debt free by at least 2030 or onwards. Debt stood at \~₹32 crore at Q1 FY26 end, \~₹46 crore at Q3 FY26 and ₹41.85 crore as of Q1 FY27; no milestone reached yet.
14. EBITDA margin - 15-17% in FY26 Missed - At the Q1 FY26 call, management guided EBITDA margin of "somewhere around 15% to 17% in this FY'26", with later refinements to 16.5%-17% long-run at Q2 FY26 and 16%-18% stabilization at Q3 FY26. Quarterly margins were 17.02%, 18.7%, 15.5% and 5.7% through FY26, leaving the full year at 13.3% against the 15-17% target.
15. Capacity utilization - 75-78% by FY26, 80% exit Missed - At the Q1 FY26 call, management guided capacity utilization of 75% to 78% by FY26, from the then-current 60% to 62%, with 80% exit at year-end; the \~75%-78% end-FY26 level was reiterated at Q2 FY26. Pune facility utilization was around 65% at Q4 FY26 and \~70% across three Pune plants at Q1 FY27.
16. Double-digit revenue growth - FY26 Delivered - At the Q1 FY26 call, management guided "surely looking at double-digit growth in this financial year" on revenue, with "easily 12% to 15% growth" also cited, later extended at Q2 FY26 to at least double-digit growth every year for the next three years. FY26 consolidated revenue crossed ₹100 crore for the first time, growing 28.0% YoY to ₹100.45 crore, with standalone revenue up 30% to ₹93.88 crore.