1. Warrants funds earmarked for working capital Pending - At the Q1 FY27 call, management stated funds raised via warrants are earmarked for working capital. Warrants were allotted to Rikhav Securities Limited as non-promoter allottee; no deviation from use of proceeds has been disclosed in our record.
2. Structurally achievable EBITDA margin of 8-10% over 12-18 months Delivered - At the Q3 FY26 call, management guided a structurally achievable through-cycle EBITDA margin of 8% to 10% over the next 12 to 18 months. FY26 full-year margin was 9.9%, and Q4 FY26 (16.45%) and Q1 FY27 (16.29%) margins exceeded the range.
3. New plant announcement "very soon" Delivered - At the Q3 FY26 call, management said "very soon, we will come up with the new plant as well". Unit 4 at Tarapur started by Q4 FY26, and the Unit IV expansion at Tarapur was completed in 2026.
4. Capacity for Rs 1,000 crore revenue - approximately double, \~58,000+ MT On track - At the Q3 FY26 call, management said the Rs 1,000 crore revenue target needs capacity roughly double the then-current \~29,000 MT, i.e. roughly 58,000+ MT. Installed capacity was 29,900+ MT at Q4 FY26 and 32,450+ MT at Q1 FY27 - expanding but far from 58,000 MT.
5. Sales/asset turnover ratio (\~4x) to improve in short-term Missed - At the Q3 FY24 call, management said the sales/asset turnover ratio, currently \~4x, would improve "in a short-term period of time". By Q4 FY26 the fixed asset turnover ratio was stated as 3.70, below the \~4x starting point.
6. Hospital furniture exports announcement "any moment" Delivered - At the Q3 FY24 call, management said on hospital furniture exports: "any moment, we will announce that once we receive the export orders". By Q4 FY24, orders from a German client were received, processed and exports started; FY25 export value grew 144% YoY and FY26 export revenue was Rs 3.35 crore across 17 countries.
7. FY25 margins much better than FY24 Missed - At the Q3 FY24 call, management stated FY25 "will be much better" than FY24 on margins. FY25 EBITDA margin was 7.01% vs FY24's 8.25%, and FY25 PAT margin 2.18% vs 2.85% - margins declined year-on-year.
8. FY24 margins to at least match FY23 Missed - At the Q3 FY24 call, management said for FY24 they "might try to at least match the last year" margins. FY24 EBITDA margin was 8.25% vs FY23's 8.61%, and FY24 PAT margin 2.85% vs 3.82% - neither matched FY23.
9. Hospital furniture parts good growth in next 1-2 years Delivered - At the Q2 FY24 call, management expected good growth in hospital furniture parts "in next one or two years for sure". FY25 furniture revenue was Rs 38 crore vs Rs 36 crore in FY22, furniture value grew 32% in H1 FY26, and FY26 furniture revenue reached Rs 46.31 crore.
10. Growth of minimum 15-25% every year for next 2-3 years Missed - At the Q2 FY24 call, management said the company can achieve minimum 15% to 20% to 25% growth every year, volume and rupees wise. FY25 revenue grew \~6.4% and FY26 revenue grew 5.4% with \~0.7% volume growth - below the 15% floor both years.
11. At least one new customer added every quarter Delivered - At the Q2 FY24 call, management committed to adding at least one new customer every quarter. \~30 new clients were added in Q2 FY24, \~25 in Q3 FY24, and 30-plus customers in Q1 FY27 - consistently above the minimum when disclosed.
12. Revenue mix of 80% packaging: 20% furniture/others going forward On track - At the Q4 FY26 call, management guided a "20:80 ratio" mix going forward, reaffirmed at Q1 FY27 as holding "most of the time" even up to Rs 1,000 crore. In Q1 FY27 healthcare/furniture parts and other products were approximately 19.80% of the portfolio; FY26 mix was \~16% furniture and infra, 84% packaging.
13. Fixed asset turnover ratio more than 4 Pending - At the Q4 FY26 call, management targeted a fixed asset turnover ratio "more than 4" once capacity ramps to normal utilization. The ratio was stated as 3.70 at that time; no subsequent disclosure of improvement appears in our record.
14. Furnastra healthcare furniture EBITDA margin 15% plus Pending - At the Q4 FY26 call, management said the Furnastra healthcare furniture EBITDA margin is "15% plus". Q1 FY27 showed the healthcare/furniture parts and other products segment at approximately 19.80% of portfolio, but no Furnastra-specific EBITDA margin has been disclosed in our record.
15. MiEcoPET to cut raw material use 30-50% and integrate 30-60% recycled PET Pending - In the Q4 FY24 PPT, management promised MiEcoPET would reduce raw material use by 30-50% vs HDPE, integrate 30-60% recycled PET, and cut costs without sacrificing strength. The product launched in Q3 FY24, but at Q4 FY24 two customers were still evaluating it with no meaningful orders, and no commercial-scale verification has been disclosed.
16. FY27 EBITDA margin minimum 10% sustainable On track - At the Q4 FY26 call, management said EBITDA margin of 10% is sustainable ("minimum 10% will sustain"), with internal targets "little more than 10%"; at Q1 FY27 they reiterated 10-12% as normal and "double-digit EBITDA will remain the same for sure". Q1 FY27 EBITDA margin was 16.29%; FY27 is not yet complete.
17. IBC plant at Khalapur - commercial production Q2 FY27 On track - At the Q4 FY26 call, management committed to the IBC plant at Khalapur starting in Quarter 2 FY27. At Q1 FY27 the start was guided to "most probably Q3"; the project is announced as a new vertical but commercial production had not begun as of Q1 FY27.
18. FY27 revenue growth minimum 30% On track - At the Q4 FY26 call, management guided "minimum, minimum 30% growth this year, minimum"; at Q1 FY27 they guided "almost same growth" quarter-on-quarter, after Q3 FY26's "almost in the same range" as FY26. Q1 FY27 revenue was Rs 95.33 crore, up 11.62% YoY; FY27 is not yet complete.
19. Value-added products \~20% revenue share in FY26 Missed - At the Q2 FY26 call, management guided around 20% revenue share for value-added products in FY26, versus current \~15%. FY26 revenue mix was \~16% furniture and infrastructure, 84% packaging, with Q3 FY26 niche items at \~16% of sales.
20. FY26 volume growth at least 15-20% Missed - At the Q2 FY26 call, management guided at least 15% to 20% volume growth for FY26. FY26 total production was 20,920 MT vs FY25's 20,782 MT, growth of \~0.7%, after H1 FY26 volume growth of \~9%.
21. Rs 1,000 crore revenue by FY28 On track - At the Q2 FY26 call, management reiterated the target of Rs 1,000 crore annual revenue by FY28, first stated in the Q4 FY25 PPT as a threefold increase over FY24, and reaffirmed it at Q3 FY26, Q4 FY26 and Q1 FY27. FY26 revenue was Rs 350.85 crore and Q1 FY27 Rs 95.33 crore; management acknowledged plans are "a little delayed".
22. FY25 double-digit EBITDA margin Missed - At the Q4 FY24 call, management reiterated double-digit EBITDA margins in FY25 as "our target. That's always our target". FY25 EBITDA margin was 7.01%, with Q4 FY25 at 9.09% - the full-year target was not met.
23. Rights issue - Rs 15 crore to debt repayment Delivered - At the Q3 FY24 call, management said of the Rs 21.73 crore issue, Rs 15 crore would repay debt, the rest for reserves and working capital. By Q4 FY24, of \~Rs 21 crore raised, Rs 15 crore went to loan repayment and the rest to reserves and working capital, with total debt reduced to \~Rs 78 crore.
24. Rights issue of up to Rs 45 crore Delivered - At the Q2 FY24 call, management planned a rights issue of up to approximately Rs 45 crore, subject to regulatory approvals; the size was corrected to Rs 21.73 crore at Q3 FY24. The rights issue completed in 2024, raising Rs 21.68 crore, significantly oversubscribed.
25. Exports to start from Q2 FY24 Delivered - At the Q1 FY24 call, management expected exports to pick up from Q2 onwards and start "very soon". Direct exports were "Not yet" at Q3 FY24, but by Q4 FY24 German client orders were received and exports started; FY25 export value grew 144% YoY and FY26 export revenue was Rs 3.35 crore.
26. New value-added product launch within 3-6 months Delivered - At the Q1 FY24 call, management said a new value-added product would be announced "very soon," with research taking "some three to six months" to land the right product with regular orders. MiEcoPET launched in Q3 FY24 with commercial production started and financial effect expected from Q1 FY25.
27. FY24 EBITDA margin at least 10% Missed - At the Q1 FY24 call, management said "we should achieve at least 10% of EBITDA margin this year", reiterated at Q2 FY24 with H2 target more than 10% and an internal 12% target at Q3 FY24. FY24 EBITDA margin was 8.25%, with Q4 FY24 at 9.14%.
28. FY24 revenue much better than FY23 Missed - At the Q1 FY24 call, management expected FY24 revenue to be "much better than last year". FY24 revenue was Rs 312.28 crore vs FY23's Rs 309.33 crore, up only \~1% - management called it "our lowest growth ever".
29. Pails EBITDA margin 14-18% Pending - At the Q4 FY23 call, management guided pails EBITDA margins of "14% to 18% in between". No pails-specific EBITDA margin disclosure appears in our record through FY26.
30. Pails capacity utilization at least 60% in FY24 Missed - At the Q4 FY23 call, management targeted pails capacity utilization of at least 60% for FY24. The pail business was "still in the development stage" at Q1 FY24 and pails were "still struggling to onboard paint companies" at Q4 FY24; no 60% utilization was disclosed.
31. Pails revenue Rs 25-30 crore in H2 FY23 Missed - At the Q2 FY23 call, management guided pail revenue of approximately Rs 25-30 crore for H2 FY23 (October to March); at Q3 FY23 big numbers were pushed to "maybe first quarter of 24". Pails commercial sales started at "very low numbers" in Q3 FY23, and no Rs 25-30 crore H2 FY23 figure appears in our record.
32. Pails capacity 1,650 MTPA, capex Rs 6.14 crore Delivered - At the Q2 FY23 call, management announced diversification into plastic pails with new capacity of 1,650 MTPA and total capex estimated at Rs 6.14 crore, financed by NBFC unsecured loan. Pail production started the first week of October 2022, and the pails machine (\~1,600 tons) was included in FY23 capex of \~Rs 25-28 crore; pails launched as a new product in 2023.
33. Peak revenue on existing capacity Rs 345-350 crore Delivered - At the Q1 FY23 call, management reiterated peak revenue on existing capacity at Rs 345-350 crore "without any addition of the capacity"; later estimates rose to \~Rs 425 crore, Rs 475-500 crore, Rs 430-450 crore and \~Rs 450 crore. FY26 revenue was Rs 350.85 crore, within the original range, after FY23-FY25 revenues of Rs 309.33 crore, Rs 312.28 crore and Rs 332.28 crore.
34. EBITDA margin target 14-15% Missed - At the Q1 FY23 call, management reiterated the EBITDA margin target of "14% and 15% in between"; later resets included "not less than 12% or 13%", 10% floors for FY24, a 12% internal target, 8-10% through-cycle and minimum 10%. Margins were 8.61% FY23, 8.25% FY24, 7.01% FY25, 9.9% FY26 before 16.29% in Q1 FY27 - the 14-15% target was never achieved.
35. Hospital furniture segment 10-13% contribution growth Missed - At the Q1 FY23 call, management expected the furniture segment to contribute \~10%-13% growth. The segment's share was 9.5% in Q1 FY23, 8.75% FY23 and 9.65% FY24, staying below 10% in most periods.
36. Capacity utilization to 60-70% near-term, max 85% Missed - At the Q1 FY22 call, management said utilization could rise "in a very near future" to \~60 to 70% from 61%, with 85% the maximum achievable; targets of "at least 75% or plus" for FY23 followed, then up to 85% in FY25. Utilization was \~64% FY22, \~67% FY23, 71% FY24 and 64% FY26 - never reaching 75%+ on a sustained basis.
37. Maintain \~Rs 60 crore quarterly top-line run-rate Delivered - At the Q1 FY22 call, management committed to maintaining the \~Rs 60 crore quarterly top-line run-rate going forward. Q2 FY22 total income was Rs 57.9 crore, Q3 FY22 Rs 66.5 crore and Q4 FY22 Rs 74.7 crore - the run-rate was maintained or exceeded.
38. FY22 EBITDA margin maintained or increased from 13.57% Missed - At the Q4 FY21 call, management planned to maintain or increase FY22 EBITDA margin versus FY21's 13.57%, later saying margin "will be definitely improved" and "trying to maintain the June quarter EBITDA". FY22 EBITDA margin was 10.4%; Q1 FY22 was 13.4% but Q2 fell to 8.81%.
39. FY22 revenue growth \~40% Delivered - At the Q4 FY21 call, management expected \~40% revenue growth in FY22, twice stated, reconfirmed at Q2 FY22 with "30-38% run rate" at Q3 FY22. FY22 total revenue was Rs 258.9 crore, up 44% YoY.
40. Sustained 25-30% growth for next few years Missed - At the Q3 FY21 call, management committed to "definitely 25% to 30% next few year's growth", later aiming for "more than 30%, 34%, 35%" and 20-30-35% "for next coming two to three years". Growth was 44% in FY22 but \~19.5% in FY23, \~1% in FY24, \~6.4% in FY25 and 5.4% in FY26.
41. Quarter-on-quarter growth 20-25% from Q1 FY22 Missed - At the Q3 FY21 call, management guided quarter-on-quarter growth of 20% to 25% starting from Q1 FY22, with "lot of effect" coming in Q1. Q1 FY22 sales grew 82.6% YoY to Rs 59.46 crore, but Q2 FY22 total income of Rs 57.9 crore was roughly flat QoQ before rising to Rs 66.5 crore in Q3 FY22.
42. FY21 top and bottom line growth minimum 30% Delivered - At the Q3 FY21 call, CFO Manish Dedhia guided "minimum 30% growth will be there in both" top and bottom line from FY2019-20 to FY2020-21. FY21 total income grew 29% to Rs 178.33 crore, EBITDA grew 50% to Rs 24.20 crore and PAT grew 145% to Rs 9.71 crore - the bottom line far exceeded and top line landed within rounding of the floor.