1. QIP - ₹160 cr raised for inorganic growth Delivered - At Q2 FY26, management guided that the company raised ₹160 cr through QIP, with ₹144 cr allocated for expansion through inorganic growth, to be completed in FY26. ₹138.78 cr was utilised for the acquisition of a 60% stake in Kohli Printing and Converting Machines Pvt. Ltd., completed in FY26.
2. New geographies - entry in FY26 Missed - At the Q2 FY25 call, management guided that the company is targeting to enter new geographies for the next year (FY26). Our record holds no disclosure of entry into a new geography in FY26; the Q4 FY26 PPT mentions expanding to newer geographies as a future focus.
3. Revenue growth - 13-15% for FY26 Delivered - At the Q2 FY25 call, management guided that the company would be able to register growth of around 13% to 15% next year (FY26). FY26 revenue growth was 35.72% (SQL), significantly exceeding the 13-15% target.
4. Strategic partnerships/collaborations - good news by end of FY24 Missed - At the Q4 FY24 call, management guided that they are aggressively working on strategic partnerships/collaborations and may have good news by the end of the year (i.e., by \~March 2025). In FY26, the company invested in a 60% stake in Kohli Printing and Converting Machines and signed an NBIO for another acquisition, both after the stated deadline.
5. Revenue growth - 17-20% for FY25 with EBITDA margin 13-15% Delivered - At the Q4 FY24 call, management guided revenue growth of 17% to 20% for FY25 with improved EBITDA margin of around 13% to 15%. FY25 revenue grew 28.53% and EBITDA margin was 18.37% (SQL), exceeding both targets.
6. Lamina-E (solar) - contribute at least 10-15% of turnover Pending - At the Q4 FY23 call, management guided that the new product Lamina-E is expected to contribute at least 10% to 15% of turnover; later revisions guided \~₹20-25 cr in solar revenue over two years. Our record holds no quantified revenue disclosure for Lamina-E or solar through FY26; one machine was in operation by Q2 FY24.
7. CAPEX - ₹20-25 cr over FY24-FY25 for capacity expansion Partial - At the Q4 FY23 call, management guided that the company will invest around ₹20 cr to ₹25 cr for increasing capacity, spread over FY24 and FY25. FY24 capex was ₹9.33 cr and FY25 CWIP was ₹1.11 cr (SQL); a ₹30 cr Yantralaya investment was made in FY25, but the total against the original commitment cannot be precisely verified.
8. PAT margin - 8-10% (Q4 FY23 guidance) Delivered - At the Q4 FY23 call, management guided net margin (PAT margin) of 8% to 10%. FY24 PAT margin was 10.65%, FY25 was 13.89%, and FY26 was 14.20% (SQL), all above the guided range.
9. EBITDA margin - 12-15% (Q4 FY23 guidance) Delivered - At the Q4 FY23 call, management guided EBITDA margin improvement, targeting 12% to 15% operating margin; later revised to 13-15% for FY25. FY24 EBITDA margin was 13.52%, FY25 was 18.37%, and FY26 was 17.77% (SQL), achieving and sustaining above the range.
10. Revenue growth - 15-17% YoY (Q4 FY23 guidance) Delivered - At the Q4 FY23 call, management guided revenue growth target of 15% to 17% year-on-year. FY24 revenue grew 23.51% (SQL), exceeding the target.
11. EVA sheet extrusion system (solar) - first order executing by Q2/Q3 FY23 Delivered - At the Q4 FY22 call, management stated that the first order for the EVA sheet extrusion system is probably executing in the next to next quarter, i.e., Q2-Q3 FY23. The product was launched as Lamina-E in FY23 and one machine was in operation by Q2 FY24.
12. Revenue growth - 15-20% YoY for 3-5 years from FY22 Partial - At the Q4 FY22 call, management guided for steady growth of 15-20% year-on-year for the next three to five years; later revised to 15-18% and 12-15%. FY23 revenue contracted 16.05%, but FY24 grew 23.51%, FY25 grew 28.53%, and FY26 grew 35.72% (SQL).
13. CAPEX - ₹8-10 cr in FY23 Missed - At the Q3 FY22 call, management guided that capex for FY23 would be around 8 Crores to 10 Crores, mainly on tooling. FY23 CWIP was ₹2.56 cr (SQL) and existing capex incurred was \~₹2.5 cr, well below the guided range.
14. New product launch - in FY23 Delivered - At the Q3 FY22 call, management stated that new product developments will be launched probably in the next year (FY23). In FY23, the company launched Lamina-E and PentaFoil-POD.
15. EBITDA and PAT margins - maintained and slightly improved after a year Missed - At the Q2 FY22 call, management stated that EBITDA and PAT margins would be maintained and slightly improved after a year when new product lines are added. FY22 EBITDA margin was 12.17% and PAT margin was 8.59%; FY23 EBITDA margin declined to 8.76% and PAT margin to 6.16%.
16. Revenue growth - 20% after JV/merger in 2-3 years Missed - At the Q2 FY22 call, management stated that after two to three years, with a planned joint venture or merger, the company would be able to grow at 20% after a year or so. No JV or merger was completed within the \~November 2023-2024 window; the Kohli acquisition occurred in FY26.
17. Revenue growth - 12-15% for another one year from Q2 FY22 Pending - At the Q2 FY22 call (Sep 2021), management guided for 12-15% revenue growth for "another one year". The evidence does not provide the actual revenue for the guided period ending \~Sep 2022, so whether the target was met cannot be confirmed.
18. Land development - capacity enhancement by FY23 Partial - At the Q1 FY22 call, management guided that the land purchased in 2018 will likely see a development plan in FY23, with capex of ₹100 plus crores; later revised to a phased approach with adjacent land. A new assembly facility was inaugurated in April 2024 and capacity was increased by 30% in FY25, a \~1-year delay from the original FY23 deadline.
19. Capture 10% of European/German-served market - three years from Q1 FY22 Missed - At the Q1 FY22 call, management guided a target to capture 10% of the market currently served by European and German suppliers over the next three years, i.e., by \~June 2024. Our record holds no disclosure quantifying market share captured from European/German suppliers by that horizon.
20. Export contribution - 60-65% medium-term target Partial - At the Q1 FY22 call, management guided a target to increase export contribution to 60% to 65% of turnover as a medium-term goal; later revised to above 50% and 55-60%. Exports were 49% in FY22, fell to 35% in FY23, recovered to 45% in FY24, and reached \~50-52% in H1 FY25, never reaching 60%.
21. No promoter holding dilution - at least three years from Q4 FY21 Delivered - At the Q4 FY21 call, management stated there is no plan to dilute promoter holding for at least the next three years, i.e., until \~March 2024. No promoter dilution was disclosed through March 2024; a buyback in FY24 extinguished 26,176 shares, and a QIP was raised in July 2025, after the window.
22. CAPEX plan - put in place by Q2 FY22 Missed - At the Q4 FY21 call, management stated a strong CAPEX plan would be put in place by the next quarter, i.e., by September 2021. At the Q1 FY22 call, management guided no infrastructure expansion for FY22, with any investment only in R&D and product enhancement; no CAPEX plan was disclosed by the deadline.
23. Revenue growth - 12-15% for FY22 Delivered - At the Q4 FY21 call, management aspired to grow revenue by 12% to 15%, reiterated at the Q1 FY22 call as full-year FY22 guidance. FY22 revenue was ₹172.30 cr, a YoY increase of 13.17%, within the guided range.
24. Buyback - up to 9,42,300 shares at ₹210 Partial - In FY24, the company approved a proposal for buyback of up to 9,42,300 fully paid-up equity shares at ₹210 per share, for an aggregate consideration not exceeding ₹19.79 cr. The company completed extinguishment of 26,176 equity shares bought back at ₹210 per share, representing \~2.8% of the approved maximum.
25. Yantralaya investment - ₹30 cr for 40% capacity increase On track - At Q3 FY25, management announced a strategic investment of ₹30 cr to upgrade Yantralaya with advanced 5-axis machinery from Japan, increasing production capacity by 40%. The investment was made and the Okuma Multus from Japan was installed; the 40% capacity increase outcome is not yet quantified in our record.