1. Main board listing - no specific timeline Pending - At the Q2 FY25 call, management stated an intention to move to the main board with no hurries, later deferring consideration to after March 2026 eligibility. As of 14 Jul 2026, no application or approval has been disclosed, though the eligibility window is now open.
2. Drone/defense engagement - in or out within two years On track - At the Q4 FY26 call, management stated that within the next two years they will either be in or out of the drone/defense business. The company is currently supplying low-value, low-volume products directly to defense and conducting active trials, with the two-year window running to Mar 2028.
3. Robu 2.0 - own brands for long-term success over 5 to 10 years On track - At the Q4 FY24 PPT, management positioned Robu 2.0 for success over the next 5 to 10 years, a horizon reiterated through Q2 FY26. Revenue remains under 5% of total as of Q2 FY26, but \~300 SmartElex modules and 5-10 drone products have been developed, with gross margins of \~35%+ versus \~25% overall.
4. Multiply product count to 1,00,000 products in five to six years Delivered - At the Q2 FY24 call, management stated a target to multiply product count to 1,00,000 products in five to six years. SKU count reached 1,00,000+ by Q3 FY26 and 1,05,775 by Q4 FY26, achieving the target in approximately 2.5 years against a Sep 2028-Sep 2029 window.
5. Maintain gross margins of 25% to 28% Partial - At the Q2 FY24 call, management targeted maintaining gross margins of 25% to 28%, later resetting expectations to 23%-24% at the Q4 FY25 call. H1 FY25 gross margins fell to \~17% due to one-time bulk orders, and H2 FY25 recovered to 23%-24%, still below the original 25% floor.
6. 40% to 50% revenue growth maintainable for five years On track - At the Q2 FY24 call, management stated 40% to 50% revenue growth was maintainable for five years, though guidance was withdrawn at Q2 FY25 and later restated as confidence in maintaining historic 50% CAGR over the next couple of years. FY25 revenue grew 104% and FY26 grew 21.06%, with the five-year window from Sep 2023 running to FY28.
7. FY24 revenue growth of 40% to 50% Delivered - At the Q2 FY24 call, management guided FY24 revenue growth of 40% to 50%. FY24 revenue reached ₹126.36 Cr, representing 56% year-on-year growth, exceeding the guided range.
8. Maintain PAT margin of 8% to 10% Partial - At the Q4 FY23 call, management stated a target to sustain PAT margins of 9% to 10%, later formalised as 8% to 10% at the Q2 FY24 call and reiterated through Q2 FY26. FY24 PAT margin was 8.57%, FY25 fell to 7.00%, and FY26 recovered to 8.23%, with the FY25 full-year margin breaching the 8% floor.