1. FY27 EBITDA margin - 23% to 24% Pending - At the Q4 FY26 call, management guided EBITDA margin of 23% or 24% for FY27, citing savings from reduced exhibition participation and lower API seal subsidy spend. FY27 has not commenced; no outcome data yet.
2. FY27 revenue growth - \~15% Pending - At the Q4 FY26 call, management guided revenue growth of \~15% for FY27. FY27 has not commenced; no outcome data yet.
3. Replacement business - 10-15% of sales in FY27 Missed - At the Q4 FY25 call, management guided replacement business would be 10% to 15% of sales in FY27, later pushing recurring spare-part business commencement to FY28 at the Q4 FY26 call. Management withdrew the FY27 timeline, effectively voiding the 10-15% target.
4. FY26-FY27 annual growth - 15% to 20% Partial - At the Q4 FY25 call, management guided year-on-year growth of 15% to 20% for the current financial year and for years to come, with FY27 growth later guided at \~15% at the Q4 FY26 call. FY26 revenue was ₹103 cr against FY25 ₹101 cr - growth of \~2%, missing the 15-20% target; FY27 guidance of \~15% sits at the lower bound of the range.
5. 5-year revenue target - at least ₹275 crores by 2028 On track - At the Q3 FY25 call, management guided a 5-year revenue target of at least ₹275 crores by 2028, later revised down to crossing ₹225 cr by 2028-2029 at the Q4 FY25 call. FY26 revenue was ₹103 cr with FY27 guided at \~15% growth implying \~₹118 cr; the revised target requires \~24% CAGR from FY27, and the horizon is not reached.
6. FY28 end-user business - incremental ₹10-15 crores Pending - At the Q3 FY25 call, management guided FY28 would add incremental ₹10-15 crores of end-user business on top of FY27's ₹15 crores, but at the Q4 FY26 call the FY27 base was voided and no revised FY28 figure was provided. The FY28 horizon is not reached and the original target's premise has shifted.
7. FY27 end-user business revenue - ₹15 crores Missed - At the Q3 FY25 call, management guided FY27 end-user business revenue of ₹15 crores, reaffirmed at the Q2 FY26 call that replacement business from 490 API seals would start from April FY27. At the Q4 FY26 call, management withdrew the FY27 ₹15 cr target, pushing recurring spare-part business to FY28 due to Middle East commissioning delays.
8. FY26 Abu Dhabi revenue - at least $0.5 million Missed - At the Q3 FY25 call, management guided FY26 Abu Dhabi revenue of at least $0.5 million. The SealTech JV incurred a loss of ₹51.61 lakhs with no revenue, the service centre was not operational during FY26, and no separate Abu Dhabi revenue figure was disclosed.
9. Abu Dhabi - 300 seals, $1.5 million business in 3 years On track - At the Q3 FY25 call, management guided a target of minimum 300 seals installed in Abu Dhabi with $1.5 million business in 3 years, implying a \~January 2028 horizon. As of Q4 FY26, 686 mechanical seals had been supplied to the Middle East with \~230 under execution, though commissioning is delayed by \~7 months due to geopolitical conditions.
10. Mongol Refinery project - execution by Q4 FY25 Partial - At the Q4 FY24 call, management stated the Mongol Refinery project would be executed by the last quarter of FY25, i.e. by March or April 2025. By Q4 FY26, 118 seals had been supplied and 53 were under execution, meaning the project was not fully executed by the deadline but meaningful progress was made.
11. Middle East turnover - ₹25 crores in 3 years Pending - At the Q4 FY24 call, management stated Middle East turnover would be in the range of ₹25 crores in the next 3 years, implying an FY27 horizon. FY26 export OEM sales including Middle East API seals were ₹14.5 cr, of which ₹8.3 cr was for API seals projects, but commissioning delays of \~7 months have pushed the recurring revenue stream to FY28.
12. Defense business - 25% of turnover in 3 years Pending - At the Q4 FY24 call, management stated defense business should have 25% of turnover in 3 years, implying an FY27 horizon. FY26 revenue was ₹103 cr, but no disclosure of defense revenue as a separate segment or percentage of turnover exists in our record to assess progress.
13. Revenue doubling by FY27 - to \~₹150 crores On track - At the Q4 FY24 call, management stated it would be safe to assume a doubling of turnover from \~₹71-72 cr to \~₹150 cr by FY27, later introducing longer-term targets of ₹275 cr by 2028 and ₹225 cr by 2028-2029. FY26 revenue reached ₹103 cr and the FY27 horizon remains live as of 14 July 2026, with the company yet to report its final FY27 outcome.
14. FY25 EBITDA margin - 24% to 26% Delivered - At the Q4 FY24 call, management guided FY25 EBITDA margin in the range of 24% to 26%, later narrowing to \~25.5% at the Q3 FY25 call. FY25 EBITDA margin was \~24%, at the lower bound but within the guided range.
15. Five-year vision - become the 4th global player in mechanical seals On track - At the Q2 FY24 call, management articulated a five-year vision to become the fourth global player in mechanical seals, with a horizon of \~December 2028. The company has expanded to 63+ countries, secured ADNOC and KPC approvals, and supplied 900+ API seals to the Middle East, though no independent ranking data is available in our record.
16. Main board migration - when eligible Pending - At the Q2 FY24 call, management stated they would move to the BSE main board as and when eligible, noting a possible three-year rule change implying eligibility from \~March 2026. Our record holds no disclosure of a main board migration application, approval, or completion as of 14th July 2026.
17. Abu Dhabi sales office - by March 2024 Partial - At the Q2 FY24 call, management guided a sales office in Abu Dhabi by March 2024 to cater to the Middle East and GCC countries. A joint venture SealTech LLC was formed, ADNOC approval was attained, and a service centre was built, but no explicit sales office was confirmed by the March 2024 deadline.
18. O&M / end-user business commencement - from 1st April 2026 Partial - At the Q4 FY23 call, management stated the golden period of O&M business would start from 2026, with subsequent calls confirming commencement from 1st April 2026, later restated as FY27 and finally pushed to FY28 at the Q4 FY26 call. The 1st April 2026 deadline passed without commencement; 700+ seals have been supplied with commissioning underway, and the recurring stream is now guided to start FY28.
19. New product development - dry gas seal, metal bellow seal by May 2025 Missed - At the Q2 FY24 call, management stated development of dry gas seal and metal bellow seal was on track for completion by May 2025. As of 14 July 2026, no disclosure confirming completion of these specific products has been identified, and the stated deadline has passed.
20. FY25 revenue growth - 60% growth Partial - At the Q2 FY24 call, management confirmed growth guidance of 60% for FY25, later revised to 25% incremental growth at the Q3 FY25 call. FY25 revenue was ₹101 cr against FY24 ₹71 cr - growth of \~42%, exceeding the revised 25% target but falling short of the original 60% target.
21. FY24 EBITDA margin - maintain 28% Missed - At the Q4 FY23 call, management stated they expected to maintain EBITDA at 28%, reaffirmed as intact at the Q2 FY24 call despite H1 operating margin of 24%. FY24 EBITDA margin on an as-reported basis was 22.45%.
22. FY24 revenue growth - \~30% growth Missed - At the Q4 FY23 call, management expected a similar growth pattern for FY24 as FY23 which was \~31% growth, later confirmed as around 30% at the Q2 FY24 call. FY24 revenue was ₹71.01 cr against FY23 ₹58.54 cr - growth of 21.31%, missing the 30% target.
23. ISO 19443 nuclear certification - obtain certification Delivered - At the Q4 FY23 call, management stated the company was undergoing certification for ISO 19443, which would make it the only mechanical seal company globally to qualify. ISO 19443 accreditation was obtained and announced on 11th July 2023, making Sealmatic the only Indian mechanical seal company with the certification.
24. IPO funds deployment - fully deployed within 18 months Partial - At the Q4 FY23 call, management stated they expected to deploy all IPO funds within 18 months, implying an August 2024 deadline. As of March 2025, \~84% was deployed, and by October 2025, \~90.5% was utilised, but full deployment was not achieved within the 18-month window.
25. Daman factory expansion - fully functional by end of CY2023, adding \~60% capacity Delivered - At the Q4 FY23 call, management guided the Daman factory expansion adding \~60% capacity would be fully functional by end of CY2023, later revised to March 2024, then June-July 2024, and finally August 2024. The new Kaman unit was commissioned in January 2024 and fully integrated by August 2024, adding 65% production capacity.