1. \~₹100 crore quoted inquiries to convert to orders in FY27 or around same time next financial year Pending - At the Q1 FY27 call, management said the \~₹100 crore of quoted inquiries are still alive and "we should be able to get some good numbers in this financial year", possibly "by this financial year or around the same time in the next financial year". No order conversion is disclosed in our record as of Q1 FY27.
2. Main board listing on BSE and NSE in FY 23-24 Delivered - In the FY23 Annual Report, management stated the company was "steadily progressing in its plans for main board listing on BSE as well as NSE in FY 23-24". The company entered the main board of BSE and NSE, with corporate history milestones noting Main Board migration in 2023.
3. DISC (iDEX) ultracapacitor-based engine-start system for Indian Army AFVs to complete in 2026 On track - In the FY25 Annual Report, management said the DISC (iDEX) retrofit ultracapacitor-based engine-start project is expected to complete in 2026 and qualify for emerging requirements post testing, validation and user trials. DISC 5 and DISC 11 challenges were won; the DISC 11 work was in progress as of Q4 FY26, with no completion disclosed as of Q1 FY27.
4. Export share of around 10% of total revenue in FY26 Pending - At the Q4 FY26 call, management targeted export share of total revenue this financial year at around 10%, with 90% domestic, while noting "the merrier the better, but it practically looks very difficult considering the present situation". FY26 revenue was ₹40.88 cr; first-ever Control & Relay Panel exports to Africa, an Indonesia Bus Transfer System project and Qatar & Oman utility orders were disclosed, but no export share percentage was disclosed.
5. Narmadapuram / Faradigm Energy Storage Manufacturing Facility commercial operations by end of FY 2026-27 On track - At the Q4 FY26 call, management guided first operations at Narmadapuram by early next year, civil work complete in nine to ten months, and commercial operations by end of 26-27 or early 27-28; the Q4 FY26 PPT restated commercial operations targeted by end of FY 2026-27. The foundation stone was laid and civil infrastructure work was underway as of Q4 FY26, with no commissioning disclosed as of Q1 FY27.