1. FY27 EBITDA margin - 45-50% band Pending - At the Q4 FY26 call, the CFO guided that the EBITDA margin will continue in the band of 45-50% for FY27. FY27 has not yet commenced and no margin data is available.
2. Fleet expansion - seven to eight owned vessels over two to three years Delivered - At the Q4 FY26 call, the Chairman stated the vision is to expand to seven to eight vessels over a period of two to three years. As of Q4 FY26, the company owned 12 ships, already exceeding the seven-to-eight target.
3. MPSV (Serenity) - ready before monsoon is over, revenue in H2 FY27 Pending - At the Q4 FY26 call, the Chairman stated the MPSV had arrived in India and was waiting for spares to undergo dry-docking before it could be chartered. The vessel's operational timeline and revenue commencement date have not been publicly confirmed.
4. Hades (Artemis) - five-year charter with Hardy Oil at \~₹6 lakh per day On track - At the Q4 FY26 call, the Chairman stated the charter rate for the Hades vessel is already fixed under a five-year contract at around ₹6 lakh per day. A five-year charter contract has been signed with Hardy Oil and the vessel was inducted into the owned fleet during H2 FY26, with MoD clearance pending before charter commences.
5. Debt-funded capex of \~₹245 Cr for two vessels in FY26 Partial - In the CRISIL rating rationale dated Aug 2025, debt-funded capital expenditure of around ₹245 Cr for the purchase of two vessels in FY26 was noted as planned. The two vessels acquired in FY26 were Hades at $5 million and the MPSV, with total acquisition cost for both at approximately $15 million, substantially below the ₹245 Cr figure.
6. Absolute increase in EBITDA margins - about 100% Missed - At the Q4 FY25 call, management guided that absolute increase in EBITDA margins should be in the range of about 100%. FY25 consolidated EBITDA margin was 29.65% and FY26 consolidated EBITDA margin was 47.28%, an expansion of \~1,763 bps but not a doubling in absolute terms.
7. EBITDA margin going forward - 40% to 45% Delivered - At the Q4 FY25 call, management guided that going forward, EBITDA margins should be in the range of 40% to 45%, later revised to 45-50% for FY27 at the Q4 FY26 call. FY26 consolidated EBITDA margin was 47.28%, exceeding the upper bound of the 40-45% range.
8. H1 FY26 revenue - ₹135 Cr to ₹140 Cr Delivered - At the Q4 FY25 call, management guided H1 FY26 revenue could be ₹135 crores to ₹140 crores in that range. H1 FY26 consolidated total income was ₹139.53 Cr, within the guided range.
9. Schlumberger contract (Celestial) - charter rates to increase post-conversion, contract value may exceed ₹197 Cr over first three years On track - At the Q4 FY25 call, management guided that charter hire rates will go up after the conversion process completes and the contract may turn out to be more than ₹197 crores over the first three years. Celestial completed its conversion and commenced operations, with FY26 revenue of ₹55.36 Cr up from ₹19.26 Cr in FY25, though the three-year window runs to \~Oct/Nov 2027.
10. Acquire one more vessel - close by June 2025, tied up with a contract Delivered - At the Q4 FY25 call, management stated they were working on acquiring one more vessel which should be tied up with a contract and hoped to close it this month, June 2025. The vessel AM Passion was delivered and deployed under a Schlumberger charter commencing 24 June 2025.
11. Ocean Diamond and Emerald - move to long-term contracts before short-term contracts expire in Sep/Oct 2025 Partial - At the Q4 FY25 call, management stated they expect to put Ocean Diamond and Emerald on long-term contracts before their short-term contracts expire in September/October 2025, with the target later revised to H2 FY26. Ocean Diamond was deployed on a 150-day firm charter with L&T effective November 2025, and Emerald had no long-term contract by the record's end.