1. Qwik Supply Chain contract - \~₹6 cr annual revenue over 3 years Pending - In the Q4 FY25 PPT, management stated the contract with Qwik Supply Chain for deployment of 10 tanker trucks is expected to generate annual revenues of approximately ₹6 crore over a committed period of three years. Our record holds no disclosure of revenue realised from this contract, and the three-year horizon from \~FY26 has not been reached.
2. JSW Steel / Adani Wilmar - \~400 containers per month Pending - In the Q4 FY25 PPT, management stated that through engagements with JSW Steel and Adani Wilmar, the Company expects to secure the movement of approximately 400 containers per month on an average basis. Our record holds no disclosure confirming the achievement of 400 containers per month from these engagements, and the horizon is ongoing with no read yet.
3. Debt reduction - 50% in FY25 Missed - At the Q4 FY24 call, the CFO stated current debt repayment would be around ₹16 cr, and debt would reduce by 50% in FY25 itself. Total debt as of Mar 2024 was ₹109 cr, implying a target of \~₹54.5 cr, but debt stood at ₹152 cr as of 14 Jul 2026 with no disclosure confirming a 50% reduction in FY25.
4. Sale of petroleum - \~₹35 cr revenue in FY25 Delivered - At the Q4 FY24 call, the CFO guided revenue from sale of petroleum of around ₹35 cr for FY25. FY25 sale of petroleum products revenue was ₹68.99 cr, exceeding the target (SQL per-segment trend).
5. FY25 EBITDA margin - around 4%, progressing toward 5% Missed - At the Q4 FY24 call, the CFO guided EBITDA margin of around 4% for FY25, progressing toward 5% within the year. FY25 EBITDA margin was 3.18%, missing the 4% target and not approaching the 5% aspiration (SQL annual trend).
6. Sale of commercial vehicles - internal target ₹300 cr in FY25 Missed - At the Q4 FY24 call, the CFO stated an internal target for sale of commercial vehicles of ₹300 cr in FY25. FY25 commercial vehicle segment revenue was ₹204 cr, missing the target by a wide margin (SQL per-segment trend).
7. Logistics business - cross \~₹700 cr in FY25 Delivered - At the Q4 FY24 call, the CFO guided the logistics business would cross around ₹700 cr in FY25. FY25 logistics segment revenue was ₹712 cr, crossing the target (SQL per-segment trend).
8. Total debt of ₹98 cr repaid by March 2027 Pending - At the Q2 FY24 call, management guided total debt of ₹98 crores would be repaid by March 2027, with nearly 80-85% loan debt repaid; the CFO later revised that debt would reduce by 50% in FY25 itself. Total debt stood at ₹152 cr as of 14 Jul 2026, and the March 2027 horizon has not yet been reached (SQL snapshot).
9. HCV dealership segment - \~₹200 cr revenue by end of FY24 Delivered - At the Q2 FY24 call, management guided the heavy commercial vehicle dealership segment would contribute almost ₹200 crores by end of FY24. FY24 commercial vehicle segment revenue was ₹204 cr, meeting the target.
10. FY24 consolidated revenue \~₹700 cr, EBITDA margin 2.5-3% Delivered - At the Q2 FY24 call, management guided FY24 consolidated revenue of more or less ₹700 crores and EBITDA margin of more or less 2.5% to 3%. FY24 consolidated revenue was ₹708.3 cr and EBITDA margin was 3.4%, both within or above the guided range.