1. Premier Explosives 155mm artillery shells - continuous orders expected Pending - At the Q1 FY27 call, management said Premier Explosives would receive continuous orders for 155mm artillery shells, with Apollo doing fuzes and Premier the ammunition portion. Premier has provided complete filled 155mm shell samples to the Indian Army, which are being tested; no orders confirmed.
2. Make-II PSOs (ASW-SAVIOR and IPREC) - completion in 18 months; orders in a year's time On track - At the Q1 FY27 call, management said the Make-II PSOs (ASW-SAVIOR and IPREC) are expected to complete in 18 months, with orders "in an year's time" after completion; the MD clarified the Navy indicates next financial year. The Navy PSO for SAVIOR was received and the IAF selected Apollo as prime development agency for IPREC.
3. Premier Explosives acquisition - 41.33% stake via all-cash SPA, \~₹2,500 crore of fund-raise proceeds allocated On track - At the Q1 FY27 call (August 8, 2026), management confirmed a Share Purchase Agreement signed on 9th July 2026 to acquire 41.33% of Premier Explosives in an all-cash deal, with \~₹2,500 crores of the fund-raise proceeds allocated to the acquisition. The acquisition is not yet completed as of Q1 FY27, with the open-offer process in the regulator's hands.
4. Defence explosives licence capacity - HMX 50 MTPA and TNT 500 MTPA On track - In the Q4 FY26 PPT, management stated defence explosives licence capacity targets of HMX 50 MTPA and TNT 500 MTPA, valid up to 15 years under the IDR Act, 1951. The licence was awarded for HMX and TNT manufacture; management said the licences cover industrial explosive requirements and capacities are not limited to those figures.
5. VMCDS trials - initiated in Q1 FY27; later FY27 Partial - In the Q4 FY26 PPT, management said Vehicle Mounted Counter Drone Systems (Make II) trials would be initiated from Q1 FY27; the Q1 FY27 PPT broadened this to "in this Financial Year". In Q1 FY27 the anti-drone Make-II was yet to go for trials and was getting ready.
6. Smart bomb (500 kg / dumb-bomb conversion) - technology to be established very soon On track - At the Q1 FY27 call, management said the 500 kg smart bomb (dumb-bomb conversion) technology would be established "very soon", noting the Air Force has thousands of inventory to convert. The IAF sanctioned a Make-II prototype sanction order for the 500 Kg Smart Bomb in July 2026.
7. Limpet mines - orders expected from Q4 FY27 onwards On track - At the Q1 FY27 call, management said limpet mine orders were expected maybe from the 4th quarter onwards. Limpet mine development is already completed, GOI has imposed an embargo on Limpet Mines, and Apollo is the only company with successful trials demonstrated; no orders received as of Q1 FY27.
8. Moored mines - handover to Indian Navy expected anytime this month (July/August 2026) Pending - At the Q1 FY27 call, management said moored mines handover to the Indian Navy was expected "anytime this month", with DCP signing announcement in "next 2 weeks" and orders only next financial year. Moored mine combat trials are already completed; no disclosure confirms handover or DCP signing as of Q1 FY27.
9. RF business - developing sensitive RF technologies starting FY26 Partial - At the Q1 FY26 call, management said the company would go strong on RF, developing sensitive RF technologies starting FY26, having paused an RF acquisition in favor of IDL; at the Q4 FY25 call it said the RF portfolio would be accelerated that year. By Q4 FY26, RF seeker development had started for a couple of programs with a testing facility being set up at Hardware Park; no RF acquisition was completed.
10. Operating cash flow - totally positive in FY25 and subsequent years Delivered - At the Q4 FY25 call, management said the operating cash flow change in FY25 would be totally positive and carry forward in subsequent years. FY25 operating cash flow was ₹112.7 Mn positive against -₹784.9 Mn in FY24; FY26 operating cash flow is not disclosed in our record.
11. Corporate guarantee resolution - re-moved after 1st April with expectation to pass Pending - At the Q3 FY26 call, Sai Kumar said the defeated corporate-guarantee resolution would be re-moved with a comprehensive presentation to shareholders and reporting agencies after 1st April, and management expected it to pass. No disclosure in our record confirms the resolution was re-moved or passed as of Q1 FY27.
12. Fundraise - ₹3,300 crore for Premier acquisition and working capital Pending - At the Q1 FY27 call, the fundraise proceeds breakup was disclosed: INR2,500 crores for the acquisition and around INR500 crores for working capital debt and general corporate purposes, a total raise of \~INR3,300 crores; filings earmarked ₹500 crore for repayment of borrowings and ₹800 crore for working capital in Fiscal 2027-2028. In Q1 FY27 nothing further was being raised while the current preferential round awaited exchange approval; the ₹3,300 crore raise is not completed.
13. Fund utilization - ₹816 crore preferential issue proceeds within six months Partial - At the Q4 FY25 call, management said the Rs. 816 crores preferential fund raise would complete within the next six months, with filings stating proceeds within 6 months of allotment. By Q1 FY26 exchange approval was in, but only 50% of the mobilized amount had arrived with ₹325 crores of warrants still pending; subscription reached ₹742.25 Cr against the proposed ₹816.08 Cr.
14. Exports - bag some export orders in FY26; sizable orders next financial year (FY28) Delivered - At the Q3 FY25 call, management expected to bag some export orders in FY26 with execution the year after; at the Q1 FY27 call it said "sizable orders" from export opportunities would come "for sure" in FY28, excluding the 40-45% growth guidance. A maiden export order of $13.37 million (\~INR113.81 crores) for an advanced avionics system was received in Q1 FY26, though export revenue was nil in Q1 FY27.
15. 12-13 weapon products hitting large-scale production in next two years On track - At the Q2 FY26 call, management said more than 12 to 13 fully-fledged weapon products (anti-submarine warfare rockets, underwater mines, Grad rockets, top-attack mines etc.) would hit large-scale production in the next two years. By Q3 FY26 the company had become a full-fledged weapon system manufacturer, and a DPIIT license covering UAVs, torpedoes, ATGM, rockets, missiles and loitering munition was received in Q4 FY26; no quantified production count is disclosed.
16. Production share of order mix - increase to 40-45% going forward Pending - At the Q2 FY26 call, management said the production share of the order mix (currently 25%-30% vs development) may increase up to 45% going forward as very large-cap anchoring projects land; at the Q3 FY25 call it had expected a 60%-40% production-development mix for FY26. Production percentage improved slightly in Q1 FY26 and margins rose on systems entering production in Q3 FY26; no quantified production share is disclosed after Q2 FY26.
17. Promoter stake - expected to come down to \~51% post preferential dilution Delivered - At the Q4 FY25 call, management said the promoter stake, currently \~55%, was expected to come down to close to \~51% after the preferential dilution. Promoter holding was 52% as on 31st March 2026 and 50% as on 30th June 2026.
18. Pinaka production order - expected in 3-4 months (from Jun 2025); later before FY27 end Partial - At the Q1 FY26 call, management expected the Pinaka production order from MOD in the next 3-4 months; by the Q1 FY27 call, with negotiations completed on 2,000 numbers, the order was expected before end of FY27. Pinaka guidance electronics are being supplied to both MIL and EEL, but no production order receipt is confirmed in our record as of Q1 FY27.
19. Project Kusha - trial test flight in next 3 months; 2-year development completion; order conversion 2-3 years Partial - At the Q1 FY26 call, management said DRDO planned a Project Kusha trial test flight in the next 3 months with MoD fixing 2 years for development; at the Q1 FY27 call it said order conversion would take 2-3 years with 250 km and 500 km trials in the next few months. The 150 km range version was recently tested by Q1 FY27, with Apollo supplying almost 7 very critical sub-systems; no order conversion or 250/500 km trials are confirmed.
20. EHWT limited series order - expected within two weeks (from May 2025) Missed - At the Q4 FY25 call, management said the EHWT limited series order was expected "any time in next two weeks' time". By Q2 FY26 a good EHWT order to Bharat Dynamics Limited from the Indian Navy was still only expected, with Apollo having significant participation; no order receipt is confirmed in our record.
21. ALWT - limited series production by Q3 or Q4 FY26 Partial - At the Q3 FY25 call, management said ALWT (Advanced Light Torpedo) limited series production was expected by Q3 or Q4 of FY26; at the Q1 FY26 call it said DRDO would complete user trials in a couple of months before the Navy's RFQ. ALWT AON approval came from the Ministry of Defense in Q2 FY26 and limited series production of the heavyweight torpedo was completed in Q3 FY26, but no ALWT-specific confirmation appears in our record.
22. Varunastra order - expected shortly (from Q4 FY25) Pending - At the Q4 FY25 call, management said Varunastra MOD financial approval was already obtained with Apollo's opportunity following BDL's order; at the Q1 FY26 call orders were expected shortly, and at the Q3 FY25 call a repeat order was "coming shortly". BDL has received an order for 63 numbers with Apollo supplying signal processing and other technologies; no Apollo-specific Varunastra order is confirmed in our record.
23. MIGM (underwater mine) order - DAC approval and order expected in FY26; later December 2026/January 2027 Partial - Management guided the multi-influence ground mine order through FY26 (around INR2,000 crores each for BDL and Apollo at Q1 FY26), then INR2,500 crores at Q3 FY26, and at Q1 FY27 a Navy call the next month with a purchase order by December or January on a total budget of INR3,500 crores, Apollo expecting 70% and 1,000 numbers over 3 years. DAC approval came on 3rd July 2026 and combat firing was successful, but the purchase order was not received as of Q1 FY27.
24. QRSAM order - before December 2025; later before March 2026; later anytime Partial - At the Q1 FY26 call, the MD expected the QRSAM order via BDL before December 2025; this was pushed at Q2 FY26 to before March or Q1 FY27, and at Q1 FY27 the BEL order was expected "anytime". DAC cleared QRSAM for bulk production in Q3 FY26, with bidding and negotiation completed and the BDL missile-portion order expected at INR11,000-12,000 crores; no order receipt is confirmed as of Q1 FY27.
25. R&D spend - ₹100 crore in FY26; 9-10% of topline going forward Partial - At the Q3 FY25 call, management said FY26 R&D investment could be close to INR100 crores, reiterated at Q1 FY26, and at Q3 FY26 the target was refined to 9-10% of topline going forward. FY26 R&D expenditure was \~INR72 crores, 8-9% of revenue, and Q1 FY27 spend was corrected to INR72.53 crores on revenue of INR764 crores, close to 9.5%.
26. Acquisitions - at least one or two companies to be completed before FY26 end Missed - At the Q3 FY26 call, Karunakar Reddy said at least three companies were in the due-diligence pipeline with one or two acquisitions planned before FY26 end, and Sai Kumar added "at least one we will be able to close for sure". No acquisition was completed before FY26 end; the Premier Explosives SPA for a 41.33% stake was signed only on 9th July 2026, with no other acquisition completed as of Q1 FY27.
27. IDL acquisition - completed most probably this week (week of Aug 4, 2025) Partial - At the Q1 FY26 call, the MD said the IDL acquisition would most probably complete that week (week of Aug 4, 2025) with share transfer in the next couple of days; at Q2 FY26 the transfer was pushed to the next couple of weeks. Apollo paid INR107 crores for 100% equity but the share transfer had legally not happened in Q2 FY26, with consolidation starting from 16th November in Q3 FY26.
28. IDL Explosives - EBITDA break-even in Q3 FY26; positive EBITDA and PAT from Q1 FY27 Missed - At the Q3 FY26 call, Sai Kumar expected IDL Explosives to reach EBITDA break-even that quarter with positive EBITDA and PAT from Q1 FY27, after a ₹4 crores loss in the quarter. Instead, at the Q4 FY26 call management described IDL's EBITDA as "presently negative" and undergoing transformation, and at the Q1 FY27 call acknowledged losses were still present, with no reset timeline given.
29. Consolidated order book - single order of ₹2,500-3,000 crore by end of FY27, taking order book to ₹3,500-4,000 crore On track - At the Q1 FY27 call, management guided a single order of more than INR2,500-3,000 crores by end of FY27, taking the consolidated order book to INR3,500-4,000-odd crores, based on a new AON already accorded. The order book as of August 8, 2026 stood at consolidated INR1,704 crores, with no such single order received yet.
30. Order book - triple FY25 order book by March 2026 Missed - At the Q4 FY25 call, the MD said the order book (Rs. 615 crores as of last Friday) would triple by March '26; at Q2 FY26 management said it was on track, or would happen by Q1 FY27 if it missed March. The order book as of 31st March 2026 was INR1,432 crores consolidated, about 2.3x the ₹615 crores base versus the ₹1,845 crores triple target, and stood at ₹1,704 crores as of August 8, 2026.
31. Promoter pledge - reduce to 0% within 1 year (from Dec 2024); later FY26; later FY27; later Q1 FY28 Missed - At the Q3 FY25 call, management planned to bring promoter pledge to 0% "in next 1 year, on a phase by phase basis", reaffirmed for FY26 at Q1 FY26 and Q2 FY26, reset softly at Q3 FY26, reiterated for FY27 at Q4 FY26, and at Q1 FY27 the MD said it would take "another 1 year", roughly Q1 FY28. The pledge moved from \~33% in December 2024 to \~48% by Q4 FY25, then 37% by Q1 FY26, \~35% by Q2 FY26 and \~39% by Q4 FY26, coming down in Q1 FY27 but not zero.
32. Greenfield expansion - 12x capacity with ₹300 crore investment On track - In the Q4 FY26 PPT, management stated a greenfield expansion scaling operations to 12x capacity with total investment of INR 300 crores, including a land bank of approx. 2,47,441 sq ft adjacent to Unit 3 at TSIIC Hardware Park, Phase 2, Hyderabad; reiterated in the Q1 FY27 PPT. In Q3 FY26 another 5 acres adjacent to the existing expansion plant were allotted by the Government of Telangana, with INR100 to INR150 crores to be spent there; no completion is disclosed as of Q1 FY27.
33. Manufacturing capacity - expand to 3,30,000+ sq ft; later 4,45,000+ sq ft Delivered - In the FY23 AR, management planned two new Hyderabad manufacturing units over the next few years, expanding capacity to 3,30,000+ sq. ft.; the FY24 AR raised the target to over 445,000 square feet. The footprint now comprises 55,000 sq ft Unit-I, 40,000 sq ft Unit-II and 3,50,000 sq ft Unit-III, totalling 445,000 sq ft, with Unit-2 partially operational in FY25 and Unit-3 Phase 1 in partial production.
34. Unit 3 (IPiDS) - Phase 1 operations from September CY2025; full operations by June 2026; later before March 2027 Partial - Management guided Unit 3 (iPiDS, 3,50,000 sq ft at Hardware Park II) construction completion by Q2 FY26, Phase-1 occupation from September FY26 with capex of Rs. 150 crores for Phase-1 and around Rs. 100 crores for Phase-2, then pushed full-fledged Phase 1 production to end of FY26 or Q1 FY27 with full operations by June 2026, and at Q1 FY27 set complete production activity before March '27. Phase 1 partial production started by Q2 FY26, Phase 3 was partly commissioned at October end, and phase two civil work and machinery installation were ongoing in Q4 FY26, with first phase production started in Q1 FY27.
35. Unit 2 facility - full-fledged manufacturing operations from Q2 FY26 Partial - At the Q3 FY25 call, management said Unit 2 team shifting and active operations would commence from Q1 FY26; at the Q4 FY25 call this was scheduled to full-fledged manufacturing operations from Q2 FY26, with filings stating the same. Unit-2 at Adibatla became partially operational during FY25, housing advanced integration bays and cleanroom facilities; no disclosure confirms full-fledged operations in Q2 FY26.
36. Working capital cycle - reduce by 100-120 days from FY27 onwards On track - At the Q4 FY25 call, management guided working capital cycle days to reduce by approximately 100 to 120 days from FY27 onwards, reaffirmed at Q1 FY26 and in filings. Working capital cycle days fell from 626 days in FY21 to 359 days in FY26 (inventory 413, receivables 143, payables 198); the FY27 reduction target is not yet measurable as of Q1 FY27.
37. PAT margin - 15% standalone target for FY26 Delivered - At the Q3 FY26 call, Sai Kumar targeted a 15% PAT level on a standalone basis, and the Q4 FY26 PPT scorecard set the target PAT margin at 15% for full year FY26 and Q4FY26 standalone. FY26 standalone PAT margin achieved 16% and Q4FY26 achieved 18%, with management noting "We commit; we deliver. We close the year with the full year PAT margin of 16%.".
38. EBITDA margin - 22-24% corridor for FY25 Delivered - In the Q4 FY24 PPT, management expected EBITDA margins in the corridor of 22%-24% for FY25. FY25 EBITDA margin was 23%.
39. EBITDA margin - 25-30% decent range; 26-28% for FY26 Delivered - At the Q3 FY25 call, management said "anywhere between 25%-30% is a very decent EBITDA margin for our size of balance sheet"; at Q2 FY26 it indicated margins would vary in the 26%-28% range for FY26 on product mix, and at Q1 FY27 it declined fresh guidance saying only margins would be "better than the present". FY26 standalone EBITDA margin was 28.0% and consolidated 24.1%, with Q1 FY27 standalone at 31% and consolidated 21.4%; quarterly consolidated margins ranged from 30.64% to 19.98%.
40. FY26 revenue - consolidated would double including IDL Missed - At the Q4 FY25 call, management stated consolidated revenue would double in FY26, implying \~Rs. 1,100-odd crores, including the IDL acquisition contribution. FY26 consolidated revenue was ₹904 crore, up 61% YoY, which did not double from ₹562 crore.
41. Revenue growth - 25% in FY25 (from Q4 FY24 PPT) Delivered - In the Q4 FY24 PPT, management expected revenue to grow by 25% in FY25; at the Q3 FY25 call it reiterated 45% to 50% growth for FY26 and said 9M FY25 revenue of \~INR400 crore was in line with guidance. FY25 revenue was ₹562.07 crore, up 51.24% YoY, with management scorekeeping "in line with and exceeding the guidance".
42. Revenue growth - 45-50% CAGR over FY26-FY27 (core business, excluding IDL); later 40-45% consolidated FY27 onwards Partial - Management guided a 45% to 50% revenue CAGR over FY26-FY27 on a standalone basis excluding IDL, set at Q4 FY25 and reiterated through Q3 FY26 and filings, extended at Q3 FY26 to "at least" 45-50% over three years, acknowledged at Q4 FY26 as missed by 8-9% on FY26 standalone growth of \~36%, and revised at Q1 FY27 to consolidated growth of 40% to 45% "in this financial year onwards". FY26 standalone revenue was ₹764.9 crore, up 36% YoY, below the guided range, while consolidated revenue was ₹904 crore, up 61% YoY; Q1 FY27 consolidated revenue was ₹251 crore, up 88% YoY, and standalone ₹156 crore, up 17% YoY, with the two-year CAGR window incomplete as of Q1 FY27.