1. Digital monitoring / smart valve solutions Pending - In the FY25 annual report and Q4 FY25 and Q2 FY26 PPTs, management guided developing smart valves with IoT, predictive maintenance, and remote monitoring capabilities. Our record holds no disclosure of any product launch, pilot, or commercialisation through 14 Jul 2026.
2. 35-40% growth for next two years - top line of ₹100 cr over the next two years Missed - At the Q1 FY25 call, management guided 35-40% growth for the next two years and a top line of ₹100 cr over that window, implying FY25-FY26. FY25 revenue was ₹60.50 cr (15% growth) and FY26 revenue was ₹47.29 cr, a decline of \~21.8%.
3. FY25 EBITDA margin - 20-25% Missed - At the Q4 FY24 call, management guided FY25 EBITDA margin of 20-25%, reiterated at Q1 FY25 as "around 20% to 25% for average EBITDA for the year". FY25 full-year EBITDA margin was 16.45%.
4. FY25 revenue - ₹70-75 crore (later ₹72-80 crore) Missed - At the Q4 FY24 call, management guided FY25 revenue of ₹70-75 cr, later widened to ₹72-80 cr at the Q1 FY25 call. FY25 full-year revenue was ₹60.50 cr.
5. PAT margin - sustain at least 12-13% Missed - At the Q2 FY24 call, management guided the company would sustain at least 12-13% PAT margin as an ongoing commitment. PAT margins were 11.08% in FY24, 10.41% in FY25, and 5.11% in FY26, breaching the 12% floor in every reported full-year period after the promise.
6. FY24 total revenue - at least ₹80 crore Missed - At the Q2 FY24 call, management guided total revenue of at least ₹80 cr for FY24. FY24 full-year revenue was ₹52.6 cr, with management later acknowledging a \~₹30 cr shortfall due to MSME issues and the bathware launch being put on hold.
7. API certification - timeline and commercialisation Partial - At Q2 FY24, management guided API certification by \~Jan 2024; deadlines were pushed repeatedly to Aug/Sep 2024 and then FY26, with commercialisation expected in Q4 FY25. API Spec Q1 certification was achieved effective 30 April 2026, approximately two years late, with no disclosed revenue contribution yet.
8. ₹1,000 crore long-term revenue aspiration On track - At the Q4 FY23 call, management stated ₹1,000 cr as a long-term aspiration, later targeting FY30 and then shifting the horizon to FY32 by Q4 FY24. FY26 revenue was ₹47.29 cr; the FY32 horizon is not reached and the target remains distant, though the company continues to reference it.
9. Nuclear valves - drafting stage, six to seven months to completion Pending - At the Q4 FY23 call, management stated the company was in the drafting stage for nuclear valves and it would take another six to seven months, implying \~Sep-Oct 2023. The cited sources and SQL snapshot contain no subsequent confirmation of completion, launch, or withdrawal through 14 Jul 2026.
10. 25% YoY revenue growth - existing business, FY24 Missed - At the Q4 FY23 call, management guided 25% revenue growth year-on-year for the existing business in FY24. FY24 full-year revenue was ₹52.6 cr, representing 7% growth over FY23's ₹49.01 cr.
11. Bathroom faucets / bathware (Daley brand) - launch, ₹30 cr capex, ₹100 cr capacity, 15-20% EBITDA margin Missed - At the Q4 FY23 call, management guided entry into bathroom faucets with ₹30 cr investment, launch in Q1/Q2 FY24, and ₹100 cr top-line potential at full utilisation; the initiative was later delayed, shifted to an asset-light import model, and placed on hold by Q4 FY24. No launch, revenue contribution, or in-house facility was disclosed through 14 Jul 2026.
12. Dealer network expansion - 750 to 1,000 dealers Pending - At the Q4 FY23 call, management guided expanding the pan-India dealer network from 750 to 1,000, reiterated through Q4 FY26. Dealer count was reported as 750 through Q4 FY24 and 700+ in Q2 and Q4 FY26, with no disclosure of reaching 1,000 through 14 Jul 2026.