1. IPO proceeds utilisation - debt ₹145 cr, working capital ₹90 cr, GCP ₹64.4 cr Delivered - The IPO offer document committed net proceeds to debt repayment (₹145 cr), working capital (₹90 cr) and general corporate purposes (₹64.4 cr, later revised to ₹64.57 cr on actual issue expenses). All proceeds were fully utilised by March 31, 2024 - ₹1,450 Mn debt, ₹900 Mn working capital, ₹645.7 Mn GCP - with nil unutilised already at December 31, 2023.
2. Clean energy segment to grow faster than other verticals Missed - In the FY24 annual report, management expected the clean energy segment to grow at a pace surpassing many other verticals. Clean energy instead fell from 27% to 18% of revenue in FY24, and in FY26 grew 45% against industrial 65%, rail 70% and aerospace 64%.
3. EBITDA and net margin improvement of at least 100 bps over 2-3 years from FY23 Partial - The FY23 annual report anticipated improvements of at least 100 bps in both EBITDA and net margins over the next 2-3 years, from 11.9% and 5.5% respectively. By FY25 EBITDA margin was 10.5% and PAT margin 5.7%; in FY26 PAT margin improved 140 bps to 6.9% but EBITDA margin was 10.8%, down 110 bps.
4. Working capital reduction of 10-15 days in FY25 Delivered - The FY24 annual report aimed to reduce the working capital cycle by 10-15 days in FY25, reiterated at the Q2 FY25 and Q3 FY25 calls. FY25 NWC improved by 37 days to 124 days.
5. Defence vertical developed with three-year timeframe On track - At the Q1 FY27 call, management said defence was being developed as a vertical with a three-year timeframe, with the first set of hiring done. Defence customers have been onboarded across industrial and defence segments; the three-year horizon is not yet reached.
6. New product/capability area announcement in next two quarters Pending - At the Q1 FY27 call, management said it would announce entry into one new product/capability area in the next two quarters, adding to box build capability. No announcement has appeared in the record yet.
7. Land acquisition in Chennai for next decade growth Pending - At the Q1 FY27 call, management said it was acquiring a large parcel of land in Chennai to support growth over the next decade, catering to domestic and export opportunities. No further disclosure on the acquisition is in the record yet.
8. Box build share beyond 56%, whole box in 2-3 years On track - At the Q4 FY26 call, management aspired to grow box build share beyond the current 56% and to do the "whole box" with a customer in a 2- to 3-year period. Box build share rose from 44.5% in FY22 to 59.9% in Q1 FY27, about 60% of revenues.
9. US manufacturing EBITDA breakeven by end of FY27 On track - At the Q4 FY26 call, management committed to US manufacturing breakeven in the later part of FY27, and the CFO reiterated steady-state EBITDA break-even by end of this fiscal year at Q1 FY27. The Q1 FY27 US PAT loss narrowed to \~₹4 cr.
10. FY26 cash flow from operations positive Delivered - At the Q2 FY26 call, management expected FY26 cash flow from operations to be positive, aided by operating leverage and working capital reduction. FY26 cash flow from operations was ₹57 cr, up from ₹25 cr in FY25.
11. Net working capital to 120-130 days by March 2026 Delivered - At the Q1 FY26 call, management targeted NWC of 120-130 days, reaffirmed at Q2 FY26 and Q3 FY26 for March 2026. NWC was 118 days at Q3 FY26 and 112 days at March 2026, better than the guided range.
12. Railway Kavach - commercial production in H2 2026 On track - At the Q1 FY26 call, management said railway Kavach systems were expected to enter commercial production next year, later specified as H2 2026 with testing completed. Testing is complete and commercial production remains on track as of Q1 FY27, with no confirmed start yet in the record.
13. Semiconductor equipment - volume production in FY27 On track - At the Q1 FY26 call, management said semiconductor equipment production would ramp over 4 to 5 quarters with pilot production from Q2 FY26, later refined to volume production in FY27. Q1 FY27 saw first revenue from semiconductor equipment, with 50-60% of FAIs done by Q4 FY26.
14. Double revenue from FY26 to FY29 - \~₹3,200 cr On track - At the Q4 FY26 call, management set a target of doubling revenue from the ₹1,603 cr FY26 base to approximately ₹3,200 cr in FY29, stressing "it's not aspirational. We're going to do that", reiterated at Q1 FY27. Q1 FY27 revenue was ₹484 cr, up 50% YoY.
15. FY27 revenue growth of 24-27% On track - At the Q4 FY26 call, management guided FY27 revenue growth of 24% to 27%, raised to 26-30% at Q1 FY27. Q1 FY27 revenue was ₹484 cr, up 50% YoY.
16. US business to make reasonable money in FY26 Missed - At the Q4 FY25 call, management said US business margins won't reach India's levels, but in FY26 "it is going to make a reasonable amount of money". US operations stayed loss-making through FY26 - EBITDA -6.9% in Q1, losses of ₹5-9 cr a quarter - and breakeven was pushed to later FY27.
17. FY26 gross margin of 33-35% Delivered - At the Q4 FY25 call, management reiterated gross margin guidance of 33-35% for FY26, maintained through the year. FY26 gross margin was 34.3%, within the range, and Q1 FY27 came in at 34.7%.
18. FY26 revenue growth of 18-20% Delivered - At the Q4 FY25 call, management guided FY26 revenue growth of 18-20%, raised successively to 23-25%, then 28-30%, then around 40%. FY26 revenue was ₹1,603 cr, up 46% YoY, above the latest \~40% guidance.
19. Phase 2 of Chennai brownfield expansion - start in H2 FY25 Partial - At the Q2 FY25 call, management said Phase 2 of the Chennai brownfield expansion was expected to start in H2 FY25, later targeted for completion by end of Q3 FY26. Phase 2 was initiated by Q4 FY25, and the new Chennai plant for domestic demand is operational with commercial production from Q2 FY27.
20. ROCE north of 20% fairly soon Delivered - At the Q2 FY25 call, the CFO said ROCE was intended to get back to historical levels "north of 20%" fairly soon. ROCE improved from 10% in FY24 to 15.7% in FY25, 20.6% in FY26, and 23.4% in Q1 FY17.
21. US manufacturing revenue share \~15% for FY25 Delivered - At the Q2 FY25 call, management anticipated US manufacturing revenue share at around 15% for FY25, vs 11% currently. The US plant contributed 16.6% of revenue in Q4 FY25; subsequent quarters ran at 19-28% against a stated 20% cap.
22. FY25 gross margin of 33-35% Delivered - At the Q2 FY25 call, management guided full-year gross margins between 33% and 35%, raised to 34-36% at Q3 FY25. FY25 gross margin was 35.8%, above the guided range.
23. FY25 revenue growth of 16-20% Delivered - At the Q2 FY25 call, management guided FY25 revenue growth of 16% to 20%, also forecast in the FY24 annual report and raised to 22-24% at Q3 FY25. FY25 revenue was ₹1,098 cr, up 26.6% YoY.
24. Revenue from new clean-energy customers starting latter part of FY24 Missed - At the Q4 FY23 call, management expected revenue from new clean-energy customers to start from the latter part of FY24, with a 6-12 month delivery ramp. FY24 clean energy share instead declined to 18% from 27%; the re-ramp began only around Q1 FY26.
25. IPO funds fully used by end of Q4 FY23 Partial - At the Q4 FY23 call, management said IPO funds were expected to be completely used by end of that quarter. As of December 31, 2023, ₹299.6 cr was utilised with nil unutilized, and proceeds were fully utilised by March 31, 2024, one quarter later.
26. Debt reduction - US \~₹100 cr, Indian entities debt-free by end of Q4 FY23 Missed - At the Q4 FY23 call, management said by end of that quarter the group would be left with approximately ₹100 cr of debt in US subsidiaries and Indian entities would be debt free. Group debt remained above the target through FY26 - ₹158.8 cr at Q2 FY25, ₹183 cr at FY26.
27. Net working capital days reduction of 10-15 days by end of FY24 Partial - At the Q4 FY23 call, management expected NWC days to reduce by 10 to 15 days by end of FY24, from 123 days of inventory and \~148 days NWC. FY24 NWC instead rose to 161 days from 144; the target was later moved to FY25 and exceeded with a 37-day improvement to 124 days.
28. FY24 capex of ₹30-35 cr; FY25 capex of ₹40-45 cr Partial - At the Q4 FY23 call, management guided FY24 capex of ₹30-35 cr and FY25 capex of ₹40-45 cr, with later revisions up to ₹50-60 cr annually by Q4 FY26. Actual capex was ₹57.8 cr in FY25 and ₹56 cr in FY26, above the guided ceilings.
29. Two new facilities (\~160,000 sq ft) online in six months Partial - At the Q4 FY23 call, management said two new facilities totalling around 160,000 sq ft were being built, with that space coming online in the next six months. The export-focused Chennai plant only began production by Q2 FY25 and was fully operational by Q3 FY25, roughly 12-18 months late.
30. Aerospace vertical growth of 30-40% YoY Partial - At the Q4 FY23 call, management expected the aerospace vertical (metals, cables, plastics) to grow at around 30% to 40% year-over-year. Aerospace slightly reduced in FY24, but grew 59% in H1 FY26 and 64% over 9M FY26, reaching 9% of revenue.
31. Clean energy revenue share - north of 30-35% in 12-18 months Missed - At the Q4 FY23 call, management expected clean energy revenue share, 25% in FY23, to grow north of 30% to 35% in the next 12 to 18 months. Share instead declined to 18% in FY24 and was 20% in FY26, only reaching 29% by Q1 FY27.
32. FY24 operating margin of 12-13% Missed - At the Q4 FY23 call, management guided FY24 operating margins to increase to 12% to 13%. FY24 OPM came in at 7.21%, with EBITDA margin reported at 7.2%.
33. FY24 revenue growth of 25-30% Missed - At the Q4 FY23 call, management guided FY24 revenue growth of 25% to 30%. FY24 revenue was ₹867 cr, down 8.2% YoY from ₹945 cr in FY23.
34. Double revenue in three years - FY24 to FY27, \~₹1,725-1,734 cr Delivered - At the Q4 FY23 call, management guided, on a conservative basis, to double revenues over the next three years, later sharpened to doubling by FY26-27 and restated as FY24 to FY27. Trailing 12-month revenues crossed the \~₹1,734 cr doubling milestone nearly a year early, with FY26 revenue at ₹1,603 cr, up 46%.