1. Leo Primecomp balance assets acquisition completed by Q4 FY25 Partial - In the Q3 FY25 result, management committed to completing the balance asset acquisition under the Asset Purchase Agreement with Leo Primecomp (dated July 25, 2024) by Q4 of FY 2024-25. Part of the acquisition was completed in Q3 FY25, with an advance of ₹5.41 crore paid in Q3 FY25 toward the balance 49% shares, which remained in progress.
2. IPO capex object of ₹60.40 crore per prospectus Partial - The company committed to fulfilling capex of ₹60.40 crore per the prospectus, with the shortfall after ₹17.83 crore excess GCP utilisation to be funded through internal accruals per Board resolution. As of the May 2024 monitoring report, only ₹2.08 crore was utilised with ₹38.56 crore unutilised, and the object was later revised down to ₹45.04 crore.
3. GTRE project commitments fulfilled in 2026 Delivered - At the Q3 FY26 call, management committed to fulfilling its commitments for the GTRE project in 2026. The first indigenous turbojet engine was delivered to GTRE/DRDO on 22nd July 2026.
4. QIP GCP proceeds of ₹156.21 crore deployed over three Fiscals by end of FY2027 Delivered - Per the offer document, QIP GCP proceeds of ₹156.21 crore were to be deployed over a period of three Fiscals by the end of FY2027. The GCP proceeds were fully utilised in the quarter ended September 30, 2025, ahead of the FY2027 deadline.
5. Exports entirely hedged by Q4 FY27 Pending - At the Q1 FY27 call, management said exports will be entirely hedged by quarter 4 via foreign currency loans (natural hedge) plus bill discounting facilities. No hedging status was disclosed in Q1 FY27, and the Q4 FY27 horizon has not been reached.
6. Mitsubishi hot-section facility established in 7 to 8 months Pending - At the Q1 FY27 call, management said the Mitsubishi hot-section facility is around 7 to 8 months away from establishment, after which qualification begins. No establishment update appears in the notes; the timeline from June 2026 targets January-February 2027.
7. Third expansion plant (85,000 sq m) civil work after current facility completed Pending - At the Q4 FY26 call, management said the third expansion plant's (85,000 square meter) civil work will start only after the current facility and balance plants are completed and ramped up, with the second plant the next focus. Phase 2 of 67,267 sq m is upcoming, and Phase 1 completion is still ongoing, so third-plant civil work has not started.
8. Every special process brought in-house, with a few more to be added On track - At the Q4 FY26 call, management stated the plan to bring every special process in-house, adding a few more beyond the critical shot peening and coatings already in-house. Azad is NADCAP approved for heat treatment (just received) and has vacuum heat treatment, shot peening and coatings in-house, while Azad VTC achieved NADCAP accreditation for coatings.
9. GST credit of \~₹100 crore realized by H1 FY28 Pending - At the Q4 FY26 call, management expected GST credit of approximately ₹100 crore accumulated over the past 2 years to be realized by H1 FY28. No realization was disclosed in Q1 FY27, and the H1 FY28 horizon has not been reached.
10. Oil & Gas to breach ₹100-120 crore revenue over next couple of years Pending - At the Q4 FY26 call, management expected Oil & Gas to breach the \~₹100-120 crore revenue level "over the next couple of years," faster than the 5-6 years other verticals took. FY26 Oil & Gas revenue was under about ₹10 crore, largely qualification work; Q1 FY27 Energy & Oil & Gas segment revenue was ₹138.4 crore but Oil & Gas alone is not separately disclosed.
11. Working capital: H1 closer to 200 days, H2 down to 160-170 days On track - At the Q4 FY26 call, management reiterated a prior promise: "as I promised in H1, you will see a drastic change coming to closer to 200 days. And H2, we get down to 160, 170 days"; at Q1 FY27 the CFO targeted around 200 days in H1 and 160 to 180 days by H2. FY26 working capital days were 164, and Q1 FY27 targets of around 200 days for H1 are in place.
12. FY27 top line growth of approximately 25% plus On track - At the Q4 FY26 call, management reiterated previously communicated top line growth of approximately 25% plus for FY27, reiterated at Q1 FY27 as long-term annual revenue growth guidance of over 25%. Q1 FY27 revenue grew 26.8% YoY, and management stated "we have met our guidance" for the quarter.
13. 1,000 people recruited over next three months Delivered - At the Q3 FY26 call, management committed to recruiting 1,000 people over the next three months for the new plants. By Q1 FY27, headcount had grown \~42% year-on-year, with roughly 150 to 200 people hired every month into a 90-day training program.
14. Safran MOU to "ultimately... get turned into a contract" very soon Pending - At the Q2 FY26 call, management said the Safran MOU will "ultimately... get turned into a contract" very soon. By Q3 FY26 the company had signed up with Safran, Pratt & Whitney and Rolls-Royce, with a Pratt & Whitney contract recently finalized, but no specific Safran contract signing is confirmed in the notes.
15. Rolls-Royce aircraft engine component deliveries start FY27 On track - At the Q2 FY26 call, management said Rolls-Royce aircraft engine component deliveries will start next financial year (FY27), with qualification in process; this was refined at Q4 FY26 to first qualification batch supply in H2 FY27 with momentum from Q4 FY27 or early FY28. No Rolls-Royce revenue was disclosed in Q1 FY27, where the first qualification batch was expected "within this quarter".
16. Raw material sourcing/distribution supply chain initiative starting Q4 FY26 Delivered - At the Q2 FY26 call, management said the raw material sourcing/distribution supply chain initiative should start from quarter 4 of FY26, with more updates during Q3 FY26. Q1 FY27 raw material cost to sales fell from \~12% last year to \~5%, attributed to qualifying domestic suppliers Sunflag and Star Wire.
17. New client addition announcements in next coming quarters Delivered - At the Q1 FY26 call, management said announcements on new client additions were expected in the next coming quarters. The Safran MOU was signed in Q2 FY26, and in Q3 FY26 the company signed up with Safran, Pratt & Whitney and Rolls-Royce, finalizing the Pratt & Whitney contract.
18. Order book of \~₹6,000 crore realized over next 5 to 6 years On track - At the Q1 FY26 call, management said the order book of \~₹6,000 crore is anticipated to be realized over the next 5 to 6 years. The order book stands at approximately ₹6,500 crore net of ₹600 crore delivered in FY26, and at 25% plus growth should be more or less consumed over the next 5 years.
19. Record performance in each business segment in FY26 Delivered - At the Q1 FY26 call, management said all segments (aerospace, energy, oil and gas) should deliver one of the best performances in their history in FY26. FY26 was the highest ever revenue, EBITDA and PAT year, with Energy & Oil & Gas up 34.2% to ₹481 crore and Aerospace & Defence reaching ₹101 crore for the first time.
20. FY26 capex deployment of ₹450 crore Delivered - At the Q1 FY26 call, management planned to deploy capex of ₹450 crore during FY26, later split at Q3 FY26 into roughly ₹200 crore to ₹250 crore of infrastructure and the balance ₹450-odd crore to ₹500 crore toward plant and machinery. Assets worth ₹392 crore were capitalized during FY26 with CWIP and capital advances up ₹191 crore, after roughly ₹213 crore deployed as of Q2 FY26.
21. Subsidiaries Azad Prime and Azad VTC start contributing in FY26 Partial - At the Q4 FY25 call, management said subsidiaries Azad Prime and Azad VTC are expected to start contributing this financial year (FY26). By Q1 FY26 the two subsidiaries acquired last year were EBITDA neutral and expected to contribute to growth and profitability from FY26, and Azad VTC achieved NADCAP accreditation for coatings, but no specific revenue contribution figures are disclosed.
22. Saudi Arabia Baker Hughes facility update by next quarter Partial - At the Q4 FY25 call, management said discussions with the government of Saudi Arabia on the Saudi MOU with Baker Hughes are ongoing and they can update on exact status by the next quarter. No specific update came in Q1 FY26 beyond Saudi Arabia being second priority, and by Q4 FY26 the capex plan remained on from an opportunity perspective but with timelines shifted.
23. Optimum utilization of 70% at new facilities towards end of FY26 Missed - At the Q4 FY25 call, management said the aim is to reach optimum utilization of 70% at the new facilities towards the end of FY26; at Q3 FY26 this moved to stable operating levels by FY27 and maximum utilization starting by FY28. No utilization percentage was disclosed; Q1 FY27 saw 80% of infrastructure ready with all spindles running at full throttle from Q2.
24. Employee cost normalizing to 15%-17% of revenue over next few years Pending - At the Q4 FY25 call, management said employee cost, currently \~20%-21% of revenue, will normalize to about 15%-16%-17% over the next few years. Q1 FY27 employee expenses were ₹40.7 crore on revenue of ₹170.5 crore, approximately 23.9% of revenue, up from ₹28.4 crore in Q1 FY26.
25. A few more dedicated factories inaugurated during FY26 Partial - At the Q4 FY25 call, management said a few more dedicated factories are lined up in pipeline and will get inaugurated during FY26; the plan evolved to 8 dedicated lean manufacturing facilities in 12 to 18 months, then to 4 more over 6 months of which 4 were completed. Four were inaugurated - Mitsubishi (March 2025), GE Vernova (April 2025), Siemens (September 2025) and Baker Hughes (April 2026) - two of them during FY26.
26. ₹700 crore QIP capital deployed in a staggered way over next few years On track - At the Q4 FY25 call, management said the ₹700 crore QIP capital will be deployed toward infrastructure and capacity in a staggered way over the next few years, later refined to the balance over FY27-FY28 with about ₹180 crore to ₹190 crore toward upcoming plants in FY27. ₹540.27 crore was utilised as of March 31, 2026 and ₹589.42 crore as of June 30, 2026, with the QIP capex timeline extended to March 31, 2027.
27. FY26 revenue growth of \~30%-plus Delivered - At the Q4 FY25 call, management guided \~30%-plus revenue growth for FY26, reiterated as 25%-30% at Q1 FY26 and Q2 FY26 and 25%-plus at Q3 FY26. FY26 standalone revenue was ₹590 crore, up 30.3% YoY, and consolidated revenue ₹603 crore, up 31.8%.
28. FY27-FY28 turnover of \~₹2,500-2,600 crore if 1% of FY27 TAM captured Pending - At the Q2 FY25 call, management confirmed that capturing even 1% of the FY27 total addressable market (\~₹2,500-2,600 crore across three segments) makes that turnover achievable around FY27-FY28. FY26 revenue was ₹590 crore standalone and Q1 FY27 annualized revenue approximately ₹680 crore, well below the target with the horizon still open.
29. Wallet share increasing from 1%-2% to 5% Pending - At the Q2 FY25 call, management set a wallet share goal to increase from 1%-2% to 5% and grow the addressable market from $28 billion, with the energy segment to rise from 1%-1.5% to about 2%-5%. Q1 FY26 wallet share averaged 1.5%-2% of every customer's wallet for qualified product lines, with no disclosure of reaching 5%.
30. Net debt to EBITDA maintained around 1.2 to 1.3 Delivered - At the Q2 FY25 call, the CFO guided a net debt to EBITDA guideline of around 1.2 to 1.3 to be maintained, with gross debt at \~1.5x of EBITDA called in line with long-term guidance at Q4 FY25. FY25 gross debt was around ₹243 crore with net debt negative ₹412 crore, and FY26 gross borrowings were ₹457 crore, net ₹272 crore - well below the ceiling due to the QIP cash position.
31. GE Steam Power dedicated facility ready in calendar year 2025, operational from March Delivered - At the Q2 FY25 call, management stated the GE Steam Power (SPS/GE Vernova) dedicated facility at Tuniki Bollaram would be ready in calendar year 2025 - "by January, February, the facility should be done and from March that will be operational". The GE Vernova facility (7,600 sq. m) was inaugurated in April 2025, slightly later than March but within calendar year 2025.
32. Oil & Gas revenue contribution starting FY25 Delivered - At the Q1 FY25 call, management stated Oil & Gas would start contributing revenue in FY25, versus roughly ₹3.5 crore contributed the previous financial year. Oil & Gas revenue grew from about ₹4.4 crore in FY24 to about ₹13 crore in FY25, before falling under about ₹10 crore in FY26 on qualification work.
33. First batch of GTRE/DRDO turbojet engines delivered in H1 FY26 Partial - At the Q1 FY25 call, management stated the first batch of fully integrated GTRE/DRDO turbojet engines was expected in the first half of FY26; the timeline slipped repeatedly through "very soon" at Q4 FY25, Q2 FY26 and Q3 FY26 at \~75% complete, to "months to weeks" at Q4 FY26. The first indigenous turbojet engine was delivered to GTRE/DRDO on 22nd July 2026, in Q1 FY27, approximately one year late.
34. New contracts (Rolls-Royce, GE Vernova, Baker Hughes) with staggered growth from FY25/FY26 Partial - At the Q4 FY24 call, management stated the new contracts have some parts with growth starting FY25 and others required from FY26 - staggered and planned. GE Vernova and Baker Hughes contracts contributed to revenue growth in FY25 and FY26, while Rolls-Royce revenues were delayed to FY27.
35. Aerospace & defense segment margins tracked separately once segment scales to ₹70-80 crore Partial - At the Q4 FY24 call, management stated aerospace & defense segment margins would start being tracked separately once the segment scales to upwards of ₹70-75/75-80 crore, possibly in a year, with the \~₹75 crore to ₹80 crore threshold reiterated at Q1 FY25. FY25 Aerospace & Defence revenue was ₹80.7 crore and FY26 ₹101.3 crore, but no separate segment margin disclosure appears in the notes.
36. FY25 segment growth: Energy 25%-30%, Aerospace at least 35%-40%, Oil & Gas 2x-3x Delivered - At the Q4 FY24 call, management guided FY25 segment growth of 25%-30% for Energy, at least 35%-40% for Aerospace, and potentially 2x or 3x for Oil and gas on a small base, blending to 25%-30%. FY25 Energy & Oil & Gas grew 26.0% and Aerospace & Defence grew 84.1%, while Oil & Gas grew from about ₹4.4 crore to about ₹13 crore, approximately 3x.
37. FY25 capex: ₹120 crore plant and machinery, ₹80-100 crore infrastructure Delivered - At the Q4 FY24 call, management guided FY25 capex of ₹120 crore in plant and machinery only, plus ₹80-100 crore for infrastructure development. FY25 capex spent was roughly ₹270-odd crore (analyst's figure, not disputed by management), with FY25 net block up ₹146.5 crore.
38. Rolls-Royce contract revenues starting FY25 Missed - At the Q4 FY24 call, management stated revenues from the Rolls-Royce contract were expected to start coming in FY25; the timeline moved to revenue from FY26 at Q1 FY25 and Q2 FY25, then to FY27 at Q2 FY26 and Q3 FY26, with first qualification batch supply in H2 FY27 at Q4 FY26. No Rolls-Royce revenue was disclosed in FY25 or FY26, with qualification taking 2.5 years to reach the current stage.
39. PAT margin improvement from H2 FY2025 onward Delivered - At the Q4 FY24 call, management stated PAT margin was expected to improve from H2 of FY2025 onward on account of lower finance cost and improving efficiencies. PAT margins improved from FY24's 17.2% to 19.5% in FY25, 22.4% in FY26 and 21.3% in Q1 FY27.
40. 25%-30% annual revenue growth over next few years Delivered - At the Q4 FY24 call, management stated it will continue to deliver 25%-30% revenue growth annually over the next few years, reiterated through Q1 FY26, Q2 FY26, Q3 FY26, Q4 FY26 and Q1 FY27 as over 25%. Growth was 35.4% in FY24, 32.9% in FY25, 30.3% standalone and 31.8% consolidated in FY26, and 26.8% in Q1 FY27.
41. FY25 finance cost reduction to total interest costs of approximately ₹3 crore Missed - At the Q4 FY24 call, management stated FY24 finance cost of ₹47.3 crore would come down drastically in FY25, with total interest costs going forward of approximately ₹3 crore. FY25 finance costs were ₹17.9 crore and FY26 finance cost ₹29.7 crore, well above the ₹3 crore figure.
42. Long-term EBITDA margin of 33%-35% Delivered - At the Q4 FY24 call, management guided long-term EBITDA margin in the range of 33%-35% depending on product revenue mix, reiterated as 33%-36% at Q1 FY25 and 33% to 35% plus at Q4 FY26. Actuals were 34.2% in FY24, 35.5% in FY25, 36.9% in FY26 and 37.6% in Q1 FY27.
43. FY25 top-line growth of 25%-30% Delivered - At the Q4 FY24 call, management guided FY25 top-line growth of 25%-30% within the existing facility, reiterated at Q1 FY25 and Q2 FY25, where management looked at delivering at the upper end. FY25 revenue was ₹452.9 crore, up 32.9% YoY, with management stating the company "surpassed our given revenue and margin guidance".
44. Aerospace business contributing on par with energy segment On track - At the Q3 FY24 call, management expected aerospace to contribute to revenues on par with the energy segment in the coming years, with oil and gas second; the mix was later framed as 55%-60% energy with 35%-40% from aerospace, defense and oil and gas. FY26 mix was Energy & Oil & Gas 81.5% versus Aerospace & Defence 17.2%, with A&D at ₹101 crore.
45. 2%-3% EBITDA savings from backward integration and direct power line sustainable Delivered - At the Q3 FY24 call, management stated the 2%-3% EBITDA savings from tools, job work and power are sustainable and "this should continue". Q1 FY27 raw material cost to sales fell from \~12% to \~5% via domestic suppliers Sunflag and Star Wire, saving \~4% to 5% in transportation/import costs, while EBITDA margins improved from 34.2% in FY24 to 36.9% in FY26 and 37.6% in Q1 FY27.
46. Finance cost and PAT normalization from Q4 FY24 onward Delivered - At the Q3 FY24 call, management stated finance cost and PAT will normalize completely from Q4 FY24 onward, with the two non-recurring finance-cost items (₹12 crore CCD coupon, ₹1.3 crore Ind AS unwind) not recurring; the ₹47.3 crore FY24 finance cost was expected to fall drastically. FY25 finance costs declined to ₹17.9 crore and PAT margin improved from 17.2% in FY24 to 19.5% in FY25 and 22.4% in FY26, though FY26 finance cost rose to ₹29.7 crore with new borrowings.
47. Cash-to-cash conversion cycle of 130-140 days by FY25/FY26-FY27 Missed - At the Q3 FY24 call, management guided the blended cash-to-cash conversion cycle to come down progressively and reach 130-140 days in FY25/FY26-FY27, later revised to 140-150 days and then to H1 around 200 days and H2 160-170 days over FY27. Working capital days were 117 in FY24, 130 in FY25 and 164 in FY26, moving away from the target.
48. Blended asset turn of around 1.7 by FY26/FY27 Missed - At the Q3 FY24 call, management guided blended asset turn of around 1.7 by FY26/FY27, later framed as incremental asset turn of 2, 1.7 to 1.8 on the QIP raise and 1.7 to 2 on ₹500 crore of machines. FY26 revenue was ₹590 crore standalone against ₹392 crore capitalized during FY26, with PP&E at ₹744.8 crore and CWIP at ₹256.7 crore as of March 2026 and no blended asset turn figure disclosed.
49. Incremental ROCE upwards or around 25% Missed - At the Q3 FY24 call, management targeted incremental Return on Capital Employed to be "upwards or around 25%", with adjusted ROCE of over 20%-plus to be sustained at Q1 FY25. Adjusted ROCE was 21% in FY24, 20.7% in FY25 and 15.3% in FY26, with reported ROCE of 9.2%, and no incremental ROCE disclosed.
50. FY26 incremental revenue from the new 95,000 sq m plant phase Delivered - At the Q3 FY24 call, management guided that incremental revenue for FY26 will come out of the new plant (95,000 sq m phase of the newly acquired 170,000 sq m), with machines added in a phased manner; the timeline was refined through commissioning beginning Q1 FY26 and Phase 1 completion over the next 12 months. The new Hyderabad facility became operational in Q1 FY26, dedicated facilities were inaugurated from March 2025 through April 2026, and FY26 revenue was ₹590 crore standalone, up \~30%.