1. Bonus shares - dispatch within \~15 days from Board approval Pending - In an announcement dated 15th October 2024, the Board approved a bonus issue with credit/dispatch estimated within \~15 days, subject to regulatory approvals. The issuance was completed in a 3:1 ratio and confirmed in the Q2 FY25 call discussion, but no source confirms the actual dispatch date or that the timeline was met.
2. FY27 EBITDA margin - around 20% On track - At the Q2 FY26 call, management guided they want to achieve around 20% EBITDA margin for FY27, later revising the target to 8-10% with a 10% minimum at the Q4 FY26 call. FY27 has just begun, so no read is available yet.
3. Mainboard migration - before end of FY26 Missed - At the Q2 FY26 call, management guided they were looking forward to migrating to the mainboard hopefully before the end of FY26. No disclosure of mainboard migration appears in the Q4 FY26 notes or any filing through FY26.
4. Quarterly reporting - start providing quarterly numbers Missed - At the Q4 FY25 call, management guided they will try their best to start providing quarterly numbers. The Q2 FY26 PPT and Q4 FY26 PPT provided half-yearly results, and no quarterly financial statements appear in our record.
5. Order book - grow to ₹150 cr by end of FY26 Missed - At the Q4 FY25 call, management guided the order book of ₹80 cr was anticipated to grow to ₹150 cr by the end of FY26, a target repeated in the FY25 annual report. The order book as of 31st March 2026 was ₹53 cr, later stated as ₹65 cr in the Q4 FY26 call.
6. FY26 EBITDA margin - close to 20% while commissioning new facility Missed - At the Q4 FY25 call, management guided an EBITDA margin target of close to 20%, later stating at least 20%-22%, while commissioning the new facility; this was revised down to \~13% for H2 FY26 at the Q2 FY26 call. FY26 EBITDA margin was 5.18%.
7. FY26 revenue target - ₹175 cr (later revised to ₹200 cr, then back to ₹175 cr) Delivered - At the Q4 FY25 call, management guided a revenue target of ₹175 cr by FY26, also mentioning a ₹200 cr target, with the FY25 annual report stating ₹200 cr; at Q2 FY26, the target was restated as a conservative ₹175 cr. FY26 revenue was ₹185.54 cr, exceeding the conservative target.
8. PAT margin - around 7.5% on a 2-3 year horizon On track - At the Q2 FY25 call, management guided that PAT margin will be around 7.5% on a 2-3 year horizon from Sep 2024, implying FY27-FY28. FY25 PAT margin was 9.05%, exceeding the target, though FY26 dropped sharply to 2.04%.
9. Order book - grow to ₹150 cr by end of FY26 On track - At the Q2 FY25 call, management guided that the order book of \~₹90 cr would grow to ₹150 cr by the end of FY25. The Q4 FY25 transcript revised the target horizon to the end of FY26, with the order book at ₹80 cr as of 31st March 2025.
10. Inventory days - reduce to less than 200 days in FY25 Missed - At the Q4 FY24 call, management guided inventories will come down to at least less than 200 days in FY25, later revising the target to end of FY26 and normalizing to \~120 days long-term. FY25 inventory days were \~318, and FY26 inventory days were 252, both exceeding the 200-day target.
11. FY27 revenue target - at least around ₹300 cr On track - At the Q4 FY24 call, management guided a target of at least around ₹300 crore by FY27, a figure reiterated through Q2 FY26 and softened at Q4 FY26 to trying to see how close they can get. FY26 revenue was ₹185.54 cr, showing progress with one year remaining.
12. FY25 EBITDA margin - similar to FY24's \~20%, possibly 20-22% Missed - At the Q4 FY24 call, management guided FY25 EBITDA margin will be similar to FY24's \~20%, possibly 20-22%, a target reiterated at the Q2 FY25 and Q4 FY25 calls. FY25 EBITDA margin was 15.18%.
13. FY25 execution - near ₹150 cr Missed - At the Q4 FY24 call, management guided they were expecting to reach execution near ₹150 crore by the end of FY25, later implying \~₹147 cr at the Q2 FY25 call. FY25 revenue was ₹134.36 cr.
14. Revenue impact from new unit - to show in FY26 Delivered - At the Q4 FY24 call, management guided that revenue impact from the new unit will show in FY26. FY26 revenue was ₹185.54 cr, with approximately 10-15% of sales coming from the new facility during H2 FY26, implying a contribution of around ₹15-28 cr.
15. New manufacturing unit - ready in H2 FY25 Partial - At the Q4 FY24 call, management guided the new manufacturing unit will be ready mostly in the second half of FY25, with subsequent revisions pushing full completion from Jan 2025 to June 2026. The facility was stated as operational in the Q2 FY26 PPT, with \~50% capacity utilized by Q4 FY26 and the balance expected in 3-4 months.
16. FY25 new order inflow - at least ₹75-80 cr Missed - At the Q4 FY24 call, management guided they were expecting at least ₹75-80 cr of new orders to come in during FY25. The order book moved from ₹70 cr to ₹80 cr over FY25, and a ₹25 cr order from Harman Finochem was secured, but no aggregate FY25 inflow figure was disclosed and the FY25 horizon has lapsed without evidence the target was met.