1. FY26 debt reduction - significant margin through the full year Delivered - At the Q2 FY26 call, management planned to reduce outstanding debt by a significant margin through the full year FY26. Standalone debt fell to ₹412.3 crore as of March 2026 from ₹636 crore in March 2025, after ₹552 crore at December 2025; consolidated debt rose to ₹1,572.3 crore from ₹1,396.8 crore.
2. T&D and renewables - entry into new verticals toward \~₹4,000 crores revenue Delivered - At the Q1 FY26 call, management targeted reaching \~₹4,000 crores annual revenue supported by new T&D business, and at Q2 FY26 said it would bid for renewables/T&D only at target EPC margins and equity IRR. Renewables cumulative orders were ₹3,168 crore and T&D ₹407 crore by Q3 FY26, renewables reaching 19% of the order book by March 2026, with the first 5 MW solar plant commissioned in Maharashtra in August 2026.
3. International expansion - Ceigall Global PTE, conservative approach Delivered - At the Q3 FY26 call, management incorporated Ceigall Global PTE Limited in Singapore to explore South East Asia and Middle East opportunities, and at Q1 FY27 said it would "take baby steps" and grow "very conservatively". The Singapore entity was incorporated in November 2025, the UAE step-down subsidiary in February 2026, offices opened in Singapore and Dubai with a CEO International appointed, and tenders quoted in Romania and Dubai by Q1 FY27.
4. Order book growth - ₹30,000 crores addition from three new projects Missed - At the Q3 FY25 call, management said with the three new projects starting, at least a new order book of ₹30,000 crores would be added. The order book grew from ₹11,702.5 crore in December 2024 to ₹18,554.3 crore in March 2026, an increase of \~₹6,852 crore; no ₹30,000 crore addition materialized.
5. Bihar and Punjab HAM projects - appointed dates by Q4 FY27 On track - At the Q1 FY27 call, management said the Bihar FC date was expected in September and Punjab "close to November", with appointed dates for both new HAM projects by Q4 FY27, Bihar's possibly by Q3. The Ambala-Chandigarh-Zirakpur HAM concession agreement was signed during Q1 FY27; no appointed dates for the Bihar or Punjab projects disclosed yet.
6. Rewa solar - transmission line tender to conclude soon Pending - At the Q1 FY27 call, management expected the Rewa solar project transmission line tender process to conclude soon, saying once transmission is provided they are "ready to start". The PPA is provided and land available, with transmission line tenders already floated, but no transmission line award has been disclosed.
7. Maharashtra solar - 75 MW lease in Q4 FY26, good results in 3 months Delivered - At the Q4 FY26 call, management said more than 50 MW of lease was done, expecting more than 75 MW that month, and "expecting to give you good results in next 3 months". Ceigall Green Energy MH2 Limited commissioned its first 5 MW solar plant at Ranjangaon Deshmukh, Maharashtra, under MSKVY 2.0, ahead of schedule by August 2026, with PM-KUSUM projects in Maharashtra and Madhya Pradesh "progressing very well".
8. Morena Solar Park - PPA signed, execution to start Delivered - At the Q2 FY26 call, management expected the PPA for the Morena solar project "soon", and at Q4 FY26 said Madhya Pradesh land leasing would close in 10 days, after which execution would start. A PPA was signed during Q1 FY27, with an executed PPA with Rewa Ultra Mega Solar Limited for the 220 MW Solar + BESS project at Morena Solar Park and an LOA for Unit 1 received in February 2026.
9. Commercial paper issuance - \~₹100 crores at 6.8%-7% Pending - At the Q1 FY27 call, CFO Kapil Aggarwal said commercial papers of \~₹100 crores would be issued on a private placement basis at \~6.8%-7% to reduce finance cost. No CP issuance has been disclosed as of Q1 FY27; CRISIL had withdrawn its rating on the ₹100 crore Commercial Paper in March 2025.
10. Working capital intensity - improvement in FY27 and FY28 On track - At the Q1 FY27 call, CFO Kapil Aggarwal stated working capital intensity would "definitely... improve in FY27… and it will improve further in FY28 as well". Net working capital days stood at 49 as on 31 March 2026, down from 62 days a year earlier; Q1 FY27 days were not disclosed.
11. Project-level IRR - 25% on HAM bids Delivered - At the Q1 FY26 call, management targeted a project IRR of not less than 25% on HAM bids, reiterated at Q1 FY27: "We always target to bid at 25% IRR at the project level". The first HAM asset was monetized in Q1 FY27, and management said it achieved a higher IRR than what was committed to investors.
12. Southern Ludhiana - at least 15% execution in FY27 On track - At the Q1 FY27 call, management targeted at least 15% execution of Southern Ludhiana in FY27, lowered from an analyst-suggested 25%-30% given only 62% of land was available. The project was 11.73% complete as of March 2026, with no FY27 execution progress disclosed yet.
13. VRK 11 and VRK 12 - at least 20-25% execution in FY27 On track - At the Q1 FY27 call, management targeted at least 20%-25% execution of VRK 11 and VRK 12 in FY27. Appointed dates for both packages were received in July 2026, subsequent to Q1 FY27 quarter-end, enabling execution to commence; no execution progress disclosed yet.
14. FY27 capex - ₹30-35 crores On track - At the Q1 FY27 call, management guided full-year FY27 capex of close to ₹30 crores-₹35 crores. Q1 FY27 capex was close to ₹14 crores, consistent with the annual plan; no full-year outcome yet.
15. HAM monetization - Malout-Abohar sale by March 2026, two more by September 2026 Partial - At the Q3 FY26 call, management targeted Malout-Abohar-Sadhuwali HAM divestment proceeds before 31st March 2026 and sales of Bathinda-Dabwali and Jalbehra-Shahbad by 30th September 2026; at Q4 FY26 Malout-Abohar was expected "in this month only". Malout-Abohar was completed in Q1 FY27 - a 100% stake sale to Neo Asset Management for ₹177 crore - one quarter late, while the other two assets were signed NBOs under due diligence as of Q1 FY27.
16. HAM equity infusion - ₹1,937 crores over next three years On track - At the Q4 FY26 call, management guided pending equity investment of close to ₹2,000 crores (₹1,937 crores) over the next three years - almost ₹800 crores for renewables, the rest HAM roads - later split as ₹859 crores for FY27 and ₹744 crores for FY28. Q1 FY27 equity invested in HAM and solar was ₹23 crores, with ₹692 crore cumulative since IPO.
17. FY27 order inflow - ₹5,500 crores minimum On track - At the Q4 FY26 call, management guided FY27 order inflow of minimum ₹5,500 crores, revised to "we have guided our investors for ₹6,000 crores" at Q1 FY27. Q1 FY27 order inflow was \~₹600 crores (₹655.4 crore per the PPT) against the ₹6,000 crore guidance, with management noting inflows normally come in Q3/Q4.
18. FY27 EBITDA margin - 11% to 12.5% On track - At the Q4 FY26 call, management guided FY27 EBITDA margin of 11% to 12.5%, reiterated at Q1 FY27. Q1 FY27 consolidated EBITDA margin was 14.79%, standalone 13.42%, and management noted the \~13.5% Q1 margin beat the full-year guidance.
19. FY27 revenue growth - 15% minimum On track - At the Q4 FY26 call, management guided FY27 revenue growth of 15% minimum, with renewables contributing close to 20-25% of total revenue, reiterated at Q1 FY27. Q1 FY27 consolidated revenue was ₹970 crore, up 15.7% YoY, consistent with the floor; no full-year outcome yet.
20. Three HAM projects to generate \~₹250 crores annuity per year for 15 years Partial - At the Q4 FY25 call, management said three completed HAM projects would generate annuity of around ₹250 crores per year "coming every year… for next 15 years". Malout-Abohar was divested in Q1 FY27 for ₹177 crore, converting its annuity to upfront proceeds, while Bathinda-Dabwali and Jalbehra-Shahbad signed NBOs and are under due diligence.
21. Three HAM projects operational with annuities starting in FY26 Delivered - At the Q4 FY25 call, management expected 3 HAM projects operational, with second and third annuities starting "at this financial year". Bathinda-Dabwali achieved PCOD on December 22, 2025 and Jalbehra-Shahbad received Pre-COD in December 2025; with Malout-Abohar already operational, three HAM projects were operational by end-FY26.
22. Ramban-Banihal tunnel - completion in 4-5 months from Q4 FY25 Partial - At the Q4 FY25 call, management said the remaining MEP and roadwork on the Ramban-Banihal tunnel was "hardly a 4, 5 months job"; at Q2 FY26 it targeted completion in the next 3 months, with \~20% of tunnel work (\~₹180 crores) done before March 2026, after flood/landslide and Operation Sindoor disruptions of \~4-5 months. The project was 96.8% complete as of March 2026, with no completion certificate disclosed.
23. FY26 HAM equity infusion - \~₹250 crores Delivered - At the Q4 FY25 call, management guided FY26 equity infusion "somewhere close to ₹250 crores in this year, depending upon the AD", raised to \~₹297 crores over the coming 3 months at Q2 FY26. HAM equity infusion reached ₹603.2 crore by October 2025 and ₹605.6 crore by Q3 FY26, with ₹692 crore cumulative since IPO by Q1 FY27.
24. FY26 order inflow - ₹5,000 crores Delivered - At the Q1 FY26 call, management targeted order inflow of ₹5,000 crores for FY26, reiterated at Q2 FY26; the earlier Q4 FY25 target had been ₹5,500 crores before reverting to ₹5,000 crores. FY26 order inflow was ₹11,332 crores (₹1,13,320 mn per the PPT), more than 2x the guidance.
25. FY26 pure EPC EBITDA margin - 11% to 11.5% Delivered - At the Q1 FY26 call, management reiterated FY26 pure EPC EBITDA margin guidance of 11% to 11.5% excluding bonus and royalty, guided at \~11.5% ex-other income at Q2 FY26. FY26 standalone EBITDA margin was 12.6%, with Q4 FY26 standalone margin of 14.1% noted by management.
26. FY26 revenue growth - 10% to 15% Delivered - At the Q4 FY25 call, management guided top-line growth of "normally 10% to 15%" for FY25-26, reiterated at Q1, Q2 and Q3 FY26. FY26 consolidated revenue was ₹4,022.4 crore, up 17.0% YoY, with standalone growth of 14.3%.
27. VRK 11 appointed date - work starts Q3 FY25 Partial - At the Q1 FY25 call, management was "very positive" that execution/AD for VRK 11 would start in Q3 FY25, with the appointed date pushed at Q3 FY25 to around Q1 of next fiscal, at Q2 FY26 to before 31st March 2026, and at Q3 FY26 to "a month or two" after VRK 12. The appointed date was received in July 2026, after Q1 FY27 quarter-end.
28. VRK 12 appointed date - work starts Q3 FY25 Partial - At the Q1 FY25 call, management expected VRK package 12 to be cleared by October so work starts in Q3 FY25, with the appointed date later expected in March, then any time before 31st December 2025, and before 31st March 2026. The appointed date was received in July 2026, after Q1 FY27 quarter-end.
29. Jalbehra HAM - completion around March 2025, ahead of schedule Partial - At the Q1 FY25 call, management said the third HAM project (Jalbehra) would be completed around March, ahead of schedule, later pushed to Q4 FY25, then PCOD "by May end at the maximum", and by end of Q2 or early Q3 FY26. The project was 95.43% complete as of March 2025 and received Pre-COD in December 2025 at \~98% complete.
30. Bathinda-Dabwali HAM - COD by October 2024, 9-10 months ahead of schedule Partial - At the Q1 FY25 call, management targeted COD for the second HAM project (Bathinda-Dabwali) by October 2024, completed 9-10 months ahead of schedule, with later targets of Q3 FY25, PCOD before May, and COD "maximum by the end of the second quarter or the early part of the third quarter" of FY26. The project achieved PCOD on December 22, 2025, over a year past the original deadline.
31. FY25 order inflow - ₹5,000 crores Delivered - At the Q3 FY25 call, management guided order inflow of ₹5,000 crores for FY25 and said "whatever we have said, we will cross that". FY25 order inflow was ₹5,400 crores (₹50,593 mn per the PPT), exceeding the commitment by ₹400 crores.
32. FY25 EBITDA margin - 13% to 15% range Delivered - At the Q1 FY25 call, management guided FY25 EBITDA between 13% and 15%, consistent with the past few years, refined at Q3 FY25 to 14.5%-15.5% annualized, and at Q4 FY25 re-based as pure EPC margin of 11% to 12% with royalty, bonus and claims booked over and above. FY25 consolidated EBITDA margin was 14.6%, within the original range; standalone ex-bonus/royalty was 12.24%.
33. FY25 revenue growth - same growth rate as FY24 Delivered - At the Q1 FY25 call, management guided FY25 revenue growth "with the same growth rate" as the previous year, concretized at Q2 FY25 as 15% to 20% versus FY24 turnover of ₹2,952 crores, and revised at Q4 FY25 to "normally 10% to 15%" for FY25-26. FY25 consolidated revenue (ex-bonus/royalty) was ₹3,417.9 crore, up 13.8% YoY, with standalone growth of 15.5% - within the latest 10-15% guidance, short of the earlier 15-20% range.