1. Adani Mor Sagar irrigation job (\~₹6,500 cr) secured/L1 Partial - At the Q3 FY26 call, management said the Adani Mor Sagar irrigation job in Rajasthan (\~₹6,500 cr) was secured/L1 and "will be added to the kitty very soon". By Q1 FY27, Morsagar irrigation works were secured as a group job at ₹3,066 cr, but as a JV with a 27% stake, with the EPC contract yet to be awarded.
2. Gross debt of \~₹1,000 cr sufficient for \~20% FY27 growth Pending - At the Q1 FY27 call (July 29, 2026), the CFO guided that gross debt of \~₹1,000 cr would suffice for \~20% growth, with 10%-20% more debt supporting at least 25% top-line growth. Q1 FY27 gross debt stood at ₹1,000 cr and net debt at ₹700 cr as of June, with net debt-to-equity of 0.28; the growth outcome remains untested as FY27 is still underway.
3. Working capital range of 110-120 days Delivered - At the Q1 FY27 call, the CFO guided working capital to remain in the range of 110 to 120 days. Q1 FY27 net working capital was \~120 days, with trade receivables at \~69 days.
4. No fundraising in near future Partial - At the Q4 FY26 call, management said there is no plan for fundraising in the near future ("we are okay with the fund what we have"). By Q1 FY27, the company had approved a ₹5,000 cr fundraise via QIP as an enabling resolution, with management stating not much of it will be utilized this year.
5. Promoter acquisition / open offer completion by March 2025 Partial - At the Q3 FY25 call, the CFO said the promoter-acquisition transaction should be completed by March, within FY25, with the open offer commencing "very soon". Promoters acquired about 20.8% in the open offer by Q4 FY25, with the open offer price at ₹571.68 per share and statutory approvals received, but the transaction was still not completed.
6. Credit rating upgrade Delivered - At the Q3 FY24 call, the CFO said the company was working with the rating agency and "hopefully, we should have some good news on this front", with no timeframe given. The rating was upgraded from A to A+ during the quarter reported at Q1 FY26, with ICRA and CARE both at A+ (Stable) by August 2025.
7. Data center vertical - at least 15% of order book in 2 years On track - At the Q2 FY26 call, management expected the data center vertical to be at least 15% of the overall order book over a 2-year horizon. By Q1 FY27, the data centre order book stood at ₹4,154 cr, 13.3% of ₹31,307 cr, with \~320 to 400 MW under execution across Navi Mumbai and Vizag.
8. No T&D EPC entry Delivered - At the Q2 FY25 call, management said it had no plans to enter T&D or power sector EPC as a whole system ("So far, there is no plan. Future, I can't say."). No T&D EPC entry has been disclosed through Q1 FY27; the Bangladesh job was foundation work only, and the HVDC order was a small part of an existing airport terminal job.
9. No solar EPC entry Delivered - At the Q1 FY25 call, management said it will not enter solar EPC, but will participate in civil structure/pile foundation work for green energy projects. No solar EPC entry has been disclosed in our record through Q1 FY27.
10. No new Himalayan tunneling jobs until existing \~₹2,500 cr tunnel jobs completed Delivered - At the Q4 FY22 call, management said it would not be much interested in new Himalayan tunneling jobs until the existing \~₹2,500 cr of tunnel jobs were completed. The Sivok-Rangpo tunnelling work was completed by Q3 FY26 and delivered per the Q4 FY26 results, with no new Himalayan tunneling disclosed.
11. No further airport work until Ahmedabad airport completed Delivered - At the Q4 FY22 call, management said it was happy with the Ahmedabad airport job and would not pursue more airport work, such as Lucknow or Guwahati, until it was completed. Trichy and Pune airport jobs were completed by Q3 FY24, and new airport orders - Jaipur (\~₹600 cr) and Trivandrum - were secured only from Q4 FY25 onwards.
12. No NHAI HAM road projects Delivered - At the Q3 FY23 call, management stated it had no strategy to pursue NHAI HAM road projects and no intention to evaluate the space afresh in the near term. Through Q1 FY27, only special road projects were secured - a Bihar road-cum-bridge project and the Munger elevated corridor - with normal NHAI tenders explicitly not targeted.
13. Overseas strategy - only marine jobs, max two overseas jobs at a time Delivered - At the Q1 FY23 call, management set an overseas strategy of only marine jobs in neighboring countries, maximum two overseas jobs at a time, to be reviewed in "another two to three years time". Overseas exposure stayed under \~10% of the order book through Q3 FY25, and was around 2% to 3% by Q1 FY27.
14. No further road work until Ganga Expressway completed Delivered - At the Q1 FY23 call, management said it would not pursue further road work until the Ganga Expressway was completed, reiterated at Q2 FY23 and again at Q1 FY25. The Ganga Expressway was completed by Q2 FY26, and only special road projects - the Bihar road-cum-bridge job and Munger elevated corridor - were secured thereafter.
15. FY25 capex of ₹150-200 cr Delivered - At the Q1 FY25 call, management set an FY25 capex target of ₹150-200 cr, revised at Q3 FY25 to ₹120-125 cr at the maximum. Capex done till 9M FY25 was around ₹100 cr, consistent with the revised plan; reported financials show FY25 CWIP of ₹21.43 cr.
16. FY24 capex of ₹150-200 cr Partial - At the Q1 FY24 call, management expected FY24 capex of ₹150-200 cr for construction plant and equipment, revised at Q3 FY24 to around ₹200-250 cr. Actual FY24 capex was more than ₹450 cr, with ₹238-240 cr already incurred in H1 FY24 - a significant overrun.
17. No further losses on Bengaluru Metro Delivered - At the Q3 FY23 call, the CFO guided no further losses on Bengaluru Metro: "we have recognized all the losses that we expect on that project". After a \~₹29 cr provision in Q1 FY24, no additional project-specific provisions were made - the ₹40 cr in FY24 was a general ECL provision, and legacy metro matters were described as behind by Q2 FY26.
18. Bengaluru Metro loss recovery via claims Delivered - At the Q4 FY22 call, management said the \~₹30 cr Bengaluru metro loss was a timing mismatch and hoped to recover via legitimate claims, with a resolution cycle of "around two to three years time not before that". Claims were realized at ₹150 cr for FY26, with ₹100 cr in Q4 FY26, after Bangalore Metro legacy issues were declared behind at Q4 FY24.
19. Chennai Metro project completion by mid-2028 On track - At the Q4 FY26 call, management said the Chennai Metro project will run up to end of 2027 or beginning of 2028, with completion around mid-2028. By Q1 FY27, TBM work was done with breakthrough achieved, though \~40% of the job by value was still left.
20. Bengaluru Metro underground project completion Delivered - From Q4 FY22 through Q1 FY26, management tracked the Bengaluru underground metro from \~22% progress to "on the verge of completion". The entire \~4.6 km tunnelling work was completed by Q3 FY26, and the project was completed per Q4 FY26 disclosures.
21. Udangudi marine job completion Delivered - From Q4 FY22 through Q3 FY24, management tracked the Udangudi marine job from \~60% to almost complete, with only crane commissioning left. The job was completed by Q1 FY25 and reported as 100% completed and commissioned at Q4 FY26.
22. Bangladesh project completion in 30 months / by September-October 2026 On track - At the Q3 FY25 call, management said the Bangladesh project (total ₹1,500 cr) had to be completed in 30 months, later guiding physical completion before the next monsoon and, at Q1 FY27, by September or October 2026. At Q1 FY27, execution was "absolutely under control" with receivables around ₹178 cr plus retention.
23. Colombo (Sri Lanka) project completion by mid-2025 Delivered - At the Q3 FY24 call, management said the Sri Lanka project was expected to be completed mid of next year, 2025 June-July. Colombo was around 80% done at Q1 FY26, almost completed at Q2 FY26, and the West Container Terminal in the port of Colombo was completed per Q1 FY27 results.
24. Vizhinjam breakwater job completion before next monsoon (2023) Partial - At the Q1 FY23 call, management expected the Vizhinjam breakwater job to be completed before the next monsoon, later saying it was "almost getting completed by end of this year" at Q2 FY24. Vizhinjam Port Phase 1 was completed and inaugurated by the PM per Q4 FY25 disclosures, with the breakwater executed in record time - well after the original deadline.
25. Bangladesh river-based marine job (\~₹2,000 cr) secured by March-April 2023 Partial - At the Q4 FY22 call, management said the Bangladesh river job tender (\~₹2,000 cr) would be completed by end of June 2022, with the L1 job expected to convert to an order by March or April 2023. The order was secured by Q4 FY24 at ₹1,700 cr total with the company's share around ₹1,200-1,300 cr, after which execution was paused by the political situation and restarted by Q2 FY25.
26. Ganga Expressway completion in 27 months from November 2022 Delivered - At the Q2 FY23 call, management stated the Ganga Expressway zero date was 3rd November 2022 with a 27-month timeline, later guiding completion by April-May 2025 and substantial completion by June-July 2025. The main carriageway was completed on time with \~85% complete at Q1 FY26, and the \~157 km six-laning project was substantially completed per Q1 FY27 results.
27. FY27 EBITDA margin of 10% plus - FY27 On track - At the Q1 FY27 call, management guided that double-digit EBITDA margin ("10% plus, in that range") will be maintained, after indicating 10.5%-11% as the right annual run-rate at Q4 FY26. Q1 FY27 EBITDA margin was 10.48%.
28. FY27 capex of ₹350-400 cr - FY27 On track - At the Q4 FY26 call, management guided FY27 capex of around ₹350-400 cr, reiterated at the Q1 FY27 call. Q1 FY27 capex additions were ₹81-odd cr, consistent with the annual plan.
29. FY27 order inflow target of \~₹25,000 cr - FY27 On track - At the Q4 FY26 call, management set an order inflow target of around ₹25,000 cr for FY27, reiterated at Q1 FY27. Q1 FY27 order inflows were ₹8,519 cr, with a further ₹1,247 cr added in July and L1 in projects worth \~₹990 cr, taking total new orders to \~₹10,756 cr.
30. FY27 revenue growth of at least 25% - FY27 On track - At the Q4 FY26 call, management guided FY27 revenue growth of "at least 25% more than this year", reiterated at Q1 FY27. Q1 FY27 revenue was ₹2,721 cr, up 5.61% YoY, below the run-rate but with the target reiterated.
31. FY26 capex of ₹250-300 cr - FY26 Missed - FY26 capex was guided at around ₹250-260 cr at Q4 FY25, revised to ₹280-300 cr at Q1 FY26 and to 10-15% more than last year's ₹300 cr at Q3 FY26. FY26 capex came in at ₹260 cr, with 9M FY26 capex of ₹200-odd cr - a clear shortfall against the final guidance.
32. FY26 EBITDA margin of around 10% - FY26 Delivered - At the Q1 FY26 call, management expected an EBITDA margin of around 10% to be maintained for FY26, later guiding 10-11% at Q3 FY26. FY26 EBITDA was ₹1,199 cr on revenue of ₹10,061 cr - a margin of 11.92%, with Q4 FY26 at 15.1%.
33. FY26 order inflow of ₹15,000-16,000 cr - FY26 Delivered - At the Q4 FY25 call, management expected FY26 order inflows of \~₹15,000 cr to ₹16,000 cr, reiterated through Q2 FY26 and revised to around ₹14,000-15,000 cr at Q3 FY26. FY26 secured new contracts worth ₹14,821 cr; including L1 and an April-secured job, management put the total at ₹19,000 cr.
34. FY26 revenue growth of \~25% - FY26 Missed - At the Q4 FY25 call, management expected the top line to grow by \~25% in FY26, revised to 20%-25% at Q1 FY26, around 20% at Q2 FY26, and 15-20% at Q3 FY26. FY26 revenue was ₹10,061 cr vs ₹9,246 cr in FY25 - growth of 8.81%, which management itself scored as "about 9% YoY".
35. FY25 order inflow of ₹8,000-10,000 cr - FY25 Missed - At the Q4 FY24 call, management targeted FY25 order inflow of ₹8,000-10,000 cr, "say ₹9,000 cr", raised to ₹10,000+ cr at Q1 FY25 and brought back to up to ₹9,000 cr at Q3 FY25. FY25 new orders secured were about ₹7,100 cr, with management noting a few big jobs were missed.
36. FY24 order inflow of ₹8,000-9,000 cr - FY24 Missed - At the Q4 FY23 call, management set an order inflow target of at least ₹8,000 cr for FY24, maintained as ₹8,000-9,000 cr through Q3 FY24. FY24 new orders secured were about ₹6,900 cr, versus about ₹8,800 cr in FY23.
37. FY25 double-digit EBITDA margin - FY25 Delivered - At the Q4 FY23 call, management said "we should have double digit margin next year for sure" for FY25, later guiding 10% plus / "a little bit more than 10%" at Q4 FY24. FY25 EBITDA was ₹939 cr on revenue of ₹9,246 cr - a margin of 10.15%, with Q4 FY25 at 10.8%.
38. FY2025 revenue growth of 20-25% - FY25 Delivered - From Q2 FY23 through Q3 FY25, management guided FY25 revenue growth of around 20-25%, most recently reiterated as "20% plus" at Q4 FY24 and 20-25% at Q3 FY25. FY25 revenue was ₹9,246 cr vs ₹7,718 cr in FY24 - growth of 19.8%, which management scored as "around 18% to 20%".
39. FY2023 capex of about ₹300 cr Delivered - At the Q4 FY22 call, the CFO guided FY2023 capex of about ₹300 cr, mainly for Chennai metro, reiterated as ₹250-300 cr at Q2 FY23 and Q3 FY23. FY2023 capex was about ₹300 cr, with reported financials showing CWIP of ₹117 cr in FY23 consistent with the deployment.
40. Bengaluru Metro elevated job exit by end of 2022 Partial - At the Q4 FY22 call, management said the last Bengaluru Metro elevated job (\~85-86% done) should be exited "by the end of this year" (2022), later refined to December-January and then end of March or April. Physical work was fully completed by Q4 FY23, with all four contracts' work completed and handed over by Q1 FY24.
41. Mumbai Metro completion by end of 2022 Partial - At the Q4 FY22 call, management said the Mumbai Metro job would hopefully be completed "by the end of this year" (2022), later revised to "in a year or so" at Q2 FY23. The job was reported almost completed through FY24, with Mumbai Metro Line 3 inaugurated by the PM on 5th October 2025 and the underground work completed per Q4 FY26.
42. JNPT jetty job (\~₹1,000 cr) secured by end of May 2022 Missed - At the Q4 FY22 call, management said the JNPT jetty job (\~₹1,000 cr) was expected to be secured "by end of this month" (May 2022). At Q1 FY23, the jetty work was still under discussion, with two of three JNPT packages gone to a local party; no subsequent disclosure of the order being secured appears in our record.
43. FY2023 PAT margin of around 3% - FY23 Partial - At the Q1 FY23 call, management guided a PAT margin of around 3% for FY23 and "maybe within 3% to 4%" for FY24. FY23 PAT was ₹125 cr on revenue of ₹5,091 cr - a margin of 2.46%; FY24 PAT margin was 3.55% (₹274 cr on ₹7,718 cr).
44. FY2024 revenue growth of 20-25% / \~₹6,000 cr - FY24 Delivered - At the Q4 FY22 call, management guided FY2024 revenue growth momentum of around 20 to 25%, later raised to ₹6,500 cr at Q4 FY23 and to ₹7,000 cr-plus through FY24, with ₹7,500 cr guidance confirmed at Q3 FY24. FY24 revenue was ₹7,718 cr, growth of 51.6% YoY.
45. FY2023 topline growth of 25% - FY23 Delivered - At the Q4 FY22 call, management guided FY2023 topline growth of 25% over FY2022 ("Topline should be 25% more than this year"), reiterated as 20-25% at Q1 FY23. FY2023 revenue was ₹5,091 cr vs ₹3,809 cr in FY2022 - growth of 33.65%.
46. FY2024 double-digit EBITDA margin - FY24 Delivered - At the Q4 FY22 call, management guided double-digit EBITDA margins in FY2024, reiterated as "definitely it will be 10% plus" and "around 10%, 10% plus" through Q2 FY23. FY24 EBITDA was ₹809 cr on revenue of ₹7,718 cr - a margin of 10.5%, with Q2, Q3 and Q4 FY24 margins all above 10%.
47. FY2023 EBITDA margin close to double digit - FY23 Partial - At the Q4 FY22 call, management guided FY2023 EBITDA margin "close to double digit", with margins by end of FY2023 "should be very close to 10%", later framed as "around 9% to 10% for this year". FY2023 EBITDA was ₹463 cr on revenue of ₹5,091 cr - a margin of 9.1%, with Q4 FY23 at 9.0%.