1. CEF borrowings prepayment - completed FY25 Delivered - The IPO offer document listed investment in CEF for prepayment/repayment of outstanding borrowings as an object to be completed in FY25. The utilisation was completed as of 31 March 2026, with status "Completed".
2. General corporate purposes - deploy FY25-FY26 Delivered - The offer-document object for general corporate purposes was to be deployed over FY25-FY26, revised from ₹20.680 crore to ₹19.864 crore. As of 31 March 2026, ₹198.45 million of the revised ₹198.64 million was utilised, though status showed "Delay" by 13 August 2026.
3. Technology and other growth initiatives - complete FY26-FY27 On track - The offer-document object for investment in technology and other growth initiatives for access to new markets was to be completed FY26-FY27. As of 31 March 2026, ₹209.54 million of the ₹235 million allocation was utilised, with status "On Schedule" as of 13 August 2026.
4. Roserve JV investment - complete FY25-FY26 Missed - The offer-document object for investment in JV Roserve Enviro Private Limited, to grow the pay-per-use/pay-as-treat business, was to be completed FY25-FY26. Nil was utilised against the ₹100 million IPO allocation as of 31 March 2026, with status "Delay" and zero utilisation through Q1 FY27.
5. CEF working capital funding - complete FY25-FY27 Delivered - The offer-document object for investment in CEF for working capital requirements was to be completed FY25-FY27. ₹200 million was fully utilised as of 31 March 2026, with status "Completed" by 13 August 2026.
6. Plant & machinery capex - complete FY26 Missed - The offer-document object for funding capex on plant and machinery was to be completed FY26. Nil was utilised against the ₹32.07 million allocation as of 31 March 2026, and only ₹0.484 crore of the planned ₹3.207 crore was utilised by Q1 FY27.
7. RSSPL brownfield expansion - complete FY25-FY27 On track - The offer-document object for investment in Rochem Separation Systems (India) Pvt Ltd for brownfield expansion was to be completed FY25-FY27. Nil was utilised against the ₹105.05 million IPO allocation as of 31 March 2026, but status remained "On Schedule" through 13 February 2026.
8. Q2 FY27 - growth phase Pending - At the Q1 FY27 call, management guided Q2 FY27 "should end up in a growth phase," qualified as "subject to some of the things playing out over the next six weeks". No Q2 FY27 results have been reported as of today, 3 September 2026.
9. Execution normalization - by end of Q2 FY27 On track - At the Q1 FY27 call, management guided that execution will normalize by the end of Q2 FY27 after Middle East supply chain disruptions. In Q1 FY27, freight rates and spare parts costs were coming down since July, with supply chain "getting back to normal" and things "stabilized this quarter".
10. ZLD L1 order >₹100 crore from steel manufacturer - convert Delivered - At the Q4 FY26 call, management expected the ZLD L1 order of >₹100 crore from one of India's largest steel manufacturers to convert, with the award letter awaited and "could happen anytime". In Q1 FY27, orders worth ₹143 crore, including ₹126 crore from India's largest steel manufacturer, were "signed and are part of the order book".
11. Q1 FY27 order intake - strong, 60-65% already converted Delivered - At the Q4 FY26 call, management expected a "more healthier order book" in Q1 FY27 numbers, with \~60-65% of the strong Q1 order intake target already converted. The Q1 FY27 order book rose to ₹699 crore from ₹536 crore in Q4 FY26, with \~₹200 crore of intake done in Q1.
12. CBG projects - mostly complete by end of Q1 FY27 Missed - At the Q3 FY26 call, management expected CBG projects from the current order book to be mostly complete by end of Q1 FY27; the Q4 FY26 PPT pushed completion to Q3 FY27. FY26 CBG execution ran slower than anticipated on financial closure and feedstock delays, deferring revenues into FY27, with no completion disclosed in Q1 FY27.
13. Net working capital days - 120-125 days for FY27 Pending - At the Q3 FY26 call, CFO Anish Goel expected net working capital days closer to 120-125 days for FY27, with an attempt to reduce further. FY26 net working capital days were 201; no working capital days figure was disclosed for Q1 FY27.
14. No equity raise - at least a couple of years On track - At the Q3 FY26 call, CFO Anish Goel said there was no need to raise equity for at least a couple of years, or until the company is at least double its current top line. No equity raise has been disclosed through Q1 FY27.
15. Large Mexico alcobev/food-and-beverage order - expected Delivered - At the Q2 FY26 call, management expected a large order from the Mexico alcobev/food-and-beverage sector (yeast), as Mexican industrial compliance obligations kick in by March 2027. In Q3 FY26, an order was received from one of the largest tequila brands in Mexico.
16. Technology/licensing deals - deploy \~₹20 crore in Q3 FY26 Delivered - At the Q2 FY26 call, management expected to deploy some of the \~₹20 crore available for technology/licensing deals in Q3 FY26. In Q3 FY26, a $2 million strategic investment was made for an equity stake in a US-based polymer company, and \~USD575,000 was invested in WaHa in Q1 FY27.
17. Diageo Africa orders - margins consistent, no Mexico-like hit Pending - At the Q4 FY25 call, management expected Diageo Africa orders (Brownfield, small civil component) to carry consistent margins, with no similar margin hit as the Mexico Greenfield order. In Q4 FY26, the Uganda order was almost executed and the Kenya order delayed; no specific margin disclosure for these orders exists in our record.
18. Solar PV - first order and contributions in FY26 Delivered - At the Q4 FY25 call, management expected solar PV contributions in FY26, with good orders expected to come through starting that year. The first solar PV order (UPW + wastewater recycling) was received and delivered in Q3 FY26, now under commissioning, with a second order from a large solar player received.
19. H-Xtreme heat exchanger - first revenues in FY26, double-digit share in 3 years Partial - At the Q4 FY26 call, management targeted double-digit market share in the heat exchanger segment (market \~USD4 crore) within 3 years, with first revenues "in this year"; by that call no first order had landed, and Q1 FY27 saw traction expected "in the coming two quarters". H-Xtreme launched in Q3 FY26 and was showcased at Chemtech Mumbai, but no order or revenue was disclosed as of Q1 FY27.
20. Waste pickle liquor demonstration - convert to order in next two months Delivered - At the Q1 FY27 call, management guided that the waste pickle liquor treatment demonstration at one of India's largest steel manufacturers would be "converting that to an order in the next two months". In Q1 FY27, orders worth ₹143 crore, including ₹126 crore from India's largest steel manufacturer, were signed and entered the order book; the system was first placed with a large steel conglomerate in Q3 FY26.
21. Europe ZLD order - revenue this year, delivery in Q3 On track - At the Q1 FY27 call, management guided that the Europe ZLD order (\~EUR600,000) would see revenue come "this year" with delivery in Q3. The order was secured in Q1 FY27, with no delivery or revenue recognition disclosed yet.
22. FY27 order intake - \~₹1,000 crore On track - At the Q4 FY26 call, management gave an FY27 order inflow target of about ₹1,000 crore, reiterated at the Q1 FY27 call with \~₹200 crore already done and large pipeline orders seen converting over three to four months. The Q1 FY27 order book stood at ₹699 crore, up from ₹536 crore in Q4 FY26, with \~₹200 crore of intake done.
23. Africa project approvals - Q4 FY26, \~$1 million revenue this fiscal Missed - At the Q2 FY26 call, management expected Africa project approvals in Q4 FY26, with \~$1 million revenue recognized that fiscal and the balance \~$5.7 million executed in FY27. The Kenya project was revised to FY27 in Q3 FY26 and delayed again in Q4 FY26 on client-side control and capex changes, with revival expected in Q2 FY27 in two phases.
24. Nuclear order execution - FY27, commissioning Q4 FY27 On track - At the Q4 FY26 call, management expected the nuclear (Vishakhapatnam) order to be executed in FY27 across Q2, Q3 and Q4, with commissioning in Q4 FY27 and revenues starting Q2 FY27. As of Q1 FY27, the order was in execution (design phase) with no revenue recorded yet.
25. Nuclear-sector seawater desalination tender - convert by end Nov/early Dec 2025 Delivered - At the Q2 FY26 call, management expected the nuclear-sector seawater desalination tender (L1, \~₹40 crore) to convert by end of November/early December 2025, with eight to nine months of execution. In Q3 FY26, the L1 desalination project converted to an order and entered the order book, and by Q4 FY26 the ₹36 crore (ex-taxes) Vishakhapatnam nuclear order was received and in execution.
26. Carbon capture - first POC semi-commercial installation by end of 2025 Missed - At the Q1 FY26 call, management expected the first carbon capture POC semi-commercial installation by end of 2025; the pilot was later slated for Q4 FY26, then H2 FY27 as a 7.5 ton per day CO2 capture unit. No pilot commissioning was disclosed as of Q1 FY27, and the FY26 Annual Report still described the pilot as "expected to launch in FY26".
27. Overheads growth - \~5-10% over next 1-2 years Missed - At the Q1 FY26 call, management expected overheads to grow only \~5-10% over the next 1-2 years, barring new initiatives. Q1 FY27 employee benefits expenses grew 25.6% YoY, and FY26's major cost increase came on the employee benefit side.
28. Employee cost run-rate - \~₹24 crore per quarter Missed - At the Q1 FY26 call, management guided an employee cost run-rate of \~₹24 crore per quarter, plus or minus, with Q1 FY26 spend at \~₹24 crore. Q1 FY27 employee benefits expenses reached ₹30.2 crore, up 25.6% YoY, after FY26 increases from HX and CBG team strengthening.
29. O&M + spares - grow to 40-45% of revenues Delivered - At the Q2 FY26 call, management wanted O&M and spares to grow to 40-45% of revenues. FY26 O&M plus consumables & spares revenue was ₹237.1 crore (₹133.9 crore + ₹103.2 crore), \~42.5% of total revenue, and the mix reached \~63% in Q1 FY27.
30. Product business (consumables/spares) - \~10% of sales over next 3 years Delivered - At the Q1 FY26 call, management expected the product business (consumables/spares) to scale to about 10% of overall sales over the next 3 years. FY26 consumables & spares revenue was ₹103.2 crore, \~19% of total revenue, and Q1 FY27 reached ₹22.8 crore, \~27% of revenue.
31. ROCE - \~20% over the coming years Pending - At the Q4 FY25 call, management wanted ROCE up to \~20% "over the coming years," with the cycle achieved after completion of FY26 and partly FY27 investments. FY26 ROCE was 6.45%, down from 12.72% in FY25 and 24.00% in FY24, with investments still in progress.
32. O&M growth - \~20% going forward Missed - At the Q4 FY25 call, management expected the O&M business to grow at \~20% going forward, up from the historical 10-15%. FY26 O&M revenue was ₹133.9 crore versus ₹119.9 crore in FY25, growth of \~11.7%; Q1 FY27 O&M revenue was ₹31 crore.
33. CBG vertical - three to five projects a year, \~₹100 crore Partial - At the Q1 FY26 call, management targeted three to five CBG projects a year, typically about ₹100 crore. The CBG order book was \~₹20-odd crore as of 31 March 2026, with FY26 execution slower than anticipated and completion now expected by Q3 FY27.
34. Currency policy - stick to dollar for new orders Delivered - At the Q3 FY25 call, management committed to "stick to dollar currency as much as possible" for new orders, with local currency only for local EPC work. By Q1 FY26 more than 90% of the international order book was dollar-denominated, and Q2 FY26 new orders were mainly in US dollars with local-currency exposure limited to local civil/installation works.
35. Sharjah expansion - operational by July 2026 Partial - At the Q4 FY25 call, management expected the Sharjah facility ready six to eight months after tendering in July 2025, operational by July 2026; the FY25 and FY26 Annual Reports pushed commercial operations to September 2026. ₹75.35 million of the ₹250 million IPO allocation was utilised as of 31 March 2026, with no commissioning disclosed as of 3 September 2026.
36. Membrane product sales - ₹30 crore in FY26, ₹85 crore over next few years Partial - At the Q4 FY25 call, management targeted membrane product sales of ₹30 crore in FY26 and ₹85 crore over the next few years, scaling from ₹7.75 crore in FY25; the Q4 FY26 and Q1 FY27 PPTs restated the ₹85 crore plan over the next three years. No explicit FY26 membrane sales figure was disclosed - FY26 consumables & spares revenue of ₹103.2 crore includes broader trading/spares.
37. FY26 closing order book for FY27 - \~₹600 crore Missed - At the Q1 FY26 call, management targeted closing FY26 with an opening order book of about ₹600 crore for FY27. The order book as of 31 March 2026 was ₹536 crore on an ACV basis.
38. FY26 order intake - ₹600-700 crore Missed - At the Q1 FY26 call, management expected full-year FY26 order intake of ₹600-700 crore, based on \~25% blended conversion of the \~₹2,500 crore pipeline. The order book ran Q1 FY26 ₹536.6 crore, Q2 ₹535.4 crore, Q3 ₹594.7 crore, Q4 ₹536 crore, ending roughly flat YoY with no disclosed intake near ₹600-700 crore.
39. FY27 EBITDA margin - 14-16% On track - At the Q3 FY26 call, management guided FY27 EBITDA margin in the 14-16% band, reiterated at Q4 FY26 with "Target doesn't change"; at Q1 FY27, margins were expected to stabilize once revenue crosses \~₹850 crore, "probably two financial years more," with 12-15% framed over the next two to three years. Q1 FY27 EBITDA margin was -17.5%.
40. FY27 revenue growth - 18-20% (later 20%+) On track - At the Q2 FY26 call, management kept FY27 growth expectations at 18-20%, after the Q1 FY26 call targeted 20% plus "quite easily"; Q4 FY26 deferred guidance to Q1 FY27, where 15-20% over two years and 20-25% with 12-16% margins over two to three years were guided. Q1 FY27 revenue was ₹85.3 crore, down 16.6% YoY.
41. FY26 EBITDA margin - 16-17% (later revised down) Missed - At the Q3 FY25 call, management said FY26 margins "should be in the middle" of FY25's 16%, framed as "about 16% to 17%" at the Q2 FY26 call, then revised down to 15-16% and further to 10-12% at Q3 FY26. FY26 EBITDA margin was 6.6%.
42. FY26 revenue growth - minimum 20% (later revised down) Missed - At the Q3 FY25 call, management guided minimum 20% revenue growth for FY26 with "good profitability across the board", reiterated as 18-20% at Q4 FY25 and Q1 FY26; it was revised to \~12-15% at Q2 FY26 and reset to \~₹600 crore (\~2% growth) at Q3 FY26. FY26 revenue was ₹557.8 crore, down 6.2% YoY.
43. FY25 year-end order book - ₹480-500 crore Delivered - At the Q3 FY25 call, management guided an FY25 year-end order book of "480, 500" crores including O&M, saying "we are quite confident we will be in that range". The order book as of 31 March 2025 was ₹532.7 crore.
44. Q4 FY25 EBITDA margin - \~28-30% on \~₹200 crore revenue Delivered - At the Q3 FY25 call, management confirmed a Q4 FY25 EBITDA margin of \~28-29-30% was "achievable"/"doable" on \~₹200 crore revenue. Q4 FY25 revenue was ₹206.99 crore with EBITDA margin of 28%.
45. FY25 EBITDA margin - around 16% Partial - At the Q3 FY25 call, management guided an FY25 EBITDA margin of "around 16%", incorporating forex losses already taken. FY25 EBITDA margin was 14.64% as reported (₹87.08 crore EBITDA on ₹594.44 crore revenue), with adjusted EBITDA margin \~17.5%.
46. FY25 revenue growth - 18% minimum YoY Delivered - At the Q3 FY25 call, management guided FY25 revenue growth of "18% minimum" year-on-year. FY25 revenue was ₹594.44 crore, up 19.64% YoY.