1. HM Power acquisition completed, commercial production April 2026 Delivered - At the Q4 FY26 call, management stated HM Power commenced commercial production on April 1, 2026, with expected revenue of ₹200 crores in FY27. The acquisition was completed on March 30, 2026, and commercial production began April 1, 2026, as guided.
2. Gross margin improve to at least 15% in FY27 On track - At the Q4 FY26 call, management guided that gross margin should improve to at least 15% in FY27, from \~12% in FY26. FY26 gross margin was \~12.8%, and FY27 commenced on 1 April 2026 and is currently in progress.
3. ERC commercial production mid-July 2026, ₹30-35 cr contribution in FY27 Pending - At the Q4 FY26 call, management guided ERC commercial production in mid-July 2026 with ₹30-35 crores contribution in FY27. As of 14 July 2026, mid-July is imminent with no production commencement or revenue read yet.
4. New manufacturing facility in South India near Nagpur or Chennai Pending - At the Q2 FY26 call, management guided a new manufacturing facility in South India near Nagpur or Chennai, focusing on it in FY27. By the Q4 FY26 call, land had not been finalized and no timeline was given.
5. EBITDA margins double-digit in FY26, mid-teen aspirational Missed - At the Q2 FY26 call, management guided FY26 EBITDA margins would be double-digit and expressed hope for mid-teen margins. FY26 EBITDA margin was 9.78%, missing the double-digit threshold on a full-year basis.
6. Trading turnover less than 15% of topline in 3-4 years On track - At the Q2 FY26 call, management guided trading turnover should be less than 15% of topline in 3-4 years. FY26 trading was 27% of revenue, down from 33% in FY25, with an FY27 interim target of less than 20%.
7. Revenue doubling in next 3-4 years Pending - At the Q2 FY26 call, management guided revenue doubling in 3-4 years from a FY25 base of ₹205.79 crores, implying \~₹410 crores. FY26 revenue was ₹244.21 crores, and the 3-4 year horizon from September 2025 extends to September 2028-2029.
8. FY27 revenue growth minimum 20% over FY26 Pending - At the Q2 FY26 call, management guided minimum 20% revenue growth in FY27 over FY26. The Q4 FY26 call revised guidance to ₹330-350 crores standalone revenue, above the \~₹293 crores floor, but FY27 has not commenced.
9. Flux-Cored wire ₹25-30 cr annual revenue potential, 20-25% EBITDA margins On track - At the Q2 FY26 call, management guided flux-cored wire at full capacity would contribute ₹25-30 crores with 20-25% EBITDA margins. Commercial production started end-September 2025, contributing \~₹4 crores+ in FY26 at \~15% capacity utilization, with FY27 target revised to at least ₹20 crores.
10. FY26 revenue ₹260-275 crores Missed - At the Q2 FY26 call, management guided FY26 revenue between ₹260 and ₹275 crores. Full-year FY26 total income was ₹244.21 crores, with management citing a shortfall in the last 15 days of March due to the U.S.-Iran war.