1. Entry into MDO coal, MDO iron ore, iron ore mining, and critical minerals Pending - At the Q1 FY27 call, management stated plans to enter MDO coal, MDO iron ore, iron ore mining, and critical minerals, noting one critical mineral block secured in Maharashtra per DRHP/RHP; no metric or timeline was given. No further disclosure on these entries in our record.
2. Site expansion - from \~9-10 sites to 15-20 sites in future Pending - At the Q1 FY27 call, management targeted expansion from \~9-10 sites to 15-20 sites in future, supported by a senior professional team. \~7 sites were ongoing across Maharashtra, Madhya Pradesh and Chhattisgarh as of Q1 FY27, with no further site-count disclosure in our record.
3. Normal steady-state EBITDA margin - 23% going forward On track - At the Q1 FY27 call, management stated 23% EBITDA is the normal steady-state margin going forward. Q1 FY27 reported EBITDA margin was 16.80%, or 20.02% adjusted for diesel escalation revenue, which management attributed to the Iran-war diesel spike as a one-off.
4. Q2 FY27 overburden removal - \~3.4 crore cubic meters Pending - At the Q1 FY27 call, management guided Q2 FY27 overburden removal of approximately 3.4 crore cubic meters, versus 4.34 crore cubic meters in Q1, citing monsoon weakness. Q1 FY27 overburden removal was 4.34 crore cubic meters (43.37 MCUM), a quarterly record, up 52% YoY; Q2 FY27 is not yet reported.
5. FY27 capex - \~₹450 cr total (₹167 cr cash, ₹283 cr loan-funded) On track - At the Q1 FY27 call, management guided full-year FY27 capex of ₹450 cr, of which ₹167 cr in cash and ₹283 cr as loan, assuming no further tenders added. Q1 FY27 saw higher depreciation and interest due to higher capex done in Q1; no full-year figure is yet available.
6. FY27 PAT growth - 35%+ YoY On track - At the Q1 FY27 call, management guided FY27 PAT growth of 35% plus YoY, reflecting savings in interest cost. Q1 FY27 PAT was ₹29.76 cr, down 21.56% YoY, on higher fuel costs, finance costs and depreciation from fleet expansion; the full year is not yet reported.
7. FY27 EBITDA growth - 35%+ YoY On track - At the Q1 FY27 call, management targeted FY27 EBITDA growth of 35% plus YoY, subject to fuel cost spikes normalising, led by fleet and ERP-led efficiencies. Q1 FY27 EBITDA was ₹110.37 cr, up 15.36% YoY, with margin at 16.80% reported / 20.02% adjusted on the Iran-war diesel spike.
8. FY27 revenue growth - 45-50% YoY On track - At the Q1 FY27 call, management guided FY27 revenue growth of about 45% to 50% YoY, driven by full-year execution of recently won orders. Q1 FY27 revenue was ₹657 cr, up 67.10% YoY, with an order book of ₹9,124.81 cr as of June 30, 2026, over 5x FY26 revenue, average tenure 46 months.
9. FY27 gross debt - \~₹750 cr by year-end, assuming no new tenders On track - At the Q1 FY27 call, management guided year-end FY27 gross debt of roughly ₹750 cr, assuming no new tender wins; new tender wins would add debt beyond ₹750 cr. The company started FY27 with ₹1,024 cr gross debt post-IPO repayment, with ₹208 cr ad hoc repayment done and ₹208 cr of EMIs planned in the current year.