1. FY27 consolidated revenue - more than Rs 700 crores plus On track - At the Q4 FY26 call in May 2026, management guided FY27 consolidated revenue to be "more than INR700 crores plus," revising the earlier \~Rs 650 cr estimate from the Q2 FY26 call. FY27 commenced on 1 April 2026 and is in progress as of 14 July 2026, with no FY27 revenue actuals yet reported.
2. Power transformers - meaningful revenue contributor from FY28 onwards On track - At the Q4 FY26 call, management stated the power transformer segment would become "a meaningful contributor for our revenue from FY28 onwards". Prototype development and type testing for power transformers up to 100 MVA and 245 KV had commenced as of March 2026, and a USD 8.7 million export order for 66 kV power transformers was secured in May 2026.
3. Next phase of capacity expansion - decision in \~3 months; could increase capacity by 80% to double Pending - At the Q4 FY26 call, management stated a decision on the next phase of capacity expansion would be taken "hopefully in the next three months" and could "further at least increase by 80% or maybe double up" current capacity. Today is 14 July 2026, approximately four months from the call, and our record holds no disclosure of a board decision on the next expansion phase.
4. FY28 MVA volume - more than 10,000 MVA Pending - At the Q4 FY26 call, management guided FY28 MVA volume at "somewhere more than 10,000 MVA". FY26 transformer production was 5,468 MVA and FY28 has not commenced.
5. FY27 MVA volume - at least 7,000 to 8,000 MVA Pending - At the Q4 FY26 call, management did not provide explicit FY27 MVA volume guidance in the cited transcript. FY26 transformer production was 5,468 MVA and FY27 has not commenced.
6. Order book execution - Rs 500+ cr to be executed in FY27 On track - At the Q4 FY26 call, management stated \~90% of the INR500+ crore order book was to be executed "in next 6 to 9 months" and "90% would be executed in this financial year" (FY27). The order book stood at over Rs 500 cr as of March 2026, and the company’s investor presentation reiterated a target to execute Rs 500+ Cr of projects in the next 6-9 months.
7. Revenue CAGR - 20-30% year-on-year for FY27 On track - At the Q2 FY26 call, management guided they were targeting 20% to 30% CAGR growth year on year on the revenue side for FY27. FY26 revenue growth was 22.20%, and FY27 revenue is guided at "more than INR700 crores plus," which would represent \~34%+ growth over FY26's Rs 521 cr.
8. 220 kV type testing - timeline of 6-8 months Partial - At the Q2 FY26 call, management guided the timeline for 220 kV type testing at six to eight months. As of the Q4 FY26 call in March 2026, prototype development and type testing had commenced but no completion was disclosed, against an implied completion window of March to May 2026.
9. Sheet metal fabrication facility (backward integration) - operational in 6-8 months from November 2025 On track - At the Q2 FY26 call, management guided the sheet metal fabrication facility would take six to eight months from November 2025 to operationalize, later revised to commissioning by August 2026. The facility was not yet commissioned as of the Q4 FY26 call, and the revised August 2026 deadline has not been reached.
10. EBITDA margins - sustain 19-20% range Delivered - At the Q2 FY26 call, management guided confidence in the 19-20% margin being intact for FY26, and at the Q4 FY26 call committed to sustaining EBITDA margins "in the range of 19%". FY26 consolidated EBITDA margin was 19.12%, landing within the 19-20% range.
11. Export share - 20% in FY27, 30% in FY28 On track - At the Q2 FY26 call, management guided export contribution of 20% in FY27 and 30% in FY28, later softening the FY27 lower bound to "at least 15% to 20%". FY26 export revenue was almost 8-9% of revenue, a 316% increase from the prior year, landing within the 8-10% guided range.
12. Full utilization of expanded capacity - 90%+ by FY27-FY28 On track - At the Q2 FY26 call, management guided they were targeting FY27-FY28 to fully utilize capacity "up to 90% plus". FY26 capacity utilization was roughly 80%, and FY28 MVA volume guidance of "somewhere more than 10,000 MVA" against \~11,000 MVA capacity implies \~91%+ utilization.
13. Peak revenue potential - Rs 750 crore at full/optimum utilization Partial - At the Q2 FY26 call, management guided peak revenue potential at \~Rs 750 cr at optimum utilization, revised down from a prior \~Rs 1,000 cr figure. At the Q4 FY26 call, FY27 revenue was guided at "more than INR700 crores plus," with no explicit restoration of the INR900-1,000 cr peak revenue figure.
14. Transformer capacity - close to 11,000 MVA per annum once both expansions fully live Delivered - At the Q2 FY26 call, management guided that once both expansions were fully live, transformer capacity would rise close to 11,000 MVA per annum. As of the Q4 FY26 call, transformer manufacturing capacity had increased to approximately 11,000 MVA on an annual basis.
15. Phase 2 capacity expansion - completed by end of December 2025 Delivered - At the Q2 FY26 call, management guided the second phase of expansion would be ready by the end of December 2025. Phase 2 was completed in January 2026, with the actual completion date for the capex object recorded as December 17, 2025.
16. FY26 full-year revenue in the range of Rs 500-550 crores Delivered - At the Q2 FY26 call, management guided FY26 full-year revenue in the range of Rs 500-550 crores, revised down from an earlier \~Rs 600 cr estimate due to an abnormally high monsoon delaying H1 lift ability. FY26 consolidated revenue was Rs 521.45 cr, within the guided range.
17. IPO proceeds - 100% utilisation by FY26 Delivered - The company stated it remained committed to deploying unutilized IPO proceeds, and board approval was obtained to extend the timeline by one year to FY26. IPO proceeds utilisation was "100% completed now as on 31st March 2026," with total gross proceeds of Rs 197.90 cr fully utilised.
18. Debt-free by December 2025 Delivered - In the Q2 FY26 PPT, the company stated it expected to be debt-free by December 2025. Short-term borrowings as of 30 September 2025 were Rs 1.78 cr, down from Rs 32.14 cr, and FY26 standalone Debt to Equity ratio was 0.004 times, effectively zero.
19. 75% of suppliers undergo ESG audits by 2030 Pending - The company set a target that 75% of suppliers would undergo ESG audits by 2030. Our record holds no disclosure on supplier ESG audit coverage.
20. Minimum 30 hours of training per employee annually by 2028 Pending - The company set a target to provide a minimum of 30 hours of training per employee annually by 2028. Our record holds no disclosure on training hours per employee.
21. Minimum workforce diversity ratio of 10% by 2030 Pending - The company set a target to achieve a minimum workforce diversity ratio of 10% by 2030. Our record holds no disclosure on current workforce diversity ratio.
22. Water Positivity by 2030 On track - The company set a target to achieve Water Positivity by 2030. FY25 water withdrawal was 3,446 kilolitres, a 19.90% reduction from FY24, and water intensity improved from 0.12941 to 0.08125 KL per million INR turnover.
23. 75% recyclable or compostable packaging by 2030 Pending - The company set a target to ensure 75% recyclable or compostable packaging by 2030. Our record holds no disclosure on packaging composition or progress toward this target.
24. 75% renewable energy by 2030 On track - The company set a target of 75% transition to renewable energy by 2030, alongside a separate milestone of 50% total renewable electricity share by 2030. FY25 renewable electricity share was 32.42%, and around 40% of total energy consumption was sourced from renewables.
25. Reduce GHG Emissions by 50% by 2030 On track - The company set a goal to cut GHG emissions by 50% by 2030, alongside targets to increase energy efficiency by 20% and utilise 75% renewable energy in the next 3-5 years. FY25 total GHG emissions were 771.25 tCO2e, up from 599.05 tCO2e in FY24, while emission intensity remained steady at 0.018 tCO2e per 0.1 cr turnover and renewable share reached 32-40%.
26. Net-Zero Emissions by 2050 Pending - In the FY25 annual report and sustainability disclosures, the company set a target to achieve Net-Zero Emissions by 2050. FY25 total GHG emissions were 771.25 tCO2e and the 2050 horizon is decades away.