1. PGCIL approval - stepping stone to high voltage conductor market Delivered - At the Q4 FY26 call, management described PGCIL approval as a stepping stone to enter the high voltage conductor market. The company secured PGCIL approval in Q3 FY26, covering ACSR and AL-59 conductors in FY26, and announced the TS Conductor partnership for HTLS carbon core conductors.
2. Q4 FY26 - strong H2 execution expected Missed - At the Q2 FY26 call, management expected project execution by EPC customers to "start aggressively now in the third and the fourth quarter" as the monsoon ended, closing with "looking forward to seeing some good numbers in this coming quarter". Q4 FY26 revenue growth came in at 7%, the slowest in many quarters, attributed to a very high base and aluminium/PVC price spike deferments.
3. No backward integration or strategic tie-ups Missed - At the Q1 FY26 call, management stated there were no plans for backward integration or strategic tie-ups at the moment. In Q4 FY26 the company announced a technical partnership with TS Conductor Corp to manufacture and market HTLS carbon core conductors.
4. Raw material pass-through - 100% maintained Delivered - At the Q2 FY25 call, management described aluminium/commodity prices as a 100% pass-through on an order-to-order basis, reiterated through Q4 FY25 and Q1 FY26, with the Q4 FY26 clarification that firm-price orders are hedged at booking. By Q1 FY27 roughly 20% of the order book was fixed-price with the balance variable-price, though some orders were postponed on the March price spike.
5. Government sales mix - reduce to \~15% over time Delivered - At the Q3 FY25 call, management noted government sales were \~80% of mix and said they "maybe can go down to 15% over a period of time". Government sales fell to 18% in FY25, 12% in H1 FY26, \~13% in FY26 and \~16% in Q1 FY27.
6. Dividend of ₹0.50 (5%) per share for FY26 Delivered - In the FY26 annual report, the Board recommended a dividend of ₹0.50/- (5%) per equity share for FY 2025-26, subject to shareholder approval at the AGM and payment within 30 days of the AGM. The Board recommendation of 12 May 2026 involved a cash outflow of approximately ₹2.42 cr with a record date of July 10, 2026.
7. Renewable cables and specialty products - significant future growth, HV cables 50%+ Delivered - The Q4 FY25 PPT stated renewable cables and specialty products were expected to contribute significantly in future growth, with high value-add HV cables contributing 50%+. The renewable segment grew 100% in FY26 to \~19% of revenue, and FY26 product mix showed HV cables at 64%.
8. Solar cable growth - 25%-30% for next 3-4 years Pending - At the Q1 FY27 call, management guided that solar/renewable cables can grow at 25%-30% for at least the next three, four years. The renewable segment grew 100% in FY26 to \~19% of revenue, and solar was \~20% of revenue in Q1 FY27, with no full-year FY27 growth rate yet disclosed.
9. FY27 growth - 1.5x industry growth Pending - At the Q4 FY26 call, management guided the company should be able to grow at 1.5x industry growth in FY27 - "Should be, we should be able to do it". Q1 FY27 revenue grew 33% YoY; no FY27 industry growth rate or full-year outcome has yet been disclosed.
10. Net debt - no material increase from ₹60 cr Delivered - At the Q1 FY26 call, management said net debt was ₹60 cr and "there would not be much increase" from that level. Net debt fell to ₹20.6 cr by December 2025 with on-books debt reduced from ₹66 cr to ₹40 cr by Q4 FY26, and FY26 D/E stood at 0.09x.
11. FY26 growth - 20%-kind growth feasible Partial - At the Q1 FY26 call, management guided that 20%-kind growth in FY26 was feasible without capacity constraints; at Q2 FY26 it walked back to a long-term 1.5x-industry framework, and at Q3 FY26 said "We do not give any guidance as such" while pointing to an 18%-20% trajectory. FY26 revenue grew 17%, though core product growth was 25%.
12. FY26 CAPEX - ₹40-50 cr full-year plan Partial - At the Q2 FY26 call, management guided full-year FY26 CAPEX of around ₹40-50 cr, with \~₹25 cr done in H1 and ₹15-20 cr more planned in H2; at Q3 FY26 the figure was refined to ₹40-45 cr supporting ₹250-260 cr of additional annual turnover at \~6x asset turns. H1 tracked at \~₹25 cr, but the greenfield project was delayed \~15 months and FY26 free cash flow turned negative at ₹7.1 cr, with no full-year total disclosed.
13. TS Conductor partnership - type testing in about a year Pending - At the Q4 FY26 call, management stated the TS Conductor type testing/approval process would take around a year's time from the one-year renewable agreement, with no hard revenue timeline and minimal additional capex. The partnership with TS Conductor Corp, USA to manufacture and market HTLS carbon core conductors was announced in FY26, with no type-testing completion or revenue disclosed through Q1 FY27.
14. Railway signaling business - significant contribution over next 3-4 years Missed - The FY24 annual report anticipated the railway signaling business contributing significantly and driving higher growth over the next 3-4 years. The segment reached 4% of revenue in FY25, was de-prioritised from Q3 FY26 on competitive intensity and weaker margins, and contributed zero in FY26, held back temporarily rather than shut per Q1 FY27.
15. No entry into house wires - not in next one to two years Delivered - At the Q2 FY25 call, management stated no entry into house wires "not in the next one, two years, not in near future", later clarifying at Q4 FY26 and Q1 FY27 that any wire entry would be B2B-only, not B2C distribution-led. FR-LSH and HR-FRLSH housing wires were launched for the B2B segment in FY26, with no B2C entry disclosed.
16. Gross margin - \~19%-20% for value-added products Partial - At the Q2 FY25 call, management said value-added product gross margins would "hover around" the current \~19%, reaffirmed at Q1 FY26 as an 18%-20% traditional trend, and restated at \~20% long-term at Q3 FY26. Q2 FY26 margins rose \~50-60 bps YoY, but Q4 FY26 gross margin came in at 17.9%, breaching the lower end of the range.
17. Working capital days - maintain \~100 days ±5-10 days Delivered - At the Q2 FY25 call, management called \~100 days of working capital "normal" and expected it to be maintained within ±5-10 days, with blended consistency reiterated at Q4 FY25. Days were below 100 in Q3 FY25, around 100 in Q1 FY26, and the FY26 net cycle elongated to 99 days vs 95 in FY25.
18. Long-term revenue growth - 18%-20% CAGR On track - At the Q2 FY25 call, management stated the long-term growth trend of 18%-20% should continue, with the industry growing 12%-15%; this was reframed at Q1 FY26 as 1.5x industry growth and reiterated through Q1 FY27. FY25 grew 34%, FY26 grew 17%, Q1 FY27 grew 33%, and the 3-year CAGR of 21.45% with TTM growth of 19.10% sits within the band.
19. Renewable/solar revenue contribution - 15-20% of sales, then \~20% in FY27 Delivered - At the Q2 FY25 call, management said renewables "should have a meaningful contribution"; at Q3 FY26 the target was set at 15%-20% of sales for FY26, raised at Q4 FY26 to 20%-23% for FY27, and moderated at Q1 FY27 to around \~20%. Solar reached \~18% of FY26 sales and the renewable segment \~19% of revenue, with solar at \~20% in Q1 FY27.
20. Export share - maintain \~10% contribution Partial - At the Q3 FY25 call, management maintained guidance of around 10% from exports, saying with ₹70-75 cr of unexecuted export orders "we should be able to make up in the coming quarters"; at Q2 FY26 the range was 10%-15%, and at Q4 FY26 the medium-to-long-term target was raised to \~15%. Exports were \~9% in FY25 and \~6.4-7% in FY26 with a zero March quarter, recovering to \~13% in Q1 FY27.
21. US market entry - meaningful traction by FY27 Delivered - At the Q2 FY25 call, management said US sales would start only after approvals, needing "four to six more quarters", with FY27 the horizon for meaningful traction; the plan was put on hold at Q2 FY26 pending tariff clarity, seen as impossible at Q3 FY26, then restarted after tariffs dropped from 50% to \~20%. In Q1 FY27 the company made first US shipments, with the US contributing \~15% of total exports.
22. Solar cable launch - BIS license and official launch Delivered - At the Q2 FY25 call, management said solar cable tests were done and "we will be very soon getting the BIS license" ahead of an official launch, with traction clearer "in next two to three quarters". Solar DC cables launched from the existing plant in Q2 FY25 were commercialized by Q3 FY25 with a healthy renewable order book, and the FY25 renewable order book grew from zero to ₹100 crore.
23. Finance cost reduction - from \~₹20 cr FY24 level Delivered - At the Q2 FY25 call, management said FY24 finance cost of \~₹20 cr should reduce - Q4 negotiations had cut rates 10%-15% with another round possible - and the ₹6-7 cr term loan would run down naturally in the next two-three quarters; at Q1 FY26 it committed to freedom from all long-term debt by year end. Interest cost was \~₹2 cr by Q4 FY25, FY25 finance cost fell to ₹1,526.62 lakh from ₹2,074.09 lakh, and all term liabilities were fully paid off by Q2 FY26.
24. EBITDA margin - maintain 10%-10.5% range Delivered - At the Q2 FY25 call, management guided EBITDA margins to "hover around 10% to 10.5%", reaffirmed at Q1 FY26 for the near term, widened at Q3 FY26 to a 10%-10.5%-11% long-term range, and referenced as 10.5-11% guided and delivered at Q4 FY26. FY25 operating margin was 10.3%, FY26 came in at 10.8%, and Q1 FY27 at 10.9% - all within or above the range.
25. Existing plant debottlenecking - turnover capacity raised to ₹1,150-1,200 cr Delivered - At the Q2 FY25 call, management said the current gross block supported \~₹950-1,000 cr of sales; at Q3 FY25 it expected debottlenecking to lift annual turnover to ₹1,150-1,200 cr, reiterated at Q4 FY25 and Q1 FY26, and at Q2 FY26 enhanced to ₹135 cr per month for \~₹15 cr of capex. Debottlenecking completed in October-November 2024, with peak monthly sales of ₹125 cr in March '25 and \~85% utilization in Q1 FY27.
26. Ongoing capacity expansion - new plant operational by Q2 FY26, adding ₹200-250 cr capacity Partial - At the Q2 FY25 call, management guided the ongoing CAPEX "on track and should be completed by Q2 FY'26", with \~₹35-40 cr adding ₹200-250 cr of additional terminal sales capacity; the target slipped to H2 FY26, then end of FY26, then September 2026, with the delay acknowledged at \~15 months on regulatory approvals, Iran war-related machinery logistics and AERB compliance. As of the latest record the plant was not yet commissioned, with meaningful revenue expected only from Q4 FY27 onwards.
27. Annual topline of ₹1,100 cr - Vision 2025 Partial - The FY21 annual report's Vision 2025 included an annual topline of ₹1,100 cr. FY25 revenue reached ₹1,025 cr, below the target, while FY26 revenue of ₹1,198 cr crossed it one year late.
28. Exports from 15% to 40% of annual turnover - Vision 2025 Missed - The FY21 annual report's Vision 2025 included growing exports from the present 15% to 40% of annual turnover. Exports were \~9% in FY25, \~7% in FY26 and \~13% in Q1 FY27 - far below the 40% target.
29. Market cap of ₹1,000 cr - Vision 2025 Delivered - The FY21 annual report's Vision 2025 included a market cap of ₹1,000 cr. Market cap stood at ₹2,596 cr as of 2 Sep 2026, exceeding the target.
30. Debt-free by 2025 - Vision 2025 Partial - The FY21 annual report's Vision 2025 included being debt-free by 2025. FY25 on-balance sheet debt was ₹58 cr; all term liabilities were completely paid off by Q2 FY26, leaving only working capital borrowings, with FY26 D/E at 0.09x.
31. Vision 2025 - operating margin enhancement via Industry 4.0 IoT Delivered - The FY21 annual report's Vision 2025 included working towards enhancing operating margins through implementation of Industry 4.0 IoT, cost optimisation and lean management. Operating margin improved from 10.1% in FY24 to 10.3% in FY25 and 10.8% in FY26, though no specific Industry 4.0 IoT implementation outcomes appear in the record.