1. FY27 capex - \~₹150 cr Pending - At the Q4 FY26 call, management planned total capex of close to ₹150 cr for FY27 for fabricated steel and sandwich panel lines; the Q4 FY26 and Q1 FY27 PPTs both list the \~₹150 Cr target. Q1 FY27 IPO utilization was ₹21.44 cr, with cumulative IPO spend of ₹176.2 cr; no full-year capex read yet.
2. FY27 debtor days - 60 days Pending - At the Q4 FY26 call, management set a debtor days target of 60 days in FY27, versus 62-63 achieved in FY26. No disclosed read on FY27 debtor days in the latest record; FY26 actual was 62-63 days.
3. FY27 PAT margin - \~6.5% On track - At the Q4 FY26 call, management guided PAT margin of \~6.5% for FY27, versus 6.1% achieved in FY26; the Q1 FY27 PPT raised the target to 6.5-7%. Q1 FY27 PAT margin was 5.0%, below the range, with no full-year read yet.
4. FY27 order booking - ₹2,000 cr plus On track - At the Q4 FY26 call, management set an FY27 order booking target of ₹2,000 cr plus, 30% growth over FY26's ₹1,590 cr, saying "we are doubly sure"; at Q1 FY27 it reiterated ₹2,000 cr with ₹580 cr done. Q1 FY27 order inflow was ₹578.1 cr, +146.4% YoY.
5. FY27 revenue guidance - minimum 20% growth, \~₹1,800 cr On track - At the Q3 FY26 call, management guided FY27 revenue of minimum 20% growth, around ₹1,800 cr; Q4 FY26 raised this to 30% growth in Prefab, implying \~₹1,920-1,950 cr, and Q1 FY27 reaffirmed ₹1,900-1,950 cr. Q1 FY27 revenue was ₹366 cr, +23.9% YoY; no full-year read yet.
6. Gujarat (Vithlapur) plant - 50,000 tons capacity, capex in FY27 On track - At the Q3 FY26 call, management guided the Gujarat plant to 50,000 tons initial capacity with \~₹55-60 cr capex, done in FY27; Q4 FY26 set readiness "by the end of quarter four" of FY27, and Q1 FY27 guided commissioning in the last quarter with production from April 27. As of Q1 FY27, land was acquired and civil construction was "in full swing", with \~₹38 cr spent on land.
7. Q4 FY26 revenue - guided ₹300→₹450 cr QoQ (\~+50%) Delivered - At the Q3 FY26 call, management said scaling revenue from ₹300 cr to ₹450 cr quarter-on-quarter in Q4 was "quite possible". Q4 FY26 revenue came in at ₹471 cr versus ₹325 cr in Q3 FY26, exceeding the ₹450 cr guided level.
8. FY26 revenue guidance - ₹1,500-1,550 cr Delivered - At the Q3 FY26 call, management reaffirmed annual FY26 revenue guidance of ₹1,500-1,550 cr. FY26 revenue was ₹1,525.3 cr, within the guided range.
9. H2 FY26 - better than H1, \~55% of annual revenue Partial - At the Q2 FY26 call, management expected H2 to be better than H1, with H2 typically \~55% of annual revenue. H1 FY26 revenue was ₹729.3 cr and full-year FY26 was ₹1,525 cr, so H2 was \~₹796 cr, or \~52% of annual revenue, below the \~55% typical phasing.
10. Q3 FY26 revenue - similar or slightly higher than Q2 Missed - At the Q2 FY26 call, management guided Q3 revenue to be similar or slightly higher than Q2 via ongoing debottlenecking. Q3 FY26 revenue was ₹325 cr versus Q2 FY26 revenue of ₹434 cr, a \~25% QoQ decline; management attributed the shortfall to ₹35-40 cr of unbilled finished goods and prolonged monsoon.
11. Revenue growth momentum - beat industry for next 18-24 months On track - At the Q2 FY26 call, management expressed confidence in continuing "this momentum of robust growth and beating the industry at least for the next 18 to 24 months"; at Q3 FY26 it said "if the market grows at 10%, we will definitely grow at 20%". FY26 revenue grew 34.5% YoY versus industry growth of \~10%-12%, and Q1 FY27 grew 23.9% YoY.
12. EPS Packaging business - continue growing at 6%-7% Missed - At the Q2 FY26 call, management stated the EPS Packaging business was expected to continue growing at 6%-7% going forward. FY26 packaging revenue was \~₹131 cr, down from \~₹181 cr in FY25; at Q1 FY27, "EPS business has come back to normalcy".
13. Finance cost - interest cost in range of 1%-1.5% of revenue Missed - At the Q2 FY26 call, management guided interest cost to remain in the range of about 1%-1.5% going forward; Q3 FY26 revised this to "close to 2%", and Q4 FY26 guided 20-25 bps improvement in FY27 from \~2.1%. Nine-month FY26 finance cost was \~2.2% of revenue and Q4 FY26 was \~2.1%.
14. Working capital - maintain \~35 days net working capital Delivered - At the Q2 FY26 call, management guided comfort with \~35 days net working capital, then at 21 days; Q3 FY26 reaffirmed \~35 days and Q4 FY26 and the Q1 FY27 PPT set an FY27 target of 35-38 days. FY26 net working capital days were 32, improved 4 days YoY, after a Q3 FY26 spike to 38 days; Q1 FY27 was within the target range.
15. Packaging revenue recovery - make up \~20% loss in next 6 months Partial - At the Q2 FY26 call, management stated that if the consumer durables market comes up strong, it expects to make up the \~20% loss of packaging revenue in the next 6 months. FY26 packaging revenue was \~₹131 cr; at Q1 FY27, "EPS business has come back to normalcy with price increase and volume", with no quantified confirmation of the \~20% recovery.
16. Mambattu sandwich panel line - \~50%-55% annualized utilization once modular housing project secured On track - At the Q2 FY26 call, management expected the new Mambattu sandwich panel line to reach \~50%-55% annualized utilization once a modular housing project with a large corporate was secured; Q4 FY26 guided "at least 75% to 80%" for FY27 and Q1 FY27 committed to more than 70%-75%. FY26 utilization was \~25% and Q1 FY27 was 44%, with a 3.2 lakh sq m order book implying 70%+ annualized utilization.
17. Structural steel capacity utilization - at least 80% annualized in FY26 Missed - At the Q2 FY26 call, management expected at least 80% overall annualized utilization of structural steel capacity in FY26; at Q3 FY26 it said it would be "very happy" with 80% post expansion to \~170,000 tons. FY26 PEB capacity utilization was 71.7%, with a quarterly trajectory of 58%, 77%, 67% and 83% and nine-month utilization of \~69%.
18. Andhra Pradesh sandwich panel line - \~₹100 cr revenue in next 5-6 months Missed - At the Q2 FY26 call, management said the new Andhra Pradesh sandwich panel line was expected to give revenue "close to maybe Rs. 100 crores" in the next 5-6 months. The Mambattu line achieved \~25% utilization in FY26 with \~₹65 cr revenue for the full year; management acknowledged it "performed below potential" and rebuilt the sales engine.
19. Market share - from \~5%-5.5% to minimum \~10% On track - At the Q2 FY26 call, management set a market share target of growing from \~5%-5.5% to a minimum of \~10%, with no explicit horizon; at Q1 FY27 it expected year-end FY27 market share of around 7% to 7.5% versus the market leader's \~12%. Current market share was around 5%-6% on FY26 basis as of Q1 FY27.
20. ROE and ROCE - maintain around 23%-25% Missed - At the Q2 FY26 call, management stated it will maintain ROE and ROCE of around 23%-25% going forward; at Q3 FY26 it revised steady-state ROE down to \~18% with a FY27 blip from capex, and ROC of 22%-25% "over the next few years". FY26 ROCE was 18.27% and ROE 12.61%; the Q1 FY27 PPT reported RoCE 19.5% and RoE 17.0%.
21. EBITDA margin - maintain 10.5%-11.5% On track - At the Q2 FY26 call, management guided EBITDA margin maintenance at 10.5%-11.5% for the next 2 years; Q3 FY26 reiterated it for FY26 and FY27, Q4 FY26 guided 10%+ for FY27, and Q1 FY27 guided 10.5%-11.5% from Q2 FY27 onwards. FY26 EBITDA margin was 10.5%; Q1 FY27 was 9.43%, attributed to steel price increases, with recovery guided from Q2 FY27.
22. Ghiloth greenfield sandwich panel line - commercial production by Q2 FY27, \~₹250 cr revenue potential On track - At the Q2 FY26 call, management guided the Ghiloth insulated sandwich panel line (capex \~₹102 cr) to start commercial production in Q2 FY27 with maximum revenue of \~₹250 crores; this slipped to Q3 FY27 due to the NGT ban, stayed at Q3 FY27 and later moved to "during FY27". As of Q1 FY27, \~₹45.4 cr of ₹101.6 cr was spent with no commissioning; the IPO object timeline was extended by the Board to March 31, 2027.
23. Mambattu brownfield structural steel expansion - commercial production by Q4 FY26, ₹300+ cr revenue potential Partial - At the Q2 FY26 call, management guided the Mambattu brownfield expansion (₹58 cr capex) to start commercial production in Q4 FY26, adding 28,000-32,000 tons with ₹300+ crores revenue potential; Q3 FY26 reaffirmed Q4 FY26, Q4 FY26 pushed the second line to "the next quarter" and Q1 FY27 guided it to Q3 FY27. One line entered commercial production on 29th April 2026, taking PEB capacity to 147,122 MTPA; the second line remained in execution with no read yet on the ₹300+ cr target.