1. Saudi customer order - \~₹120 cr delivered by Q3 FY27 On track - At the Q1 FY27 call, management said the \~₹120 cr Saudi customer order is expected to be delivered by Q3 FY27, with receivables and collections starting and advances knocked off. \~₹72.57 cr was recognized as revenue from this order in Q1 FY27, with the receivable pending installation/delivery in Saudi.
2. Vision 2030 - ₹1,000 cr+ organic top line by 2030 Pending - At the Q1 FY27 call, Karan Doshi stated an internal target of ₹1,000 cr plus organic top line by 2030, described as "a bit conservative approach". FY26 revenue was ₹410.77 cr; no further read yet on the 2030 trajectory.
3. Saudi Arabia acquisitions - complete before end of FY27 On track - At the Q1 FY27 call, management said both proposed acquisitions in Italy and Saudi Arabia are on track to complete before the end of FY27, subject to customary approvals. The SACE acquisition in Saudi Arabia was completed about a month and a half before that call, while the Italian/European acquisition remained in due diligence.
4. Investment in Fabtech Technologies LLC - ₹24 cr within one year Pending - On 25th June 2026, the company announced an overseas direct investment in Fabtech Technologies LLC of up to ₹24 cr, expected to be completed within one year subject to regulatory approvals. Fabtech Technologies LLC had turnover NIL and a net loss of AED 1,19,226 as of March 31, 2026; no completion was disclosed as of Q1 FY27.
5. IPO proceeds - acquisitions object of ₹30 cr Missed - The IPO prospectus included ₹3,000 lakhs (₹30 cr) for inorganic growth initiatives. Utilization of this object was nil as of March 31, 2026 and June 30, 2026; the SACE acquisition in Saudi Arabia was funded outside it.
6. IPO proceeds - working capital utilization of ₹66 cr by FY26 Missed - Per the prospectus dated October 02, 2025, ₹66 cr of IPO proceeds was earmarked for working capital utilization by Fiscal 2026. Actual utilization was ₹27.47 cr by end of FY26 and ₹46.22 cr by June 30, 2026, a delay attributed to needs being met through internal accruals.
7. Saudi Arabia animal vaccine project - completion in 11 months On track - In the Q4 FY26 PPT, the Saudi Arabia animal vaccine project (USD 7.8 million, \~₹65.5 cr) was given an 11-month execution timeline for turnkey cleanroom, HVAC, MEP and utilities through to handover. The order was secured in FY26 and the project is in execution, with the 11-month window not yet run.
8. West Africa OSD facility - completion in 23-27 months On track - In the Q4 FY26 PPT, the West Africa OSD facility project (USD 7.05 million, \~₹63.6 cr) was given a 23-27 month execution timeline for supply, installation and commissioning. The order was secured in FY26 and the project is in execution, with the window not yet run.
9. FY28 PAT guidance - 12-14% Pending - At the Q4 FY26 call, management said the FY28 PAT guidance of 12-14% was still "on track". No FY28 results exist yet; Q1 FY27 PAT margin was 5.6%.
10. FY27 revenue target - ₹530-600 cr On track - At the Q4 FY26 call, management confirmed the FY27 revenue targets of ₹530 to 600 cr given at Vivro/Arihant conferences "would remain the same and consistent for consolidated numbers"; at Q1 FY27 the FY27 organic growth guidance of 20-25% was reaffirmed, implying \~₹513-533 cr on the FY26 base of ₹410.77 cr. Q1 FY27 revenue was ₹74.98 cr, with FY27 not yet complete.
11. Contribution margin - target \~45% Delivered - At the Q4 FY26 call, Karan Doshi said "The contribution margin will be between around 45 percent is what we target", with RMC at 44-46% of sales. FY26 contribution margin was 43.8% versus \~45.9% the prior year; Q1 FY27 contribution margin reached 46.7%, up from 37.6% in Q1 FY26.
12. FY26 revenue and PAT guidance - ₹380-400 cr revenue, ₹39-41 cr PAT Partial - At the Q3 FY26 call, management reiterated annual guidance of revenue between ₹380 to 400 cr and PAT between ₹39 to 41 cr. FY26 revenue was ₹410.77 cr, above the range, while FY26 PAT was ₹38.36 cr, slightly below the guided floor.
13. Q4 FY26 profit - ₹20-24 cr to reach full-year mark Delivered - At the Q3 FY26 call, management stated Q4 FY26 needed ₹20-24 cr of profit to reach the full-year mark, calling it "pretty much possible on the right track". Q4 FY26 PAT came in at ₹22.06 cr, within the stated range.
14. Deferred revenue recognition - Q4 FY26 payoff Delivered - At the Q3 FY26 call, management said deferred revenues were expected to be recognised in Q4 FY26: "Q3 reflects the cost and Q4 should reflect the payoff". Q4 FY26 revenue was ₹158.52 cr, up 17.54% YoY, with PAT of ₹22.06 cr, after Q3 FY26 revenue of ₹62.76 cr, OPM of -18.26% and PAT of -₹5.68 cr.
15. Order conversion ratio - increase to \~15% Delivered - At the Q3 FY26 call, management targeted the order conversion ratio to increase to approximately 15%, noting the win rate had already risen to 15% in the prior three months; at Q4 FY26 hot-lead conversion was improving from 11% to around 16-17%. The 15% level was reached by Q3 FY26 and trended to 16-17% by Q4 FY26, with no further disclosed read in Q1 FY27.
16. Order book execution - \~₹900 cr delivered in 18-24 months On track - At the Q3 FY26 call, management said the \~₹926 cr order book would be executed in roughly the next 18 months with \~30-40% passing to Q1/Q2 FY28; at Q4 FY26, Karan Doshi guided \~₹900 cr to be delivered in the next 18-24 months. As of Q1 FY27 the order book remained over ₹900 cr with ₹96.5 cr of new inflows and two-year visibility cited.
17. European entity acquisition - close within six months Missed - At the Q3 FY26 call, management said the European entity acquisition, for which money had been raised, would close "safely in the next six months, possibly before March 31st". It had not closed by Q1 FY27 (June 2026), remaining in due diligence with visibility expected in the next two to three quarters, and the ₹3,000 lakhs IPO acquisitions object showed nil utilization through June 30, 2026.
18. Working capital improvement - reduce receivable cycles Missed - At the Q2 FY26 call, management committed: "we are definitely working on to further reduce our receivable cycles... there will be some improvement seen in that", clarifying it would be incremental; this was elevated to a strategic priority at Q4 FY26. Trade receivables rose from ₹152.66 cr (FY25) to ₹204.34 cr (FY26) and \~₹215 cr at Q1 FY27, debtors turnover fell from 2.14x to 2.01x, and the working capital cycle stayed \~120 days.
19. Order book - sustain \~₹900 cr with \~9% quarterly growth in conversions Delivered - At the Q2 FY26 call, management said they were looking at \~9% growth per quarter in order conversions with the order book to "sustain over the next quarters", with ₹904.42 cr showing incremental growth of \~7-9% as of September 2025. The order book stood at ₹904.42 cr in July 2025, ₹926 cr by January 31, 2026, over ₹900 cr at March and June 2026, and cumulatively ₹983.05 cr with the Maghreb order in November 2025.
20. PAT margin - 9-11% going forward On track - At the Q3 FY26 call, management guided PAT margins to remain between 9 to 11% going forward; this was reiterated at Q4 FY26 and Q1 FY27, with investors told they can target 9.5-10%. FY26 net profit margin was 9.34% (₹38.36 cr on ₹410.77 cr); Q4 FY26 was 13.9% and Q1 FY27 was 5.6% (₹4.21 cr on ₹74.98 cr).
21. EBITDA margins - sustain and grow, FY26 better than FY25 Partial - At the Q2 FY26 call, management committed EBITDA margins would "sustain and grow", with FY26 "better than last year, for sure" and around 12% indicated; at Q4 FY26 an EBITDA target of around 13-14% was set going forward. FY26 EBITDA was ₹55.56 cr on revenue of ₹410.77 cr (\~13.5%), versus FY25 EBITDA of ₹46.97 cr on ₹326.67 cr (\~14.4%), with Q1 FY27 EBITDA margin at 9.5%.
22. Sustained revenue growth - 20-25% YoY On track - At the Q2 FY26 call, management guided to sustained revenue growth of "20% to 25%" year-on-year, framed as the level they "always look for"; this was reaffirmed as FY27 organic growth guidance of 20-25% at Q1 FY27. FY26 revenue was ₹410.77 cr, up 25.75% YoY, while Q1 FY27 revenue of ₹74.98 cr was up 10.25% YoY, consistent with management's stated H2-weighted seasonality.