1. IPO GCP deployment - ₹27.91 cr by FY26 Missed - The September 2024 Prospectus proposed deploying ₹27.91 cr towards General Corporate Purpose by fiscal 2026. Only ₹1.14 cr was utilized as of Q1 FY27, with ₹26.82 cr unutilized as of 31 March 2026, a delay acknowledged by Crisil.
2. FY27 top-line - no challenges, 20-25% growth On track - At the Q1 FY27 call, management said they do not see any challenges in achieving the FY27 top-line number with debottlenecking ongoing at Wada, and reiterated 20-25% YoY growth guidance. Q1 FY27 revenue grew 19.5% YoY, with one \~₹3 cr dispatch held back for delayed payment - growth would have been 25% otherwise.
3. Offshore wind - 10% of fastener sales in 2-3 years On track - At the Q4 FY26 call, management expected offshore wind to contribute about 10% of fastener sales in two to three years, and at Q1 FY27 maintained 10% of total fastener sales by end of FY27. Offshore wind fastener sales remain very small since starting in Q4 FY26; wind turbine fasteners contributed \~25-26% of total sales in Q1 FY27.
4. Order book growth - 20-25% for next year Pending - At the Q3 FY26 call, management stated an order book of \~₹85 cr and expected it to keep growing at a projected 20-25% rate over the next year. No updated order book figure appears in the Q1 FY27 transcript or the reported financials, so the outcome remains unstated in the sources.
5. Wind turbine fastener market share - 15-20% in 2-3 years Delivered - At the Q3 FY26 call, management expected to reach \~15-20% market share in India in wind turbine fasteners over the next two to three years. The company holds 15% market share in the domestic specialized fastener solutions market for wind turbines as of FY26, already at the lower bound.
6. Fastener revenue potential - ₹200-220 cr combined On track - At the Q3 FY26 call, management guided steady-state fastener revenue potential of ₹110-120 cr from Chennai after Phase 2 and ₹80-100 cr from Wada, together ₹200-220 cr. SFS revenue crossed ₹100 cr in FY26, reaching ₹108 cr, with Chennai Phase 2 not yet complete.
7. SAP HANA migration - go-live Q3 FY27 On track - At the Q3 FY26 call, management guided SAP HANA migration with target go-live in Q3 FY27, a five-year license agreement finalized and implementation commencing by Q1 FY27. SAP S/4HANA implementation has commenced, with no go-live disclosure yet as of Q1 FY27.
8. Solar project - 1.8 MW, completed within 6 months Partial - At the Q3 FY26 call, management guided a 1.8 MW open access captive solar project with total capex \~₹6.2 cr, to be completed within six months subject to government approvals and funded by bank borrowing. A purchase order was issued to the EPC contractor, and commissioning - first guided for August 2026 commercialization - is now expected in Q3 FY27.
9. Segment mix - industrial 35-38%, renewable 35%, mobility 28-30% in 1-2 years Partial - At the Q2 FY26 call, management guided a segment mix in 1-2 years of industrial \~35-38%, renewable \~35% and mobility \~28-30%. FY26 mix was Industrial 26%, Renewable Energy 42%, Mobility 32%; in Q1 FY27 it was Industrial 33%, Renewable 41%, Mobility 26%.
10. Chennai monthly sales - ₹4 cr by September 2025 Missed - At the Q2 FY26 call, management targeted ₹4 cr sales per month at Chennai by September 2025, from ₹1 cr in August. September 2025 Chennai sales achieved ₹82 lakhs, though October crossed \~₹3 cr.
11. US tariff situation - stabilize in next couple of months Missed - At the Q1 FY26 call, management tentatively expected the US tariff situation to stabilize or get removed "in the next couple of months". By Q3 FY26 the US reciprocal tariff was reduced from 25% to 18%, but Section 232 tariffs remained at 50% with no relief.
12. Seat retractor springs - updates in 2-3 months, slow ramp Delivered - At the Q1 FY26 call, management expected further updates on seat retractor springs "in the next 2-3 months" after Tier-1 customer testing, with ramp-up possibly slow initially for a couple of years. By Q3 FY26 testing and validation were completed with a small lot supplied, and in Q1 FY27 the customer approved Gala as a source with a pilot order of \~1,000 springs to follow and ramp-up still slow.
13. Wada FY26 revenue - \~₹270 cr Delivered - At the Q1 FY26 call, management guided revenue of approximately (+/-) ₹270 cr from the existing Wada plant in FY26. FY26 total company revenue was ₹314 cr with Chennai contributing \~₹35-40 cr, implying Wada revenue of \~₹274-279 cr.
14. Negligible debt position Partial - At the Q4 FY25 call, management expected a negligible debt position going forward, at least for the current year. Debt stood at ₹38.14 cr as of Q1 FY27, having been \~₹40.72 cr at Q3 FY26 due to working capital facilities, with D/E at 0.13.
15. Next round of capex - FY28, land finalized in 6-9 months Partial - At the Q4 FY25 call, management expected the next round of capex to be needed in FY28, with land location and capex plan to be finalized in "maybe 6 to 9 months". Land finalization stretched to Q1 FY27, when an MoU was signed for 10.15 acres at Wada with final agreement in \~2-3 months and a broad capex plan of ₹40-45 cr for FY28, possibly starting Q4 FY27.
16. Combined Wada + Chennai capacity - ₹425-450 cr On track - At the Q4 FY25 call, management guided combined Wada and Chennai capacity of \~₹425-450 cr to be reached with capex in the current and next year. FY26 revenue was ₹314 cr, with Chennai Phase 1 at \~₹60 cr annual capacity and Phase 2 to add another \~₹60 cr by mid-FY27.
17. Chennai FY27 revenue - ₹60-70 cr On track - At the Q4 FY25 call, management targeted Chennai revenue of around ₹60-70 cr in FY27, later revised at Q4 FY26 to approximately ₹80 cr for FY27. Q1 FY27 Chennai monthly run-rate was \~₹4-5 cr, with Phase 2 capacity coming online in Q3/Q4 FY27.
18. Chennai FY26 revenue - ₹25-30 cr Delivered - At the Q4 FY25 call, management guided Chennai production/delivery of approximately ₹25-30 cr in FY26, later firmed to approximately ₹30 cr at Q1 FY26. Chennai generated \~₹11 cr in Q3 FY26 and reached \~₹5 cr/month (₹60 cr annualized) by Q4 FY26, with FY26 utilization \~35%.
19. FY26 revenue growth - 20-25% Delivered - At the Q4 FY25 call, management guided top line growth of 20-25% in FY26, reiterated at Q1 FY26 as "touching 22 to 25%" at Q2 FY26, and raised to \~28% at Q3 FY26. FY26 revenue grew 32.15% to ₹314 cr.
20. Raw material import dependency - reduce from 20-25% Delivered - At the Q3 FY25 call, management said it was developing more raw material sources in India to reduce imported special steel, then \~20-25% of the mix. FY25 imports were 17.5-18% in value terms and 7% in quantity terms, and FY26 CIF import value fell to ₹13.98 cr from ₹18.7 cr in FY25.
21. Defense and aerospace - not entering organically Delivered - At the Q3 FY25 call, management stated defense and aerospace: definitely not entering organically. No organic entry has occurred as of Q1 FY27; management now holds a mid to long-term plan to enter aerospace/defence with the entry route and products still to be clarified.
22. IPO funds deployment - ₹68 cr utilized over 6 months to 1 year Partial - At the Q3 FY25 call, management said unutilized IPO funds of ₹68 cr (of ₹78 cr cash) kept in fixed deposit would be utilized for Chennai and Wada capex over the next 6 months to 1 year. As of Q1 FY27, ₹87.34 cr of ₹121.24 cr was utilized - Wada ₹11.05 cr of ₹11.07 cr, Chennai ₹29.73 cr of ₹37 cr, but GCP only ₹1.14 cr of ₹27.74 cr - leaving ₹33.9 cr in FDs.
23. Wada ₹11 cr capex - machines across product lines Delivered - At the Q3 FY25 call, management guided Wada ₹11 cr capex into machines across Disc Spring, Coil Spring and Fastener - metal braces (Gallock), machining, coating plant, coiler and grinding machine. ₹6.1 cr had been incurred by Q2 FY26, and Wada capex of ₹11.05 cr of ₹11.07 cr stood fully utilized as of Q1 FY27.
24. Wada plant revenue potential - ₹325-350 cr with incremental capex On track - At the Q3 FY25 call, management stated an internal target of \~₹325-350 cr revenue from the Wada plant itself with incremental capex, and no further additional capacity or capex seen at Wada. FY26 company revenue was ₹314 cr with Chennai contributing \~₹35-40 cr, and Wada disc spring and fastener divisions were \~80% utilized at Q4 FY26.
25. Export/domestic mix - 35-40% exports maintained Delivered - At the Q3 FY25 call, management guided the export/domestic mix to remain broadly the same at about 35-40% exports and 60% domestic, a stance reiterated through Q4 FY26. FY25 exports were 38%, FY26 exports 35.5%, and Q1 FY27 exports 33.7% with India at 66% of sales.
26. PAT margin - 10-12% stable Delivered - At the Q4 FY25 call, management expected a PAT margin of 10-12% as a "stable margin". FY25 PAT margin was 11.27%, FY26 was 11.29% after exceptional items, and Q1 FY27 was 10.88%.
27. EBITDA margin - 17-19% maintained Partial - At the Q3 FY25 call, management expected EBITDA margins maintained at last year's \~19% level, later set at 17-19% from Q4 FY25 onwards and reaffirmed for FY27 and FY28. FY26 EBITDA margin was 16.51% and Q1 FY27 16.31%, against 17.16% in FY25; Q4 FY26 recovered to 17.55%, with the FY26 shortfall attributed to a ₹3.23 cr non-cash forex loss.
28. Revenue growth - 15-20% CAGR for next 3-4 years On track - At the Q3 FY25 call, management guided around 15-20% growth for the next 3 years, "definitely we will be able to achieve", with company-level 15-20% CAGR for the next 3-4 years. FY25 grew 17.4%, FY26 grew 32.15% to ₹314 cr, and Q1 FY27 grew 19.5% YoY, tracking above the guided band so far; the full 3-4 year horizon is not yet elapsed.
29. Chennai Phase 2 - capacity to \~₹100-120 cr, peak by FY27 On track - At the Q3 FY25 call, management guided Phase 2 "happening in next year" to take Chennai capacity to \~₹100-110 cr in value terms, with peak expected in FY26-27, maybe the 3rd or 4th quarter. Phase 2 capex commenced in FY26 with completion targeted June end/July 2026, Phase 1 utilization reached 70-80% in Q1 FY27, and combined 70% utilization is expected by Q4 FY27.
30. Chennai Phase 1 plant - commissioned by Q1 FY26, ₹55-60 cr capacity Delivered - At the Q3 FY25 call, management guided the Chennai plant to be commissioned by Q1 FY26 with Phase 1 capacity of \~₹55-60 cr in value terms. The plant was inaugurated 27th February 2025, commercial production began July 2025 with dispatches from August 2025, and Phase 1 capacity of \~₹60 cr annually (₹5 cr/month) was demonstrated by January 2026.