1. Stock split - ₹10 to ₹2 face value Pending - The Board approved sub-division of existing equity shares of face value ₹10 each into shares of face value ₹2 each, subject to shareholders' and other approvals. No completion of the stock split has been disclosed in our record as of 2nd September 2026.
2. 50:50 JV with ER Steel for OWSJ export products Delivered - The FY26 annual report set out an intent to set up a dedicated 50:50 joint venture in India with ER Steel INC to make Open Web Steel Joists solely for export. The Q1 FY27 PPT shows the JV structure defined as Interarch 76%, ER Steel 24%, with total funding required of ₹80 cr and ER Steel to enter a 100% offtake agreement.
3. Gujarat Phase 2 - by October/November 2026 On track - At the Q3 FY26 call, management said Gujarat Phase 2 will come into play by October, November 2026, reiterated in the FY26 annual report. Phase 2 of Kheda (20,000 MT installed / \~17,000 MT utilizable) is on track to be completed by Q2 FY27; not yet commissioned as of Q1 FY27.
4. PEB utilization - maintain 80-90% Delivered - At the Q1 FY27 call, management said it was reasonably sure of maintaining 80%-90% PEB utilization for new plants. Q1 FY27 utilization was \~80% (38,499 tonnes against 50,000 tonnes quarterly capacity) and FY26 utilization was 80% (162,000 tonnes against 200,000 tonnes capacity).
5. Open web joist JV - production by July 2027 On track - At the Q1 FY27 call, management said the open web joist JV plant should be in production by 1st July or end July 2027. The JV with ER Steel Inc (Interarch 76%, ER Steel 24%) is established with total funding required of ₹80 cr; the plant is not yet built.
6. FY27 volume growth - \~18%, approximately 190,000 tonnes On track - At the Q1 FY27 call, management guided FY27 volume growth of \~18%, i.e., approximately 190,000 tonnes for the year. Q1 FY27 sales volume was 38,499 tonnes; FY27 is not complete.
7. Heavy structure Phase 2 - in place by December-January, end of FY27 On track - At the Q3 FY26 call, management guided heavy structure Phase 2 construction to start by March, taking another 9 months, in place by December-January, i.e., finish "by end of the next financial year"; later updates planned Phases 2 and 3 sequentially, with all 3 phases to be done in 1.5 years. AP Phase 2 Heavy Steel Structures (24,000 MT installed / \~20,000 MT utilizable) is targeted Q4 FY27.
8. Total capacity - 240,000 tons PEB by Q2 FY27 On track - At the Q3 FY26 call, management planned 240,000 tons of PEB capacity by Q2 FY27, plus \~45,000 tons heavy steel capacity; the FY26 annual report revised total capacity to 265,000 MT by Q3 FY 2026-27. Current capacity is 221,000 tonnes after Kheda Phase 1 inauguration, with Kheda Phase 2 (20,000 MT) and AP Heavy Steel Structures Phase 1 (25,000 MT) both targeted Q2 FY27.
9. Sixth Gujarat PEB plant - production by FY 2027-28 On track - At the Q3 FY26 call, the sixth Gujarat PEB plant was targeted for Q1 FY28; the FY26 annual report said it should begin production by FY 2027-28. Land next to the existing Gujarat land was bought in Q4 FY26 for a possible second PEB plant, and the Q1 FY27 call allocated ₹50-60 cr of QIP proceeds to it.
10. QIP - ₹100 cr approved, later enlarged to \~₹250 cr On track - At the Q3 FY26 call, a QIP/preferential allotment of ₹100 cr was approved to prepone capex by one year; the QIP was later enlarged to around ₹250-odd crore. Approval for \~₹250 cr is obtained with timing possibly within the next 4 months, and proceeds allocated: \~₹150 cr for heavy structure Phase 2-3, ₹50-60 cr each for Gujarat Plant 2 and the export OWSJ unit.
11. Heavy structures capacity - 40,000-45,000 tons target On track - At the Q3 FY26 call, management raised the heavy structure capacity target to \~40,000-45,000 tons from the initially felt 20,000-24,000 tons; later updates planned \~40,000 tons by next March and up to 60,000 tons by next November or December, with all 3 Andhra phases in 1.5 years. Phase 1 (25,000 MT installed / \~20,000 MT utilizable) is expected Q2 FY27, Phase 2 (24,000 MT / \~20,000 MT) targeted Q4 FY27, and Phase 3 is planned.
12. FY26 capex - \~₹80 cr additional, total \~₹150 cr for two new plants Delivered - At the Q4 FY25 call, management guided FY26 capex of about ₹80 cr in addition to ₹70-80 cr already spent, with both new plants to cost about ₹150 cr over 12 months. The plan was updated to \~₹120 cr total outgo by end of March and ₹150 cr by June or July, then \~₹129 cr this year and ₹133 cr next year; FY26 actual investment was over ₹127.8 cr, and ₹230-240 cr has been spent on capex in the two years since IPO.
13. FY27 revenue growth - 20% originally, lowered to 12-15% On track - At the Q4 FY25 call, management projected 20% growth for FY27; by the Q3 FY26 call this was lowered to \~15%, and later updates pointed to ₹2,150-2,200 cr with a full-year FY27 sales target of ₹2,150 cr. Q1 FY27 revenue was ₹460 cr, +20.7% YoY; FY27 is not yet complete.
14. Andhra heavy structures plant - commercial by September 2026 Partial - At the Q4 FY25 call, management guided the heavy fabrication line at Andhra would be done "by end of September 2026 next year," with updates moving installation to June '26 and commercial production to July-August, then to starting by next month (Q2 FY27). The plant has commenced and is getting commissioned in Q2 FY27, with a first data-center order in trial production - one quarter beyond the September 2026 deadline.
15. Maiden dividend - ₹12.5 per share, continue and increase Delivered - At the Q4 FY25 call, management declared a maiden dividend of ₹12.5 per share and said "we hope we will continue to give a dividend and increase it"; the Board recommended a maiden total dividend of ₹12.50 per equity share for FY2024-25. The FY25 final dividend of ₹12.5 per share was declared, and a FY26 final dividend of ₹12.5 per share was recommended - maintained, though not yet increased.
16. Exports - substantial revenue in a few years On track - At the Q4 FY25 call, management said exports would not be a major part of sales for the next 1-2 years but "hopefully, it will have a substantial revenue turnover in a few years going forward"; later updates saw exports "might start coming in 3 years" and set a \~10% of turnover target in 1-2 years. FY26 export orders worth ₹40.2 cr were secured, and Q1 FY27 export contribution was \~₹10-12 cr of ₹460 cr revenue (\~2.4%), with ₹30-35 cr of export orders in hand.
17. IPO proceeds allocation - ₹200 cr per plan Partial - At the Q1 FY25 call, management detailed IPO fresh issue proceeds allocation: ₹58.5 cr for Athivaram Phase 2 capex, \~₹19.2 cr for upgradation, \~₹1.4 cr for IT, ₹55 cr for working capital and \~₹55.9 cr for GCP. The plan was revised to ₹187.1 cr, with objects variations in May 2025 (₹9.5 cr) and March 2026 (₹12.98 cr) reallocating to AP facilities; as at the end of the reported quarter only ₹18.29 cr of project capex, ₹22.51 cr of upgradation and ₹4.93 cr of IT proceeds were utilized - all delayed - while the company spent ₹230-240 cr on capex since IPO.
18. Debt-free status - remain debt-free Delivered - At the Q1 FY25 call, management stated it is debt-free and intends to remain debt-free. The company remains zero-debt and net cash, with FY26 net debt at ₹-66 cr (net cash) and no debt at Q1 FY27.
19. Working capital cycle - 20-21 days Missed - At the Q3 FY25 call, management guided to holding the working capital cycle at 20-21 days. By the Q3 FY26 call, net working capital was \~34 days, which management said it would try to maintain within the same range; Q1 FY27 working capital is "back to positive now," but FY26 operating cash flow was negative ₹19 cr.
20. Margin expansion - 9-10% EBITDA in FY26, double-digit aim Delivered - At the Q1 FY25 call, management guided sustainable EBITDA margins of 9% to 10% in FY26, aiming to "break the single-digit barrier" and reach double digits. FY26 EBITDA margin was 9.3%, within the band; Q4 FY26 EBITDA margin reached 10.5%, while Q1 FY27 was 8.6%.
21. Heavy steel building sector expansion - focus over 1-1.5 years Delivered - At the Q1 FY25 call, management said it was expanding focus to the heavy steel building sector (sports, steel plants, fertilizers, cement, infrastructure) over the next 1 to 1.5 years. The heavy steel structures plant at Andhra Pradesh is under construction with Phase 1 expected Q2 FY27, and the first heavy structure order of ₹102 cr was announced in Q4 FY26 with 10,000-12,000 tons of heavy structure sales expected in FY27.
22. Upgrade existing plants - Kichha, Pantnagar, Tamil Nadu in 12-14 months Partial - At the Q1 FY25 call, management planned to upgrade the Kichha, Pantnagar and Tamil Nadu facilities as part of IPO objects, expecting completion in another 12 to 14 months. Of the estimated ₹28.48 cr for the upgrade, only ₹22.51 cr was utilized as at the end of the reported quarter - delayed - with a revised object timeline of on or before March 31, 2027.
23. Gujarat capex - \~₹100 cr funded through internal accruals Delivered - At the Q1 FY25 call, management said the entire Gujarat capex of about ₹100 cr including land would be funded through internal accruals, with no loans or share sales required. Gujarat Phase 1 capex was ₹60 cr and over ₹127.8 cr went to capacity expansion in FY26 across Andhra Pradesh, Kiccha, and Gujarat; the company remains zero-debt, with a later \~₹250 cr QIP approved for capex.
24. Gujarat PEB plant - Phase 1 by Q3 FY26, later July 2026 Delivered - At the Q1 FY25 call, management said the Gujarat plant "will definitely start next year"; guidance then moved to Q3 FY26, a \~10-month build from September 2025, June-July 2026, and finally commercial production by July 2026. Phase 1 of the Kheda, Gujarat PEB facility was commissioned in July 2026 with 20,000 MT capacity and capex of ₹60 cr, taking total capacity to 221,000 MT, with Phase 2 targeted Q2 FY27.
25. New capacity utilization - 75% in FY26, 100% in FY27 On track - At the Q3 FY25 call, management guided the new 40,000-ton capacity would be utilized "up to about maybe 75% in the next financial year" (FY26) and "100% in the following financial" (FY27). FY26 sales volume of 162,000 tonnes against 200,000 tonnes installed capacity was 80% utilization (\~88% of utilizable capacity), and Q1 FY27 was \~80% (38,499 tonnes against 50,000 tonnes quarterly capacity); the FY27 100% target horizon is open.
26. Athivaram Phase 2 + Kichha Line 3 - 40,000 MT capacity by Q1 FY26 Partial - At the Q1 FY25 call, management said Athivaram Phase 2 would add 40,000 tons, raising installed capacity to 200,000 tons by Q1 FY26, with subsequent guidance of Q1 FY26 completion, "by end of June" full production, and later 30th September 2025. Phase 2 of the Andhra Pradesh unit was commissioned at end of September 2025 (Q2 FY26), taking total installed capacity to 200,000 MT - one quarter after the Q1 FY26 deadline.
27. Double revenue over 3-4 years - \~₹2,400-2,500 cr by FY27-28 On track - At the Q1 FY25 call, management said it was looking to double revenue over the next three to four years, later reset to ₹2,400-2,500 cr by FY27-28 and reiterated as "we will definitely do ₹2,500 crores as promised". FY26 revenue was ₹1,898 cr with a FY27 target of ₹2,150 cr; the Q1 FY27 call raised the FY28 projection to ₹2,700 cr including \~₹200 cr of heavy-structure business, consistent with the trajectory.
28. FY26 revenue growth - 15-20% for FY26 Delivered - At the Q1 FY25 call, management guided FY26 revenue growth of 15% to 20% with sustainable EBITDA margins of 9% to 10% in FY26. Guidance moved to \~17.5%, then "maybe closer to 20%", then \~₹1,900 cr (\~30% growth); actual FY26 revenue was ₹1,898.0 cr, up 30.6% YoY, with EBITDA margin at 9.3% inside the 9-10% band.
29. FY25 revenue growth - 10-15% for FY25 Delivered - At the Q1 FY25 call, management guided revenue growth of 10% to 15% for FY25, based on inquiries, performance and pipeline; this was reiterated as around 10% in Q3 FY25 filings. FY25 revenue was ₹1,453.8 cr, up 12.4% YoY - within the guided 10-15% band.