1. Paint business - calibrated price increases of 5-6% over next couple of quarters (from May 2026) Pending - In the Q4 FY26 announcement, the company stated it aims to undertake calibrated and phased price increases of 5%-6%, planned over the next couple of quarters. The horizon (Q1-Q2 FY27) is not yet reached, and Q4 FY26 ASP was INR 97, the highest ever.
2. Paint business - FY26 capex of INR 10-15 cr for tinting machines and balancing equipment Partial - At the Q4 FY25 call, management guided planned capex for FY26 is "ranging between INR 10 crores to INR 15 crores only", for tinting machines and balancing equipment. FY26 CWIP rose to INR 3.02 cr from INR 0.07 cr in FY25, and active tinting machines increased from 1,600+ to 1,780+, suggesting spending below the guided range (SQL; D8 p.10; D10 p.11).
3. Steel business - 20-25% growth in FY26 Pending - At the Q4 FY25 call, management stated they are "trying to maintain a growth of 20%-25% this year" (FY26), with volume and royalty revenue growth target of "around 14%". Our record holds no FY26 steel business financials; the SQL snapshot covers the paint business only.
4. Paint business - EBITDA margin of \~15% with INR 1,000 cr turnover in 4 years On track - At the Q2 FY25 call, management set a target for the paint business to achieve a turnover of INR 1,000 crores in the next four years, with an EBITDA margin of around 15%. FY26 paint revenue was INR 245 cr with EBITDA margin of 3.9%, and the 4-year horizon from Q2 FY25 runs to \~FY28-29.
5. Paint business - 10-15% growth in FY25 Missed - At the Q2 FY25 call, management guided for the paint business to achieve 10%-15% growth this year (FY25). FY25 paint revenue declined 9% YoY to INR 266 cr.
6. Paint business - dealer network to reach 5,000 by end of FY25 Missed - At the Q2 FY25 call, management guided for the dealer network to reach 5,000 by the end of FY25, later revised to 5,000 dealers in FY 2025-26. FY25 dealer count was 4,400+, and FY26 dealer count was 4,448, missing both the original and revised targets.
7. Paint business - dealer penetration can be easily tripled in 5 years On track - At the Q4 FY24 PPT, management stated dealer penetration "can be easily tripled in 5 years" from the current base of 4,300+ dealers, reiterated through Q4 FY26 PPT from 4,400+ dealers. FY26 dealer count was 4,448, essentially flat over two years, but the 5-year horizon from May 2024 runs to \~FY29.
8. Corporate - raise INR 100 cr through convertible warrants over 18 months Partial - At the Q4 FY24 call, the company announced it is raising INR 100 crores through issue of convertible warrants on preferential basis over the next 18 months, with INR 24.27 cr already received. By Q4 FY26, total received appears to be \~INR 57.5 cr, with 1.50 cr warrants remaining outstanding, against the INR 100 cr target and the 18-month horizon ending \~Sep 2025.
9. Paint business - FY25 revenue target of \~INR 380 cr, EBITDA margin of 9.5% Missed - At the Q4 FY24 call, management guided revenue target of \~INR 380 crores for FY25 and EBITDA margin target of 9.5%. FY25 paint revenue was INR 266 cr, a decline of 9% YoY, and EBITDA margin was 6.3%.
10. Steel business - franchisee volume target of \~37 lakh tonnes in FY25, 68 lakh tonnes by 2029 Partial - At the Q4 FY24 call, management guided franchisee volume target of \~37 lakh tonnes for FY25, later revised to \~34-35 lakh metric tons. FY25 franchisee volume was 34.4 lakh MT, achieving the revised target at the lower end; the 2029 target of 68 lakh MT is not yet due.
11. Steel business - increase average royalty per tonne from INR 395 to INR 500 over next 5 years On track - At the Q4 FY24 call, management stated a target to increase average royalty per tonne from INR 395 to an average of INR 500 per tonne over the next 5 years. FY25 royalty income was INR 139 cr on 34.4 lakh MT franchisee volume, implying \~INR 404 per tonne, with the 5-year horizon running to \~FY29.
12. Steel business - double sales in next 4-5 years (from FY24) Pending - At the Q4 FY24 call, management stated a target to double sales in the next 4-5 years, with franchisee route volume targeted to reach 68 lakh MT in the next 5 years from 32.5 lakh MT achieved in FY24. FY25 steel revenue grew 3% YoY to INR 748 cr, and the 4-5 year horizon runs to \~FY28-29.
13. Steel business - increase installed franchisee capacity by 5 lakh tons every year On track - At the Q2 FY24 call, management stated the company is making an effort to increase installed capacity through the franchise route by "5 lakhs tons every year". FY24 franchisee capacity was \~40-41 lakh MT, and FY25 capacity was 52.5 lakh MT, an increase of \~11.5 lakh MT; FY26 capacity is not disclosed.
14. Steel business - increase franchisee volume to 32 lakh tons in FY24 Delivered - At the Q2 FY24 call, management stated "this year, we are going to increase the volume of steel to 32 lakh tons". FY24 steel volume from franchisee route was 32.56 lakh metric tons.
15. Paint business - add manufacturing unit in Central India in a year or two (from FY24) Missed - At the Q2 FY24 call, management stated the company is planning to add a manufacturing unit in Central India "after a year or two" to cover Central India and South India. Our record holds no disclosure of a new manufacturing unit in Central India, and capex guidance in FY25 was INR 10-15 cr for tinting machines and balancing equipment only, with no major expenditure planned.
16. Steel business - 20%+ growth over next 5 years On track - At the Q1 FY24 call, management guided that the steel business is expecting plus 20% growth over the next 5 years, later revised to volume growth of 16-17% annually and then "around 14%" in FY26. FY24 steel revenue degrew 1% YoY, and FY25 grew 3% YoY, but the 5-year horizon from Q1 FY24 runs to \~FY28-29.
17. Steel business - double franchisee route capacity to 100 lakh MT in 5 years Pending - At the Q1 FY24 call, management guided that the current capacity of 50 lakh MT through the franchise route is in the plan of being doubled in the next 5 years. FY25 franchisee capacity was 52.5 lakh MT, and the 5-year horizon from Q1 FY24 runs to \~FY28-29.
18. Paint business - FY24 sales turnover of \~INR 325 cr Missed - At the Q1 FY24 call, management guided that the paint business is planning to achieve a sales turnover of around INR 325 crores in FY '24. FY24 paint business revenue was INR 292 cr.
19. Paint business - achieve EBITDA of 8% in FY24 Delivered - At the Q1 FY24 call, management guided that the paint business is confident to achieve an EBITDA of 8% in FY24 itself. FY24 paint business EBITDA margin was 7.7%, and management stated the 8% target was achieved.
20. Paint business - deploy INR 65.25 cr raised funds in FY24 Partial - At the Q4 FY23 call, management guided that the paint business funds raised (INR 65.25 cr) will be spent in this year itself, i.e., FY '24. By Q2 FY24, INR 57.76 cr of the raised funds had been invested in the subsidiary Kamdhenu Colour and Coatings Limited, but neither source confirms the full INR 65.25 cr was deployed by FY24 end.
21. Steel business - launch new TMT bar product in FY24 or early FY25 Missed - At the Q4 FY23 call, management guided that a new TMT bar product is in the pipeline and "hopefully, in this year or at the beginning of the next year, we are definitely going to launch new TMT bar". Our record holds no disclosure of a new TMT bar product launch.
22. Steel business - raise funds around INR 70 cr Missed - At the Q4 FY23 call, management guided that the steel business is planning to raise funds around INR 70 crores, with the application pending approval from NSE and BSE. Our record holds no disclosure of a INR 70 cr fundraise by the steel business, and no further mention appears after Q1 FY24.
23. Paint business - raise next INR 135 cr via strategic partner/PE Pending - At the Q4 FY23 call, management stated the paint business was planning to raise the next INR 135 crores via a strategic partner or private equity, noting "that's a long process" and "under process". As of the latest reported period (FY26), the SQL snapshot shows no evidence of a completed INR 135 cr fundraise, and no withdrawal or deadline lapse has been disclosed.
24. Paint business turnover - INR 1,000 cr in \~4 years (by FY27) On track - At the Q4 FY23 call, management guided that the paint business is targeting a turnover of around INR 1,000 crores in the next 4 years, later revised to by FY29-30. FY26 paint revenue was INR 245 cr, declining from INR 292 cr in FY24, but the latest stated horizon (FY29-30) is not yet reached.
25. Steel business EBITDA - \~INR 80 cr in FY24 Missed - At the Q4 FY23 call, management guided that the steel business expects to increase EBITDA to approximately INR 80 crores in FY '24. FY24 steel business PBT was INR 67 cr, and our record holds no standalone EBITDA disclosure for the steel business.
26. Steel business royalty income - \~INR 140 cr in FY24 Missed - At the Q4 FY23 call, management guided that the steel business expects to increase royalty income to approximately INR 140 crores in FY '24. FY24 royalty income stood at INR 129 crores.
27. Steel business franchisee capacity - increase from 40 lakh MT to 50 lakh MT by FY24 Partial - At the Q4 FY23 call, management guided that the steel business is focused on increasing annual capacity through the franchisee route from 40 lakh metric tons to 50 lakh metric tons by FY '24, later revised to FY '25. FY25 total franchisee capacity was 52.5 lakh metric tons, crossing the 50 lakh MT threshold one year late.