1. Debt-free status maintained for next 4-5 years On track - At the Q1 FY26 call, management stated the company will continue running as a debt-free company for the next 4 to 5 years with top line growth of 20% CAGR; at Q1 FY24 it had said debt-free status would be maintained for the next 5-10 years. In Q1 FY27 gross debt was ₹204 crore, a net cash position of ₹(285) crore including acceptances, and reported financials show debt of ₹186 crore with D/E 0.03.
2. FY27 cash position of ₹500-600 crore at any point Delivered - At the Q1 FY26 call, management stated the company will carry ₹500 crore to ₹600 crore cash at any given point of time. In Q1 FY27, cash and bank balances stood at ₹1,054 crore as on 30.06.26, including a QIP balance of ₹303 crore, above the guided floor.
3. FY27 receivable days of 1.75 months On track - At the Q1 FY26 call, management guided that receivable days may decline further from 1.88 months to 1.75 months. In Q1 FY27 receivable days stood at 1.88 months, with no further reduction yet recorded.
4. Salarpur/Bhiwadi new factory - ₹700 crore over two years Pending - At the Q1 FY27 call, management announced new capex at the Bhiwadi/Salarpur factory of "around another 700 crore rupees to put another factory in next two years' time"; the 11th August 2026 announcement detailed around ₹700 crore for construction, plant machinery and trial run production over another 2 years. No construction or commissioning milestones have yet been disclosed.
5. FY27 EHV contribution of 9%-10% of capacity On track - At the Q1 FY27 call, the CFO stated "close to 9% to 10% will be the contribution from EHV Cable" with capacity being added for extra high voltage power cable. Q1 FY27 EHV cable sales were ₹186 crore, up 47%, against FY26 EHV sales of ₹559 crore, with Sanand EHV capacity of \~₹1,300 crore being added.
6. FY27 export contribution of 17%-18% On track - At the Q1 FY27 call, the CFO stated "our target to grow to reach export at least 17% to 18% for the current financial year"; at Q2 FY26 management had said around 18% of sales through exports in FY27. Q1 FY27 export contribution was \~10.7% (₹341 crore of ₹3,185 crore), down 7-8% on Middle East crisis and US customs issues, with shipments restarted and the US market reopening.
7. FY27 Sanand revenue of ₹1,500-2,000 crore On track - At the Q1 FY27 call, the CMD guided "around 1500-2000 crore revenue from Sanand in this financial year", revising down earlier guidance of more than ₹2,000-2,500 crore (Q2 FY26) and close to ₹2,700 crore (Q3 FY26). Sanand Phase 1 had reached 50% utilization as of August 2026, on a capacity of around ₹250 crore a month, with no full-year figure yet.
8. FY27 EBITDA margin of 11%-12% On track - At the Q1 FY27 call, the CFO stated the company has crossed the sub-11% operating margin hurdle and "now we will be in the range of 11% to 12% operating margin for the coming year", reiterated as operating more than 11% EBITDA margin. Q1 FY27 EBITDA margin was 13.04%, with reported financials confirming OPM of 12.43% on statement basis.
9. FY27 revenue growth of 20%+ On track - At Q2 FY26, management committed to 20% growth guidance for FY26-27, reiterated at Q3 FY26 and again at Q1 FY27 as a continuous "20% plus" CAGR; the CMD then stated growth "will be more than 25%" and the CFO "close to 24%-25%". Q1 FY27 revenue was ₹3,185 crore, up 22.97%.
10. FY26 capex of ₹600-700 crore Delivered - At Q2 FY25, the CFO guided next year's total capex at ₹600-700 crore including maintenance, reiterated at \~₹700 crore at Q3 FY25 and ₹600-700 crore of Sanand capex in the next 9 months at Q1 FY26. FY26 capex payments were ₹928 crore in 9M, with FY26 CWIP of ₹1,002 crore in reported financials.
11. FY26 export contribution of 15%-17% of total sales On track - At Q3 FY25, management targeted exports rising from 11%-12% to 13%, maybe 15%-17% in the next 2-3 years, later framed as 17%-18% in two years (Q1 FY26), around 18% in FY27 (Q2 FY26) and more than 20% in 2 years (Q3 FY26). FY26 export contribution was \~15.6% (₹1,833 crore of ₹11,748 crore), with 9M FY26 share close to 17%.
12. FY26 export growth of \~30%-35% Delivered - At Q3 FY25, management guided \~30%-35% growth in the export business in FY26. FY26 export sales were ₹1,833 crore, up 45%, with Q2 FY26 export growth of 96% and 9M FY26 exports of ₹1,390 crore, up 79%.
13. FY26 EHV sales of ₹550-600 crore Delivered - At Q3 FY25, management guided EHV cable sales to reach ₹550-600 crore in FY26, reiterated at Q1 FY26 as a full-year EHV top line of close to ₹550-600 crore. FY26 EHV cable sales were ₹559 crore.
14. FY26 EBITDA margin close to 11% Delivered - At Q4 FY25, management guided EBITDA margin improvement of \~0.5% in FY26, reiterated as "close to 11%" at Q1 FY26 and around 11% overall for the full year at Q3 FY26. FY26 EBITDA margin was 11.81%, with reported financials confirming OPM of 10.46% on statement basis.
15. FY26 revenue growth of 17-18% Delivered - At Q4 FY25, management guided 17%-18% growth for FY25-26, then "hopeful to achieve 18%" at Q1 FY26, "definitely more than 20%" at Q2 FY26 and 20%+ for the full year at Q3 FY26. FY26 revenue was ₹11,748 crore, up 20.66%.
16. FY25 receivable days of 2.1 months Partial - At Q2 FY25, the CFO guided receivables would come down to 2.1 months in the financial year. The FY25-end outcome is not disclosed in the cited sources; by Q1 FY27 receivables had reduced from 2.2 months to 1.88 months, beating the target but roughly two years late.
17. FY25 US exports of ₹200-300 crore Partial - At Q1 FY25, management expected a "ballpark figure of ₹200 crore to ₹300 crore" of exports from US markets in FY25, revised at Q3 FY25 to \~₹200 crore for the year. FY25 US exports were exactly ₹163 crore.
18. FY25 capex of ₹900-1,000 crore on Sanand Missed - At Q4 FY24, management planned ₹900-1,000 crore capex in FY24-25 on the Sanand greenfield expansion, reiterated at Q1 and Q2 FY25 and revised to \~₹800 crore to ₹1,000 crore at Q3 FY25. FY25 capex payments totalled ₹618 crore, of which Sanand ₹384 crore, with FY25 CWIP of ₹385 crore in reported financials.
19. FY25 house wire growth of 20%-25% Delivered - At Q2 FY24, management guided the house wire segment to grow 20%-25%, refined at Q1 FY25 to 20%-22% and at Q1 FY26 to 22%-25% growth from the dealer-distributor network. FY25 B2C growth was \~35%, with quarterly growth of \~29% (Q1), \~36% (Q2), \~32% (Q3) and \~42% (Q4).
20. FY25 EPC contribution below 4% of sales Delivered - At Q2 FY24, management guided EPC contribution of total sales in the year at less than 4%; at Q2 FY25 the CFO guided EPC at not more than 5% to 6% of sales. FY25 EPC (other than cable) was ₹343 crore, a contribution of 3.52%.
21. FY25 export contribution of 12%-13% of total sales Delivered - At Q2 FY24, management guided exports at close to 12%-13% of total sales in FY25, reiterated at Q2 FY25 for the full year. FY25 export sales were ₹1,267 crore, up 15%, a contribution of \~13% of ₹9,736 crore.
22. FY25 EBITDA margin close to 11% Delivered - At Q4 FY24, management guided EBITDA margin close to 11% for FY24-25, reiterated at Q1 FY25, refined to 10.5%-11% at Q2 FY25 and to maintaining the prior year's \~10.84% full-year level at Q3 FY25. FY25 EBITDA margin was 10.92%, with reported financials confirming OPM of 10.18% on statement basis.
23. FY25 revenue growth of 15-16% Delivered - At Q2 FY24, management guided 15%-16% growth in FY25, reiterated at Q3 FY24, raised to 16%-17% at Q4 FY24 and Q1 FY25, to 17% at Q2 FY25, and to 16%-17% volume growth from brownfield capex at Q3 FY25. FY25 net sales were ₹9,736 crore, up 19.9%.
24. FY24 EBITDA margin of 10.5%-11%, goal to reach 11% Delivered - At Q1 FY24, management guided EBITDA margin to be maintained at 10.5%-11% with a goal to reach 11%, then towards 10.75%-11% at Q2 FY24, around 11% with 0.25%-0.5% improvement at Q3 FY24, and close to 11% at Q4 FY24. FY24 EBITDA margin was 10.94%, with reported financials confirming OPM of 10.52% on statement basis.
25. FY24 volume growth close to 20% Delivered - At Q1 FY24, management guided FY24 volume growth expectation of close to 20% in LT/HT cable. FY24 volume growth for the full year was more than 22%, with Q4 FY24 volume growth of 24%.
26. FY24 receivable days of 2.2 months Partial - At Q4 FY23, the CFO guided receivable days to improve from 2.4 months to 2.2 months in FY24, reiterated at Q1 FY24 and revised at Q3 FY24 to 2.2 months by next year or 2.1 months the year after. Q4 FY24 receivables stood at 2.3 months, later improving to 2.25 months and then 1.88 months by Q1 FY27.
27. FY24 capex of ₹300-350 crore total Delivered - At Q4 FY23, management confirmed FY24 capex including Silvassa brownfield at ₹300-350 crore, reiterated at Q1 FY24 for each of the next 3 years, revised to \~₹500 crore at Q2 FY24 and close to ₹450 crore at Q3 FY24. FY24 capex incurred was \~₹397 crore, with FY24 CWIP of ₹121 crore in reported financials.
28. FY24 export contribution of 12% of total sales Delivered - At Q4 FY23, the CFO guided export contribution to rise from \~10% in FY23 to 12% of total sales in FY24, revised at Q1 FY24 to 17% for the year and at Q2 FY24 to 12%-13%. FY24 export sales were ₹1,097 crore, up 58%, a contribution of \~13.5% of ₹8,104 crore.
29. FY24 EHV sales of ₹550-600 crore Delivered - At Q4 FY23, the CFO guided EHV sales of close to ₹550-600 crore in FY24, reiterated at Q2 FY24. FY24 EHV cable sales were ₹622 crore.
30. FY23 EHV sales of ₹500-550 crore run rate Missed - At Q2 FY23, management confirmed the EHV sales run rate of ₹500-550 crore for the full year should come back in the second half, revised at Q3 FY23 to close to ₹400 crore for FY23. FY23 EHV cable sales were ₹336 crore, with Q4 FY23 EHV sales of ₹102 crore.
31. FY24 revenue growth of 16-17% Delivered - At Q2 FY23, management said the Silvassa brownfield capex "will take care of the growth for the next financial year" with 16-17% growth expected in FY24, guided at Q4 FY23 and reiterated at each quarter through Q4 FY24. FY24 net sales were ₹8,104 crore, up 17.31%, with reported financials showing revenue of ₹8,121 crore, up 17.55%.
32. Silvassa brownfield capex of ₹35-40 crore, ready within Q3 FY23 Partial - At Q2 FY23, management said the Silvassa brownfield capex of ₹35-40 crore, adding \~₹500 crore of LT power cable capacity, would be ready within Q3 FY23; it was later revised to ₹40-45 crore (Q3 FY23), ₹45 crore completing by September 2023 (Q1 FY24), ₹110 crore adding ₹800-900 crore capacity at Chinchpada (Q2 FY24), and ₹240 crore capacity in October '23 with balance by March 31, 2024 (Q3 FY24). ₹240 crore per annum of Chinchpada capacity came onstream in October '23, brownfield capex at Chinchpada and Pathredi completed in H1 FY25, and FY25 utilization reached \~85% cable and \~71% house wire.
33. EHV capacity growth of 20-25% via debottlenecking Delivered - At Q1 FY23, management stated that with 80-90% EHV capacity utilized, debottlenecking would allow growth of another 20-25%. EHV sales grew from ₹336 crore in FY23 to ₹622 crore in FY24 (\~85% growth), then ₹308 crore in FY25 and ₹559 crore in FY26.
34. All term loan repaid by March '23 Delivered - At Q1 FY23, management stated the ₹13 crore outstanding term loan (ECB) would be repaid over the next three quarters, so by March '23 all term loan would be repaid. At Q4 FY23 management stated the company had repaid all debt including term loans and was debt-free, confirmed again at Q1 FY24.
35. Dealer/distributor growth of 30-35% maintained for at least three years Partial - At Q1 FY23, management stated the 30-35% growth from dealer/distributor segments would be maintained for at least three years, reiterated at Q2 and Q3 FY23; at Q4 FY23 the CFO reset to overall 16-17% growth with house wire above company average, and at Q3 FY25 retail growth was retargeted at 20%+ over time, "not 30-35% nor 14-15%". FY23 B2C growth was 31%, FY24 \~19%, FY25 \~35%, FY26 \~25% and Q1 FY27 \~42%.
36. Dealer/distributor count doubling in three years Missed - At Q1 FY23, management targeted doubling dealer/distributor strength from the present 1,800 within three years; this was softened at Q3 FY23 to \~20% growth per year, at Q4 FY23 to adding 100-150 in FY24, and at Q1 FY26 to adding 5% to 7% a year. Active dealers went from \~1,805 in March 2022 to \~2,094 by June 2025, reaching \~2,128 by June 2026 - far short of doubling to 3,600.
37. FY23 PAT margin close to 6.5% Delivered - At the Q4 FY22 call, management reiterated a PAT margin close to 6.5%. FY23 PAT margin was 6.91%, with reported financials confirming PAT of ₹477 crore on revenue of ₹6,908 crore, \~6.9%.
38. New product (switchgear) launch after six months Missed - At the Q4 FY22 call, management stated the new product (switchgear) launch was just after six months and that a new product cannot make profit for at least five years; at Q3 FY23 it confirmed entry into new categories remained delayed and uncertain. At Q1 FY24 management stated no plans to enter the FMEG business, at Q3 FY24 no plan to add consumer products, and at Q1 FY25 no plans for new B2C products.
39. Annual EBITDA margin improvement of 0.25-0.5 from 50% retail level On track - At the Q4 FY22 call, management stated that from the next year, once at 50% retail contribution, EBITDA margin would strengthen by 0.25 to 0.5 basis point each year; this evolved into 1.5% by FY27 (Q4 FY23), 1-1.5% by '27-'28 (Q2 FY24), close to 12.5% from FY27 onwards (Q3 FY25), 0.5%-1% starting '27-28 (Q4 FY25), and 11% to 12% for FY27 at Q1 FY27. EBITDA margin moved from 10.94% in FY24 and 10.92% in FY25 to 11.81% in FY26 and 13.04% in Q1 FY27.
40. Annual capex of ₹200-250 crore every year for expansion Partial - At the Q4 FY22 call, management stated the company needs to spend around ₹200-250 crore on expansion every year, reiterated through Q3 FY23, then revised upward repeatedly - ₹250-300 crore (Q4 FY23), ₹300-350 crore (Q1/Q2 FY24), ₹400-500 crore (Q3 FY24), ₹500-600 crore (Q4 FY24), ₹500-700 crore (Q2 FY25) and ₹600-700 crore annually, reiterated at Q1 FY27. Actual capex was ₹98 crore in FY23, ₹397 crore in FY24, ₹618 crore in FY25 and ₹928 crore in 9M FY26, with CWIP rising from ₹14.56 crore to ₹1,002 crore.
41. FY23 volume growth close to 18% Delivered - At the Q4 FY22 call, management stated in volume terms the company would "definitely grow close to 18%" at least. FY23 overall volume growth was \~20% for cables and wires put together, with cable division volume growth of \~23% for 9M FY23.
42. FY23 exports of at least 10%-15% growth Delivered - At the Q4 FY22 call, management stated "At least 10% to 15% growth will be there in export also" for FY2023, then guided total exports of ₹700-750 crore at Q1 FY23 and around ₹700 crore with "we will definitely surpass it" at Q3 FY23. FY23 export sales were ₹693 crore, up 18%.
43. Receivable days of 2.5 months by FY23 Delivered - At the Q4 FY22 call, management targeted receivable days reduction from 2.9 to 2.5 months with 2.5 months "will be trial in 2023", guided at 2.4-2.5 months at Q1 and Q2 FY23 and close to 2.4 months at Q3 FY23. Receivables stood at 2.4 months as of Q4 FY23, having been 2.37 months at Q3 FY23.
44. FY23 capex of ₹150-200 crore (₹200 crore including land) Partial - At the Q4 FY22 call, management guided FY2022-23 capex in the range of ₹150-200 crore, or ₹200 crore including land cost, revised at Q3 FY23 to approximately ₹100 crore from internal accruals. FY23 capex spend was ₹98 crore, with FY23 CWIP of ₹14.56 crore in reported financials.
45. FY23 EBITDA margin of 10.5%-11% Delivered - At the Q4 FY22 call, management guided FY23 EBITDA margin of 10.5%-11%, reiterated at Q1 FY23 and Q2 FY23. FY23 EBITDA margin was 10.62% on management's basis, with reported financials confirming OPM of 10.16% on statement basis.
46. FY23 revenue growth of 18%-20% Delivered - At the Q4 FY22 call, management targeted approximately 18%-20% growth in FY23, restated as 16%-17% overall turnover growth at Q1 FY23, \~17% at Q2 FY23 and 18%-19% at Q3 FY23. FY23 net sales were ₹6,912 crore, up 20.7%, with reported financials confirming revenue of ₹6,908 crore, up 20.62%.
47. Greenfield project for LT, HT and EHV cables - \~₹800 cr, operational Q3 FY24 Partial - At the Q4 FY22 call, management announced a greenfield project for LT, HT and EHV cables with investment of approximately ₹800 crores staggered over three to four years, to maintain 17%-18% CAGR growth, to be operationalized in Q3 FY2024; timelines subsequently moved to production by end of September-December '24 (Q4 FY23), Q4 FY25 (Q1-Q2 FY24), Q1 FY25-26 (Q4 FY24-Q2 FY25), end of Q1 FY26 (Q3 FY25), Phase 1 in September-November '25 (Q1-Q2 FY26) and trial production in December 2025 (Q3 FY26). Sanand Phase 1 (LT/HT cable) was commissioned by December 2025, a delay of around 6 months acknowledged, with EHV production to start by Q4 FY2026-27, total Sanand capex of ₹1,722 crore spent up to 30 June 2026, and Phase 1 at 50% utilization as of August 2026.
48. Retail (B2C) sales at least 50% of total within two years Delivered - At the Q4 FY22 call, management stated that within two years retail (B2C) sales would reach at least 50% of total sales, with annual growth of 30%-35% in the retail business, reiterated as "that is also our mission" at Q1 FY23; targets were refined to 45% by end FY23 and 50% next year (Q2 FY23), 48%-50% for FY24 (Q4 FY23), 46-47% for FY24 (Q1 FY24) and 50% at Q4 FY24, with the 50% vision declared "crossed/completed" at Q3 FY25. B2C contribution moved from \~44% in FY23 and 47% in FY24 to 52% in FY25, 54.04% in FY26 and 59.09% in Q1 FY27, with management noting "our target was to reach only 48% in this year, but... we have reached to 51%".