1. Green Tug contracts - 15-year guaranteed income On track - In the Q2 FY26 PPT (November 2025), the Green Tug contracts were presented with 15-year tenure and "guaranteed and secured long-term income" (VOC Port ₹326.93 cr + GST; VPA ₹325.70 cr + GST). Two green tug contracts have been secured with 15-year tenure, with charter start dates of October/November 2027.
2. IWAI shipbuilding orders - 24 vessels, delivery in 14-24 months On track - In the Q2 FY26 PPT (November 2025), management outlined two IWAI shipbuilding orders valued ₹195 cr, with 24 vessels planned at Knowledge Shipyard and delivery in 14-24 months. Saphale yard is building 10 work boats, 10 accommodation boats and 4 CSDs for IWAI, with 10 hybrid electric passenger ferries added by Q1 FY27; no delivery confirmation yet.
3. Myanmar contract - ₹60 cr billed in FY23, balance over following 2 years Partial - In May 2022, management guided the ₹118 cr Myanmar contract: \~₹18 cr recognized in FY22, ₹60 cr to be billed in FY23 and the balance in the following 2 years. Over 75% of milestones were completed by Q4 FY23, but \~₹70 cr of revenue was delayed into FY25; the Sittwe port was inaugurated in May 2023.
4. Bahrain order book - ₹450 cr fully contributing over five years Missed - In the FY24 annual report, KMEW anticipated a Bahrain order book of approximately ₹450 cr would fully contribute to topline over the next five years. Bahrain revenue was ₹45.76 cr in FY25 and ₹19.65 cr in FY26, with negative EBITDA and no present operations; the vessel was moved to India and will not return.
5. Cruise segment - up to ₹800 cr over 20 years Pending - In October 2025, KMEW estimated potential revenue of up to ₹800 cr over 20 years from the River Pearl Cruise project, reiterated in November 2025 as Narmada cruise project (MP Tourism) revenue visibility of up to ₹800 cr for 20 years. No revenue has been recognized yet in our record.
6. Preferential issue objects - ₹183 cr vessel capex within 3 years On track - In September 2025, the preferential issue objects included ₹183 cr capex for purchase/construction of vessels/ships to be deployed within 3 years; by June 2026 the objects were revised to ₹112.50 cr vessel capex plus ₹37.49 cr GCP, each within 3 years. By Q1 FY27, ₹31.67 cr of the ₹284.81 cr proposed was utilized, including ₹12.17 cr of vessel capex.
7. IWAI Barh-Digha - mobilize two CSDs Delivered - In May 2024, KMEW committed to mobilizing two Cutter Suction Dredgers for the newly secured IWAI Barh-Digha project and the earlier IWAI contract. Two cutter suction dredgers were added for the River Ganga project by Q4 FY24, and 9 CSDs were operating on IWAI NW-1 & NW-16 by Q2 FY26.
8. Mangrol Phase III - completed by June 15, 2023 Partial - In June 2022, the Mangrol Phase III rock dredging contract (₹67.85 cr) was slated for completion in two stages with a timeline ending June 15, 2023. The rock dredging was completed in August 2023 at a project value of ₹78 cr and 1.25 lakh cubic metres.
9. Saphale shipyard - Phase I operational by end of FY27 On track - At the Q1 FY27 call, management stated vessels will start launching before the end of the current financial year, with Phase I operational by end of FY27. The Saphale shipyard was still in the construction phase in Q1 FY27, with ongoing shipbuilding projects at the yard.
10. Revenue mix 2-3 years out - dredging 45-50%, shipbuilding 40-45%, chartering 5% On track - At the Q1 FY27 call, management guided that 2-3 years from now the mix would be dredging 45-50%, shipbuilding 40-45% and chartering 5%, matching the stated FY29 ₹1,000 cr breakup. The current Q1 FY27 mix is dredging 80-odd percent, chartering 3-5% and shipbuilding 9%.
11. FY27 PAT margin - 25-30% On track - At the Q1 FY27 call, management guided PAT margin as "usually between 25% to 30%". Q1 FY27 PAT margin came in at 54%, and the combined Q4 FY26 + Q1 FY27 average was 48%.
12. FY29 top line - ₹1,000 crores On track - At the Q1 FY27 call, management targeted a top line of ₹1,000 cr projected in FY29. FY26 revenue was ₹256 cr and Q1 FY27 annualizes to \~₹460 cr; no FY29 outcome yet.
13. Q1 FY27 revenue - more than ₹100 crores Delivered - At the Q4 FY26 call, management expected Q1 FY27 revenue of "more than ₹100 crores" with EBITDA margins improving beyond 40%. Q1 FY27 revenue was ₹115.41 cr with an EBITDA margin of 63.61%.
14. Shipyard delivery - 14 vessels per year at full capacity On track - At the Q4 FY26 call, management projected delivery of 14 vessels per year once the yard is fully functional; by Q1 FY27 this became 14 vessels from Phase I and 18 when all phases complete, with Phase 1 to Phase 3 enabling approximately 18 vessels per annum. The yard is still in construction, with close to 42 vessels for third parties underway.
15. Shipbuilding EBITDA margin - 25-30% pre-subsidy, 35-40% post-subsidy On track - At the Q4 FY26 call, management guided shipbuilding EBITDA margins of 25-30% before subsidy and 35-40% including the Government of India subsidy; by Q1 FY27 the pre-subsidy range was revised to 15-20%, with post-subsidy margins to "easily go beyond 35%". FY26 shipbuilding PBIT margin was 18.16%; no post-subsidy margin disclosed yet.
16. FY27 revenue mix - 20% shipbuilding, 80% dredging/chartering On track - At the Q4 FY26 call, management expected an FY27 revenue mix of 20% shipbuilding and 80% dredging/chartering. The Q1 FY27 mix was dredging 80-odd percent, chartering 3-5% and shipbuilding 9%.
17. Cash balances - retain \~30% of top line Delivered - At the Q4 FY26 call, management aimed to retain \~30% of top line in cash balances. The Q4 FY26 cash balance including fixed deposits was in excess of ₹350 cr against FY26 revenue of ₹256 cr - around 137% of top line.
18. FY27 blended EBITDA margin - 35-40% On track - At the Q4 FY26 call, management guided blended EBITDA margins to "continue to remain between 35% to 40%", reiterated at Q1 FY27 with the clarification that the 63% Q1 operating margin is not the guidance. Q1 FY27 EBITDA margin was 63.61% and Q4 FY26 was 27.49%, averaging \~57% combined.
19. FY27 revenue growth - 30% YoY for next 2 years On track - At the Q4 FY26 call, management projected revenue growth of 30% year-on-year "for the next 2 years" (FY27 and FY28); at Q1 FY27 this was raised to "potential in northwards of 60% for the current year". Q1 FY27 revenue was ₹115.41 cr, up 138% YoY.
20. Green tugs - built at Saphale, construction complete within 9 months post-monsoon On track - At the Q4 FY26 call, management stated both VOCPA and Vishakhapatnam green tugs would be built at the Saphale yard, with physical construction commencing post-monsoon and completing "within 9 months of post monsoon", fully constructed by around mid-2027. Two 60T BP GTTP green tugs are under construction with charter start dates of 25-Oct-27 (VOCPA) and 18-Nov-27 (VPA), with the yard still in construction phase in Q1 FY27.
21. Shipyard investment - \~₹100 cr, top line ₹500-700 cr in 3 years On track - At the Q3 FY26 call, management said it would invest close to ₹100 cr in the shipyard and reach a top line of ₹500-700 cr with the facility 3 years down the line; by Q1 FY27 total capex plans rose to close to ₹1,000 cr within 1.5 years, with \~₹300 cr of Saphale capex across three phases. The 15-acre yard is acquired and under construction, with a ₹240 cr shipbuilding order book.
22. Receivable days - decrease from 45-60 days Partial - At the Q3 FY26 call, the CFO said receivable days (45 to max 60 days) "will tend to decrease", reiterated at Q4 FY26 as "we are trying to bring them within that range". The target set for end of FY26 was not achieved, attributed to a one-off ₹16 cr claim; that amount was received in full in Q1 FY27.
23. Tonnage tax - applicable from Q3 FY26 Delivered - At the Q3 FY26 call, management said tonnage tax would be applicable from the current year itself, from Q3 FY26 onwards. The application was accepted by the Income Tax Department, with early adoption of the Tonnage Tax regime claimed in FY26 and a negative FY26 tax line of ₹-35.32 lakhs vs ₹1,259.6 lakhs in FY25.
24. Additional orders - \~₹400 cr within 30-45 days Missed - At the Q4 FY24 call, management expected additional orders of \~₹400 cr from a bid pipeline of ₹1,200 cr within 30 to 45 days, taking the order book to in excess of ₹1,100 cr. The order book was ₹733 cr at Q4 FY24 and ₹817.3 cr by Q2 FY25, with no confirmation of the ₹400 cr orders in the window.
25. FY25 minimum bottom line - ₹60 crores Missed - At the Q4 FY24 call, management committed to a minimum bottom line of ₹60 cr for FY25. FY25 PAT was ₹49.60 cr.
26. FY25 PAT margin - 20-23% Delivered - At the Q4 FY24 call, management guided an FY25 PAT margin of 20% to 23%. FY25 PAT margin came in at 27.31%, above the guided ceiling.
27. FY25 Bahrain revenue - ₹75-80 crores Missed - At the Q4 FY24 call, management expected Bahrain revenue of close to ₹75-80 cr in FY25. FY25 Bahrain segment revenue was ₹45.76 cr, falling to ₹19.65 cr in FY26.
28. FY25 revenue - ₹270-300 crores Missed - At the Q4 FY24 call, management guided FY25 revenue in the range of ₹270-300 cr. FY25 revenue was ₹201 cr.
29. H1 FY24 execution - ₹120-140 crores Missed - At the Q4 FY23 call, management guided H1 FY24 execution of ₹120-140 cr of the \~₹200 cr order book. H1 FY24 revenue was ₹106.9 cr.
30. FY24 margins - EBITDA 30-40%, PAT 20-25% Delivered - At the Q4 FY23 call, management guided FY24 EBITDA margins of 30% to 40% and PAT margin between 20% to 25%. FY24 EBITDA margin was 30.5% and PAT margin 20.2%, both within the guided ranges.
31. FY24 revenue - \~₹280-300 crores (internal target) Missed - At the Q4 FY23 call, an analyst proposed total turnover of \~₹280-300 cr in FY24 as an "internal target", with management responding "Approximately close to that". FY24 revenue was ₹164 cr, a decline of 18.8%.
32. 10% market share in dredging - within 3-4 years On track - At the Q4 FY23 call, management stated the objective to capture a significant 10% share of the dredging business, clarified at Q2 FY24 as 10% of the maintenance dredging market, taking "another three years to four years". By Q3 FY26, dredging across ports, rivers and dams was less than 2% of revenue, with no further update since.
33. Fleet of 50 or more vessels - within 10 years Delivered - At the Q4 FY23 call, management aimed for a fleet of 50 or more vessels within 10 years, subsequently revised to 40 or more within the decade and "40 or more crafts in the coming years" from 16 vessels at FY24 close. The fleet reached 45 crafts by Q3 FY26 and stands at 45+ through Q1 FY27.
34. Sand mining (Rajasthan) - revenue in next year Missed - At the Q2 FY23 call, management expected sand mining revenue "in the next year itself" once bids succeeded. No Rajasthan sand mining revenue appears in our record; India sand-mining orders were still under government consideration at Q2 FY24, and the sand mining entry instead commenced in Bahrain in FY24.
35. 10-15% CAGR growth - after FY23 Partial - At the Q2 FY23 call, management committed to 10% to 15% CAGR growth going forward after FY23. FY24 revenue declined 18.8% to ₹164 cr before growth of 22.7% in FY25 (₹201 cr) and 27.7% in FY26 (₹256 cr).
36. Order book - in excess of ₹400 crores in FY23 Missed - At the Q2 FY23 call, management stated "we are looking to have an order book in excess of INR 400 crores in the current year". The Q4 FY23 order book stood at ₹203 cr; the ₹400 cr level was only crossed at Q2 FY24, at ₹670 cr.
37. Four dredgers procurement - within next year, \~₹55 crores Partial - At the Q2 FY23 call, management stated it was looking to procure four dredgers in the next year at a cost close to ₹55 cr. By Q4 FY23, four dredgers worth ₹40 cr were identified for IWAI contracts with investment deferred until award; two CSDs were mobilized for IWAI Barh-Digha by FY25, with no confirmation of four procured in the stated year.
38. Preferential issue - ₹39.6 crores at ₹700/share Delivered - At the Q2 FY23 call, management planned to raise ₹39.6 cr by issuing 565,000 equity shares at ₹700/share, subject to shareholder approval at the meeting on 9th December 2022. The preferential issue was completed at ₹39.60 cr - 565,000 equity shares at ₹700 per share.
39. Sittwe capital dredging - completed by January 2023 Delivered - At the Q2 FY23 call, management expected capital dredging at the Myanmar Sittwe port to be completed by January 2023, building on the earlier May 2022 schedule of November 2022 completion. Over 75% of contract milestones were complete by Q4 FY23, and the project was completed with the port inaugurated on 9th May 2023.
40. ₹500 crores revenue - aspirational target On track - At the Q4 FY22 call, management stated "Rs. 500 Crores is something that we should target" in response to an analyst's 4-5 year framing, later intending to grow from ₹200-300 cr to ₹500 cr "very soon" and projecting ₹1,000 cr by FY29. FY26 revenue was ₹256 cr with Q1 FY27 annualizing to \~₹460 cr - the ₹500 cr level not yet reached.
41. Main board migration - on completion of two years Delivered - At the Q4 FY22 call, management stated "surely on completion of two years we will take board approvals to move to the main board", subsequently re-dated at Q2 FY23, Q4 FY23, Q2 FY24 and Q4 FY24 as "next year", "in the current year", "before the end of this financial year" and "definitely within the next 60 to 90 days". Migration from BSE-SME to the Main Board of BSE and NSE was achieved in FY25.
42. FY23 margins - approximately where they stand, no reduction Missed - At the Q4 FY22 call, management stated FY23 margins "will be approximately where we stand today, they will not reduce because the Myanmar contract continues". FY23 EBITDA margin was 34.1% against FY22's 53.4%.
43. EBITDA margin - at least 40% threshold Partial - At the Q4 FY22 call, management stated "We always aim to have an EBITDA margin of at least 40%" and "we keep a threshold of 40% at EBITDA we do not go below that", later revised to "approximately 30% going forward", "between 30% to 40%", "around 30%" and "between 35% to 40%". Margins were 34.1% in FY23 and 30.5% in FY24, recovering to 38.97% in FY25, 37.87% in FY26 and 63.61% in Q1 FY27.
44. FY23 revenue - in excess of ₹100-125 crores Delivered - At the Q4 FY22 call, management guided FY23 revenue "will be in excess of Rs. 100-125 Crores"; by June 2022, with the DCI order, KMEW expected turnover of more than ₹125 cr in the current fiscal year. FY23 revenue was ₹201.5 crores, growth of 230%.
45. Ship-scrapping JV - materialize within a year Missed - At the Q4 FY22 call, management stated a JV to become cash buyers for scrapping vessels would "materialize within a year". By Q2 FY23, the ship scrapping business had been evaluated over 3-4 months and not pursued, given the fluctuating market and unsustainable margins unless 30% was achieved.
46. Cutter Suction Dredger JV - within next six months Missed - At the Q4 FY22 call, management stated a JV with a company owning four to five Cutter Suction Dredgers to enter the CSD segment "will also happen within next six months". No CSD JV appears in our record; KMEW entered the segment independently via IWAI contracts in FY25, mobilizing two CSDs for Barh-Digha.
47. Shipbuilding JV with Synergy Shipyard - within 3-6 months Missed - At the Q4 FY22 call, management stated a 50/50 JV with Synergy Shipyard, Goa for ship building would "materialize within next three to six months"; by Q2 FY23 no opportunity with at least 30% margins was found and the understanding narrowed to building own vessels only, with the third-party JV deferred at Q4 FY23. The JV as originally framed did not materialize; KMEW entered shipbuilding via the Kamal Marine acquisition in FY25 and the Saphale shipyard.
48. River Pearl 9 & 10 - ready and in operation by Q3 FY23 Partial - At the Q4 FY22 call, management stated River Pearl 9 (Speed Patrol Boat for Vishakhapatnam Port Trust) and River Pearl 10 (service boat for Kandla Port Wayanad Terminal) "will be ready and in operation by the end of third quarter" of FY23. River Pearl 10 was still under construction at Synergy Ship Builders Goa as of Q4 FY23, while River Pearl 9 was deployed on the Visakhapatnam Port contract; both were operational by FY24, with no explicit confirmation of the Q3 FY23 deadline in our record.