1. Cheyyur-Vandavasi-Polur EPC road project revised completion 27th September 2024 Delivered - At the Q1 FY25 PPT, the Cheyyur-Vandavasi-Polur EPC road project's scheduled completion was revised to 27th September 2024 including an EOT of 49 days. The Provisional Certificate of Completion was received on 7th March 2024, 204 days ahead, with a bonus estimated at Rs.18.11 cr inclusive of GST.
2. Consolidated debt of \~Rs.500 cr by March after divestment Partial - At the Q3 FY26 call, management expected consolidated debt of around Rs.500 cr by March after completing the divestment program. Consolidated debt was Rs.2,438 cr as of March 31, 2026 and Rs.1,975 cr as of June 30, 2026, with divestment of two SPVs still pending.
3. Irrigation revenue of \~Rs.200 cr in FY27 On track - At the Q1 FY27 call, management targeted irrigation revenue of \~Rs.200 cr this year from the \~Rs.800 cr left order book. Q1 FY27 irrigation revenue was \~Rs.13 cr, 3% of Rs.436.7 cr.
4. FY28 EBITDA margin of 11-12% Pending - At the Q1 FY27 call, management guided FY28 EBITDA of 11-12% on Rs.3,000 cr-plus revenue. FY28 not yet reached.
5. FY27 EBITDA margin of 8-9% On track - At the Q1 FY27 call, management targeted FY27 EBITDA margin of 8-9% on Rs.2,200-2,300 cr revenue. Q1 FY27 standalone EBITDA margin was 15.0% including one-off, and \~5.5% excluding it.
6. FY27 revenue of \~Rs.2,200-2,300 cr On track - At the Q1 FY27 call, management targeted FY27 standalone/consolidated revenue of \~Rs.2,200-2,300 cr, 10-15% more than last year's \~Rs.2,000 cr. Q1 FY27 standalone revenue was Rs.436.7 cr.
7. Order inflow of \~Rs.8,000-10,000 cr during FY27 On track - At the Q4 FY26 call, management targeted order inflow of approximately Rs.8,000-10,000 cr during FY27, reiterated at Q1 FY27. Q1 FY27 shows L1 positions of \~Rs.1,500 cr where LOAs are yet to be issued.
8. Divestment of 4 SPVs to Indus Infra Trust completed by 30th September 2026 On track - At the Q4 FY26 PPT, divestment of 100% shareholding of 4 SPVs to Indus Infra Trust was expected on or before 30th September 2026. KNR Palani was transferred on 29th May 2026 and KNR Ramagiri on 11th June 2026; Guruvayur and Ramanattukara were pending as of Q1 FY27.
9. PAT level of about 6%-plus on mining projects Pending - At the Q1 FY27 call, management targeted a PAT level of about 6%-plus on mining projects. Mining projects not yet commenced.
10. FY27 capex of \~Rs.600-650 cr (Kusmunda Rs.400-450 cr, Banhardih \~Rs.200 cr) Pending - At the Q1 FY27 call (August 2026), management guided to Kusmunda capex of Rs.400-450 cr this year plus around Rs.200 cr at Banhardih, phase-wise and land-dependent. FY27 not yet complete; only Rs.14 cr of capex was spent in Q1.
11. FY28 revenue of more than Rs.3,000 cr Pending - At the Q4 FY26 call, the FY28 target was "around Rs.3,000 cr plus", restated at Q1 FY27 as more than Rs.3,000 cr, "we will try to achieve". FY28 not yet reached.
12. Mysuru HAM projects completed by October/November Missed - At the Q1 FY26 call, the Mysuru HAM projects (EPC value \~Rs.1,200 cr) were focused to complete by coming October/November, later shifted to PCOD by December 2026 and both packages complete by April-May. Package IV reached \~20% and Package V \~18.28% as of June 30, 2026.
13. Mining project capex of Rs.300-400 cr On track - At the Q1 FY26 call, entire mining project capex was expected between Rs.300-400 cr, later revised to Kusmunda equipment capex of \~Rs.500-600 cr total with FY27 spend \~Rs.400-450 cr plus \~Rs.200 cr for Banhardih. Q1 FY27 capex was only Rs.14 cr, with \~Rs.200-250 cr of Kusmunda equipment orders placed in Q2.
14. Marripudi HAM project completed mostly in FY26 Missed - At the Q1 FY26 call, the Marripudi to Somavarappadu HAM project was to be completed mostly in this year, FY26. Progress was 77.1% as of March 31, 2026 and 86.03% as of June 30, 2026.
15. Water pipeline project - \~Rs.500 cr revenue by March FY26 Partial - At the Q1 FY26 call, the Rs.1,073 cr water pipeline project was expected to yield around Rs.500 cr of revenue/certification by March FY26, later revised to Rs.300-350 cr for FY26. FY26 pipeline execution was \~13-14% or Rs.270 cr, and Q1 FY27 water pipeline revenue was just Rs.7 cr.
16. Mining project revenue - \~Rs.90 cr in first year, \~Rs.700 cr per annum later On track - At the Q1 FY26 call, mining revenue was guided at only about Rs.90 cr within one year and about Rs.700 cr per annum later, revised by Q1 FY27 to Kusmunda \~Rs.150 cr in FY27 and \~Rs.400 cr in FY28. Kusmunda's LOA is received with appointed date expected the first week of September 2026; Banhardih has stage-1 forest clearance with stage-2 pending, \~8-10 months to start.
17. Order inflow of \~Rs.10,000-12,000 cr by end of FY26 Partial - At the Q1 FY26 call, management aimed at order inflow of approximately Rs.10,000-12,000 cr by end of FY26, excluding mining, later reset to Rs.8,000-10,000 cr during FY27. FY26 inflow was \~Rs.8,000-9,000 cr including mining \~Rs.4,000 cr and EPC orders such as ECR flyover Chennai \~Rs.2,150 cr and Gudebellur-Mahabubnagar \~Rs.1,750 cr.
18. Irrigation receivable recovery of Rs.600 cr in next 2 months Missed - At the Q2 FY25 call, management expected payment of Rs.600 cr in the next 2 months, a target reiterated across subsequent calls through Q1 FY27's \~Rs.600 cr recoveries in FY27. No significant Telangana irrigation payment was received through Q1 FY27, with overall irrigation receivables \~Rs.1,450 cr as of June 2026.
19. FY26 EBITDA margin of 15-16% Missed - At the Q2 FY25 call, management hedged on maintaining 16% margin for FY26, "very difficult to say… we will focus to have that", later revised to 15-15.5%, then 13-13.5% and 13-14%. FY26 standalone EBITDA margin was 8.5%; consolidated EBITDA margin was 26.4%.
20. FY26 core revenue of Rs.4,500 cr Missed - At the Q2 FY25 call, management targeted FY26 core revenue of Rs.4,500 cr provided the order book was at least Rs.5,000-6,000 cr, later revised to Rs.3,500-4,000 cr, then Rs.2,000-2,500 cr, then \~Rs.2,000 cr. FY26 standalone revenue was Rs.2,097 cr; consolidated revenue was Rs.2,698 cr.
21. Irrigation segment revenue of \~Rs.200-250 cr for FY25 Delivered - At the Q1 FY25 call, irrigation segment revenue for FY25 was targeted at around Rs.200-250 cr for the entire year. Q2 FY25 irrigation was \~Rs.150 cr and Q3 FY25 \~Rs.112 cr, taking 9M FY25 to \~Rs.370 cr and full-year FY25 to \~Rs.500 cr or more.
22. Order inflow of \~Rs.6,000-8,000 cr by end of FY25 Missed - At the Q1 FY25 call, management targeted order inflow of around Rs.6,000-8,000 cr by end of FY25, later extended to end of September 2025 and Rs.8,000-10,000 cr by Q1 FY26. FY25 order inflow year-to-date was around Rs.430-odd cr, with no significant orders for the last 1-1.5 years.
23. FY25 capex of \~Rs.100-120 cr Missed - At the Q4 FY24 call, FY25 capex was expected around Rs.100-120 cr, revised at Q1 FY25 to consolidated capex of Rs.80-100 cr. Actual spend was Rs.10 cr in Q1, \~Rs.13 cr in H1 and \~Rs.20 cr in 9M FY25.
24. FY25 EBITDA margin guidance of 15-16% Delivered - At the Q4 FY24 call, FY25 EBITDA margin guidance was 15-16%, with the range moving to 13-14% and back to 15-15.5% during the year. FY25 standalone EBITDA margin was 18.6%; consolidated EBITDA margin was 34.2%.
25. FY25 revenue flat around adjusted FY24 base of Rs.3,955 cr Partial - At the Q4 FY24 call, FY25 revenue was expected to be flat around the adjusted FY24 base of Rs.3,955 cr, later revised to Rs.3,500-3,600 cr and then 10-15% degrowth. FY25 standalone revenue was Rs.3,358.7 cr; consolidated revenue was Rs.4,753 cr.
26. Irrigation revenue of \~Rs.900-1,000 cr for FY24 Missed - At the Q4 FY23 call, irrigation revenue was expected at \~Rs.900 cr to Rs.1,000 cr for FY24, revised at Q1 FY24 to remaining irrigation revenue of Rs.800-900 cr. Disclosed quarterly irrigation revenue totalled \~Rs.200-210 cr in Q1, \~Rs.226 cr in Q2 and \~Rs.127 cr in Q3 FY24.
27. At least 50% of claims realized under Vivad Se Vishwas Delivered - At the Q4 FY23 call, management expected at least 50% of claims to be realized under the Vivad Se Vishwas scheme. Rs.250 cr was received from NHAI by Q3 FY24, with further arbitration claims of Rs.135 cr principal plus Rs.109 cr interest, Rs.60.8 cr and more through Q4 FY26, when management confirmed all major pending claims received.
28. Working capital days to remain at \~63-67 days Missed - At the Q4 FY23 call, working capital days were expected to remain at current levels of \~63-67 days for the next 1 year. Days moved from 67 in March 2023 to 89 in March 2024, 169 in June 2025, and 133 as of June 2026.
29. FY24 capex of \~Rs.130-140 cr Missed - At the Q4 FY23 call, FY24 capex was planned at \~Rs.130-140 cr, revised to Rs.100-120 cr at Q1 FY24 and Rs.90-100 cr at Q3 FY24. FY24 capex was around Rs.80 cr.
30. FY24 standalone revenue of Rs.4,000 cr plus Delivered - At the Q4 FY23 call, management guided standalone revenue of "Rs.4,000 cr plus" for FY24, reiterated through Q2 FY24's soft confirmation of Rs.4,100-4,200 cr possible. FY24 standalone revenue was Rs.4,900 cr, +9%; adjusted FY24 revenue was Rs.3,955 cr.
31. Order inflow of \~Rs.4,000-4,500 cr for FY24 Missed - At the Q4 FY23 call, management targeted order inflow of \~Rs.4,000-4,500 cr for FY24, excluding \~Rs.2,000 cr already won, later reframed to Rs.5,000-6,000 cr during the next 1 year. There was no order inflow in FY24 up to 9 months and the order book declined for 5 consecutive quarters.
32. FY23 capex of Rs.120-150 cr Delivered - At the Q4 FY22 call, management guided FY23 CAPEX of Rs.120 to Rs.150 cr, mainly for the Kerala project. FY23 capex was \~Rs.140 cr, of which \~Rs.40 cr came in Q4.
33. FY23 EBITDA margin of 15-16% Delivered - At the Q4 FY22 call, management expected EBITDA margin of 15-16%, later restated as 15% to 17%, for FY23, revised at Q2 FY23 to guidance of 16-17%. FY23 standalone EBITDA margin was 19.3%; consolidated was 22.6%.
34. FY23 consolidated revenue of \~Rs.3,500 cr Delivered - At the Q4 FY22 call, management guided consolidated revenue of \~Rs.3,500 cr for FY23, \~10% growth, later broadened to somewhere Rs.3,000-3,500 cr. FY23 consolidated revenue was Rs.4,062 cr, +13% YoY.
35. Order inflow of Rs.4,000-5,000 cr for FY2023 Partial - At the Q4 FY22 call, management targeted order book inflow of Rs.4,000 to Rs.5,000 cr for FY2023, lowered to a minimum of Rs.3,000 cr at Q1 FY23 and softly reset to \~Rs.2,000 cr at Q2 FY23. FY23 order inflow was \~Rs.2,000 cr, three LOAs worth \~Rs.2,005 cr received.
36. Vattem irrigation project completion in one year Missed - At the Q3 FY21 call, the Vattem irrigation project was targeted for completion "mostly in one year". Vattam revenue was Rs.285 cr in FY22 and by Q2 FY23 clearance had come through with work started, with no completion disclosed in the record.
37. Sustainable EBITDA margin of 17-18% Partial - At the Q3 FY21 call, management guided a sustainable EBITDA margin of 17% to 18%, around 20% with HAM and irrigation contribution, revised down over the years to 13-14%, 9-10% for FY27 and 8-9% FY27 / 11-12% FY28. Standalone EBITDA margins held at 20.7% FY21, 19.3% FY23, 18.6% FY25, then fell to 8.5% in FY26.
38. Standalone debt reduction by March next year Delivered - At the Q2 FY21 call, management stated that after receiving receivables from the government of Telangana the debt is going to be further reduced, expected lower "by March next year". Standalone debt was Rs.64 cr as on September 30, 2020 vs Rs.230 cr in March 2020, and the standalone balance sheet was debt-free as of March 31, 2022.
39. FY21 capex of Rs.100-120 cr Partial - At the Q2 FY21 call, management guided FY21 capex of Rs.100-120 cr for the year, reiterated at Q3 FY21 with H1 capex of \~Rs.35 cr. Q1 FY21 capex was Rs.15 cr; the FY21-specific actual is not disclosed, though Q4 FY22 noted last year's recorded capex was almost Rs.200 cr.
40. Mallanna Sagar project completion by October-November Missed - At the Q2 FY21 call, management stated "by this October, November end we will be completing the project" for Mallanna Sagar, revised at Q3 FY21 to another six to eight months. The project was \~60% complete at Q2 FY23, with FY22 revenue of Rs.210 cr and no completion disclosed in the record.
41. Full-year FY21 revenue to touch last year numbers and do better Delivered - At the Q2 FY21 call, management stated "we will try to touch last year numbers and do better also", with \~Rs.2,500 cr of contracts in hand plus Rs.300-400 cr targeted from two new irrigation projects if permitted. FY21 turnover was Rs.2,702.63 cr, growing 20.43% YoY, with FY22 standalone revenue later reported at Rs.2,373 cr, +21%.
42. Three HAM projects COD by March Delivered - At the Q2 FY21 call, management said of the three HAM projects at 60%-50%+ completion, "hopefully by March, we would be completing that and going for CODs", with per-project dates refined at Q3 FY21. Chittoor-Mallavaram PCOD was effective 10th May 2021, 142 days ahead of schedule, Trichy's 30th May 2021, 89 days ahead, and all three showed 100% physical progress by Q1 FY23.
43. Divest three HAM projects (Trichy-Kallagam, Chitoor-Mallavaram, Ramsanpalle-Mangaloor) after COD plus two years Delivered - At the Q2 FY21 call, management stated the deal to divest three HAM projects was on track, with sale to be completed after COD plus two years, later reconfirmed as sale to Cube after COD plus two years. 49% stakes in KNR Tirumala Infra and KNR Shankarampet were transferred on 31st December 2021, the remaining equity by Q2 FY23 with Rs.137.97 cr exceptional profit, and the entire amount including \~Rs.300 cr pending NHAI approvals received by Q4 FY23.
44. Cube Highway deal for KNR Walayar Tollways - close within a couple of months Delivered - At the Q2 FY21 call, management expected to close the Cube Highway deal for 100% stake in KNR Walayar Tollways (enterprise value Rs.529 cr) "within the next couple of months", with \~90% confidence. The sale completed in September 2020 at enterprise value Rs.512 cr (debt Rs.127 cr; equity Rs.385 cr), with Rs.308 cr realized in September and Rs.77 cr withheld.
45. HAM equity investment schedule - Rs.624.28 cr over three years Delivered - At the Q2 FY21 call, management committed to invest balance HAM equity of Rs.250 cr in FY2021, Rs.110 cr in FY2022 and remaining Rs.40.79 cr in FY2023, of a total Rs.624.28 cr. The schedule was repeatedly revised upward to eight projects and Rs.805 cr revised requirement as of Q1 FY27, with Rs.595 cr invested as of June 30, 2026.