1. PAT margins double in the next two to three years Pending - At the Q4 FY26 call, management guided that PAT margins are expected to double in the next two to three years time, a target reiterated in the Q4 FY26 PPT. FY26 PAT margin was 3.56% (SQL); the 2-3 year horizon runs to FY28-FY29, and no read is available yet.
2. EBITDA margins expand to mid-teen range Pending - In the Q4 FY26 PPT, management targeted EBITDA margins to reach mid-teen levels through operational excellence and project mix optimization. FY26 EBITDA margin was 9.35% (SQL); the inferred 2-3 year horizon has not been reached, and no read is available yet.
3. Cash flow positive within two to three years Pending - At the Q4 FY26 call, management guided that the company expects to turn cash flow positive within a two to three years timeline. FY26 cash flow data is not available in the SQL snapshot, and the horizon has not been reached.
4. Defense order of \~₹74-75 cr for an ordnance factory Pending - At the Q4 FY26 call, management stated the company is L1 on a defense order and awaiting the final order in a few days. The Q4 FY26 PPT shows defense at 14.3% of the ₹550+ cr order book, implying \~₹79 cr, consistent with the L1 bid value.
5. FY26 turnaround with 20-30% growth and 10-15% EBITDA margins Partial - At the Q4 FY25 call, management guided a strong turnaround in FY26 with 20-30% growth and 10-15% EBITDA margins, driven by near-complete project closures and full-scale execution of key projects. FY26 revenue grew 8.61% to ₹210 cr and EBITDA margin was 9.35% (SQL), missing both guided bands, though PAT surged 53.5% and EBITDA improved 256 bps YoY.
6. Railway sector first order within FY26 Missed - At the Q4 FY25 call, management stated they are optimistic about securing the company's first order in the railway sector within FY26. The Q4 FY26 order book split does not list railways as a segment, and no railway order is disclosed in our record.
7. FY25 performance exceeds FY24 performance Missed - At the Q3 FY25 call, management stated the company expects to exceed last year's performance in FY25. FY25 revenue was ₹194 cr versus FY24 ₹215 cr, and FY25 PAT was ₹4.75 cr versus FY24 ₹8.92 cr (SQL), with both metrics declining YoY.
8. Revenue growth of 15-20% per year for the next 2-3 years Partial - At the Q3 FY25 call, management stated that 15-20% growth per year for the next 2-3 years is an achievable target, later sharpened to 20-30% for FY26 at the Q4 FY25 call. FY25 revenue declined 10.04% YoY, and FY26 revenue grew 8.61% to ₹210 cr (SQL), falling below the 15-20% band in Year 1.