1. PAT margin - around 7% Partial - At the Q2 FY26 call, management guided that PAT margin will be around 7% due to depreciation and other factors. FY26 full-year PAT margin was 4.88% (₹11.43 cr PAT on ₹234 cr revenue), with H1 FY26 at 6.45% consolidated but Q4 FY26 dropping to 3.79% (SQL; D6 p.6).
2. Vajra Alloys - production from Q2 FY27 On track - At the Q2 FY26 call, management guided that Vajra Alloys production is expected to start from Q2 FY27, with some good revenue by end of next year. The subsidiary was incorporated as of June 2026, and no production has commenced yet with the Q2 FY27 target still ahead.
3. Positive cash flow over next 3 years Pending - At the Q2 FY26 call, management guided that the company expects to maintain positive cash flow over the next 3 years, though free cash flow may be negative in the first two quarters of next year during peak capex. The 3-year horizon extends to approximately September 2028, and the peak capex period of Q1-Q2 FY27 is still ahead (SQL).
4. Debtor days - 90 days ideal in the long run On track - At the Q4 FY25 call, management stated 90 days would be ideal in the long run for debtor days, later tightening the target to less than 45 days over three years at the Q2 FY26 call. Current receivable days stand at approximately 120 days as of Q2 FY26, and the Trade Receivables Turnover Ratio declined from 8.12 in FY23 to 5.87 in FY24.
5. Inventory days - reduce to \~45 days after CRM Missed - At the Q4 FY25 call, management stated inventory days would come down to about 45 days after the cold mill comes in. The CRM's commercial production was expected from Q1 FY27, which began April 2026, yet the post-CRM horizon has passed with no operational update as of July 2026.
6. No significant capex for 3-4 years after current cycle (max ₹25 cr staggered) On track - At the Q4 FY25 call, management stated that apart from the current capex, in 3 to 4 years there might not be significant capex, maybe to the tune of maximum ₹25 cr done in a staggered manner. The current capex cycle remains ongoing, and no further major capex announcements have been recorded through July 2026.
7. Order book - minimum ₹100 cr+ in packing contracts by H1 FY26 Missed - At the Q4 FY25 call, management stated they wanted a minimum ₹100 crore plus order book in packing contracts by H1 FY26, meaning by September 2025. By Q2 FY26, confirmed packing contract order book was ₹75 cr for the next financial year, short of the ₹100 cr+ minimum target.
8. Cold Rolling Complex - production by Q4 FY26, ₹150 cr minimum revenue in FY27 Partial - At the Q4 FY25 call, management guided the Cold Rolling Complex would commence production by Q4 FY26, later refined to end of May 2026, with minimum ₹150 cr additional revenue in FY27. As of Q2 FY26, the CRM was progressing as per schedule with installation expected to begin January 2026 and commercial production from Q1 FY27.
9. EBITDA margins - 15-20% corridor Partial - At the Q2 FY25 PPT, management guided EBITDA margins to stay within a 15-20% corridor, later revising long-term sustainable EBITDA margin down to 13-15% at the Q2 FY26 call. FY25 OPM was 15.02% and H1 FY26 was 16.16% consolidated, but FY26 full-year OPM fell to 12.21%, breaching the 15% floor (SQL; D6 p.6).
10. Packaging contract operating margins - \~15% Pending - At the Q2 FY25 call, management stated operating margins on the packing contract side will be about 15% overall. Packaging-contract-specific margins are not separately disclosed in our record, though overall OPM was 15.02% in FY25 and 15.96% in Q2 FY26 before dipping to 9.75% in Q4 FY26 (SQL; D6 p.6).
11. No further equity dilution immediately Pending - At the Q2 FY25 call, management stated they were not looking for any further dilution immediately, and at Q2 FY26 they foresaw only very minimal, very limited dilution without diluting promoter holding. The cited sources and SQL snapshot provide no data confirming whether any equity dilution occurred between September 2024 and July 2026.
12. New primary packaging products - ₹100 cr topline, 20% margin, full capacity in 2 years On track - At the Q2 FY25 call, management stated the new primary packaging products can achieve a topline of ₹100 cr after full capacity with at least 20% operating margin, taking about two years to reach full capacity by approximately September 2026. The desiccant plant became operational from May 2025, and H1 FY26 primary packaging revenue was approximately ₹6.2 cr, mostly from trading.
13. Enter 2-3 big PSU steel plants in the East in FY25 Partial - At the Q4 FY24 call, management guided that in FY25 they hoped to enter at least two or three big PSU steel plants in the East. Trial orders were secured from SAIL Bokaro Steel Plant worth ₹4.85 cr and Rashtriya Ispat Nigam Limited worth ₹1.39 cr, but full commercial entry through open tender participation was not achieved and is expected only in FY27.
14. Distributors - appoint in all major countries/continents in FY25 Missed - At the Q4 FY24 call, management guided they would appoint distributors in all major countries and in all continents in FY25. No disclosure of completed distributor appointments across all major countries or continents during FY25 is recorded, and the Q2 FY26 PPT still described strengthening the global distributor network as a forward-looking initiative.
15. Exports - double in FY25 (to \~₹34 cr) and ₹100 cr in 5 years Partial - At the Q4 FY24 call, management guided exports would double in FY25 from approximately ₹17 cr and reach at least ₹100 cr in five years. FY25 export sales were approximately ₹30 cr, short of the \~₹34 cr double target, and H1 FY26 exports declined to ₹8.8 cr due to margin pressure from Chinese competition.
16. Middle East plant - announcement within 6 months (by \~Sep 2024) Partial - At the Q4 FY24 call, management guided that within the next six months they would come up with announcements regarding their next plan with the Middle East. Subsidiaries were incorporated in UAE and Singapore, but the manufacturing plant announcement did not materialise by the September 2024 deadline, and the project was placed on hold at the Q2 FY25 call.
17. Vedanta contract - 3-year contract from April 2024 Delivered - At the Q4 FY24 call, management guided that the Vedanta contract is a 3-year contract starting from April 2024. The contract was secured at ₹20.25 cr and has since expanded significantly, with the total order restated at ₹107 cr and Vedanta expected to contribute approximately ₹35 cr revenue in the next financial year.
18. Revenue growth - minimum 25% YoY for 5-6 years On track - At the Q4 FY24 call, management guided minimum 25% overall growth for FY25 and stated this trend will continue for the next 5 to 6 years at least 25% year-on-year. FY25 revenue grew 43% to ₹151.08 cr and FY26 revenue grew 56.60% to ₹234 cr, both exceeding the 25% minimum (SQL; D3 p.3).
19. New strapping line - peak utilization of 2,500 tons/month within 4 years On track - At the Q4 FY24 call, management stated the new strapping line can reach peak production capacity of 2,500 tons per month within the next 4 years, by approximately March 2028. As of Q4 FY25, overall capacity utilization was close to 60% with average monthly production of approximately 1,200 tons, consistent with the ramp-up trajectory.
20. Bid pipeline - ₹200+ cr with 20% win ratio Delivered - At the Q4 FY24 call, management guided the bid pipeline was more than ₹200 cr with an expected 20% win ratio. The pipeline was subsequently restated at approximately ₹962 cr at Q2 FY25, and by Q2 FY26 the confirmed order book stood at ₹180+ cr, materially exceeding the original ₹40 cr implied win target.
21. Steel strapping market share - 30% to 40% On track - At the Q4 FY24 call, management set a goal to capture 30% to 40% market share in the steel strapping industry. Market share was stated at around 10% to 15% as of Q2 FY25 and between 5% to 10% as of Q4 FY25, with active capacity expansion and order-book growth consistent with the target trajectory.
22. Packaging contract revenue - more than 50% of total revenue in coming years On track - At the Q4 FY24 call, management committed to increasing packaging contract revenue to more than 50% of total revenue in coming years, later reframed at Q2 FY26 as over 50% of domestic revenue over the next few years. Packaging contract share rose from approximately 8.5% in FY25 to 33% of total revenue in H1 FY26, consistent with the upward trajectory.