1. Revenue target - cross Rs. 1,000 crores by FY28-29 On track - At the Q3 FY26 call, management reiterated the target to cross the INR 1,000 crore mark by '28-29, and at the Q4 FY26 call stated they are "working to improve our figures" and "will definitely target towards our guidance". FY26 revenue was Rs. 587 crores (SQL); the FY28-29 horizon remains in the future.
2. Warrant funds deployment - \~Rs. 90 crores into CAPEX over 18 months Partial - At the Q1 FY25 call, management stated \~INR 90 crores of warrant funds would be deployed into CAPEX over 18 months, but the objective was later revised down to Rs. 34.25 crores due to a shortfall in fund receipt. By Q2 FY26, \~Rs. 67-68 crores had been deployed with \~20% (\~Rs. 13.4-13.6 crores) going to CAPEX, and further CAPEX was placed "on hold" at the Q4 FY26 call.
3. FY25-26 topline growth - \~20% Missed - At the Q4 FY24 call, management guided \~20% topline growth for FY25-26, and at the Q1 FY25 call aimed to maintain that growth number for 3-4 years. FY25 revenue declined 16.7% to Rs. 722 crores and FY26 declined 18.6% to Rs. 587 crores (SQL).
4. New plant - set up at new locations after a good quarter or two Missed - At the Q3 FY23 call, management guided they would set up a new plant after seeing a good quarter or two, with the commitment repeatedly deferred through Q4 FY26 when they stated they will wait for the "first two quarters" to decide. As of Q4 FY26, no new plant has been established.
5. Institutional sales - limit to about Rs. 200 crores Delivered - At the Q1 FY22 call, management stated a plan to limit institutional sales to about Rs. 200 crores, later circumscribing it to INR 100-150 crores. FY25 industrial solutions revenue was Rs. 58.6 crores and FY26 was Rs. 38.7 crores, held well below the cap.
6. Building products revenue - Rs. 200 crores over three or four years Missed - At the Q1 FY22 call, management planned to take building product revenue to about Rs. 200 crores over three or four years, with an aspirational target of INR 160-170 crores for FY25. FY25 building products revenue was Rs. 118.9 crores and FY26 declined to Rs. 88.4 crores.
7. Double-digit EBITDA margins - maintain going forward Partial - At the Q4 FY21 call, management guided they were "hopeful" to maintain margins in double digits, targeting 10% going forward at the Q1 FY26 call. FY21 EBITDA margin was 11.64%, but margins fell to 7.14% in FY22, -1.06% in FY23, 6.86% in FY24, 3.92% in FY25, and 5.94% in FY26 (SQL), with Q4 FY26 recovering to 12.91%.
8. NSE listing - board committee to decide Pending - At the Q4 FY21 call, management stated the board formed a committee to look into NSE listing details and decide. No disclosure of an NSE listing decision or completion is recorded through FY26.
9. Volume target - 85,000-90,000 tons by FY23 Missed - At the Q4 FY21 call, management guided volume of "85,000 tons to 90,000 tons" for FY23, later framing it as more than 80,000-85,000 tons in three years. FY23 total sales volume was 59,148 metric tons.
10. Building products revenue contribution - \~20% of total revenue within two years Missed - At the Q4 FY21 call, management guided building products contribution would reach \~20% from 6% "over period of next two years". FY23 building products share was 10% and FY24 was 12%.
11. Revenue target - Rs. 1,200 crores by FY24 Missed - At the Q4 FY21 call, management reiterated a Rs. 1,200 crores revenue target by FY23, revised to FY24 at the Q1 FY22 call, and explicitly withdrawn at the Q2 FY23 call. FY24 revenue was Rs. 867 crores (SQL).