1. FY27 revenue growth - upwards of 20% consolidated Pending - At the Q4 FY26 call, management guided "upwards of 20% revenue growth on a consolidated basis" for FY27. FY27 has not yet commenced; the FY26 base revenue stands at ₹1,277.28 cr.
2. Waste Management - scale to 800-1,000 TPD over next 18 months On track - At the Q4 FY26 call, management stated they are "targeting to scale this qualification to 800 to 1,000 tons per day over the next 18 months" from a base of \~400-500 TPD by end-FY26. The Vasai Virar contract (\~₹275 cr, 5-year) was secured, establishing the base qualification, with the 18-month window (\~Sep 2027) still open.
3. Acquisition of 100% of Citelum India Private Limited Pending - At the Q4 FY26 call and in filings, the Board approved acquisition of 100% equity shares of Citelum India Private Limited, which upon completion shall become a wholly owned subsidiary. A Share Purchase Agreement was entered into and the acquisition was approved by the Board, but no disclosure of transaction completion exists in our record as of 14 Jul 2026.
4. Deferred government tenders to convert in H2 FY26 Missed - At the Q2 FY26 call, management stated deferred tenders were expected to translate into executable orders "very soon in the next couple of quarters", reflecting positively in H2 FY26. H2 FY26 revenue (Q3+Q4) was ₹671 cr, a decline from H2 FY25's ₹689 cr, and Q4 FY26 revenue fell 11.66% YoY; management subsequently pushed the expectation to FY27.
5. Taskmaster B2C - establish in Mumbai, Alibag, Goa; then all metros Partial - At the Q4 FY25 call, management stated Taskmaster would be established in Mumbai, Alibag, and Goa during FY26, with an aspiration to then offer services in all metros. FY26 revenue was ₹46 lakhs, Mumbai billing commenced, but no operational presence in Alibag or Goa was confirmed, and the Q4 FY26 call pushed traction expectations to FY27.
6. Fundraise of ₹300 cr for various projects Pending - At the Q4 FY25 call, management stated the Board had approved a fundraise of ₹300 cr for various projects and that they would "figure out how we are going to go about it" after closing the financial year. No fundraise was completed as of Q4 FY26, and no further disclosure on its status appears in subsequent transcripts or filings through FY26.
7. Wastewater segment - ₹1,000 cr order book in next 18 months On track - At the Q4 FY25 call, management stated a business plan to achieve "an order book position of 1,000 crores in the next 18 months" for the wastewater segment, a horizon running to \~Sep 2026. Entry was made via a TPPA contract (₹19.20 cr), and Waste Management segment revenue reached \~₹49.6 cr in FY26, but no wastewater-specific order book figure has been disclosed.
8. IPO proceeds - ₹10 cr capex for new machinery utilised in FY25 Missed - The Company proposed to utilise the balance of ₹10 cr from IPO proceeds for capital expenditure on new machinery in FY 2024-25. As of Q2 FY25, nil of the ₹10 cr was utilised, and nil was utilised as of Q3 FY25; no subsequent utilisation disclosure for this line item exists in our record through FY26.
9. IPO proceeds - ₹80 cr working capital utilised in FY25 Delivered - The Company proposed to utilise the balance of ₹80 cr from IPO proceeds for funding working capital requirements in FY 2024-25. By Q2 FY25, ₹95.47 cr of the ₹100 cr total working capital allocation was utilised, and by Q3 FY25, ₹96.73 cr was utilised, with the balance substantially deployed within FY25.
10. Pan-India footprint in next 2-3 years On track - At the Q4 FY24 call, management stated the geographic spread strategy would transform the company into a "Pan India footprint company" in the next 2-3 years. Branches expanded from 30 at Q4 FY24 to 31 at FY26, but geographic mix remains concentrated - West 66.9%, South 22.7%, North 6.8%, Central 3.7% - with no disclosed presence in East or Northeast India.
11. Receivable days will "definitely improve" Missed - At the Q4 FY24 call, management stated receivable days will "definitely improve" over time. Receivable days were 70-75 days at Q4 FY24, rose to 73 days at Q2 FY25, 109 days at FY25, 120 days at Q2 FY26, and 118 days at FY26 - a clear deterioration across all subsequent disclosures.
12. Maintain PAT margin in 4.5%-5.5% zone Partial - At the Q2 FY25 call, management stated PAT margin has always been in the 4.5% to 5.5% range and they will maintain that range. FY25 PAT margin was 5.14% and FY26 was 5.04%; all quarterly figures fell within the band except Q4 FY25 PAT margin of 4.09%, which breached the 4.5% floor.
13. Maintain EBITDA margin in 6.5%-7.5% zone Partial - At the Q4 FY24 call, management stated the company would maintain its margin profile in a "similar zone", and at Q2 FY25 quantified the range as 6.5% to 7.5%. FY25 EBITDA margin was 6.41%, breaching the 6.5% floor; FY26 recovered to 6.54%, within the zone.
14. 25-30% annual revenue growth for next 2-3 years Missed - At the Q4 FY24 call, management committed to 25% to 30% year-on-year revenue growth for the next 2-3 years as firm guidance. FY25 revenue grew 18.11% YoY and FY26 grew 5.32% YoY; the original 25-30% band was not achieved in either year, with guidance subsequently revised down to 18-20% and then "upwards of 20%".