1. Three-digit profit (₹100 cr+) in next three years Pending - In Sep 2025, the Chairman aimed to achieve three-digit profit of ₹100 cr or more in the next three years. FY26 consolidated PAT was ₹26.23 cr, \~26% of the target, with the three-year window running to Sep 2028 and no read yet on achievement.
2. PAT margins to remain consistent at 7-8% going forward On track - At the Q4 FY26 call, management expected PAT margins to remain consistent at 7-8% going forward. FY26 consolidated PAT margin was 7.53%, within the 7-8% range, with the ongoing horizon still open.
3. Order book of at least ₹1,000 cr by end of FY27 Pending - At the Q4 FY26 call, management guided a target order book of at least ₹1,000 cr by end of FY27. Order book as of 31 Mar 2026 was ₹600+ cr, \~60% of target, with an active pipeline of ₹2,000+ cr and the FY27 horizon not yet reached.
4. FY27 revenue growth of 40-50% over FY26 Pending - At the Q3 FY26 call, management guided \~40-50% revenue growth in FY27 over FY26, later revised at Q4 FY26 to at least 30% standalone growth. FY26 base revenue was ₹348 cr, implying a target of \~₹452 cr at 30% growth, with the FY27 horizon not yet reached.
5. FY26 revenue target of ₹375-400 cr Missed - At the Q3 FY26 call, management guided FY26 full-year revenue of ₹375-400 cr. FY26 full-year revenue was ₹348.49 cr, falling short of the target range with the explicit FY26 horizon passed.
6. Add at least one more tunnelling project "this year" (FY26) Missed - At the Q4 FY25 call, management stated they hoped to add at least one more tunnelling project in FY26, with Q3 FY26 noting inquiries for a few more tunnels. As of Q4 FY26, the company still had two tunnelling projects with no disclosure of a third added in FY26.
7. Revenue crossing ₹1,000 cr in 3-4 years On track - At the Q4 FY25 call, management stated they were looking at crossing ₹1,000 cr revenue in another 3-4 years, with hopes to prepone by one year, reiterated through Q4 FY26 as within three years. FY26 standalone revenue was ₹348 cr, with the merged entity expected to be ₹500+ cr, and the 3-4 year window from Mar 2025 still open.
8. Merger of Markolines Infra - completion within 6-9 months, by year-end On track - At the Q4 FY25 call, management announced amalgamation of Markoline Infra with Markoline Pavement, expecting completion once all formalities and approvals are in place. As of May 2026, merger approvals were in progress with a revised scheme filed and completion guided within 6-9 months.
9. BSE Main Board migration - approval expected "very soon" Delivered - At the Q4 FY25 call, management stated the company had applied for migration to the BSE Main Board in Mar 2025 and was awaiting approval very soon. BSE Main Board migration was completed and trading commenced on 12 Jun 2025, within \~3 months of the statement.
10. Equal share for specialised construction and highway maintenance in order book Missed - At the Q4 FY24 call, management guided a first target of equal share for both segments in the order book, reiterated at Q4 FY25 as close to 50-50 in a year's time. Order book as of 31 Mar 2025 was split \~20:80, improving to \~42:58 by 31 Dec 2025, with revenue mix at \~65:35 as of Mar 2026, missing the 50-50 target within the explicit one-year horizon.
11. Order book of at least 1-1.5 years of revenue Delivered - At the Q4 FY24 call, management guided the company was looking to have at least 1 to 1.5 years of order book, later revised to at least 150% of last year's turnover and 18 months of revenue. Order book was 0.83x revenue in FY24, improved to 1.16x in FY25, and reached 1.72x in FY26, meeting and exceeding the target.
12. Additional order inflow of ₹400-500 cr in FY25 Missed - At the Q4 FY24 call, management guided for additional order flow of at least \~₹400 cr to ₹500 cr in FY25. Order book as of 31 Mar 2025 was ₹357 cr, down from ₹287 cr a year earlier, with no disclosure confirming total FY25 inflows reaching the target and the explicit FY25 horizon passed.
13. FY25 revenue growth of 25-30% Missed - At the Q4 FY24 call, management guided revenue growth of 25% to 30% for FY25, calling it conservative. FY25 revenue was ₹307 cr, an 11.48% decline from FY24's ₹347 cr, falling far short of the growth target with the explicit FY25 horizon passed.
14. H2 FY24 revenue 60-80% higher than H1 FY24 Delivered - At the Q2 FY24 call, management stated the company would try for H2 FY24 revenue to be 60, 70 or 80% higher than H1 FY24. H2 FY24 revenue was ₹216.26 cr, \~65% higher than H1 FY24's ₹131.03 cr, within the 60-80% target range and meeting the explicit FY24 horizon.
15. Bottom-line enhancement from tunnelling - 1-2% over 2-3 years On track - At the Q2 FY24 call, management stated tunnelling would enhance the bottom line by a marginal 1% or 2% over the coming two-three years, later revised to 1% to 3%. Consolidated PAT margin improved from 4.98% in FY24 to 7.53% in FY26, a \~2.5 percentage point gain already within the target range, with the three-year window running to Sep 2026.
16. Steady growth with steady margins - over next 1-2 years Partial - At the Q2 FY24 call, management stated the company intended to give steady growth over the next one or two years with margins remaining steady. Revenue grew 11.38% in FY24 but declined 11.48% in FY25 before growing 13.36% in FY26, while OPM improved from 9.15% to 12.40% to 11.53%, delivering steady margins but not steady growth across the two-year window.