1. Promoter share buyback - by \~August 2026 Pending - At the Q4 FY26 call, management guided that the promoter company would be buying back shares from the market, likely in a month or two (by \~August 2026). Our record holds no disclosure of a promoter buyback as of 14 July 2026.
2. Cast resin, distribution and loco transformers - expansion Pending - At the Q4 FY26 call, management guided the company was trying to get into cast resin transformers, distribution transformers, and local transformers, and was in various stages of trying to get the equipment or approvals. No disclosed approvals, orders, or production in these new transformer segments exist as of Q4 FY26.
3. Global induction brand - marketing investment in FY27-28 Pending - At the Q4 FY26 PPT, management guided large investment to establish Megatherm as a global induction brand via key recruitments, exhibitions, trade fairs, distribution and service partners, and industry association memberships. The company has established on-ground presence in Latin America and is expanding reach across UK, Europe, Middle East, Africa, and Southeast Asia, but no specific outcome metrics have been disclosed yet.
4. Pipes and tube welding sector - entry via European JV Delivered - At the Q2 FY26 call, management stated they were tying up with a Spanish company (SiCtech Induction) to manufacture high-frequency pipe welders in India under the Megatherm brand. The JV with SiCtech Induction was established, technology absorption has begun, and dual-track/tri-track power supplies have been validated.
5. Main board migration - by March 2027 Pending - At the Q4 FY25 call, management stated there would be consequent rounds of fundraising and migration to the main board, with the three-year period to migrate finishing in March 2027. The company remains on the NSE SME platform as of the last filing with no main board migration application disclosed.
6. US joint venture - Cyprium Induction for North American market Delivered - At the Q4 FY25 call, management declared a joint venture with Cyprium Induction USA to pitch all products to the North American market. The JV entity was converted from an LLC to an incorporated company (Megatherm Cyprium Inc) on 16 January 2026, with Megatherm holding 49.99%, and marketing and operations have commenced.
7. Exports - increase to \~30% of induction revenue Missed - At the Q4 FY25 call, management stated they wanted to get exports to around 30% of the induction side. FY26 exports remained at 10-12% of total revenue, with no separate disclosure of exports as a percentage of induction revenue, and no progress toward the 30% induction-specific metric was reported.
8. Backward integration - 100% of induction CRGO requirement in-house, then transformers Partial - At the Q2 FY25 call, management guided that backward integration of CRGO cores would be ramped up to first get 100% of the induction CRGO requirement through in-house processing, later revised to 60% of copper and core needs. By FY25 year-end, in-house processing of copper and CRGO had begun after successful trials, but no FY26 disclosure confirms the 60% level was reached.
9. Revenue target - ₹1,000 crore in 4-5 years from FY25 Pending - At the Q2 FY25 call, management guided that after reaching ₹500 crore, in another two to three years the company would get to ₹1,000 crore, later revised to tripling revenue within five to six years (by \~FY31-32). FY26 revenue was \~₹350 crore, far from the ₹500 crore first milestone, with no meaningful progress toward the ₹1,000 crore target yet visible.
10. Next round of CapEx - \~₹50 crore by end of FY26 to reach ₹1,000 crore Partial - At the Q2 FY25 call, management guided the next round of CapEx to take the company to ₹1,000 crore would be \~₹50 crore, pursued by the end of FY26. The full ₹50 crore CapEx programme was not completed by FY26; a scaled-down fourth manufacturing shed for transformers with CapEx of \~₹20 crore was initiated, with completion now guided for FY27.
11. Induction products (engineering side) - grow to ₹80-90 crore in two years Pending - At the Q2 FY25 call (Sep 2024), management targeted induction products on the engineering side growing to \~₹80-90 crore in two years' time. As of the Q2 FY26 call (Sep 2025), segmental reporting had not yet been implemented, and no updated figure for induction products was disclosed, leaving progress toward the target unquantified.
12. Spares business - grow to ₹70 crore in two years Pending - At the Q2 FY25 call, management targeted spares growing from \~₹60 crore to \~₹70 crore in two years' time (by \~FY27). The Q4 FY26 transcript does not disclose FY26 spares revenue, so progress toward the \~₹70 crore target cannot be confirmed from the cited evidence.
13. Induction products growth - additional ₹50-75 crore from freed-up space Pending - At the Q2 FY25 call, management guided that shifting transformer production to the new factory would free up space for induction products, targeting ₹50-75 crore of additional turnover. The Q4 FY26 transcript discusses induction export ambitions and a long-term vision but does not confirm whether this specific incremental target was achieved.
14. Transformer revenue - ₹100-150 crore from new factory Partial - At the Q2 FY25 call, management guided the new transformer factory would do ₹100-150 crore of turnover, with initial ₹60-70 crore. FY26 transformer revenue was \~₹40-45 crore, with production for approved customers beginning only in April 2026, and the original ₹100-150 crore target for the factory's initial capacity was not met.
15. New transformer factory - commissioned by January-February 2025 Partial - At the Q2 FY25 call, management targeted the new transformer factory to be commissioned in January, with testing and certifications done by January-February 2025. Production began in February 2025, but CPRI certification was received only on 15 July 2025, and full commercial production with customer approvals extended into FY26, a \~6-month delay.
16. PAT target - ₹45 crore within a couple of years Pending - At the Q2 FY25 call, management targeted ₹45 crore of bottom-line in the next couple of years, reiterated as a PAT target of ₹45 crore in 2 years (by FY27). FY26 PAT was ₹23.68 crore, roughly half the target with one year remaining to the inferred FY27 deadline.
17. PAT margin target - 8-9% within two years (by FY27) Pending - At the Q4 FY25 call, management targeted 8% to 9% bottom line within two years, implying a FY27 deadline. FY26 reported PAT margin was 6.71%, up from 6.58% in FY25, with the FY27 outcome still pending as the horizon remains live.
18. Revenue target - ₹500 crore by FY27 Pending - At the Q2 FY25 call, management guided the company would achieve ₹500 crore revenue for FY27, later revised down to ₹450 crore for FY27 at Q2 FY26. FY26 revenue was \~₹350 crore, and as of Q4 FY26, production of approved transformer orders began only in April 2026, with the order book at \~₹430 crore and \~₹250 crore carryover into FY27.
19. Transformer market share - increase from 10% to 20-25% Pending - At the Q2 FY25 call, management targeted transformer market share increasing from the current 10% level to around 20-25%. No market share data has been disclosed in subsequent quarters, and no explicit horizon was stated for the target.