1. FY27 EBITDA margin - 23-25% On track - At the Q4 FY26 call, management guided EBITDA margins of 23-25% when revenue goes up by 20%, later noting Q2 may be hit with normalization from Q3. Q1 FY27 EBITDA margin was \~20%; the full year is not complete.
2. Global OEM approvals - within 2 years / by end of FY27 On track - At the Q3 FY26 call, management said within 2 years MIDHANI would be on the supplier lists of some overseas aero customers, with commercial supplies to engine majors "maybe towards the end of '26, '27". S400 certification from GE USA came in August 2026, and OEM audits are in advanced stage.
3. Inventory reduction - 10-15% from opening inventories in FY27 On track - At the Q4 FY26 call, management targeted at least 10%, maybe 10-15%, reduction from opening WIP and scrap inventories in FY27. Q1 FY27 scrap inventory reduced by around ₹17 cr, after last year's ₹75 cr scrap reduction.
4. Fastener plant - ₹20-30 cr per year order book Pending - At the Q4 FY26 call, management guided the ₹40 cr fastener plant to generate at least ₹20-30 cr per year order book, refined to stable revenue of at least ₹25 cr every year over 3 to 5 years. The plant was inaugurated and working in FY26, with pipeline orders being executed; no revenue figure on that scale is yet disclosed.
5. Capex - ₹1,000 cr in 3 years Pending - At the Q4 FY26 call, management guided capex of around ₹1,000 cr over the coming 3 years, with DPRs prepared by end FY26. By Q1 FY27 the horizon was "around 2 to 3 years", FY27 normal capex only ₹50-60 cr, and the proposal was under ministry evaluation with no timeline committed.
6. ABHED bulletproof jackets - ready for orders, ₹1,000 cr tender On track - At the Q2 FY26 call, management said all ABHED jacket equipment would be installed within 6 months and the company ready for orders, later committing to bid aggressively in the \~₹1,000 cr tender. TOT was acquired from DRDO/IIT Delhi, jackets are under testing, a \~₹1 cr OCTOPUS order was executed, and test certificates are expected by next quarter.
7. Metal bank - within 6 months / 4 months On track - At the Q2 FY26 call, management said a metal bank would be installed within 6 to 8 months, tightened at Q4 FY26 to within another 4 months. An MoU was signed in November 2025, and by Q1 FY27 procurement for one customer was in advanced stage with civil works ongoing.
8. FY27 exports - at least ₹100 cr On track - At the Q4 FY26 call, management guided FY27 exports of at least ₹100 cr. Q1 FY27 export sales were ₹33 cr till the call date, with an open export order book of about ₹25 cr; the full year is not complete.
9. FY27 order booking - ₹1,500 cr Pending - At the Q4 FY26 call, management guided booking of about ₹1,500 cr worth of orders in FY27. Order book as on July 1, 2026 was ₹2,329 cr, but no FY27 order inflow figure is yet disclosed.
10. FY27 revenue growth - 12-15% target, 20% stretch On track - At the Q4 FY26 call, management guided FY27 top-line growth of 12-15% with a 20% target, conditional on raw material stabilization. Q1 FY27 revenue grew 40.46% YoY to ₹239.49 cr, and management expects growth above FY26's 12.52%.
11. Long-term revenue - ₹2,000 cr in about five years On track - At the Q1 FY26 call, management set a target of revenue around ₹2,000 cr in about five years from \~₹1,100 cr, reaffirmed at Q4 FY26 as "maybe another 3 years". FY26 revenue was ₹1,208.63 cr; the horizon remains open.
12. FY26 exports - ₹120-150 cr Missed - At the Q4 FY25 call, management set an FY26 export target of ₹120-150 cr. At Q2 FY26 this was cut to around ₹50 cr on raw-material constraints. FY26 exports came in at ₹78 cr, also stated as ₹85 cr.
13. FY26 EBITDA margin - 23-25% Delivered - At the Q1 FY26 call, management expected EBITDA margins of 23-25% for Q2, Q3 and the whole year, later refined to around 23%. FY26 EBITDA was ₹275.59 cr on revenue of ₹1,208.63 cr, \~22.8%.
14. FY26 revenue - ₹1,300 cr minimum, aiming ₹1,500 cr Missed - At the Q1 FY26 call, management planned around ₹1,300 cr minimum in FY26, aiming at ₹1,500 cr, and reiterated ₹1,300 cr at Q2. FY26 revenue was ₹1,208.63 cr, growth of 12.52%.
15. FY25 order booking - ₹600 cr in remaining months, order book ₹2,000 cr+ Missed - At the Q2 FY25 call, management expected not less than ₹600 cr of orders booked in the remaining months of FY25, implying an end-FY25 order book above ₹2,000 cr. FY25 inflow was about ₹1,400 cr and order book on April 1, 2025 was ₹1,832 cr.
16. FY25 exports - ₹150 cr / ₹100-110 cr Partial - At the Q1 FY25 call, management targeted FY25 exports of ₹150 cr, 10% of turnover, lowered at Q2 to ₹100-110 cr. FY25 exports were ₹94.19 cr.
17. FY25 revenue growth - 20-25% Missed - At the Q4 FY24 call, management expected FY25 revenue growth of 20-25%, reiterated through the year as "almost 20%". FY25 revenue grew 0.13% to ₹1,074.1 cr.
18. FY24 inventory reduction - ₹100-120 cr Missed - At the Q4 FY23 call, Director Finance targeted reducing FY24 inventory by maybe ₹100-120 cr. FY24 balance-sheet inventory instead increased around ₹75 cr, though WIP was cut from \~₹759 cr to ₹669 cr.
19. FY24 capex - around ₹100 cr Partial - At the Q4 FY23 call, management targeted FY24 capex of around ₹100 cr, revised to around ₹80 cr at Q1 FY24. FY24 capex was almost ₹78 cr.
20. FY24 exports - 10% of sales (\~₹100 cr) Missed - At the Q4 FY23 call, management targeted 10% of FY24 sales from exports, around ₹100 cr, raised at Q2 FY24 to around ₹200 cr, 10-15% of turnover. FY24 export turnover was ₹66.23 cr, about 6.2% of revenue.
21. FY24 revenue growth - 20% top-line Delivered - At the Q4 FY23 call, management guided top-line growth of almost 20% for FY24, raised to around 25% at Q2. FY24 revenue grew 23.02% to ₹1,073 cr.
22. 10-ton VAR furnace - titanium capability more than 2x Delivered - At the Q3 FY23 call, management said the 10-ton VAR furnace being installed would enhance titanium capability more than 2 times, with capacity later guided from 500 tons to \~750-800 tons, then almost 1,000 tons. The furnace was fully commissioned in Q2 FY25; titanium production reached 700 tons in FY26 and 750 tons melted last year.
23. New product segments - hastelloy plates, cold rolled sheets, seamless tubes, 3-meter wide stainless plates in two years Partial - At the Q3 FY23 call, management targeted entering hastelloy plates, cold rolled sheets, seamless tubes and 3-meter wide stainless plates over the next two years. Hastelloy plates and hot-extruded seamless tubes were established and dispatched in Q3 FY23, and C-276 plates/sheets on the wide plate mill; no commercial disclosure exists for cold rolled sheets or 3-meter wide stainless plates.
24. Order book - ₹1,500 cr maintained after FY23 Missed - At the Q2 FY23 call, management expected the current order book of ₹1,500 cr to remain after the closing of the assessment year. Order book as on April 1, 2023 was ₹1,331.04 cr.
25. NALCO JV - high-end aluminium plant at Nellore Missed - At the Q2 FY23 call, management said the NALCO JV would set up a greenfield 60,000 TPA high-end aluminium alloy plant at Nellore, with MIDHANI equity of around ₹170 cr and ₹4,000 cr total investment. The project was put on hold, then recommended for closure due to non-viability; both boards have recommended closure pending Ministry approvals, with ₹20 cr each invested.
26. EBITDA margin - 30-33% maintained Partial - At the Q2 FY23 call, management said EBITDA margins of 30-33% may be maintained with the current product mix, subsequently reset through 25-30% to a 23-25% guidance. FY23 EBITDA-to-revenue was 33.86%; FY24 \~21%; FY25 \~23.2%; FY26 \~22.8%.
27. FY23 revenue - ₹1,000 cr internal target Missed - At the Q2 FY23 call, management's internal FY23 revenue target was ₹1,000 cr. FY23 revenue was ₹871.94 cr.
28. FY23 order inflow - ₹1,200 cr visibility, ₹1,000 cr MoU target Missed - At the Q4 FY22 call, management stated FY23 order inflow visibility of around ₹1,200 cr with an MoU target of around ₹1,000 cr. FY23 order booking was 900 plus, with total order book \~₹1,350 cr / ₹1,331.04 cr on April 1, 2023.
29. Powder plant capex - ₹35-40 cr, equipment in 1-1.5 years Missed - At the Q4 FY22 call, management estimated powder plant capex at around ₹35-40 cr with equipment arriving in one to one-and-a-half years. As of Q1 FY27 the facility was still not installed: a BAFA preliminary German export license was obtained, equipment expected "maybe by next year".
30. Spring plant revenue - ₹25-30 cr per annum Pending - At the Q4 FY22 call, management stated spring plant maximum revenue of not less than ₹25-30 cr per annum, calling that year's achievement "a challenge" pending Railway certification. RDSO certification was still under process at Q3 FY26; the plant started working in Q1 FY27 with a sample BEML order, and no revenue on that scale is disclosed.
31. Armour plant revenue - ₹60-70 cr in FY23, ₹300 cr potential Missed - At the Q4 FY22 call, management expected armour plant FY23 revenue of not less than ₹60-70 cr against a ₹100 cr order book, with maximum potential of not less than ₹300 cr. FY23 Rohtak revenue was ₹29.98 cr and FY24 ₹21 cr; Q1 FY25 booked ₹158 cr, but the Q4 FY25 order book was about ₹10 cr and the ₹300 cr potential was never approached.
32. Wide plate mill revenue - ₹250-300 cr in FY23, ₹500 cr at full capacity Partial - At the Q4 FY22 call, management targeted at least ₹250-300 cr revenue from the wide plate mill in FY23, with around ₹500 cr at full capacity. FY23 revenue was not separately disclosed; FY24 reached around ₹235 cr, Q1 FY26 utilization was about 40%, and the ₹500 cr target remains unreached.
33. Nadcap certification - within six months Partial - At the Q4 FY22 call, management expected Nadcap certification within the next six months. Nadcap certification for heat treatment was obtained in FY26, while NDT certification was still pending as of Q1 FY27, targeted by end of FY27 with NAS410 personnel qualified.
34. Export revenue - ₹350 cr+ in 2-3 years Missed - At the Q4 FY22 call, management stated the export target was to grow from ₹80-87 cr in FY22 to more than ₹350 cr in the next two to three years, a Ministry target management was working towards. Exports were ₹37.50-20.65 cr in FY23, ₹66.23 cr in FY24, ₹94.19 cr in FY25 and ₹78-85 cr in FY26; the ₹350 cr target was never reached.