1. Security printing foils and lidding foils - launch by Q3 FY27 Pending - At the Q4 FY26 call, management guided the foil business will launch security printing foils and lidding foils during Q3 FY27. The horizon has not been reached.
2. Foil segment revenue growth - \~15% in FY27 Pending - At the Q4 FY26 call, management guided \~15% year-on-year revenue growth for the aluminium foil business in FY27. FY26 foil revenue was ₹215 Cr and the FY27 horizon has not been reached.
3. Powder segment revenue growth - 13-15% in FY27 Pending - At the Q4 FY26 call, management guided consolidated revenue growth of 13-15% for the aluminium powder segment in FY27. FY26 powder revenue was ₹504 Cr and the FY27 horizon has not been reached.
4. Overall revenue growth - 20-25% for FY27 Pending - At the Q4 FY26 call, management guided revenue growth of 20-25% for FY27, considering contributions from all existing and new business verticals. FY26 revenue was ₹824 Cr and the FY27 horizon has not been reached (SQL).
5. Net debt to equity - not beyond 1:1 Delivered - At the Q4 FY26 call, management guided the company will not go beyond 1:1 net debt to equity. Net debt to equity was 0.5x in FY25 and FY26, and D/E stood at 0.53 as of the snapshot date, well within the 1:1 ceiling.
6. ROCE - 13-14% in FY27, >15% in FY28 Pending - At the Q4 FY26 call, management guided ROCE will be in the range of 13-14% in FY27 and more than 15% in FY28. FY26 ROCE was 10.05% and the FY27-28 horizons have not been reached (SQL).
7. LT cables - EBITDA margin \~14-15% Pending - At the Q4 FY26 call, management guided that for LT cables, EBITDA margin will be \~14-15%. The LT cable pilot launch is expected in June 2026 and the business has not yet launched.
8. Polymer insulators - \~3.5 asset turns Pending - At the Q4 FY26 call, management guided the polymer insulator business will have \~3.5 asset turns. The business is in early ramp-up with ₹35-40 Cr invested and ₹2.3 Cr FY26 revenue, so asset turns are not meaningful at this stage.
9. Polymer insulators - \~20% EBITDA margin Pending - At the Q4 FY26 call, management guided the polymer insulator business will give \~20% EBITDA margin. The business is in early ramp-up and incurred losses of \~₹4 Cr in FY26, with no EBITDA margin read yet.
10. Powder capacity utilization - \~90% in H2 FY26 Partial - Announcement in November 2025 guided capacity utilization is expected to reach around 90% in H2 FY26 for Aluminium Powders. The cited Q4 FY26 transcript does not disclose powder capacity utilization, leaving the H2 outcome unconfirmed against the stated target.
11. Foil segment FY26 growth - at least 20% YoY Delivered - Announcement in August 2025 guided the foil segment remains confident of achieving at least 20% year-on-year growth in FY26. Aluminium foil revenue for FY26 was ₹215 Cr, a \~39% YoY growth, substantially exceeding the 20% minimum target.
12. Powder segment FY26 growth - single-digit Delivered - Q4 FY25 PPT guided powder division growth in FY26 is expected to be single-digit due to soft demand, export slowdown, and a fire incident. Aluminium powder revenue for FY26 was ₹504 Cr, a \~15% YoY growth, significantly exceeding the conservative single-digit guidance.
13. Greenfield LVPC and Covered Conductor facility - MIDC Umred, ₹85-90 Cr over 2-3 years On track - Q4 FY25 PPT guided MMP Cables Private Limited is investing ₹85-90 Cr over 2-3 years to establish LVPC and CC facilities, relocated to Butibori MIDC. The project is in the planning phase with the first phase expected to commence gradually from FY27 onwards, and the 2-3 year horizon from Q4 FY25 has not been reached.
14. LT Cable pilot launch - at Bhandara, \~₹5 Cr investment On track - Announcement in August 2025 guided LVPC manufacturing at Bhandara with \~₹5 Cr investment would begin operations post-Diwali with product launch in January 2026. The launch timeline was subsequently revised to Q1 FY27, and as of the Q4 FY26 transcript in May 2026, the product launch was expected during June 2026.
15. Wire rod manufacturing facility - ₹13-15 Cr investment, backward integration On track - Q4 FY25 PPT guided MMP Alutech Private Limited will invest ₹13-15 Cr to set up a wire rod manufacturing facility for backward integration, with commercial production targeted for H2 FY27. The H2 FY27 horizon has not been reached and the project remains in the pipeline with consistent guidance.
16. Carbon neutrality - by 2030 Pending - Q4 FY25 PPT guided the goal to achieve carbon neutrality by 2030. The 2030 horizon is far from reached and no specific carbon-neutrality milestone disclosures exist in our record beyond renewable energy initiatives.
17. Renewable energy - 40-50% of total consumption in 3-4 years On track - Q4 FY25 PPT guided the goal to expand renewable energy to 40-50% of total consumption in the next 3-4 years. The company currently fulfills 20% of energy needs via its 5.5 MW solar roof plant and the 7 MW group captive solar park is under development, with the 3-4 year horizon not reached.
18. 7 MW group captive solar park - commissioning by Q4 FY26 Partial - Q4 FY25 PPT guided a 7 MW group captive solar park with capex of ₹30 Cr, commissioning targeted for Q4 FY26. Land acquisition has been completed but the project has not been commissioned, with the deadline pushed from Q4 FY26 to Q1 FY27, then H1 FY27, and then Q3 FY27.
19. Composite insulators - Phase II completion by Q4 FY26 Delivered - Q4 FY25 PPT guided Phase II capex of ₹15-20 Cr is underway with completion targeted by Q4 FY26. Phase II was commissioned by mid-March 2026 and both Phase I and Phase II capacities are now fully operational.
20. Composite insulators - Phase I trial production early Q1 FY26 Delivered - Q4 FY25 PPT guided MEPL is investing ₹35-40 Cr over 2-3 years for composite insulators, with trial production set to begin in early Q1 FY26. Trial production commenced and commercial production of distribution line insulators began in Q1 FY26.
21. 1,200 MTPA conductor/cable capacity expansion - by H1 FY26 Partial - Q4 FY25 PPT guided expansion of 1,200 MTPA for cables/conductors was expected to be completed in H1 FY26. As of Q4 FY26, current capacity remained at 7,200 MTPA and the expansion had not been commissioned, with the deadline pushed to Q4 FY26 and then Q1 FY27.
22. Operating margin - around 9.69% over the medium term Partial - Announcement in April 2025 guided operating margin at around 9.69% over the medium term. FY25 OPM was 9.23%, close to the target, but FY26 OPM fell to 7.88%, partly due to the fire incident (SQL).
23. Overall revenue growth - 20-22% for FY25 Delivered - Q4 FY24 PPT guided overall revenue growth of 20-22% for FY25. FY25 revenue was ₹692 Cr, YoY growth of \~20%, landing at the lower end of the 20-22% guided range.
24. 2,500 MTPA Phase III pyro and flake powder capacity - by Q4 FY25 Partial - Q4 FY24 PPT guided Phase III addition of 2,500 MTPA by Q4 FY25. 1,800 MTPA was commissioned in Q3 FY25 on time, but the balance 700 MTPA was commissioned in Q2 FY26, two quarters late.
25. 1,800 MTPA pyro and flake powder capacity - fully operational by March 2024 Delivered - Announcement in November 2023 guided Phase 2 capacity of 1,800 MTPA for pyro and flake powders was expected to be fully operational by March 2024, later revised to full utilization by June 2024. The capacity was commissioned in Q1 FY2025, within the revised June 2024 window.
26. 1,500 MTPA pyro and flake powder capacity - fully operational by October end (2023) Delivered - Announcement in July 2023 guided the 1,500 MTPA pyro and flake capacity would be fully operational by October end, later revised to November end 2023. Phase I capacity was commissioned in Q3 FY2024, within the stated October-November 2023 window.
27. No external borrowings for ongoing expansions - financed through internal accruals Partial - At the Q1 FY23 call, management stated the company has no plans for external borrowings for ongoing expansions; all will be financed through internal accruals. Debt stood at ₹185 Cr as of the snapshot date with D/E of 0.53, but the promise was specific to financing FY23-era expansions and our record cannot isolate the use of funds (SQL).
28. Gross margin - \~27% or above when 5x asset turn achieved Missed - At the Q1 FY23 call, management guided gross margin may be around 27% or above when five times asset turn is achieved. Gross margin was 22.3% in FY24 and 22.8% in FY25, well below 27%, with no evidence of the 5x asset turn being achieved.
29. Peak foil rolling capacity - 700 MT per month Delivered - At the Q1 FY23 call, management guided peak aluminium rolling capacity after installation of the second rolling mill would be 700 metric tons per month. Installed capacity for the foil rolling mill section is 8,400 MTPA, which equates to 700 MT per month, confirmed in filings.
30. Foil revenue target - ₹240-250 Cr topline with new rolling mill Partial - At the Q1 FY23 call, management guided that with the new rolling mill, a total foil topline of about ₹240-250 Cr could be targeted. Foil revenue reached ₹215 Cr in FY26, up 39% YoY, approaching but not yet reaching the ₹240-250 Cr target.
31. Foil second rolling mill - commissioned by Q4 FY23, revenue from Q1 FY24 Delivered - At the Q1 FY23 call, management guided the second rolling mill would be commissioned by Q4 FY23 and start generating revenue from Q1 FY24. The mill was commissioned in September 2023, one quarter late, with commercial production beginning by mid-November 2023 and bulk orders from high-volume users initiated.
32. Solar power facility - ₹35-40 Cr, rolled out over 8-10 months Partial - Announcement in February 2025 guided capex of ₹35-40 Cr to establish a solar power facility under open access, to be rolled out over 8-10 months. By May 2025, the plan was revised to a 7 MW group captive solar park with ₹30 Cr capex and commissioning targeted for Q4 FY26; the Q4 FY26 transcript does not confirm commissioning, and land acquisition was still underway as of the last update.
33. 1,500 MTPA pyro and flake - commercial production Q1 FY24 Partial - Announcement in November 2022 guided commercial production is expected to start in Q1 FY24 for the 1,500 MT P.A. pyro and flake powders capacity expansion. Phase I capacity was commissioned in Q3 FY2024, two quarters later than guided.
34. MMP Electricals Phase I - full capacity by end of FY26 Missed - FY25 Annual Report guided MMP Electricals anticipates reaching full capacity by end of FY25-26. Phase I investment of ₹17-18 Cr was completed and commercial production commenced, but FY26 revenue was ₹2.3 Cr, far below full-capacity revenue potential of ₹130-140 Cr.
35. LVPC and CC - first trial products slated for Q2 FY26 Missed - Announcement in February 2025 guided the LVPC and CC project is expected to be a key driver, with first trial products slated for Q2 FY26. Trial operations were pushed to December 2025, then Q4 FY26, then Q1 FY27, and then June 2026, with first trial products not occurring in Q2 FY26.
36. Phase III capacity - fully utilized from Q4 FY25 onwards Missed - Announcement in February 2025 guided capacities are likely to be fully utilized from Q4 FY25 onwards. Phase III was partially commissioned in Q3 FY25 and the balance 700 MTPA was not commissioned until Q2 FY26, making full utilization from Q4 FY25 impossible.
37. Sustained double-digit revenue growth in FY26 with EBITDA margin improvement Partial - Announcement in May 2025 guided management anticipates sustaining double-digit revenue growth in FY26 along with further improvement in EBITDA margin. FY26 revenue grew 19.1%, delivering double-digit growth, but EBITDA margin declined from 9.4% in FY25 to 8.0% in FY26 (SQL, D6 p.5).
38. GCA days - 100-115 days over the medium term Partial - Announcement in April 2025 guided GCAs are expected at 100-115 days over the medium term. Gross current assets were around 126 days as on March 31, 2025, above the 100-115 day target range, though the medium-term horizon is still unfolding.
39. Expanded foil capacity - strong utilization in FY24 Missed - FY22 Annual Report guided the company's expanded capacity expected in Q4 FY23 will see strong utilization in FY24. Foil revenue declined 5% in FY24 to ₹107 Cr, suggesting utilization was not strong amid persistent low demand and competition from Chinese imports.
40. Aluminium powder division - CAGR of 7-10% Delivered - FY22 Annual Report guided the aluminium powder division is expected to continue to grow at a CAGR of 7% to 10%. Powder revenue grew from ₹346.7 Cr in FY22 to ₹504 Cr in FY26, a CAGR of \~9.8%, within the 7-10% range.
41. Exports - 20% growth maintained in FY24 Pending - At the Q4 FY23 result, management guided the uptick in exports is likely to be maintained with 20% growth. Our record holds no specific export growth figure for FY24 to confirm or deny the outcome.
42. Cable capacity expansion - revenue from October 2024 Missed - Announcement in February 2024 guided cable capacity expansion during FY24-25 is set to commence in April 2024, with revenue from additional capacity expected from October 2024. The 1,200 MTPA expansion was not completed in FY25 and was pushed to H1 FY26, then Q4 FY26, then Q1 FY27, so no revenue from additional capacity could accrue from October 2024.
43. Foil segment FY23 revenue growth - 70-75% Missed - At the Q4 FY22 result, management guided during FY23, foil revenue is expected to increase by 70-75% subject to stable aluminium prices. Foil revenue grew 40% YoY in FY23, below the 70-75% target.
44. Foil segment FY24 revenue growth - in excess of 25% Missed - At the Q4 FY23 result, management expected revenue growth in excess of 25% from foil business in FY24. Aluminium foils revenue for FY24 was ₹107 Cr, a decline of 5% from ₹112.8 Cr in FY23, against a >25% growth target.
45. Powder segment FY24 revenue growth - 10-12% Missed - At the Q4 FY23 result, management guided revenue growth of 10-12% during FY24 for Aluminium Powders. Aluminium powders revenue for FY24 was ₹390.4 Cr, an increase of only 2% over FY23, well below the 10-12% target.
46. Powder segment FY25 revenue growth - 13-15% Partial - Announcement in May 2024 guided Aluminium Powders segment revenue growth of 13-15% in FY25. FY25 consolidated revenue reached ₹692.9 Cr, a \~19.6% increase, but no standalone aluminium powder segment figure for FY25 is available in the provided evidence to confirm achievement of the specific segment target.
47. Conductors/cables - >50% revenue growth in FY25 over FY24 Missed - Announcement in February 2024 guided for FY24-25, the company projects revenue growth of more than 50% over FY23-24 for conductors/cables. Aluminium conductors/cables revenue for FY25 was \~₹97 Cr, growth of \~23%, well below the >50% target.
48. Conductors/cables - 150% plus rise in revenues in FY24 Partial - At the Q4 FY23 result, management expected a 150% plus rise in revenues for Aluminium Conductors and Cables, later revised to surpassing 100% over FY22-23. Aluminium conductors revenue for FY24 was ₹78.7 Cr, an increase of 95% over FY23, falling just short of the revised 100% target.
49. Foil division - EBITDA-positive in FY25 Delivered - Announcement in February 2024 guided the foil division is expected to be EBITDA-positive in FY24-25 under current market conditions. The aluminium foils business successfully transitioned from losses to achieve EBITDA positivity in FY25, marking a significant turnaround.
50. AVL Belgium strategic agreement - export and margin boost Delivered - Q4 FY25 PPT guided AVL Belgium's strategic decision to transfer major manufacturing to MMP enabled the company to manufacture and export their products, boosting margins, with initial shipments starting in January 2024. Bulk supplies under the long-term contract commenced and record export performance was achieved in FY26.
51. 1.5 MW ground-mounted solar at Bhandara - commissioned on schedule Delivered - Announcement in July 2023 guided the Solar Project for 1.5 MW ground mounted at Bhandara unit will be commissioned ahead of schedule. The 1.5 MW ground-mounted Solar Project at Bhandara unit was successfully commissioned as confirmed in FY24.