1. FY27 revenue of INR400 crore, "we will achieve it definitely" On track - At the Q1 FY27 call, management guided FY27 revenue of INR400 crores, stating "we will achieve it definitely". Q1 FY27 revenue was INR12.8 cr, and Q2 FY27 had no deliveries in the first two months, with a September target of 10 propulsion systems.
2. Propulsion production scale-up to 40-45/month by January On track - At the Q1 FY27 call, management guided production of \~10 units in September, \~25 in November and \~40 per month by January, with scale-up "completed" at 40-45/month; the Q1 FY27 PPT restated this as \~70 propulsion sets by Q3 FY27, then \~40 sets per month. Q2 FY27 had no deliveries in the first two months; material inventory for \~30 sets is available and long-lead components ordered.
3. 10%+ PAT margin once at designed run rate (from January) On track - At the Q1 FY27 call, management guided 10%+ PAT margin comfortably once at designed run rate from January, with the initial 1-2 scale-up months possibly below this. Q1 FY27 PAT margin was -53.9% (PAT -6.9 cr on revenue of 12.8 cr) and FY26's was -25.5%, attributed to very low quantities.
4. EMU/MEMU propulsion platform - develop in 8-10 months, approval \~15-16 months, supply within 24 months On track - At the Q1 FY27 call, management committed to designing and developing the EMU/MEMU propulsion platform in 8-10 months, with RDSO approval \~15-16 months total and supply within the 24-month purchase-order window. The INR86 cr development order for 6 units is in hand, with validation milestones defined - \~3 months depot validation then \~30,000 km field trials.
5. CLW 748-locomotive tender - bid, with orders finalised by end of calendar year On track - At the Q1 FY27 call, management said the company will bid in the open CLW tender for 748 locomotives, with Banaras and Patiala tenders expected in coming weeks and all orders finalised by end of the calendar year. The \~748-locomotive tender is published; a separate \~127-set CLW tender (10 August) was cancelled, and no bid submission or order finalisation actuals are yet in our record.
6. Annual order book of \~480 propulsion systems per year at \~25-26% tender share On track - At the Q1 FY27 call, management expressed confidence of winning \~480 propulsion systems year after year at a \~25%-26% share of tendered quantity, running at a stable 40/month against 55/month capacity. This year the company won about 560 locomotives' worth of propulsion orders, and the order book stands at 564 propulsion systems, INR989.32 cr.
7. R&D spend \~INR9 crores a year, 3-4% of revenues going forward; no capitalisation On track - At the Q1 FY27 call, management guided annual R&D expenses of \~INR9 crores, \~3-4% of total revenues going forward, and stated R&D will not be capitalised. FY26 R&D was Rs 7.90 cr and Q1 FY27 approximately Rs 2 cr, with a 45-member R&D team as of May 31, 2026.
8. Locomotive platform additions - hotel load converter, composite converter; 9,000/12,000 hp study; traction motors via JVs On track - At the Q1 FY27 call, management planned to add a hotel load converter and composite converter to the locomotive platform, study an upgrade to 9,000 or 12,000 hp, and add traction motors via JVs/consortium. Developmental orders for 2 × 500 kVA Hotel Load Converter (Rs 0.83 cr) and a 3-Phase Propulsion System with Composite Converter (Rs 2.66 cr) are in hand; no upgrade or traction motor JV actuals yet in our record.
9. Fault locator installations across electrified tracks over 5-7 years On track - At the Q1 FY27 call, management described fault locator pricing of INR12 lakh, INR24 lakh and INR36 lakh per piece at sub-sectioning, sectioning and substation points respectively - roughly INR1 crore between one transformer and the next - over a 5-7 year installation opportunity as Railways doubles 25 kV lines. A three-year exclusive agreement with PNC Technologies, South Korea was signed in August 2025, and the AFL product has started under OHG.
10. Unit 2 (Nangla Bhiku) set up and operational; cable protection shifted from Unit 1 On track - At the Q1 FY27 call, management said Unit 2 is already set up with fabrication and assembly starting "Monday onwards", and the Q1 FY27 PPT stated Cable Protection & Interconnected Products would shift from Unit 1 to Unit 2. Consent to Operate was received in June 2026 and a 2 MW power connection applied for with initial payment completed; no cable protection shift completion actuals in our record.