1. FY27 battery revenue - above ₹200 crore at 20% EBITDA margin Pending - At the Q4 FY26 call, management guided battery segment revenue "anything above 200 crores" and EBITDA margin of about 20% for FY27 on single-shift operations. FY27 not yet reported.
2. FY27 e-waste revenue - ₹200-250 crore at 60% utilization Pending - At the Q4 FY26 call, management guided e-waste top line of around ₹200-250 crores at 60% utilization for FY27. FY27 not yet reported.
3. 2x PAT from current level Pending - At the Q4 FY26 call, management guided the target is to achieve 2x PAT from the current level. FY26 PAT was ₹14.35 crore, implying a target of ₹28.7 crore; no explicit horizon was stated.
4. FY27 total revenue - \~₹400 crore Pending - At the Q4 FY26 call, management guided about ₹400 crore revenue for FY27, split \~₹200 crore battery and \~₹200-210 crore e-waste. FY27 not yet reported.
5. FY27 EPR revenue - \~₹35 crore Pending - At the Q4 FY26 call, management guided EPR revenue of about ₹35 crore for FY27, up from ₹25 crore in FY26. FY27 not yet reported.
6. PAT margin - 7-10% for next 3-4 years On track - At the Q4 FY26 call, management guided confidence in maintaining a 7 to 10% PAT margin for the next three-four years. FY26 PAT margin was 7.35%, within the guided range.
7. Minimum EPR rates - no business below CPCB minimum Partial - At the Q2 FY26 call, management stated the company was not entertaining any business below the CPCB minimum EPR rates and was doing business only on those rates. By Q4 FY26, management reiterated it was not doing business below minimum rates, with average EPR pricing at ₹28, though the CPCB minimum rate was not disclosed.
8. Hydrometallurgical technology - CapEx $2-4 million, JV structure Pending - At the Q2 FY26 call, management guided capital expenditure for hydrometallurgical technology "could be around 2 million to $4 million" and the tie-up "might happen through a JV". The pilot plant was later guided to start by December-January, with the main plant coming in FY28 at an investment of \~₹60 crore; a government subsidy was received and eligibility under an incentive scheme was confirmed in April 2026.
9. Main board listing - at ₹700-800 crore revenue, \~2-2.5 years Pending - At the Q2 FY26 call, management guided plans to list on the main board when it becomes a "700, 800 crore revenue company," which is "about 2 years, two and a half years from now". The threshold was later revised to 800-900 revenue and ₹50 crore+ PAT, "probably another one and a half year to two years away"; FY26 revenue was ₹195 crore.
10. E-waste margins - 15-18% Delivered - At the Q2 FY26 call, management guided e-waste margins expected to be "around 15-18%". By the Q4 FY26 call, gross margin for e-waste was confirmed at 15 to 18%.
11. Revenue split - 40:60 battery to e-waste by FY27 Pending - At the Q2 FY26 call, management guided a 40-60 revenue split by FY27, with 40% from battery and 60% from e-waste. The split was later revised to \~50:50, with FY27 revenue guided at \~₹400 crore comprising \~₹200 crore battery and \~₹200-210 crore e-waste; FY26 split was battery \~9% and e-waste \~91%.
12. Related party transaction with Vardhman - eliminated by FY27 Pending - At the Q2 FY26 call, management guided the related party transaction with Vardhman Sales Agency and Vardhman Recycling Agency "would be completely gone" next year, meaning FY27. FY27 not yet reported.
13. Hyderabad plant - ₹30-40 crore revenue delta in first year Pending - At the Q2 FY26 call, management guided the Hyderabad plant, with 25,000 MTPA capacity, is expected to contribute "about 30 to 40 crore delta" in its first year of operation. The plant is not yet operational.
14. Battery revenue split - minimum 15% in FY26 Missed - At the Q2 FY26 call, management guided the Nashik battery facility is expected to achieve a minimum 15% revenue split from battery recycling in FY26. FY26 battery revenue was \~₹18 crore out of \~₹195 crore total, or \~9%.
15. Battery gross margins - 18-25% Delivered - At the Q4 FY25 call, management guided gross margins in the lithium-ion battery field are "somewhere around 18% to 25%". By Q4 FY26, battery gross margin was confirmed at 20-25%, with Q2 FY26 black mass gross margin at "about 20-25%".
16. Nashik battery plant - ₹60-70 crore revenue addition in FY26 Missed - At the Q4 FY25 call, management guided about ₹60-70 crore revenue addition from the Nashik battery plant in FY26, assuming 7-8 months of business and 35% utilization. FY26 battery revenue was about ₹18 crore.
17. Nashik battery plant - minimum 35% capacity utilization in first year Missed - At the Q4 FY25 call, management guided minimum 35% capacity utilization in the first year for the Nashik battery plant. The target was later revised to 30% by end of FY26; FY26 battery utilization was \~10%, with 1,200 tons processed against 12,600 tons capacity.
18. 45-50% CAGR over next three years Partial - At the Q4 FY25 PPT and call, management targeted 45-50% CAGR over the next three years. FY25 revenue growth was 48.45%, within the range, but FY26 revenue growth was 29.87%, materially short; management attributed the shortfall to a 35-day business loss and the battery plant starting in H2.
19. Refurbishment revenue share - 15-30% of revenue Delivered - At the Q2 FY25 call, management committed that refurbishment will always be in the range of around 15% to 30% of revenue. FY25 refurbishment share was 16%, H1 FY26 was \~25%, and FY26 was \~18%.
20. Market share - double to \~6-10% in 2 years Pending - At the Q2 FY25 call, management committed that the company's market share in formalized e-waste recycling, then 3-5%, could nearly double up in 2 years. The estimate was later revised to 2.5-3% at Q4 FY25 and "close to about 2% to 2.5%" at Q2 FY26, with a projection to reach "about 4%" when Hyderabad is operational; the Hyderabad plant is not yet online.
21. EBITDA margin improvement - better than prior year Delivered - At the Q2 FY25 call, management committed to an improved margin figure from last year and better EBITDA margin in the future. FY25 EBITDA margin was 9.76% and FY26 EBITDA margin improved to 11.87%.
22. FY25 capacity utilization - 80-90% on 30,000 MTPA Missed - At the Q2 FY25 call, management committed to ending FY25 at around 80-90% capacity utilization on the 30,000 MTPA capacity. Overall plant capacity utilization reached 55% in H2 FY25, with Faridabad at 100%, Palwal at 35%, and Nashik e-waste at 60%.
23. Capacity utilization - 100% of 30,500 MTPA within 18-24 months Partial - At the Q2 FY25 call, management committed to utilizing 100% of current capacity of 30,500 MTPA within 18-24 months. The target was later scaled to 65-70% for FY26 and 60-65-70% for FY27; FY26 e-waste capacity utilization was close to 60% out of installed capacity available for the full year.
24. Hyderabad plant CapEx - ₹15-18 crore, internally funded Missed - At the Q2 FY25 call, management stated the Telangana e-waste plant CapEx would be about ₹15 odd crores, funded from internal sources. The projection was later revised to "about Rs. 15-18 crores" with a target to be operational by Q3 FY26, but as of Q4 FY26 no final CapEx total or completion has been disclosed.
25. Hyderabad e-waste plant - set up by FY26 Partial - At the Q2 FY25 call, management committed the 15,000 metric ton plant in the TSIIC electronic manufacturing cluster in Hyderabad would be set up by FY26. The timeline was revised to Q3 FY26, then H2 FY26, and then Q2 FY27, with a two-month delay attributed to heavy rains; as of 14 July 2026, the plant is not yet operational.
26. Nashik battery plant CapEx - ₹11.7 crore Pending - At the Q2 FY25 call, management committed the lithium-ion battery plant in Nashik would have a total CapEx of about ₹11.7 crores. The estimate was later revised to "around INR 15 crores"; IPO proceeds utilisation for the Nashik facility showed ₹700 lakhs deployed against a proposed ₹1,120 lakhs as at 31/03/2025, but no final total CapEx figure has been disclosed.
27. Nashik lithium-ion battery plant - commissioned Q1 FY26 Delivered - At the Q2 FY25 call, management committed the 11,050 metric ton lithium-ion battery recycling plant in Nashik would be commissioned in Q1 FY2026. The plant commenced operations in July 2025, within one quarter of the explicit Q1 FY26 deadline.
28. Total recycling capacity - 56,500+ MTPA by Q2 FY26 Delivered - At the Q2 FY25 call, management committed to increasing total recycling capacity to 56,500+ metric tons per annum by Q2 FY26. The target was later raised to 68,000 MTPA by Q3 FY26; as of March 2026, total installed recycling capacity stood at 82,000 MTPA.