1. Capital raise - enabling resolution only, no M&A On track - At the Q1 FY27 call, management said the company may raise capital (debt, equity or combination) for working capital/growth if needed under an enabling resolution valid 12 months, with no form or timing decided and "no M&A, absolutely". As of Q1 FY27 nothing has been raised - the reported ₹1,200 crore QIP does not exist - and net debt was ₹199.9 crore as of 30 June 2026.
2. Operating EBITDA margin - 13-14% for next couple of years On track - At the Q4 FY26 call, management guided operating EBITDA margins of 13% to 14% "for the next couple of years", reiterated at the Q1 FY27 call. FY26 operating EBITDA margin was 13.0% and Q1 FY27 came in at 14.7%, which management said was within the guided range despite strategic order execution.
3. No promoter stake dilution for 12 months from February 2026 On track - At the Q4 FY26 call, management confirmed no further promoter stake dilution for 12 months from the February 2026 stake sale. Through Q1 FY27 no promoter stake sale is disclosed in our record, and management confirmed only an enabling resolution exists - the reported ₹1,200 crore QIP does not.
4. No additional capex required for strategic orders Delivered - At the Q2 FY26 call, Sanjay Lodha said no additional capital expenditure will be required for the large strategic order, with short-term working capital needs, primarily LC-based, already secured. Short-term borrowings rose \~₹270 crores in Q4 FY26 to fund strategic orders and net debt was ₹199.9 crore in Q1 FY27, but no major capex was disclosed.
5. Working capital cycle - 80-100 days (year-end cash conversion cycle) Delivered - At the Q1 FY26 call, management guided the working capital cycle between 80-100 days (year-end cash conversion cycle), revised at Q4 FY26 to 90-110 days, with \~110 days inventory preferred going forward per Q1 FY27. The Q4 FY26 cash conversion cycle was 84 days and Q1 FY27 was 96 days, within the revised range.
6. Strategic order margins - 150-200 bps lower at PBT level Delivered - At the Q2 FY26 call, Ankit Singhal guided margins on large strategic orders 150 to 200 basis points lower at PBT level than regular business, reiterated at Q3 FY26 at about 200 bps. PAT margins ran 9% in Q3 and Q4 FY26, 9.3% for FY26 and 10.3% in Q1 FY27, with management saying margins adjusted for forex are within guidance.
7. Strategic orders (\~₹2,184 cr) - one-third execution in FY26, balance in FY27 Partial - At the Q2 FY26 call, management expected around 1/3 of the \~₹2,100 crore strategic orders executed in FY26 with balance in FY27, later confirmed against a total of ₹2,184 crore and rephrased at Q4 FY26 as completion "within the next 3 quarters". FY26 saw ₹558.8 crore executed against the \~₹728 crore one-third target, with Q4 spillover; ₹430 crore of the ₹1,600 crore balance was executed in Q1 FY27.
8. GB200 (Blackwell) platforms - rolling out within 4 months Delivered - At the Q3 FY25 call, management committed GB200 (Blackwell) platforms would be rolling out from Netweb "within next 4 months", in line with the worldwide launch. Blackwell-based systems were shipping by Q2-Q3 FY26, with the Tyrone Camarero GB200 launched per the Q4 FY26 PPT and Blackwell-platform AI systems confirmed in the FY26 annual report.
9. Exports - \~10% of sales within 2-3 years On track - At the Q3 FY25 call, management guided export revenue of around 10% of sales, with Q1 FY26 framing it as around 10% of total turnover over the next 2-3 years and yearly levels around 5%-6%. Exports ran around 5% of turnover through Q2 FY26, and at Q1 FY27 management said it is not focusing on exports, prioritizing Indian customers first.
10. India AI Mission - traction to start in FY26 Delivered - At the Q1 FY25 call, management expected India AI mission execution to start within a few months with 10,000 to 25,000 GPUs of opportunity, with traction to start in FY26 itself after earlier pushes to mid-2025. Two strategic orders worth approximately ₹2,184 crore were secured in Q2 FY26, ₹450.4 crore executed in Q3 FY26, and a NIC IndiaAI order on NVIDIA Blackwell was received by Q1 FY27.
11. VSSC/ISRO order (\~₹150 cr) - execution within two quarters Delivered - At the Q1 FY25 call, management said the Vikram Sarabhai Space Centre order of about ₹150 crores would be executed "in the next two quarters", with Q2 FY25 pointing to the second half. By Q3 FY25 the project had been executed, and the FY25 annual report confirms the marquee supercomputing system deployed for ISRO at VSSC, Trivandrum.
12. No major capex for next 2-3 years beyond routine \~10% of gross Delivered - At the Q4 FY24 call, Sanjay Lodha said no major CapEx is planned for the next two-three years beyond routine CapEx of around 10% of gross, later refined to routine capex of \~₹20-25 crores for FY27. FY26 saw a new 15,000 sq ft production facility commissioned and \~₹270 crores of short-term borrowings for working capital, but no major capex disclosed.
13. Cash flow from operations conversion - 33-35% in steady state Partial - At the Q4 FY24 call, Prawal Jain targeted cash flow from operations conversion of "around 33 to 35%" in steady state, restated at Q1 FY25 as free cash flows of at least 30% of EBITDA. FY24 conversion was 18% and FY25 OCF was negative, but FY26 delivered ₹171.5 crore of operating cash flow against ₹284.8 crore EBITDA, roughly 60% conversion.
14. Revenue capability - ₹1,800-2,000 cr from IPO-promised capex of ₹35-40 cr Delivered - At the Q4 FY24 call, Prawal Jain said the IPO-promised CapEx of around ₹35-40 crores would take the company to a revenue capability of around ₹1,800 to 2,000 crores, later raised to sustaining ₹3,000-plus crores by Q1 FY27. FY26 revenue reached ₹2,183.6 crore, exceeding the capability target, with Q1 FY27 alone at ₹819.7 crore.
15. PLI 2.0 - investment of \~₹20 cr over seven years, claims to be filed Delivered - At the Q3 FY24 call, management said PLI investment of around ₹20 crores was sanctioned over seven years, with claims for FY24 to be filed in 2025. The first PLI 2.0 claim of ₹5.94 crore for July 1, 2023 to March 31, 2024 was received in Q4 FY25, confirmed in the FY25 annual report.
16. Government/enterprise revenue split - 60% enterprise within 2-3 years Partial - At the Q3 FY24 call, management expected the government/enterprise revenue split to become 60-40 (60% enterprise) within two to three years, but not beyond. The split fluctuated - 60% private enterprise in Q2 FY25, 60% government in Q1 FY26, 60% enterprise in Q2 FY26, and 54.8% government in Q4 FY26 - never settling consistently at 60% enterprise.
17. AI systems revenue share - 15-16% of business in FY25, \~30% within five years Delivered - At the Q3 FY24 and Q4 FY24 calls, management guided AI systems from \~11% of business to 15-16% in FY25 and around 30% "within five years", with the FY25 target later softened to \~15% peak and the out-year raised to 22%, then \~35% going forward. FY25 AI contribution was 14.8% and FY26 reached 43.4% of revenue, with Q1 FY27 at 62%.
18. Grace Hopper-based system - commercial rollout by end of Q1 FY25 Partial - At the Q3 FY24 call, management planned Grace Hopper-based system sampling in March with commercial rollout before end of Q1 (commercial launch by June 24), later saying the product "should be ready to market" in the coming quarter. The product was "almost all ready" and being marketed in Q1 FY25, with Grace Hopper architecture launched and getting good response by Q3 FY25 - roughly 1-2 quarters late.
19. ARM-based (RISC) server - launch by Q4 FY24 or early Q1 FY25 Partial - At the Q2 FY24 call, management targeted an ARM-based (RISC) server launch by Q4 FY24, possibly slipping to early Q1 next year, saying "I cannot promise you that it may be Q4 this year or Q1 next year". ARM architecture-based GPU systems with NVIDIA were introduced in Q2 FY25, among the first OEMs globally with domestically manufactured Grace architecture systems, with no standalone ARM server launch disclosed against the original window.
20. Revenue growth CAGR - 30-40% sustained over 3-5 years Delivered - From the Q1 FY24 call onward, management targeted a growth CAGR of around 40%, then 30 to 40 percent over two to three years, refined by Q4 FY24 to around 30 to 35% over 4-5 years and later 35% to 40% "over the next couple of years". Revenue grew 62.7% in FY24 to ₹724.1 crore, 58.7% in FY25 to ₹1,149.02 crore, 90% in FY26 to ₹2,183.6 crore, and 172.1% YoY in Q1 FY27 to ₹819.7 crore.
21. FY24 revenue - around ₹600 crore plus Delivered - At the Q2 FY24 call, management targeted revenue of around ₹600 crore plus for FY24, reiterated at Q3 FY24 via the 30-40% CAGR guidance. FY24 operating income came in at ₹724.1 crore, up 62.7% YoY, with management confirming ₹722 crore vs ₹446 crore the prior year.
22. Operating EBITDA margin - maintain at least current levels in FY24 Delivered - At the Q1 FY24 call, the CFO expected to maintain at least current operating EBITDA margin levels, with guidance revised from 16-17% to 14-15% at Q2 FY24 on ESOP cost, then to 13-14% for FY24 at Q3 FY24. Quarterly margins ran 14.4%, 13.3%, 13.5% and 15.2%, with FY24 full-year at 14.2%.
23. Gross margin - average over 27% by year-end FY24 Partial - At the Q1 FY24 call, the CFO expected gross margins to average out to over 27% by year-end FY24, reiterated at Q2 FY24 at around 27 to 27.5%, before Q3 FY24 saw stabilization expected at around 25-26%. Q2 FY24 gross margin was 27% and H1 FY24 was 30%, but Q3 fell to 21.8% and nine-month gross margin was 25.4%, with no full-year figure disclosed.
24. 5G ORAN - product ready by end of FY24 Missed - At the Q1 FY24 call, 5G ORAN was expected by end of financial year 2024, to be showcased at the Indian Mobile Congress, with Q2 FY24 pointing to a launch by end of March FY24. The product was still under development through repeated pushbacks into FY25, and no completed launch is disclosed through Q1 FY27, with the FY26 annual report listing no 5G ORAN product.
25. Networking switches - rollout by end of Q3 FY24, \~₹15-20 cr revenue in FY24 Missed - At the Q1 FY24 call, Netweb Switches were planned for rollout by end of Q3 FY24, with Q2 FY24 projecting approximately ₹15-20 crores of FY24 revenue. Switches launched in Q3 FY24 with only \~₹1 crore of quarterly revenue, FY24 contribution was ₹3.3 crore against the \~₹20 crore target, and by Q1 FY27 the company stopped selling Ethernet switches as a separate SKU.
26. SMT line - operational within six to nine months (pulled forward from FY25) Delivered - At the Q1 FY24 call, management planned a state-of-the-art SMT line within six to nine months in rented premises, an acceleration versus the IPO-time projection of 2025, with Q2 FY24 pointing to production by late February or March FY24. The Faridabad facility was inaugurated on May 10, 2024, described as "fully functional and fully rolling out" by Q2 FY25 and confirmed commissioned in Q1 FY25 in the FY25 annual report.