1. Agriculture drone NADR-10 - type certification and commercial rollout On track - In the FY25 annual report, management stated the NADR-10 was in advanced stages of DGCA type certification and would be commercially rolled out once granted. The drone passed all 18 mandatory flight tests, and certification was awaited as of the FY25 annual report.
2. Existing order execution - ₹30 crore+ order by December 2024 Pending - At the Q2 FY25 call, management stated an existing order worth "INR30 crores plus GST" must be finished "by December end" 2024. Q3 FY25 net sales were ₹37.17 crore, but our record holds no explicit confirmation that the specific order was completed by the deadline.
3. Drone pilot training institution - DGCA license expected within 8-10 days Delivered - At the Q2 FY25 call, management stated the drone pilot training institution license was expected "within 8 to 10 days". The Q3 FY25 PPT confirmed the company was authorized as a Drone-Remote Pilot Training Organization by DGCA.
4. Revenue CAGR - 20-25% over next 3-4 years from FY24 On track - At the Q4 FY24 PPT, management guided 20-25% CAGR for commercial weighing scales and security & automation segments over 3-4 years, later broadened to 25% across all segments over 3-5 years. FY25 revenue was ₹76.52 crore against FY24 revenue of ₹101.43 crore, a decline of \~24.6% in year one of a multi-year window.
5. Parwanoo factory shutdown - last phase pending, expenses to be controlled Delivered - At the Q2 FY22 call, management stated they were closing the Himachal operation in phases, with the last phase still pending. At the Q4 FY22 call, management confirmed the Parwanoo unit was shut down on February 28, 2022, and an exceptional loss of ₹3.19 crore was booked.
6. NLB Series electromagnetic balances - ₹15 crore yearly addition after two years Missed - At the Q2 FY22 call, management stated the NLB Series "should be adding lot may be about 15 Crores yearly after two years down the line," i.e. by \~FY24. EMFR balance contribution was \~1.5% of revenue in FY22, and no disclosure shows the NLB Series approaching ₹15 crore in any year through FY25.
7. Home and hotel automation marketing spend - ₹80 lakh to ₹1 crore by March 2022 Missed - At the Q2 FY22 call, management stated a marketing budget of "roughly about 80 lakhs to 1 Crores to be spent by March ending 2022" on Video Door Phone and automation products. At the Q4 FY22 call, management stated marketing budgeting for the year was "roughly about Rs. 50 lakh," below the committed range.
8. Video Door Phone launch - by November 2021 Partial - At the Q2 FY22 call, management stated the Video Door Phone was "expecting to be launched by November end" 2021. By Q4 FY22, 350-400 home automation installations were underway with trials and feedback ongoing, and the Q4 FY24 PPT reported 1,500 installations with a range of security products but did not confirm a standalone Video Door Phone launch.
9. Bench scale (Den scale) launch - by August 2021 Partial - At the Q4 FY21 call, management guided the new bench scale would be launched "sometime by August" 2021. At the Q2 FY22 call, management confirmed the bench weighing scale was "successfully launched in October" 2021, a delay of \~2 months.
10. Hanging weighing scale launch - by July 2021 Partial - At the Q4 FY21 call, management guided the new hanging weighing scale would be launched "by July, next month" i.e. July 2021. At the Q2 FY22 call, management confirmed the hanging weighing scale was "successfully launched in October" 2021, a delay of \~3 months.
11. Revenue target - ₹100 crore topline by FY24 Delivered - At the Q4 FY21 call, management guided a vision to achieve ₹100 crore topline within the next 3 years, by FY24. FY24 revenue was ₹101.43 crore, crossing the ₹100 crore target in the deadline year.