1. Revenue growth - 40-45% for FY27 Pending - At the Q4 FY26 call, management guided revenue growth of 40-45% for FY27. FY27 has not commenced; no read yet.
2. EBITDA margins - at least sustain 19.5% in FY27; grow by 1% Pending - At the Q4 FY26 call, management guided they will at least sustain current EBITDA margins of 19.5% in FY27 and hope to grow margins by 1%. FY27 has not commenced; no read yet.
3. Humanoid revenue - very large part of business in FY27 On track - At the Q4 FY26 call, management guided that humanoid revenue is expected to become a very large part of the business in FY27. Supplied first smaller batch during H2 FY26 and more than 4,000 parts during trial phase; principal customers have received large orders.
4. Order book conversion - ₹100-200 cr per year over 5-6 years On track - At the Q4 FY26 call, management guided that the ₹1,200+ cr order book will convert to revenue at a pace of ₹100-200 cr per year over 5-6 years. FY26 revenue was ₹219.5 cr against an order book of ₹1,200+ cr, with most projects starting in FY27.
5. Exports share - 40% over next 2-3 years On track - At the Q2 FY25 PPT, management targeted increasing the share of exports to 40% over the next 2-3 years; later guided export will be more than 30-35% of business in FY27. FY26 exports share was 19.6%, though export sales rose 50% in absolute terms in FY26.
6. Stamping press machines - delivered by Feb 2026 Partial - In an announcement dated 6th Jan 2026, the company ordered seven pneumatic and hydraulic press machines ranging from 100 to 350 tons, expected to be delivered by Feb 2026. Over 30 pneumatic presses were finalized but stamping capacity installation was pushed to Q1 FY27, with capex \~70% completed and \~₹9 cr incurred.
7. Long-term growth trajectory - 40% CAGR On track - In an announcement dated 29th Sep 2025, the company stated its long-term growth trajectory target of 40% CAGR with no explicit horizon. FY26 revenue growth was 53.9%, while the two-year CAGR from FY24 to FY26 stood at 38.6%.
8. Exports revenue CAGR - 50%+ over next 3-4 years On track - At the Q4 FY25 PPT, management guided a target to maintain 50%+ CAGR over the next 3-4 years for exports revenue, reiterated in Q1 FY26 PPT. FY26 exports revenue was ₹42.95 cr, growth of 49.7% YoY, against a base of ₹28.7 cr in FY25.
9. Revenue mix - auto 65%, non-auto 35% in 2-3 years On track - At the Q4 FY25 call, management guided that in the next two to three years, automotive will be \~65% and non-automotive \~35% of revenue. FY26 mix was automotive 85.6% and non-automotive 14.4%, with non-automotive revenue up 150% in FY26.
10. Defense segment - close to 3x growth in FY26 vs FY25 Partial - At the Q4 FY25 call, management guided that the defense segment will close almost three times the growth in FY26 vs FY25. FY26 defense revenue was ₹12.37 cr vs ₹5.55 cr in FY25, delivering growth of 2.23x.
11. ROE - back to 30%+ in 2-3 years On track - At the Q4 FY25 call, management guided that they expect to reach back to upwards of 30% ROE in two to three years, from a base of \~16.1% in FY25. FY26 ROE was 15.7%, with networth rising to ₹171.96 cr and PAT of ₹27.01 cr after a preferential issue expanded the equity base.
12. Giga factory announcement - "very soon" from Mar 2025 Delivered - At the Q4 FY25 call, management guided that they will make announcements very soon regarding moving into one single integrated plant across five to six acres of land. 8.4 acres of land was acquired at Supa, Maharashtra, and the Mega Factory was announced within FY26.
13. Aerospace orders - in next 3-6 months from Mar 2025 Missed - At the Q4 FY25 call, management guided that they expect some aerospace orders maybe in the next three to six months, implying a deadline around Jun-Sep 2025. AS9100D certification was in the last leg as of May 2026 and the company registered as a vendor with one major aerospace customer, but no confirmed aerospace orders were disclosed.
14. Sanand plant (Gujarat) - set up over next six months from Mar 2025 Delivered - At the Q4 FY25 call, management guided that the new plant in Sanand, Gujarat will be set up over the next six months with a confirmed LOI from a customer. The Sanand plant was set up with confirmed nomination from Tenneco for a shock absorber rod application, with \~1 acre of land acquired at GIDC Sanand and an additional \~1 acre acquired.
15. Defense/marine CAGR - 45-50% On track - At the Q4 FY25 call, management guided that defense and marine will grow at least 45-50% CAGR, with no explicit horizon stated. FY26 defense revenue was ₹12.37 cr and marine revenue was ₹13.81 cr, with combined defense and marine growing \~127% from ₹11.55 cr in FY25 to ₹26.18 cr.
16. Defense/marine - at least 25% of non-automotive in 3-4 years On track - At the Q4 FY25 call, management guided that defense and marine will be at least 25% of non-automotive revenue over the next three to four years. In FY26, non-automotive revenue was 14.4% of total, with defense and marine together at ₹26.18 cr out of ₹31.56 cr non-automotive, representing \~83% and already exceeding the 25% target.
17. EBITDA margin expansion - 4-5% over 3-4 years On track - At the Q4 FY25 call, management guided an internal target of expanding EBITDA margin by 4-5% over the next three to four years from a base of 19.1% in FY25; later guided sustaining 19.5% in FY27 with a 1% improvement. FY26 EBITDA margin was 19.5%, up 40 bps from FY25 in year one of the window.
18. Forging facility (Unit-V, Pune) - operational in 3 months from 16th May 2025 Delivered - At the Q4 FY25 PPT and call, management guided that the 5th facility for forging would be operational in three months from 16th May 2025, with machine lines ordered and booked. Unit-V was inaugurated in April 2025, and combined forging capacity of 12,000 tons per annum was installed over Q4 FY26.
19. EBITDA margin improvement - at least 2 percentage points in FY26 Partial - At the Q4 FY25 call, management guided an immediate target to improve EBITDA margins by at least two percentage points for FY26, reiterated at the Q4 FY26 call. FY26 EBITDA margin was 19.5% vs 19.1% in FY25, an improvement of 0.4 percentage points; gross margin improved by 284 bps to 28.7% but on a different basis.
20. Revenue growth - 40%+ in FY26 Delivered - At the Q4 FY25 call, management guided growth of over 40% in FY26, reiterated at the Q4 FY26 call. FY26 total revenue was ₹223.52 cr, growth of 53.9% YoY, surpassing the 40% guidance.