1. IPO proceeds - debt repayment of ₹500 crore Delivered - The offer document committed ₹500.00 crore for repayment/pre-payment of borrowings. The object was fully utilized during the quarter ended March 31, 2026, towards term-loan repayment to Axis Bank, HDFC Bank, Union Bank of India and Siemens Financial Services; ₹50 crore of long-term debt was repaid from IPO proceeds, leaving total debt at ₹390 crore.
2. Depreciation method change - P&L efficiency over next few years Delivered - At the Q1 FY27 call, Paras Parekh said the company is switching from written-down value to straight-line depreciation from this year, with the same depreciation expected in upcoming quarters. The switch was effective in Q1 FY27 itself; had WDV continued, Q1 FY27 depreciation would have been higher by ₹7.57 crore and PBT lower by ₹7.57 crore.
3. Net working capital - improve another 10-20% Delivered - At the Q1 FY27 call, Udaykumar Parekh targeted net working capital to improve another 10-20%. Net working capital days improved to 233 as of June 30, 2026 from 294 as of March 31, 2026 - a \~21% improvement.
4. Geographical mix - reduce North America dependence by 10-20% Pending - At the Q1 FY27 call, Udaykumar Parekh said the company is working to balance geographic dependence by \~10-20% via growth in the Middle East and Europe, with North America currently \~55-60% of order book. Q1 FY27 mix shows North America \~52% of revenue; order book as of May 25, 2026 was \~64% North America, with no progress metric disclosed against the target.
5. ROCE on new capex - more than 20% Pending - At the Q1 FY27 call, Udaykumar Parekh guided ROCE on new capex expected "more than 20", with asset turnover around 2-2.5, taking a few years to reach plant peak level. Q1 FY27 annualized ROCE improved to 17.8% from 13.7% at FY26 year-end, but the new capex plants are not yet operational.
6. IPO proceeds utilization - Proposed Facility 1 and 2 completion by Fiscal 2026 Missed - The offer document committed completion of the two new project facilities by Fiscal 2026 - Proposed Facility 1 (object cost ₹1,328.44 million) and Proposed Facility 2 (₹1,007.14 million). As of March 31, 2026 only ₹47.03 crore and ₹50.66 crore were utilized respectively; as of June 30, 2026 utilization stood at ₹169.77 crore and ₹118.98 crore, with commercialization now guided for FY28.
7. Aerospace/defense revenue - good growth expected in FY27 On track - At the Q4 FY26 call, management said it is "expecting good growth" in aerospace/defense in FY27, with "some good numbers, even in FY27 going forward"; at the Q1 FY27 call the ramp horizon was framed as 1-3 years. Defense/aerospace now shows 6.9% of revenue in Q1 FY27 in the "others" segment, alongside four FA development orders received.
8. Second \~₹1,000 crore oilfield service order - start from FY27 On track - At the Q4 FY26 call, Udaykumar Parekh said the second \~₹1,000 crore oilfield service order (per DRHP) will start from FY27, some product lines this year and some in early FY28. Execution has started on the two large orders (\~₹2,000 crore total, 3-5 year range) with \~₹50 crore expected in year one; Q1 FY27 revenue of ₹166 crore was executed against the >₹3,000 crore order book.
9. Chhapara new facility expansion - operationalization and capex of \~₹250 crore On track - At the Q4 FY26 call, management listed expanding operations at a proposed new Chhapara facility as an FY27 initiative; at the Q1 FY27 call, capex was set at \~₹250 crore with commercialization "in FY28" and \~42-43 lakh machine hours at completion. Work has commenced at Chhapara-Rajkot, with capex schedules \~1 to 1.5 months behind due to rains.
10. New manufacturing facility in Hyderabad - commissioning in FY27 On track - At the Q4 FY26 call, management listed commissioning a new manufacturing facility in Hyderabad as one of three concurrent FY27 initiatives; at the Q1 FY27 call this was expanded to two new facilities operationalized over the next 14 months. The Hyderabad site is leased property closer to defense and other customers, comprising "pretty small units"; no commissioning disclosure yet in Q1 FY27 notes.
11. FY27 margins - similar to historical, EBITDA 30-35% On track - At the Q4 FY26 call, Paras Parekh guided FY27 margins "will be similar as per the historical", with Udaykumar Parekh guiding EBITDA margin "in the range of 30% to 35%". Q1 FY27 EBITDA margin was 30.4%, within the guided range; FY26 EBITDA margin was 33.5%, and the FY27 full-year outcome is not yet due.
12. FY27 revenue growth - 30-35% guided On track - At the Q4 FY26 call, Paras Parekh guided FY27 revenue growth "between 30 to 35%", with Udaykumar Parekh adding the company is "anticipating good growth this year"; at the Q1 FY27 call guidance was restated to \~35-40%. Q1 FY27 revenue grew 61.5% YoY to ₹166.6 crore; the FY27 full-year outcome is not yet due.
13. Weatherford \~₹1,030 crore order - staggered ramp-up over 3-5 years On track - At the Q3 FY26 call, management outlined a staggered ramp-up for the Weatherford \~₹1,030 crore order over a maximum 5-year timeline, starting at roughly ₹80-100 crore in year one and reaching ₹250-300 crore per year; by Q1 FY27, year one on the two large orders was expected around ₹50 crore and more. Execution has started, with Q1 FY27 revenue of ₹166 crore executed against the >₹3,000 crore order book.
14. Revenue growth - \~35-40% CAGR in coming years On track - At the Q3 FY26 call, management anticipated continuing the historical \~35-40% revenue CAGR in coming years; FY27 growth was then guided at 30-35%, and at Q1 FY27 the \~35-40% guidance was maintained. Q1 FY27 revenue grew 61.5% YoY to ₹166.6 crore, and FY26 revenue grew 49.1% to ₹511.3 crore.