1. Busduct revenue contribution - 20-30% of top line in FY27 Pending - At the Q3 FY26 call, management guided that the manufacturing unit (busduct) would contribute "at least bare minimum 20% to 30% -- 20% of the current top line" for FY27. FY27 has not yet commenced, and full-scale production was guided to start by May 2026 with no confirmation of start in our record.
2. EBITDA margin - 12-13% for FY27 Pending - At the Q3 FY26 call, management guided that for FY27, EBITDA margins of "12%, 13% is what realistically we can achieve". FY27 has not yet commenced; FY26 OPM was 10.50% (SQL).
3. PAT margin - 9-10% medium-term plan Pending - At the Q3 FY26 call, management guided that PAT margins are being pushed to "maybe 9%, 10% as the PAT margin and EBITDA about 15%" as a medium-term plan of another year or two. FY26 PAT margin was 6.78% (PAT ₹14.84 cr / revenue ₹219 cr, SQL), and the 1-2 year horizon from December 2025 has not yet elapsed.
4. Revenue growth - 30-35% YoY for next 5 years (FY27-FY31) Pending - At the Q3 FY26 call, management guided a 5-year plan to grow at "about 30%, 35% year-on-year" and stated "we'll be achieving this year. And I think probably all the next coming 4 years, we'll be looking at the same". FY27 has not yet commenced; FY26 growth was 29.57%, slightly below the 30% lower bound (SQL).
5. No equity dilution for FY27 Pending - At the Q3 FY26 call, management guided that there is "no plan for equity dilution for FY27". FY27 has not yet commenced, and no equity dilution event has been disclosed in our record subsequent to December 2025.
6. Revenue growth - 50% YoY minimum for FY27 (and next three years) Pending - At the Q1 FY26 call, management guided "bare minimum growth of 50% year-on-year" for the next three years through FY27, later revised at Q3 FY26 to "about 30% to 35% year-on-year" for FY27 and the next five years. FY27 has not yet commenced, and no FY27 revenue data is available.
7. Peaton Electrical stake increase to 60% - completion Partial - At the Q1 FY25 call, management stated they had strategically acquired a controlling stake in Peaton Electrical Company Limited, increasing shareholding from 15.23% to up to 60%, with a Q1 FY26 update that paperwork "should be done very soon, maybe in a month's time or so". As of Q2 FY26, PIGL acquired an additional 35.82% stake, raising total holding to 51.06% and making PECL a subsidiary, but the final 8.94% tranche to reach 60% was not yet completed as of our latest record.
8. Order book growth - add at least ₹350 cr in new orders in FY26 Delivered - At the Q3 FY25 call, management stated the order book should grow by at least ₹350 cr, the bare minimum, in new orders during FY26. Disclosed new orders in 9M FY26 totalled approximately ₹387 cr - Q1 ₹129 cr, Q2 ₹133.67 cr, and Q3 ₹124.17 cr - exceeding the full-year target within nine months.
9. Eligibility for ₹300-350 cr single tenders - by end of calendar year 2025 Pending - At the Q1 FY25 call, management stated that by end of calendar year 2025, they will have a compliance certificate of about ₹100-130 cr, which will directly qualify them to quote for a single job of ₹350 cr, with a Q1 FY26 update that own eligibility "would come in another six months' time". The deadline of end of calendar 2025 has passed, and our record holds no confirmation that the compliance certificate was obtained or that independent eligibility was achieved.
10. Compact busway system - launch by December 2024, revenues in FY26 Partial - At the Q1 FY25 call, management stated a new compact busway system would be introduced probably by December 2024, with revenues coming in 2025-26, later revised at Q4 FY25 to testing and launch in "another 6 months" and at Q3 FY26 to full-scale production starting "somewhere by May '26". The subsidiary PECL received CPRI approval for its 11 kV segregated phase busduct system branded as Phibar in Q3 FY26, approximately one year after the original launch deadline, but revenue contribution is still pending.
11. EBITDA margin improvement - 13-14% by FY26 Missed - At the Q2 FY25 call, management guided an EBITDA margin improvement of "another 2%, 3% at least bare minimum" for FY26, aiming for "13%, 14%", later revising at Q3 FY26 to FY27 EBITDA margins of "12%, 13% is what realistically we can achieve". FY26 OPM was 10.50%, below the 13-14% target (SQL).
12. Revenue growth - 50% YoY for FY26 Missed - At the Q2 FY25 call, management guided that FY26 could also see \~50% growth over FY25, reiterated in the Q4 FY25 PPT and at Q1 FY26 as "bare minimum growth of 50% year-on-year" for the next three years. FY26 revenue was ₹219 cr against FY25 revenue of ₹169 cr, yielding YoY growth of 29.57%, below the 50% target (SQL).
13. Revenue growth - 50% YoY for H2 FY25 Delivered - At the Q2 FY25 call, management guided 50% year-on-year growth for H2 FY25. H2 FY25 revenue was ₹88.46 cr (Q3 ₹33.37 cr + Q4 ₹55.09 cr) against H2 FY24 revenue of ₹52.05 cr (Q3 ₹15.13 cr + Q4 ₹36.92 cr), delivering YoY growth of 70.0% (SQL).
14. Order book execution - \~₹400 cr order book to be completed in 2-3 years On track - At the Q1 FY25 call, management stated the current order book was approximately ₹400 crores, with a strategic focus on completing this within two to three years, later revised at Q3 FY25 to \~₹350 crores-plus with an execution timeline of 18-24 months. Cumulative revenue for FY25 and FY26 was ₹388 cr, close to the original book value, and the 2-3 year window from June 2024 has not yet elapsed (SQL).