1. FY29 net debt of about ₹250-odd crores Pending - At the Q4 FY26 call, management estimated net debt should come down to about ₹250-odd crores by FY29 if the FY28 capex does not proceed. FY29 is not yet reached, so no outcome figure exists.
2. FY27 net debt of about ₹470-odd crores before current-year earnings Partial - At the Q4 FY26 call, management expected net debt to be about ₹470-odd crores before current year earnings and cash generation. Q1 FY27 net debt stood at \~₹491 crores, slightly above the ₹470 crore level.
3. FY25 net debt down to about ₹200 crores Missed - At the Q2 FY25 call, management expected net debt at the end of FY25 to be about ₹200 crores. Net debt was \~₹435 crores at FY25 year-end, more than double the target.
4. Dakshin Foundry to add about ₹75 crores of revenue in FY25 Delivered - At the Q1 FY25 call, management expected Dakshin Foundry to add about ₹75 crores for the full year FY25. Dakshin Foundry FY25 revenue came in at \~₹72 crores, essentially meeting the target.
5. FY25 EBITDA margin of around 17% Missed - At the Q1 FY25 call, management estimated FY25 EBITDA margin would be around 17%. FY25 adjusted EBITDA margin was 15.9%, with reported EBITDA margin at 15.91%, short of the target.
6. Credit rating upgrade to IND AA-/Stable Delivered - At the announcement, India Ratings committed to upgrading the credit rating to IND AA-/Stable. The upgrade to IND AA-/Stable was achieved as stated in the rating announcement.
7. Margins upwards of 18%, closer to 18%-18.5%, in three years Pending - At the Q1 FY27 call, management said margins should be upwards of 18%, closer to 18%-18.5%, once the casting and machining capex is online and value-added products increase, a three-year horizon. Current adjusted EBITDA margin is 16.8%; the horizon extends to FY30.
8. FY28 EBITDA margin of about 17%-17.2% Pending - At the Q1 FY27 call, management guided FY28 EBITDA margin of about 17%-17.2%. FY28 is not yet reached, so no outcome figure exists.
9. Merger of Pitti Industries and Dakshin Foundry with Pitti Engineering Pending - At the Q3 FY26 results (5th February 2026), the board approved merging wholly owned subsidiaries Pitti Industries Private Limited and Dakshin Foundry Private Limited with the company; the Q4 FY26 PPT noted the merger had been applied for in NCLT. Per the Q1 FY27 PPT, the NCLT application remains pending and the merger is not yet completed.
10. Acquisition of Bagadia Chaitra Industries Private Limited Delivered - At the Q4 FY24 call, management announced the acquisition of Bagadia Chaitra Industries Private Limited concluded on 6th May 2024. The acquisition was completed on 6th May 2024.
11. Acquisition of Dakshin Foundry Private Limited Delivered - At the Q1 FY25 call, management announced the acquisition of Dakshin Foundry Private Limited. Pitti Engineering acquired 100% of Dakshin Foundry's share capital at an equity valuation of ₹153.12 crores.
12. Fundraise of not exceeding ₹360 crores through eligible securities Delivered - At the Q4 FY24 call, the board approved raising funds not exceeding ₹360 crores through issuance of eligible securities. ₹359.99 crores was raised through QIP in H1 FY25 and fully utilized towards the placement document objects.
13. FY23 EBITDA of around ₹40,000-42,000 per metric tonne Delivered - At the Q3 FY22 call, management guided FY23 EBITDA at around ₹40,000 to 42,000 per metric tonne; at Q1 FY23 this was reiterated at \~₹40,000 for FY23. FY23 blended EBITDA per ton was approximately ₹41,700 (₹151.39 crore over 36,297 tons).
14. FY22 EBITDA per tonne of about ₹40,000 Delivered - At the Q3 FY22 call, management guided FY22 EBITDA per ton at about ₹40,000 per metric tonne; Q2 FY22 had framed it as ₹40,000 to ₹45,000 per tonne. FY22 blended EBITDA per ton was approximately ₹41,500 (₹132.63 crore over 31,945 tons).
15. FY22 EBITDA of around ₹130-135 crores Delivered - At the Q3 FY22 call, management guided FY22 EBITDA to end around ₹130 crore to ₹135 crore. FY22 EBITDA was ₹132.63 crore, inside the guided range.
16. ₹900 crores top-line for full year FY22 Delivered - At the Q3 FY22 call, management said the company was on path to achieving ₹900 crores top-line for the full year FY22. FY22 revenue was ₹970.26 crore, exceeding the target.
17. Maharashtra incentive of roughly ₹32 crores per year for seven years Partial - At the Q3 FY22 call, management confirmed FY22 incentive eligibility of ₹32.4 crores would be booked as FY23 income and roughly ₹32 crores a year for the next seven years; Q4 FY22 framed other income at ₹27 crore for FY23, peaking at ₹32 crores through FY32. Later, Phase 2 was seen at roughly ₹40 crores a year for 9 years claimable from FY27, and at Q1 FY27 the incentive tied to ₹400 crores capex was under evaluation. Actual incentive income was ₹14 crores in FY23 and ₹30 crores in FY25, with Phase 1A at ₹12 crores/year for 7 years and 1B at ₹18 crores/year for 4 years.
18. Net profit margin of about 10% going forward Missed - At the Q2 FY22 call, management softly guided net profit margin of about 10% going forward including projected incentive income. Net profit margin was 7.51% in FY24, 7.2% in FY25, and 6.7% in FY26.
19. ROC of 25% including incentives Missed - At the Q2 FY22 call, management targeted ROC of 25% including incentives, from 21% then excluding incentives. ROCE was 18.20% in FY22, then 18.04% in FY23, 15.53% in FY24, 14.44% in FY25, and 13.96% in FY26.
20. Exports not to exceed 25% of revenue at ₹1,800 crores Missed - At the Q2 FY22 call, management stated exports would not be more than 25% of revenue when at ₹1,800 crores, about two years out. Exports were 28% of 9M FY26 revenue and 27% of FY26 revenue.
21. Domestic revenue to become close to about 80% of the mix Missed - At the Q4 FY22 call, management expected domestic revenue to become close to about 80% of total revenue going forward; this was later revised, with Q1 FY24 noting European order wins would keep export growth level with domestic and Q4 FY23 expecting a constant mix for FY24. Domestic share was 63% in Q2 FY22 and 72% in 9M FY26, with exports at 27% of FY26 revenue.
22. Railway/metro business to increase by about ₹200-250 crores over the next few years Delivered - At the Q2 FY24 call, management said railway/metro business, then at ₹400-500 crores annualized, had potential to increase by about ₹200-250 crores over the next few years. Traction motor and railway components revenue was \~₹600 crores in FY25 and 33% of FY26 revenue, about ₹645 crores.
23. Domestic railway business to grow more than 100% within a couple of years Pending - At the Q4 FY24 call, management expected the domestic railway business to grow more than 100% within the next couple of years. Traction motor and railway components revenue was \~₹600 crores in FY25, of which \~₹200 crores domestic and \~₹400 crores export, and FY26 railway revenue was 33% of total, about ₹645 crores; domestic railway-specific growth is not separately disclosed.
24. North America freight locomotive shaft order of approximately $10 million over 10 years Pending - At the Q3 FY23 call, management stated the North America freight locomotive shaft order had business potential of approximately $10 million in the first phase over the next 10 years, about $1 million per year. No specific revenue figure for this order is disclosed in the notes.
25. Windmill components revenue close to ₹100 crores per annum over three years Missed - At the Q3 FY23 call, management guided that generator parts, shafts and smaller castings combined had revenue potential close to ₹100 crores per annum over the next three years. Renewable energy revenue was ₹54.41 crores in FY24 and 4.65% of FY25 revenue, about ₹79 crores, with wind \~3% of FY25 revenue; with the horizon lapsed in March 2026, windmill-specific revenue remained well short of the target.
26. EV business of ₹30-40 crore per year within two years of Q3 FY23 Partial - At the Q3 FY23 call, management indicated an EV business opportunity of ₹30 crore to ₹40 crore per year two years out, revised at the same call by six to eight months; Q4 FY23 framed EV/automotive as potentially ₹20-40 crore per year over five years. Automotive/ICE was \~0.7% of FY25 revenue, and at Q1 FY27 the automotive (EV/non-EV) 10-12% share goal was called a longer-term prospect; no EV-specific revenue figure is disclosed.
27. Machine hours doubling from 650,000 to 1,300,000 over 4-5 years On track - At the Q4 FY23 call, management called the then 650,000 machine hours a stepping stone toward doubling over the next 4-5 years. Machine hours reached 720,000 by FY26 and 756,000 by Q1 FY27, with the ₹290 crore capex taking capacity to 1,080,000 machine hours; the horizon runs to FY28-FY29.
28. 150,000 MT of sheet metal sales in 10 years On track - At the Q4 FY23 call, management set an aspirational target of growing to a couple of 100,000 tons, about 150,000 MT, of e-steel laminations and maybe ₹7,000-8,000 crore in sales in 10 years, reaffirmed at Q3 FY24. Current lamination capacity is 108,000 tons; the horizon extends to FY33.
29. FY28 turnover above about ₹2,500 crores at a 90,000-ton operating level Pending - At the Q1 FY27 call, management guided next year FY28 turnover above about ₹2,500 crores at a 90,000-ton operating level with EBITDA margin of about 17%-17.2%. FY28 is not yet reached, so no outcome figure exists.
30. FY27 EBITDA of roughly ₹370-odd crores On track - At the Q1 FY27 call, management guided to current-year EBITDA of roughly ₹370-odd crores. Q1 FY27 adjusted EBITDA was ₹88.7 crores, an annualized run-rate of \~₹355 crores against the ₹370 crore target with three quarters remaining.
31. FY27 effective tax rate closer to 25% Pending - At the Q1 FY27 call, management confirmed the effective full-year tax rate for FY27 should be closer to 25%, not the 33% mentioned in Q4. Q1 FY27's tax rate was lower due to deferred tax on right-of-use lease assets; the full-year rate is not yet available.
32. ₹15 crores reduction in finance cost for FY27 Pending - At the Q3 FY26 call, management estimated a ₹15 crores reduction in finance cost for FY27, net of the capex to be incurred next financial year. Q1 FY27 finance cost was ₹22.6 crores against Q1 FY26's \~₹19.6 crores plus \~₹3 crores forex impact; no full-year FY27 figure is available.
33. Inventory down from \~₹500 crores to about ₹300 crores by April 2026 Partial - At the Q3 FY26 call, management expected inventory of \~₹500 crores to come down to historic levels of about ₹300 crores over the next 3 months, by April; this was revised at Q4 FY26 to inventory maintaining around ₹390-400 crores going forward. Inventory was ₹394.9 crores at FY26 end, meeting the revised ₹390-400 crore level but not the original ₹300 crore target.
34. 80% utilization of casting capacity, 18,000 tons, by FY28 On track - At the Q2 FY26 call, management targeted 80% utilization of casting capacity, i.e., 18,000 tons of castings and machine components, by FY28. Q1 FY27 casting and fabrication utilization was 72%; FY28 is not yet reached.
35. FY28 lamination volume of 90,000-94,000 tons Pending - At the Q2 FY26 call, management guided FY27 plus FY28 combined at 90,000-94,000 tons of sales, with visibility to \~93,000-94,000 tons three years out; Q4 FY26 framed the FY28 mix at something like 90,000 tons of total lamination volume. The FY27 lamination volume target is 82,000 tons; FY28 is not yet reached.
36. 80% utilization of consolidated capacity by end of FY27 On track - At the Q2 FY26 call, management expected 80% utilization of consolidated capacity progressively by end of FY27; Q4 FY26 refined this to "a little less than 80%", noting 78,000 tons would be roughly 72.2%. Q1 FY27 sheet metal utilization was 73%, with FY27 not yet complete.
37. ₹290 crore greenfield casting facility commissioned by Q1 FY30 On track - At the Q4 FY26 call, management announced a greenfield casting and machine components capex of ₹290 crores to be commissioned by Q1 FY30, taking total casting capacity to 36,000 MT and machine hours from 720,000 towards 1,080,000; reiterated at Q1 FY27, though the PPTs inconsistently state Q1 FY29 on some pages. About ₹60 crores has been incurred, starting with land acquisition, and casting capacity has gone to 24,000 tons; the facility is not yet commissioned.
38. ₹150 crore capex over 18 months lifting sheet metal capacity to 108,000 MT by H1 FY27 Delivered - At the Q1 FY26 call, the board approved ₹150 crores of capex over 18 months, raising sheet metal capacity from 90,000 MT to 108,000 MT, machine hours from 648,000 to 720,000, and casting from 18,600 MT to 24,600 MT; Q2 FY26 phasing added \~8,000-9,000 tons by end FY26 with the rest before H1 FY27, and Q4 FY26 confirmed operations by end H1 FY27. The capex has recently commenced operations, with sheet metal capacity at 108,000 tons and casting capacity at 24,000 tons, and \~₹100 crores incurred.
39. Data center segment growth of at least 25-30% over 12-18 months On track - At the Q3 FY26 call, management guided data center growth of at least 25% to 30% over the next 12 to 18 months, after Q4 FY25 saw data centers reaching 2-3% of business within three years. Data center share was 3.7% in Q3 FY26, about ₹17-18 crores, 3% in Q4 FY26, and 5% in Q1 FY27, up from \~2% in Q2 FY25.
40. European business of ₹150-200 crores topline in 2 years Pending - At the Q4 FY25 call, management expected European business, then ₹40-50 crores, to reach ₹150-200 crores of top line within two years; earlier, Q1 FY24 had seen a direct-export opportunity ramping to roughly ₹150 crores in two years. Europe remained a ₹40-50 crores business in FY25; no updated European revenue figure is disclosed for FY26 or Q1 FY27.
41. Blended EBITDA per ton of \~₹45,000 at full utilization in three years Delivered - At the Q1 FY23 call, management guided blended EBITDA per ton of \~₹45,000 once machining capacity is fully utilized, in three years, with Q2 FY23 framing above ₹45,000 by FY26. The path was respecified repeatedly - ₹42,000-45,000 tracking, ₹44,000-45,000 in the near future, 43,000-43,500 by Q4 FY24 then \~45,000 for FY25, and FY25 standalone in the vicinity of ₹45,000 - before being withdrawn as "a bad barometer" at Q2 FY25. Blended EBITDA per ton was ₹42,008 in FY24 and \~₹47,436 standalone in Q2 FY25, clearing ₹45,000 on a standalone basis.
42. Peak net debt not to exceed ₹350-375 crores Missed - At the Q1 FY23 call, management targeted peak debt of ₹350-375 crores in FY23, "not more than that", after Q4 FY22 set a ₹360 crore peak ceiling; this was reaffirmed through Q2 FY24 and Q3 FY24. Net debt was ₹325 crores at FY22 end, ₹225 crores at FY23 end, then ₹428 crores at FY24 end, \~₹435 crores at FY25 end, and \~₹570 crores at FY26 end.
43. Net debt zero within 2 years of Q4 FY24 Missed - At the Q4 FY24 call, management reiterated the ambition of net debt zero in the next 2 years while prioritizing growth opportunities over it, echoing the Q4 FY22 "next couple of years" goal; by Q1 FY27 management said there was no debt-retirement target given the ₹290 crores capex underway. Net debt was ₹428 crores at FY24 end, \~₹435 crores at FY25 end, \~₹570 crores at FY26 end, and \~₹491 crores at Q1 FY27.
44. Net debt reduction of at least ₹100-120 crores by end of FY26 Missed - At the Q4 FY25 call, management guided to a barest minimum ₹100 crore to ₹120 crore reduction in net debt by end of FY26. From \~₹435 crores at FY25 year-end, net debt rose to \~₹570 crores at FY26 end, an increase of \~₹135 crores.
45. Dakshin Foundry to keep clocking ₹60,000-65,000 EBITDA per ton Pending - At the Q1 FY25 call, management expected Dakshin Foundry to continue clocking about ₹60,000 to ₹65,000 EBITDA per ton going forward. Dakshin Foundry's FY25 volume was 3,224 MT on \~₹72 crores revenue and FY26 revenue was ₹67.65 crores; EBITDA per ton is not disclosed for either year.
46. Bagadia Chaitra EBITDA per ton of about ₹18,000 by Q4 FY25 Partial - At the Q4 FY24 call, management guided Bagadia Chaitra EBITDA per ton to the vicinity of ₹18,000 within 12 to 18 months of integration, reiterated at Q1 FY25 for Q4 FY25. FY25 standalone EBITDA was about ₹17.34 crores on 14,075 MT, implying \~₹12,300 per ton, up from \~₹10,500 but short of the target.
47. Bagadia Chaitra FY25 volume of about 16,000 tons Partial - At the Q4 FY24 call, management targeted about 16,000 tons of Bagadia Chaitra sales for FY25, with Q1 FY25 framing revenues of about ₹280 odd crores for FY25. Bagadia Chaitra (Pitti Industries) FY25 volume was 14,075 MT on \~₹240 crores revenue, below both figures.
48. Pitti Castings merger completed by March 2024, later H1 FY25 Delivered - At the Q1 FY24 call, management said the Pitti Castings merger was on track "towards the end of current fiscal or Q125, between that", with Q2 FY24 pointing to completion by March 31, 2024; this slipped at Q3 FY24 to H1 FY25, with the NCLT hearing reserved for 7th June 2024 at Q4 FY24. The scheme with Pitti Castings and Pitti Rail was approved by NCLT, effective from appointed date 1st April 2023, and completed in FY25.
49. Machine components topline of ₹500-700 crores by FY27 end On track - At the Q4 FY24 call, management targeted the combined components business to reach ₹500-700 crores of topline over 2 to 3 years, i.e., by FY27 end, after Q3 FY24 set ₹500 crores of non-motor/generator top line by FY27; Q4 FY25 raised the bar to ₹750 crores in 18 to 24 months. Machine components revenue was \~₹375 crores in FY25 with Q1 FY27 volume at 3,191 tons; no FY26 revenue figure is disclosed and the ₹750 crore horizon runs into FY27.