1. Fuji-Kailash Energy - 49% stake acquisition Delivered - At the Q1 FY27 call, management announced the acquisition of a 49% stake in Fuji-Kailash Energy Private Limited, engaged in generation and distribution of renewable power across solar and bioenergy. The acquisition was completed during the quarter ended June 30, 2026 for ₹3.00 crore, making FKEPL an associate.
2. 100 MW SECI wind tender - LOA received, PPA signing awaited Pending - At the Q1 FY27 call, management announced the company emerged as successful bidder for a 100 MW wind project under the SECI Wind Power tender, with LOA received and PPA signing awaited. LOA has been received, but no call has come from SECI for PPA signing as of Q1 FY27.
3. 100 MW GUVNL wind project - PPA at ₹3.435/kWh, under construction Pending - At the Q1 FY27 call, management announced execution of a PPA for a 100 MW wind project for GUVNL in Gujarat at a tariff of ₹3.435 per kWh for 25 years, with the project under construction and work started at the site. The PPA was executed in July 2026, and the project is under construction; no completion date has been disclosed yet.
4. Transmission infrastructure - 7.2 km 400 kV line and 220/400 kV substation Pending - The Q1 FY27 PPT stated the company is developing infrastructure including a 7.2 km, 400 kV transmission line and a 220/400 kV substation. Two wholly-owned subsidiaries, Windfusion Renewable and Whisperwind Renewable, were incorporated to facilitate transmission connectivity; no completion disclosure yet for the line or substation.
5. EMI Shelters and MIL DG Sets capacity expansion for defense Pending - The Q1 FY27 PPT stated capacity expansion plans for EMI Shelters and MIL DG Sets for defense applications are ongoing. Allied business contributed 9% of Q1 FY27 revenue, with a couple of defense orders under approval given 1-3 year defense approval cycles; no capacity expansion completion disclosed yet.
6. ₹41 crore MSLG tender - execution in 12 to 15 months On track - At the Q1 FY27 call, the CFO stated the recently won MSLG tender of ₹41 crore is to be executed between 12 months to 15 months. The tender was won recently as stated, and no execution completion disclosure has yet been made.
7. Large PSU MSLG order - execution by Q1 FY28 On track - At the Q1 FY27 call, management stated a large PSU MSLG order is to be executed by Q1 '28. The current MSLG project for NPCIL covers ten 6.3 MW generators amounting to ₹283.56 crore, with a second phase in technical discussions; no completion disclosure yet.
8. Taxation - flat \~25% for FY27 On track - At the Q1 FY27 call, the CFO guided taxation for the current year at a flat \~25% on an average basis, precisely 25.168%. Q1 FY27 PAT of ₹64.43 crore on roughly ₹85.9 crore PBT implies an effective tax rate of approximately 25%; no full-year read yet.
9. 50 MW GUVNL project - PPA signing by November-December 2026 On track - At the Q1 FY27 call, management stated the PPA for the 50 MW GUVNL project is expected to be signed by November-December, as GUVNL board and GERC approvals generally take 90 days after LOA. The company emerged as successful bidder with LOA awaited; no PPA signing has been disclosed yet.
10. Data center contribution - expected higher in FY27 from 12% On track - At the Q4 FY26 call, management said data center contribution is expected to go higher in FY27 from the current 12%, with a strong order book of nine months to about a year of work; at the Q1 FY27 call, guidance was 20% plus on an annualized basis. Q1 FY27 data centers contributed 20% of genset revenue, with the order book at ₹1,100 crore as of August 7, 2026; the full-FY27 outcome remains unreached as of September 2026.
11. IPP portfolio - 638.35 MW, adding 50 MW in FY27, 150 MW in FY28, 100 MW in FY29 On track - At the Q1 FY27 call, management gave a roadmap to take owned IPP assets from 330 MW in operation to 633 MW, adding 50 MW in the current financial year, 150 MW in FY28 and 100 MW the next year; the target was later stated as 638.35 MW versus an earlier 384 MW framing. A 51.3 MW project was commissioned in February 2026, the 50 MW project is expected live in Q4 FY27, and a 100 MW GUVNL PPA was executed in July 2026.
12. Double-digit revenue growth - FY27 On track - At the Q4 FY26 call, management targeted double-digit top-line growth in FY27, reiterated at the Q1 FY27 call, in the Q1 FY27 PPT and in non-transcript filings. Q1 FY27 revenue was ₹780 crore, up 26.7% YoY; no further quarters have been reported.
13. Revenue mix - \~20% wind and 78-80% DG, 75/25 over four to five years On track - At the Q4 FY26 call, management expected the split to move to roughly 75% DG / 25% wind over the next four or five years; at the Q1 FY27 call, guidance was \~20% wind and 78-80% DG. Q1 FY27 mix was genset 81.4% and wind 18.6%, versus FY26's 83.1% and 16.9%.
14. Wind projects - \~87-88% first-year EBITDA margin, stabilizing at 82-83% Pending - At the Q4 FY26 call, management guided new wind projects at \~87-88% EBITDA margin in the first year, stabilizing at 82-83% once O&M starts; this was reiterated at the Q1 FY27 call alongside 62-63% for old projects and 10-11% for EPC. Q1 FY27 wind segment EBITDA margin was 48.6%, reflecting the existing portfolio mix; no first-year margin disclosure yet for the 51.3 MW asset commissioned in February 2026.
15. Margin recovery - FY27 target, improvement from Q2 FY27 onward On track - At the Q4 FY26 call, management expected FY27 to be in the margin target with better numbers from Q2 FY27 onward; at the Q1 FY27 call, genset margins were expected to improve from Q3 onward, returning to original FY26 levels after Q3 or Q4. Q1 FY27 EBITDA margin was 13.6% versus FY26's 12.8%, with genset at 5.6% and price increases taken in mid-Q1 and early Q2.
16. IPO proceeds - ₹525 crore debt repayment, ₹137 crore general corporate purpose Delivered - The Q1 FY27 PPT committed IPO net proceeds utilization of ₹525 crore for prepayment/repayment of borrowings and ₹137 crore for general corporate purpose, from a fresh issue allocating ₹525.00 crore and ₹136.51 crore respectively. As of June 30, 2026, ₹525.00 crore was fully utilized for debt repayment and ₹29.31 crore of GCP used, with no delay in implementation of the IPO objects.
17. EPC (BoP) business - steady \~250-300 MW per year, \~₹400 crore annual revenue On track - At the Q4 FY26 call, management guided the EPC (BoP) business at a steady \~250-300 MW per year at \~₹1.6-1.7 crore per MW, approximately ₹400 crore per year; this was reiterated at the Q1 FY27 call. Q1 FY27 EPC and O&M for BoP contributed \~7.1% of revenue, roughly ₹55 crore, with \~450 MW of EPC projects under execution.
18. 175 MW BoP EPC for Airpower Wind Farms, Khambaliya - completion by December 2026 On track - At the Q4 FY26 call, management stated the 175 MW BoP EPC project for Airpower Wind Farms at Khambaliya, Gujarat is likely to be completed by December '26. The project is listed among two EPC-for-BoP projects under construction for other IPPs totaling 435.60 MW; no completion disclosure yet.
19. 410 MW BoP order for Torrent Power - under execution, orders till December 2027 On track - At the Q4 FY26 call, management stated a 410 MW BoP order for Torrent Power in Maharashtra is under execution, with enough BoP orders in hand till December '27. The 250 MW Torrent Surya Urja project at Beed, Maharashtra is under execution, and the Q1 FY27 PPT lists two EPC-for-BoP projects totaling 435.60 MW.
20. Khavda 2 GW RE project (JV with GE Vernova) - contingent on land allotment Pending - At the Q4 FY26 call, management stated the Khavda 2 GW RE project (JV with GE Vernova) will take shape only after land allotment, with land still in the final process of acquisition from the Gujarat government. Land remains unallotted with no further update in Q1 FY27.
21. Australia MSLG project - 90-95% complete, O&M order secured On track - At the Q4 FY26 call, management stated the Australia MSLG project is in advanced stages, about 90% to 95% complete, with a continuous O&M service order secured post-completion. The project remains 90-95% complete with the O&M order secured; no completion disclosure yet in Q1 FY27.
22. MSLG - no capex required, service-driven Delivered - At the Q4 FY26 call, management stated MSLG requires no capex per se - it is service-driven. Current MSLG projects include a 63 MW prime power project for NPCIL of ₹283.56 crore and a 10 MW emergency DG installation at an Australian fertilizer plant, with no MSLG capex disclosed.
23. Finance cost - substantial reduction in Q1 FY27 after debt repayment Delivered - At the Q4 FY26 call, management expected a substantial reduction in finance cost in Q1 FY27 following debt repayment, directly enhancing PAT margin. Q1 FY27 finance cost was ₹1.6 crore versus ₹6.3 crore in Q1 FY26, with net cash of ₹193 crore as of June 2026.
24. Platino - growth faster than DG set business, revenue accelerating On track - At the Q4 FY26 call, management stated the Platino business is expected to grow faster than the DG set business (more than the 10-12% DG growth) as state-level RECD enforcement accelerates. Platino Automotive FY26 revenue was ₹95.1 crore with 31.6% EBITDA margin, up from ₹75.9 crore, while Q1 FY27 RECD revenue of about ₹16-17 crore was temporarily impacted by the crisis and GRAP.
25. DG Sets business - organic growth of \~11-12% in FY27 On track - At the Q4 FY26 call, management targeted the DG Sets business at organic growth of about 11-12% in FY27, versus an industry standard of about 10.5%, which management expects to beat. Q1 FY27 generator set segment revenue was ₹635.2 crore, up 26.2% YoY, against FY26 generator set revenue of ₹2,501.7 crore.
26. 52.7 MW and \~100 MW wind assets - budgeted capex of ₹380 crore and ₹750 crore On track - The FY26 Annual Report stated the company has initiated capex to construct a 52.7-MW and a \~100-MW wind power asset in Gujarat, with budgeted capex of ₹380 crore and ₹750 crore respectively, funded \~70-75% debt and balance internal accruals. The 52.70 MW project and the 100 MW GUVNL project are both under construction, with CWIP of ₹179 crore in FY26; no full capex deployment disclosure yet.
27. 50 MW SECI Tranche-XVI wind project - commissioning in FY 2024-25 Partial - The FY24 Annual Report stated the 50 MW SECI Tranche-XVI wind project at Jam Khambhaliya, Devbhoomi Dwarka, Gujarat was expected to be commissioned in FY 2024-25. A 51.3 MW project was installed in February 2026, with term loan repayment commencing 11 August 2026, six months after its Scheduled Commercial Operation Date.