1. ADNOC registration - completion in 3-5 months (from March 2026) Delivered - At the Q4 FY26 call, management guided that registration with ADNOC should be completed in another 3-4 months or maybe 5 months. ADNOC registration in the UAE has been obtained, as confirmed in the Q4 FY26 PPT of June 2026.
2. Long-term contracts for new equipment - materialised from next 2-3 months (from March 2026) Pending - At the Q4 FY26 call, management guided that long-term contracts for the new equipment should be materialized "from the next 2 to 3 months". No read on long-term contract materialisation as of 14 July 2026.
3. Order book increase to 60-70 crores over 3-4 months (from March 2026) Pending - At the Q4 FY26 call, management guided that the order book position will increase to approximately 60-70 crores over the next 3-4 months. No read on order book as of June-July 2026.
4. Additional capex of 3-5 crores for machining centres in FY27 Pending - At the Q4 FY26 call, management guided additional capex of 3-5 crores this year (FY27) for enhancing machining centers, on top of the existing 20-22 crore capex plan which will be completed by H1. No read on FY27 capex deployment as of 14 July 2026.
5. Entry into aerospace and defence sectors - end of H2 FY27 Pending - At the Q4 FY26 call, management guided that entry into aerospace and defense sectors will happen towards end of H2 FY27, after expansion completion and process definition. No read on aerospace/defence sector entry as of 14 July 2026.
6. Inventory utilisation reduction - 5-10% minimum per quarter Pending - At the Q3 FY26 call, management looked forward to reducing inventory utilization by an average of 5-10% minimum per quarter. No read on inventory utilisation reduction in subsequent quarters.
7. AS certification for aerospace - work begins post-May/June 2026 Pending - At the Q3 FY26 call, management stated they will be working on AS certification for aerospace industry post-May or June. No read on AS certification progress as of 14 July 2026.
8. Aluminum forgings - registrations in place within a year (from Dec 2025) Pending - At the Q3 FY26 call, management stated that in a year's time, they should get registrations in place to successfully manufacture and supply aluminum forgings. Successful trials on aluminum forgings completed on bigger equipment, but no read on registrations being in place as of 14 July 2026.
9. NORSOK registration - completion in 2-3 months (from Dec 2025) Partial - At the Q3 FY26 call, management stated they are currently working on NORSOK registration and will complete the work in the next 2 to 3 months. The 2-3 month deadline from December 2025 was missed; the Q4 FY26 PPT in June 2026 revised the timeline to 2-3 months from that date.
10. Ring rolling plant utilisation - from 45% to 55-60% over 2-3 months (from Dec 2025) Partial - At the Q3 FY26 call, management intended to take utilisation at the ring rolling plant from 45% to 55-60% over the next 2 to 3 months. Capacity utilisation achieved 45% for the 9M period as of 31 December 2025, and while manufacturing efficiency improved by \~3-4%, the 55-60% target was not confirmed as achieved by March 2026.
11. Manufacturing efficiency improvement - 8-10% from Kalakur facility from February 2026 Partial - At the Q3 FY26 call, management expected to achieve an 8-10% increased efficiency from the existing Kalakur facility from February onwards. Post-shift adjustments at the Khalapur facility drove a 5-8% increase in utilisation, and manufacturing efficiency improved by \~3-4%, below the 8-10% target.
12. EBITDA margin of 12-15% over a period, starting FY27 Pending - At the Q3 FY26 call, management guided EBITDA margin should start between 12-15% over a period, with next year (FY27) being on the earnings. FY26 EBITDA margin was 7.75%, and management has since walked back the FY27 expectation, setting an FY27 H2 target of \~8-10%.
13. Revenue multiply 2-2.5x in 2-3 years (from Q3 FY26 baseline) Pending - At the Q3 FY26 call, management looked to multiply revenue to 2-2.5 times in the next 2-3 year period, implying a target of \~240-300 cr by FY28-FY29. FY26 revenue was \~120 cr, and interim FY27 and FY28 targets have been set at 150-160 cr and \~200 cr respectively, below the 2-2.5x trajectory.
14. Forging plant expansion - 10-ton hammer and 2,000-ton press, commercial production from April 2026 On track - At the Q3 FY26 call, management stated the forging plant should be ready for trials by March, with commercial production on the entire added facility starting in April. The 2,000-ton Hot Forging Press and 10-ton Hammer were commissioned, and the timeline for commercial production was subsequently revised to H1 FY27.
15. NABL accreditation for in-house laboratory - within \~6 months of commissioning Pending - At the Q3 FY26 call, management stated that in a period of 6 months, the company shall be applying for NABL accreditation for the laboratory. No read on NABL accreditation application or acquisition as of 14 July 2026.
16. In-house testing laboratory - operational by December 2025 Partial - In November 2025, the in-house testing lab was slated for December 2025 launch. The laboratory was commissioned in February 2026, missing the December 2025 deadline.
17. Solar power plant - 800 kW-1 MW, commissioned by December 2025 Partial - In a January 2025 announcement, management stated the solar power project would have an estimated capacity between 800 kW and 1 MW, with completion anticipated within four months after purchase order. The December 2025 deadline was missed; Phase I and II totalling 900 kW were commissioned by Q4 FY26, with Phase III scheduled for June 2026.
18. 60-65% of 31st March 2025 order book executed by end of Q1 FY26 Partial - In a June 2025 announcement, the company expected to complete approximately 60-65% of the total 31st March 2025 order book by the end of Q1 FY26. As of 10th June 2025, approximately 40% of the order book had been executed in value terms, short of the 60-65% target with 20 days remaining.
19. Solar plant to meet 30-35% of internal energy requirements Pending - In the FY25 annual report and June 2025 announcement, management stated the solar plant is expected to meet 30-35% of the company's internal energy requirements. Phase I and II totalling 900 kW were commissioned, but no read on the percentage of internal energy requirements met as of 14 July 2026.
20. Forging capacity expansion to 20,000 MTPA Missed - In the FY25 annual report, the company stated it planned to expand forging capacity to 20,000 MTPA, with completion scheduled by the end of FY25-26. As of 14 July 2026, the latest Q4 FY26 presentation still reports production capacity at 12,000 MTPA, indicating the expansion was not completed by the stated deadline.
21. Profitability improvement of 10-15% for FY26 Missed - At the FY25 annual report, management projected FY26 profitability improvement of 10-15%. FY26 PAT reported at ₹425.53 lakhs, down from FY25 PAT of ₹446.57 lakhs - a decline of \~4.7%.
22. Revenue growth of 15-20% for FY26 Partial - At the FY25 annual report, management projected FY26 revenue growth of 15-20%. FY26 revenue reported at ₹11,995.97 lakhs, growth of \~9.1% over FY25, below the 15-20% target.
23. PAT for FY25 to align with improved performance levels; profitability to normalise in H2 FY25 Partial - In a November 2024 announcement, the company expected PAT for FY25 to align with improved performance levels, with profitability projected to normalise in H2 FY25. FY25 PAT was ₹446.57 lakhs, down from ₹540.48 lakhs in FY24; H2 PAT of \~₹2.87 cr showed some normalisation over H1 but full-year PAT declined YoY.