1. Semiconductor project - initial investment of ₹60 crore; revenue from 2030 Pending - At the Q4 FY26 call, management guided the semiconductor project would involve an initial investment of ₹60 cr into land and basic infrastructure, with revenue from that segment coming in 2030. The RBM Semicon subsidiary has been registered, an agreement signed with Sujog Global, and EY engaged for consultancy, but the 2030 revenue horizon remains far in the future.
2. No equity dilution for 6-8 months; capital needed after for semiconductor project Pending - At the Q4 FY26 call, management guided no equity dilution in the parent company for the next 6-8 months from Jun 2026, with capital needed after that for the semiconductor project. The 6-8 month window extends to Dec 2026-Feb 2027, and no dilution has occurred as of 14 Jul 2026.
3. Qualified opinion on ₹107 crore unbilled revenue - cleared in June 2026 Pending - At the Q4 FY26 call, management guided the qualified opinion regarding ₹107 cr of unbilled revenue would be cleared in June 2026, with certification completed within the June quarter. The June quarter has just ended as of 14 Jul 2026, and the audit qualification was still noted in the FY26 results with no clearance disclosure in our record.
4. FY28 revenue of ₹900 crore; FY29 revenue of ₹1,120 crore Pending - At the Q4 FY26 call, management guided revenue targets of ₹900 cr for FY28 and ₹1,120 cr for FY29. FY28 and FY29 have not yet commenced, and the targets remain forward-looking.
5. FY27 revenue target of ₹700 crore (committed) Pending - At the Q4 FY26 call, management guided a committed revenue target of ₹700 cr for FY27. FY27 has not yet commenced, and the target remains forward-looking.
6. FY26 order book of around ₹4,500 crore Pending - At the Q2 FY26 call, management guided the company expected to close FY26 with an order book of around ₹4,500 cr. The order book as of H1 FY26 was ₹4,531.26 cr, but no explicit FY26 year-end closing order book figure is disclosed in our record.
7. Mainboard migration - January-February 2026 Missed - At the Q2 FY26 call, management guided migration from the SME platform to the main board of NSE in January-February 2026, later revised at Q4 FY26 to final approval expected in 20-25 days from mid-Jun 2026. As of Q4 FY26, migration had not occurred and approval was still pending, with no completion disclosure in our record.
8. ₹1,000 crore topline by FY27; ₹2,000 crore by 2027 Missed - At the Q2 FY26 call, management guided a topline target of ₹1,000 cr by FY27 and ₹2,000 cr by 2027, later revised at Q4 FY26 to ₹700 cr for FY27, ₹900 cr for FY28, and ₹1,120 cr for FY29. FY26 revenue was ₹492 cr, and the original ₹1,000 cr by FY27 and ₹2,000 cr by 2027 targets were effectively abandoned (SQL).
9. ONGC Nandej - 900 barrels per day by March 2026 Partial - At the Q2 FY26 call, management guided the ONGC Nandej field would target production of 900 barrels per day by March 2026. As of Q4 FY26, production had increased from 450 to 800 barrels per day, representing meaningful progress but falling short of the 900 bpd target and slightly late.
10. Epitome project completion by March 2027 On track - At the Q2 FY26 call, management guided the Epitome project worth ₹957.61 cr would be completed by March 2027. As of Q2 FY26, civil work was 95% complete and refinery work was 50% complete, with the March 2027 deadline not yet reached.
11. H2 FY26 order inflows of ₹500-700 crore Missed - At the Q2 FY26 call, management guided H2 FY26 order inflows of ₹500-700 cr with confidence. FY26 has ended and the Q4 FY26 transcript confirms no such inflows materialized, with the bid pipeline standing at ₹3,354 cr and noting decision-making delays.
12. Railway tender - allotment within 15 days from Nov 24, 2025 Missed - At the Q2 FY26 call on Nov 24, 2025, management stated the railway tender may be allotted to RBM within 15 days. As of Q4 FY26, the Jhansi railway project remained on hold with the company as L1 but the tender not formally awarded.
13. Malco Energy (Met Coke) project - ₹250-300 crore revenue Pending - At the Q3 FY25 call, management guided revenue of ₹250-300 cr from the Malco Energy Met Coke project. The project order book stood at ₹174 cr in Q1 FY25, but the company filed with NCLT regarding this project and no further revenue or resolution disclosure exists in our record.
14. ONGC contract - ₹700-750 crore revenue over 10-11 years Pending - At the Q3 FY25 call, management guided the ONGC contract would generate ₹700-750 cr revenue spread across the next 10-11 years. The contract is in its first year with production ramping up to 800 bpd as of Q4 FY26, and the 10-11 year horizon extends to approximately 2035-2036.
15. Preferential warrant allotment - NSE approval by June 2025 Delivered - At the Q3 FY25 call, management guided the preferential warrant allotment of ₹290 cr, comprising 50 lakh warrants at ₹580 each, would receive NSE approval by June 2025. The warrants were issued and concluded, with a relevant filing made on the NSE, implying approval was received.
16. FY26 PAT margin of around 9-10% Delivered - At the Q3 FY25 call, management guided FY26 PAT margin of around 9-10%. FY26 PAT margin was 9.20%, falling within the guided 9-10% range (SQL).
17. FY26 revenue target of ₹650-700 crore Missed - At the Q3 FY25 call, management guided FY26 revenue of ₹650-700 cr, with the Q2 FY26 call noting 30% growth expectation without a specific number. FY26 revenue was ₹492.22 cr, well below the ₹650-700 cr target (SQL).
18. No negative cash flow in FY25; balance sheet better than before Partial - At the Q1 FY25 call, management stated no negative cash flow would be seen in FY25 and the balance sheet would be better than before. FY25 cash and bank balance declined to ₹5.70 cr from ₹7.70 cr in FY24, but net worth increased to ₹140.88 cr from ₹97.23 cr, yielding a mixed outcome.
19. Market cap of ₹5,000 crore over 3 years from listing On track - At the Q1 FY25 call, management targeted a market cap of ₹5,000 cr over the next 3 years since listing, with the promise made in Jun 2024. As of 14 Jul 2026, market cap was ₹287 cr, far below the target but with the inferred Jun 2027 deadline still approximately one year away (SQL).
20. Solar sector - notification within one week Pending - At the Q1 FY25 call, management stated solar sector work was already won and notification was expected within one week. RBM Solar Solutions Private Limited was incorporated but had not commenced business as of FY25, and no public-domain confirmation of the notification is available in our record.
21. Reliance order of ₹500 crore - notification within one week Missed - At the Q1 FY25 call, management stated bidding for a Reliance order of ₹500 cr was complete and they would notify within the next week. A small Reliance order of ₹1.31 cr was received in Sep 2024, but the ₹500 cr order is absent from our record.
22. Green hydrogen first project in Gujarat - announcement in FY26 Partial - At the Q1 FY25 call, management stated the first green hydrogen project would be set up in Gujarat with an announcement expected in FY26, later noting land in Bhachau was ready but awaiting government policy. An MoU with Greenzo Energy India Ltd was signed in Q3 FY25 for 15 MW green hydrogen capacity, but no formal project announcement in FY26 is recorded.
23. Epitome project completion in FY25 On track - At the Q1 FY25 call, management stated the Epitome project would be completed in FY25, later clarifying that 2025 would be the first phase and setting a completion date of March 2027. As of Q2 FY26, the project was approximately 50% complete, with the March 2027 deadline still in the future.
24. FY25 PAT of ₹40 crore Missed - At the Q1 FY25 call, management guided FY25 PAT of ₹40 cr, later revising the FY25 revenue target down to ₹300-325 cr implying full-year PAT of approximately ₹31.6 cr. FY25 PAT was ₹29.47 cr, below both the original ₹40 cr target and the revised implied target (SQL).
25. FY25 top line of ₹400 crore Delivered - At the Q1 FY25 call, management guided FY25 top line of ₹400 cr, later revising the target down to ₹300-325 cr cumulative due to client-side redesign delays. FY25 revenue was ₹321.75 cr, falling within the revised ₹300-325 cr range (SQL).
26. Operational margin of 13-15% for FY24 to FY26 Delivered - At the Q1 FY25 call, management guided an operational margin of 13-15% for the period FY24 to FY26. FY24 OPM was 14.54%, FY25 OPM was 13.35%, and FY26 OPM was 14.95%, with all three years falling within the 13-15% band (SQL).
27. Revenue CAGR of 57-65% from FY24 to FY26 Delivered - At the Q1 FY25 call, management guided a revenue CAGR of 57-65% from FY24 to FY26. FY24 revenue was ₹130 cr and FY26 revenue was ₹492 cr, representing a 2-year CAGR of approximately 94.5% from FY24, exceeding the promised range (SQL).