1. Preferential issue proceeds reallocated from capex to working capital Delivered - In the FY26 annual report, the preferential issue proceeds allocation was revised, with capital expenditure cut from ₹19.68 crore to ₹0.62 crore and working capital raised from ₹96.00 crore to ₹115.06 crore. Utilization stood at ₹0.62 crore of the original ₹19.68 crore capex and ₹85.37 crore of the ₹96 crore working capital, confirming the reallocation.
2. Wind business FY27 execution of ₹1,700-1,800 cr On track - At the Q1 FY27 call, management guided FY27 wind execution close to ₹1,700-1,800 crores. Q1 FY27 wind execution was ₹295 cr, with the FY27 horizon still ahead.
3. Ash & Coal Handling double-digit growth in FY27 On track - At the Q4 FY26 call, management expected FY27 Ash & Coal Handling growth "in a double-digit percentage compared to the last year". Q1 FY27 standalone revenue grew 76% YoY, with the FY27 horizon not yet complete.
4. Wind assembly EBITDA of 1-10%, then 15-16% after manufacturing starts On track - At the Q1 FY26 call, management guided the wind business at assembly level to "roughly about 1% to 10% EBITDA level", rising to "around 15% to 16% EBITDA level" about 2 years after manufacturing starts. Q4 FY26 wind EBITDA margin was around 8%, and Q1 FY27 was essentially break-even; the manufacturing horizon extends to FY28.
5. Refrigerant business wind-down Delivered - At the Q1 FY26 call, management said the declining refrigerant business "won't be soon before we almost even end up this business". By Q4 FY26 the refrigerant gas stock was completely liquidated with part of receivables pending, and by Q1 FY27 manufacturing was fully discontinued.
6. Power trading complete exit by Q2 FY26 Delivered - At the Q1 FY26 call, management decided to wind down power trading "by this end of this quarter" (Q2 FY26), reaffirming at Q2 FY26 it "would not be looking back into power trading business anymore". Power Trading was completely exited by Q4 FY26.
7. Consolidated PAT margin of 10% in 2-3 years On track - At the Q4 FY25 call, Dinesh Agarwal targeted a consolidated PAT margin of 10% in the next 2 to 3 years. FY26 consolidated PAT margin was 8.45%, and Q1 FY27 standalone PAT of ₹64.55 cr on revenue of ₹916 cr implies \~7% margin; the horizon extends to FY28.
8. Ash handling market share of 10%+ in 5 years On track - At the Q4 FY25 call, management wanted ash handling market share of at least 10%+ of the country over the next 5 years, against less than 1.5% then; at Q4 FY26 this became an ambition of "maybe 2 digits over the next few years" from \~3%. Current share is \~3%, with the horizon extending to FY30.
9. Ash distribution expansion into 10 additional states Delivered - The FY24 annual report planned distribution beyond Chhattisgarh into Madhya Pradesh, Uttar Pradesh, Orissa, Tamil Nadu, Karnataka, Andhra Pradesh, West Bengal, Jharkhand, Rajasthan and Gujarat, reiterated as 10 additional states in the Q4 FY24 and Q4 FY25 PPTs. By Q4 FY25 the company operated in 15 states, having added Uttar Pradesh and Jharkhand, and by Q1 FY26 served 41-42 thermal power plants across 15 states.
10. 85% blade component localization within 12 months On track - At the Q1 FY27 call, management said "in about 6 to 12 months, we'll have our own localization done in India" and "12 months from now, we'll have about 85% of the components localized". Blades are currently imported with localization under progress; the horizon extends to Q1 FY28.
11. Wind business net margin of 5-6% by end of FY27 On track - At the Q1 FY27 call, management guided wind business net margin of \~5% to 6% for FY27, confirmed as PAT margin at year-end FY27. Q1 FY27 was essentially break-even with a net EBITDA loss of ₹34 lakhs, with the FY27 horizon still ahead.
12. ₹1,500 cr ash and coal order book executed within 12 months Delivered - At the Q3 FY26 call, Dinesh Agarwal committed the ₹1,500 crores ash and coal order book would be executed \~50% in the next four to five months and 50% in the next 12 months. FY26 ash & coal segment revenue was \~₹2,013 cr, with the order book at \~₹1,500 cr in Q4 FY26 and ₹1,635 cr by Q1 FY27.
13. Demerger of Refex Mobility completed by April 2026 Partial - At the Q3 FY26 call, management guided the Refex Green Mobility demerger to be completed "by April" / "end of April" 2026. At Q4 FY26 a hearing was expected in early June 2026 with completion in 60 to 75 days, and by Q1 FY27 NCLT had approved convening meetings with shareholders' meeting set for August 2026.
14. ₹1,860 cr wind order book executed in 3 to 12 months Partial - At the Q3 FY26 call, Dinesh Agarwal said the wind order book of ₹1,860 crores "has to be executed between 3 to 12 months from today". FY26 wind execution was ₹238 cr and Q1 FY27 ₹295 cr, totalling ₹525 cr by Q1 FY27; guidance shifted to \~₹1,500 cr balance in FY27 and ₹1,700-1,800 cr FY27 execution.
15. Wind business profitable in FY26 with Q4-weighted revenue Missed - At the Q1 FY26 call, management said results would start from Q3 end, Q4 would have better revenue, and "this year, we'll be making profit in the wind business"; at Q2 FY26 maximum revenue was expected in Q4 FY26. FY26 wind revenue was ₹237.53 cr with \~₹233 cr in Q4 FY26, and Q1 FY27 was break-even with a net EBITDA loss of ₹34 lakhs - the profitability target was not reached.
16. 5 GW wind capacity in five years On track - At the Q2 FY26 call, Anil Jain affirmed the \~5 GW capacity target in the next five years as realistic, reiterated in the Q4 FY26 PPT, Q1 FY27 PPT and FY25 AR; capacity plans moved to 3 GW by end of next year at Q1 FY26, "about 2 gigawatts by next year-end" at Q4 FY26, and 3 GW over the next few years in the FY26 AR. The Silvassa facility holds \~1 GW capability, with the 5 GW horizon extending to FY31.
17. Ash handling capacity up 60-65% over three years to 105,000-110,000 MT/day On track - At the Q2 FY26 call, Anil Jain guided \~60% to 65% total growth in daily ash handling capacity over three years, to 105,000 to 110,000 metric tons per day. Q1 FY27 run-rate was 65,000-70,000 tons/day with 90,000 tons/day targeted by Q4 FY27; the horizon extends to FY28.
18. Ash handling margins of 8-11% going forward Delivered - At the Q2 FY26 call, CFO Dinesh Agarwal guided ash handling margin in the range of 8% to 11%. Guidance then moved to 11-12% sustainable standalone margin at Q3 FY26, clarified at Q4 FY26 as "between 15% to 18%" EBITDA, and reiterated at Q1 FY27. FY26 segment PBIT margin was 17.58% and Q1 FY27 standalone EBITDA margin 17%, meeting the revised guidance.
19. 90,000 MT/day ash/coal handling capacity by end of FY26 Partial - At the Q2 FY26 call, management said the company is "on track" to reach the 90,000 metric tons per day target by the end of this year, FY26. At Q3 FY26 it guided "we will gross 90,000 [tons/day] this quarter"; at Q4 FY26 the ramp-up was restated for the future financial year. Q4 FY26 run-rate was 68,000-70,000 tons/day and Q1 FY27 65,000-70,000 tons/day, with the target now set for Q4 FY27.
20. Ash/coal handling volume of 1.8 crore tons in FY25 Missed - At the Q1 FY25 call, management endorsed the implied \~1.8 crore tons for FY25 versus 0.6 crore last year, and at Q2 FY25 said "We will be completing 1.8 crore by the end of the year". FY25 ash handling tonnage was 1 crore tons against 0.6 crore the year before.
21. Green mobility EBITDA profitability at \~2,000-vehicle scale Missed - At the Q1 FY25 call, management guided EV revenue of roughly ₹7-8 lakhs per vehicle yearly at \~2,000-vehicle scale and agreed green mobility would turn EBITDA-profitable as the fleet scaled; at Q4 FY25 profitability was promised "this year" (FY26), and at Q1 FY26 EBITDA profit "by end of this year". FY26 Green Mobility posted a segment loss of ₹(38.24) cr, with the loss set to exit the P&L via demerger by end of Q3 FY27.
22. FY25 capex of \~₹55 cr holding-company plus \~₹130 cr EV fleet Partial - At the Q4 FY24 call, management guided roughly ₹55 crores of total capex for holding-company businesses in FY25 plus roughly ₹130 crores additional for scaling the EV fleet to 2,000 vehicles. FY25 investing activities were -₹82.2 cr and FY26 -₹216.3 cr, with CWIP rising from ₹8.61 cr to ₹17.22 cr in FY25; combined capex appears exceeded by FY26, while the fleet reached 1,750+ vehicles as of Mar-26 against the 2,000-vehicle target.
23. \~₹1,000 cr coal and ash order book executed in FY25 Delivered - At the Q4 FY24 call, management said the \~₹1,000 crores coal and ash order book would be executed in the current financial year. FY25 ash & coal handling revenue was ₹2,235.57 cr, well above the order book.
24. EBITDA margin a few basis points higher in FY25 Missed - At the Q4 FY24 call, management guided EBITDA margin "a few basis points higher in the current year" versus FY24. FY25 standalone EBITDA margin came in at 8.47%, down from FY24's 10.85%; consolidated FY25 was 9.12%.
25. Refrigerant gas margins upward of 6-7% Missed - At the Q4 FY24 call, management said the 5% additional customs duty loss had been passed on to customers and profit margins were expected upward of 6%, 7% as in previous years. FY25 refrigerant gas segment margin was 5.02% and FY26 turned -3.89%; manufacturing was fully discontinued by Q4 FY26 as the business was wound down.
26. Coal and ash handling revenue at 30-40% CAGR over 2-3 years Delivered - At the Q4 FY24 call, management guided coal and ash handling revenue at a 30% to 40% CAGR over the coming 2 to 3 years; at Q1 FY26 growth was framed as \~19-20% CAGR over six years with "almost about similar growth going forward or more also", and at Q1 FY27 management indicated beating last year's \~28% CAGR. FY25 revenue grew \~76% to ₹2,235.57 cr and FY26 adjusted growth was 28% after excluding trading revenue reduction.
27. All 660 vehicles deployed at Bangalore airport by end of July 2024 Missed - At the Q4 FY24 call, management said all 660 vehicles would be deployed at Bangalore airport by end of July 2024. By Q4 FY25 the company had withdrawn service from Bangalore Airport, phasing out airport-based EV taxi services to focus on B2B and B2B2C engagements.
28. Green mobility fleet of 2,000 EVs by March 2025, 5,000 by FY27 Partial - At the Q4 FY24 call, management guided growth from 479 vehicles to 2,000 by end of FY25 with an internal target of 5,000 vehicles by March 2027, reiterated at Q1 FY25 and Q2 FY25. At Q4 FY25 the plan was restated as 5,000 by FY27 funded by \~80% vehicle loans and \~₹50-60 cr equity, and at Q1 FY26 raised to 8,000-10,000 vehicles over two years. Deployment reached over 1,300 EVs by Q4 FY25, 1,400 by Q1 FY26, and 1,750+ by Q4 FY26.
29. Green mobility operations in Pune and Hyderabad by September 2024 Partial - At the Q4 FY24 call, management said green mobility operations would start in Pune and Hyderabad by September 2024. By Q4 FY25, over 1,300 EVs were deployed across Bengaluru, Chennai, Hyderabad and Mumbai - Hyderabad was running, with no record of Pune operations in the notes.
30. Ash/coal fleet: \~190 vehicles added in FY25, owned fleet to \~119 Delivered - At the Q4 FY24 call, management said the 800-vehicle fleet (39 owned) would expand to nearly 119 owned vehicles by year-end, with about 190 vehicles to be added in the current year. By Q4 FY25 the ash & coal handling fleet exceeded 2,000 owned and leased vehicles, and by Q1 FY26 the own fleet was roughly 200 trucks with about 1,800 hired.
31. Ash disposal scaled from 35,000 to 60,000 MT/day by year-end FY24 Delivered - At the Q4 FY24 call, management stated a plan to scale up ash disposal from the current 35,000 metric tons daily to 60,000 metric tons daily by year-end. By Q1 FY25 daily handling was 50,000 metric tons, and by Q4 FY25 capacity was close to 70,000 metric tons per day.