1. FY27 capex - minimal, \~₹15-16 cr On track - At the Q1 FY27 call, management guided FY27 capex of approximately ₹15-16 cr of regular balancing and maintenance capex, plus minor capex for the Saudi and Hosur plant expansions, with no major capex on Smart Meter or EV charging. Q1 FY27 saw only ₹13 lakhs invested in Salzer EV Infra and ₹1.68 cr in Effilume; the full-year outcome is not yet due.
2. Middle East and Africa exports - double over FY27-28 On track - At the Q4 FY26 call, management said the Middle East and Africa export business, currently \~₹24 cr revenue, is expected to double over FY27-28. Q1 FY27 showed Middle East at 1.1% of revenue; the FY27-28 target is not yet due.
3. Industrial Switchgear EBITDA margin - 13.5% target On track - At the Q4 FY26 PPT, management set an Industrial Switchgear EBITDA margin target of \~13.5% vs current \~11%, having earlier said the 13-14% target would stabilise at 12-13% from Q2 onwards; the 13.5% target was reiterated at the Q1 FY27 PPT. FY26 margin was 11.37% and Q1 FY27 was 8%; the 13.5% target is not yet due.
4. Wires & Cables EBITDA margin - 6.5% long-term On track - At the Q3 FY26 call, management expected wires & cables EBITDA margin to improve \~1.5-2% over one and a half years to around 6.5% from 5% levels; later set to stabilise around \~4.9%, with 6.5% restated as the long-term target in the FY26 Annual Report. FY26 margin was \~5% and Q1 FY27 was 5%; the 6.5% target is not yet due.
5. Effilume (BBMP) project - revenues from Q2 FY27 On track - At the Q3 FY26 call, management committed Effilume SPV revenues would start from September 2026, later refined to July-August 2026 at ₹2-2.5 cr per month. The project was completed in July 2026 with annuity revenue starting August 2026, and Salzer's stake rose to 47% with a ₹1.68 cr investment in Q1 FY27.
6. FY27 EBITDA margin - 9-10% On track - At the Q3 FY26 call, management guided FY27 blended EBITDA margin of "close to around 9.5%, 10%", revised to 9-9.5% at Q4 FY26 and then to 8-8.5% at Q1 FY27, with Q3 and Q4 reaching 9-9.5%; the Q1 FY27 PPT still shows a \~10% target. Q1 FY27 EBITDA margin was 6.29%; the full-year outcome is not yet due.
7. FY27 revenue growth - 20% (excluding smart meters) On track - At the Q3 FY26 call, management targeted company-level revenue growth of around 20% for FY27 excluding smart meters, later set as ₹2,000-2,100 cr of existing-businesses top line at Q4 FY26, and raised to 23-25% within existing Switchgear capacity at Q1 FY27. Q1 FY27 revenue was ₹498 cr, up 12.90% YoY; the full-year outcome is not yet due.
8. FY26 revenue growth - 20% (excluding smart meters) Delivered - At the Q1 FY25 call, management projected \~20% growth in existing businesses for FY26 toward \~₹1,600 cr, refined through 18-20% and 18-22% guides and reiterated at Q3 FY26. FY26 consolidated revenue was ₹1,758 cr, up 23.98% YoY, exceeding the 18-20% target.
9. FY25 revenue growth - 18-23% Delivered - At the Q3 FY24 call, management guided 18-20% growth for FY25, raised to 18-23% at Q4 FY24 excluding smart meters, and reiterated as 20-23% at Q1 FY25. FY25 consolidated revenue was ₹1,418 cr, up 21.61% YoY, within the 18-23% target.
10. FY24 revenue growth - 20-25% Missed - At the Q1 FY24 call, management guided consolidated revenue growth of 20-25% for FY24, revised to "at least 18%, 20%" at Q2 FY24 and then to "close to around 14%, 15% growth" at Q3 FY24. FY24 consolidated revenue was ₹1,166 cr, up 12.45% YoY, below even the revised 14-15% guidance.
11. Saudi Arabia subsidiary - ₹100 cr revenue On track - At the Q1 FY25 call, management guided the Saudi Arabia subsidiary to ₹100 cr revenue in 2-3 years with ₹10-12 cr investment, with operations slipping from Q3 FY26 to June 2026, then September-October 2026 after \~6 months' delay by the Middle East war, and FY28 now the first year at \~₹25 cr revenue. Machines are to be shipped and installation started by September-October 2026; the ₹100 cr horizon has not yet been reached.
12. Smart meter EBITDA margin - 12-15% Missed - At the Q4 FY24 call, management guided smart meter EBITDA margin of \~15%, with 12-15% in the first year, successively revised to 12-14%, then 13-14%, then 12-13% on a steady long-term basis. No smart meter EBITDA margin was ever disclosed; FY26 smart meter revenue was only ₹25.45 cr.
13. Smart meters - ₹1,000 cr revenue at full capacity Missed - At the Q4 FY24 call, management guided ₹400-500 cr smart meter revenue in FY25 and \~₹1,000 cr at 100% capacity utilisation, scaled through ₹600-700 cr and ₹400-500 cr for FY26 before guidance was withdrawn at Q3 FY26. FY25 smart meter revenue was ₹5 cr and FY26 was ₹25.45 cr, a fraction of the guided ₹400-500 cr.
14. ROCE - reach 18% Missed - At the Q2 FY21 call, management set an ROCE target of \~18% in the next two to three years, repeatedly restated through FY25 as 18% within a couple of years, before agreeing to 18-20% by FY30 with no fixed year at Q4 FY26. ROCE was 11.98% in FY23, 12.62% in FY24, 11.53% in FY25 and 10.75% in FY26; the 18% level was never reached.
15. Promoter stake - increase to 40% Missed - At the Q2 FY21 call, management planned to increase promoter holding to at least 40% via creeping acquisition over the next couple of years, later via a 38% preferential warrant issue, then "close to 40% in coming years". Promoter holding reached \~38% at Q4 FY24 and stood at 37.5% at Q1 FY26, when management said there were no immediate plans to increase further.
16. EV conversion kits - ₹50 cr revenue in 3 years Missed - At the Q1 FY22 call, management targeted an electric conversion kit business of ₹50 cr in three years, raised to ₹90-120 cr in the second year at Q3 FY22. The conversion kit JV, Salzer Emarch Electromobility, was written off in FY25 as operationally univiable with no economic returns; no revenue was ever generated.
17. EV charging business - ₹100 cr revenue in 3 years Missed - At the Q1 FY22 call, management targeted charging stations revenue of at least ₹100 cr in three years, restated as ₹100-150 cr a year, then ₹500 cr in under five years, then a ₹1,000 cr aspiration, and most recently 1,000 DC fast chargers with ₹80-90 cr in FY26. The original Kostad JV was written off in FY25; FY26 EV charging revenue was \~₹9 cr from \~100 chargers sold.
18. Building Products - reach ₹100 cr revenue Missed - At the Q1 FY22 call, management targeted Building division revenue of ₹100 cr, with FY22 closing around ₹50 cr and "next year we want to do ₹100 crores", later framed as ₹100-120 cr critical scale and a ₹100-200 cr internal target. Building Products revenue was \~₹50 cr in FY22, ₹75 cr in FY23, ₹76.22 cr in FY25 and \~₹88 cr in FY26; the ₹100 cr target was never achieved.
19. Kaycee Industries - grow to ₹100 cr revenue Missed - At the Q2 FY22 call, management set an immediate target to double Kaycee's revenue within a year, then ₹50 cr in FY23, then ₹100 cr "in the next two years at least" at Q2 FY23, later pushed to at least 3 years at Q4 FY24. Kaycee revenue was ₹42.3 cr in FY23, ₹48.81 cr in FY24 and ₹60.05 cr in FY26, well below ₹100 cr.
20. Exports - reach 25-27% of revenue Partial - At the Q1 FY21 call, management targeted at least 25-27% of revenue from exports from 19-20%, later raised to 30% in one year and 30% by end FY24, before a >25% medium-term goal was set at the Q4 FY26 PPT. Export share was 26% in FY23, 26.93% in FY24 and 27.40% in FY25, but fell to 21.06% in FY26 and \~19% in Q1 FY27.
21. EBITDA margin - 12-13% at FY22-23 levels Missed - At the Q2 FY21 call, management guided an EBITDA margin range of 12-13% expected going forward at FY22-23 levels, with the target reset repeatedly down the years to 10-11%, then 10-10.5% for FY26, and finally 8-8.5% for FY27 at Q1 FY27. Actual EBITDA margin was 8.14% in FY22, 10.03% in FY24, 8.36% in FY26 and 6.29% in Q1 FY27; the 12-13% level was never achieved.
22. ₹1,000 crore turnover - target reset to FY23 Delivered - At the Q2 FY21 call, management reset the ₹1,000 cr turnover target from FY22 to FY23, moved to FY24-25 and FY23-24, then firmly re-fixed on FY23 with ₹40 cr PAT alongside. FY23 consolidated revenue crossed ₹1,000 cr at ₹1,037 cr, while FY23 PAT of ₹39.62 cr consolidated fell just short of the ₹40 cr target.
23. Working capital days - reduce to \~120 days Missed - At the Q2 FY21 call, management set a working capital days target of around 120 days, restated through the years as less than 140-150, then 130-135 by end FY23, then close to 100 days, with \~120 days reaffirmed as the ultimate goal at Q4 FY24. Working capital days were \~145 in FY23-FY24 and 153 days in FY26; the \~120-day target was never achieved.
24. FY21 top line - match FY20 sales (\~₹585 cr consolidated / ₹567 cr standalone) Delivered - At the Q1 FY21 call, management targeted reaching FY20 sales figures and profitability for FY21, firmed at Q2 FY21 as last year's top line of \~₹585 cr consolidated / ₹567 cr standalone. FY21 standalone revenue was ₹605.6 cr, up 6.8% YoY, exceeding the ₹567 cr FY20 base, though EBITDA fell 5.2% to ₹61.8 cr and PAT to ₹20.7 cr.