1. Strategic MoU with ACE for India-manufactured heavy cranes Delivered - In the Q4 FY26 PPT, the company signed a strategic MoU with ACE (Action Construction Equipment) for India-manufactured heavy cranes, covering truck and crawler cranes. The MoU stands confirmed as signed, matching the announcement.
2. FY26 final dividend of ₹2.00 per equity share Delivered - In the Q4 FY26 announcement, the Board recommended a final dividend of ₹2.00 per equity share for FY 2025-26. The recommendation stands as made; the FY23 dividend was ₹4.00 per share and FY22 was ₹1.00 per share.
3. Bombay High Court sales tax appeal - dismissed Delivered - In the FY24 annual report, the Bombay High Court order dated December 04, 2023 dismissed the Sales tax department's appeal, holding that giving cranes on hire does not involve transfer of right to use cranes. The dismissal stands recorded, and management expects ongoing litigations for other years to be decided in the company's favour.
4. Sanghvi Movers Middle East - Saudi Arabia go-to-market Delivered - In the FY26 annual report, Sanghvi Movers Middle East achieved go-to-market status in Saudi Arabia with commercial operations commencing in September, over 30 cranes deployed directly from port to site at 100% utilisation. Operations began in Q2 FY26, first billing occurred in September 2025, and KSA runs at 100% capacity utilization.
5. FY24 capex - ₹334 crores, 34 cranes Delivered - In the FY24 annual report, FY24 completed capex was stated at ₹334 crores, adding 34 cranes and 44 other pieces of equipment. Actuals confirm FY24 capex of ₹334 crores with 34 cranes purchased.
6. FY22 dividend - ₹1.00 per share Delivered - In the FY22 annual report, the Board recommended a dividend of ₹1.00 per share (50%), a total cash outflow of ₹4.33 crore. The recommendation stands recorded; the FY23 dividend was subsequently raised to ₹4.00 per share.
7. Botswana cranes - commissioned on schedule Delivered - In the Q4 FY26 announcement, all Botswana cranes were stated to be successfully commissioned on schedule. The commissioning stands confirmed, and in Q1 FY27 the company repatriated \~$1.1 Mn to India from the seamless execution.
8. FY22 capex - 18 new cranes, ₹125 crore Partial - In the FY22 annual report, the company stated it added 18 new cranes through a capex of ₹125 crore during the year. FY22 capital expenditure for purchase of cranes was ₹111.19 crore, with total capex ₹111 cr; 18 new cranes were added as stated.
9. FY23 credit rating - ICRA A / A1 Delivered - In the FY23 annual report, credit ratings assigned during FY23 were 'ICRA A' for long term loans and 'ICRA A1' for short term loans/borrowings, outlook stable. On June 30, 2023 ICRA upgraded the long-term rating to [ICRA]A+ (Stable) and reaffirmed the short-term at [ICRA]A1; FY26 carries the ICRA A+ (Stable) rating.
10. Steel segment - 5-10% of turnover Pending - In the FY21 annual report, the steel segment was expected to garner 5-10% of turnover. No steel segment revenue contribution has been disclosed; management stopped disclosing the sectorial split of revenue going forward, and FY25 order book steel was ₹5.76 cr of ₹600 cr (1.0%).
11. Cement sector - 10-15% of topline Pending - In the FY21 annual report, the cement sector was expected to generate 10-15% of topline. No cement sector revenue contribution has been disclosed; the sectorial split disclosure was withdrawn, and FY25 order book cement stood at ₹2.15 cr of ₹600 cr (0.4%).
12. Wind installation recovery - positive over next 12-18 months Delivered - In the FY21 annual report, with 10,000 MW of new capacity awarded by SECI and state utilities, wind installation was expected to witness positive recovery over the next 12-18 months. FY22 revenue grew 47% YoY to ₹372.25 crore and FY23 to ₹485.55 crore; wind EPC revenue scaled from ₹20.04 cr in FY24 to ₹228.94 cr in FY25 and ₹333 cr in FY26.
13. FY22 secured order book - ₹172 crores, optimistic outlook Delivered - In the FY21 annual report, the secured order book stood at ₹172 crores and management was optimistic about FY 2022 financial performance. FY22 revenue came in at ₹372.25 crore with EBITDA of ₹174.9 crore and net profit of ₹29.4 crore versus the prior year's net loss of ₹22.42 crore.
14. FY21 secured order book - ₹135 crores, cautiously optimistic Missed - In the FY20 annual report, the secured order book stood at ₹135 crores and management was "cautiously optimistic" about FY 2021 financial performance. FY21 turnover was ₹253 crores against ₹326 crores in FY 2020, a 22% degrowth, with average capacity utilisation falling to 56% from 72%.
15. FY21 term loan instalments - ₹93 crores due Delivered - In the FY20 annual report, term loan instalments due in FY 2021 were ₹93 crores, and the company was confident of meeting these through internal cash accruals and partly through asset monetization. FY20 saw ₹119.26 crores repaid including ₹28 crores prepayment of FY21 instalments; FY21 loans repaid were ₹109 crores, with overall debt down to approximately ₹197 crores at the start of FY 2020-21.
16. Project Samruddhi - carve out renewables and logistics subsidiaries Delivered - In the FY24 annual report, Project Samruddhi restructuring was to carve out renewables and logistics into two independent 100% wholly owned subsidiaries, Sangreen Future Renewables Pvt Ltd and Sangreen Logistics Pvt Ltd, each with its own P&L. Both subsidiaries were incorporated; SFRPL contributes \~20% to the group's bottom line with new P&L leadership in place.
17. Project AAROHAM - Bain engagement in two phases Delivered - In the FY24 annual report, Project AAROHAM with Bain & Company India, started 3 June 2024, was to unfold in two phases - a three-month analysis followed by nine months developing and implementing actionable plans. Bain engagement Phase 2 is completed with prioritised growth opportunities and capital allocation pathways under Elevate 2030, framed as a long-term transformation framework.
18. FY25 yield - maintain above 2% Delivered - In the FY24 annual report, the company aimed to maintain a yield above 2% for FY 2024-25. FY25 average gross yield came in at 2.05% per month, with the blended yield confirmed at 2.05%/month.
19. FY24-25 capex plan - ₹250-300 crores Partial - In the FY24 annual report, pending Board approval, the company planned a capex of ₹250 to ₹300 crores for FY 2024-25. FY25 capex completed was ₹235 crores - 46 cranes capitalized at ₹203 cr, Boom Lifts/Inserts ₹20 cr, and Other Fixed Assets ₹13 cr.
20. FY22 order book execution - ₹236 crore during 2022-23 Delivered - In the FY22 annual report, the order book of ₹236 crore was stated to be executed during 2022-23. FY23 total revenue from operations was ₹485.55 crore against ₹372.25 crore in FY22, well above the ₹236 crore execution target.
21. SAP S4 HANA - go live in 2023-24 Partial - In the FY23 annual report, the SAP S4 HANA implementation (Project SAMAGRA) was expected to go live in 2023-24, with other SAP modules to follow in the next phase. No go-live confirmation for 2023-24 exists in the record; by FY26 an enterprise-wide SAP platform rollout had advanced, improving real-time asset visibility and planning accuracy.
22. FY28 group guidance - revenue +30-40%, EBITDA ₹650-700 cr Pending - At the Q1 FY27 call, management guided FY28 group revenue to scale 30% to 40% and EBITDA to scale 20% to 30%, i.e. EBITDA growing from ₹525-575 crores in FY27 to ₹650 crores to ₹700 crores in FY28. The FY28 target is ₹1,800-1,900 Cr revenue; Q1 FY27 revenue was ₹380 cr, +39% YoY, with no FY28 actuals yet.
23. E&C revenue - double again in FY27 On track - At the Q1 FY27 call, management expected E&C revenue to double again this year - a third consecutive year of doubling after \~₹250 crores year one - and to maintain this pace going forward, subject to execution ability. The business doubled last year clubbing SFRPL and SLPL, Q1 FY27 renewables total income was ₹218 cr, FY26 renewables revenue was ₹333 crores nearly doubling YoY, and the order book stands at approximately ₹686 crores.
24. E&C margins - normalize between 12-15% going forward Pending - At the Q1 FY27 call (August 2026), management expected the renewables E&C business margins to settle at 12%-15% going forward, versus the analyst's suggestion of 10%-11%. The 18% Q1 FY27 E&C EBITDA margin was before unallocated expenses, 10%-12% after, against a FY26 Wind EPC PBIT margin of 14.19%; being a forward-looking expectation, no outcome is yet assessable.
25. KSA yield - maintain 4% going forward Delivered - At the Q1 FY27 call, management expected to maintain a 4% yield in KSA going forward, notwithstanding the West Asia situation. Q1 FY27 KSA+Qatar yield came in at 4.10%, after 4.38% in Q4 FY26 with Middle East utilization of 85-90%.
26. FY27 crane capex - minimum 80% utilization and 2% yield On track - At the Q1 FY27 call, management guided that the ₹652 crores FY27 crane CAPEX will still be deployed at a minimum 80% utilization and 2% yield. Q1 FY27 India+Botswana utilization was 86% at a yield of 2.29% and GCC \~86% at 4.10%, with ₹92 crores of the ₹652 crores pool capitalized in Q1.
27. FY27 gross debt-to-equity - 0.72x ceiling On track - At the Q1 FY27 call, management reaffirmed the FY27 gross debt-to-equity projection of 0.72x as "comfortable", saying CAPEX is planned accordingly and debt levels are "completely under control" for FY27. Gross debt-to-equity stood at 0.54x in Q1 FY27 against the guided ceiling; net debt-to-equity was 0.47x as of 31 March 2026.
28. FY27 blended ROCE - 16.25-16.5% On track - At the Q1 FY27 call, management reaffirmed the published FY27 guidance of blended return on capital of 16.25 to 16.5. Group ROCE was around 16% as of March '26 and FY26 actual ROCE was 16%, slightly below the target range with the year still to run.
29. FY27 consolidated revenue guidance - ₹1,400-1,500 crores On track - At the Q1 FY27 call, management reaffirmed the published FY27 guidance of consolidated revenue roughly ₹1,400 crores to ₹1,500 crores. Q1 FY27 revenue was ₹380 crores, +39% YoY, and the order book of ₹1,253 crores as on 24 Jul'26, up 19% from ₹1,053 crores on 14 May'26, supports the annual target.
30. FY27 revenue mix - two-third crane rental, one-third renewable E&C On track - At the Q1 FY27 call, management continued to expect roughly two-third revenue from crane rental and one-third from renewable E&C for full year FY27, with revenue scaling up in H2 following CAPEX deployment. Q1 FY27 mix was crane rental \~60%, renewable E&C 37% and project EPC 3% - segment revenue of ₹228 cr, ₹140 cr and ₹11 cr respectively.
31. FY27 consolidated EBITDA guidance - ₹525-575 crores On track - At the Q1 FY27 call, management reiterated unchanged the FY27 consolidated EBITDA guidance of ₹525 crores to ₹575 crores, stating the core crane rental margin is "structurally intact". Q1 FY27 EBITDA was ₹139 crores, +30% YoY, at a 35% margin, against FY26 EBITDA of ₹429 crores.
32. India yield - maintain \~2.1% with ±5% deviation Delivered - At the Q4 FY26 call, Gaurang Desai stated India yield was \~2.1% last financial year and the company foresees "maintaining the same with a plus/minus 5% deviation". Q1 FY27 India+Botswana yield came in at 2.29%, above the \~2.1% FY26 average and its 2.24% Q4 FY26 reading.
33. FY27 order book - ₹1,053 cr fully executable On track - At the Q4 FY26 call, Gaurang Desai stated the order book of ₹1,053 crores is completely/fully executable in the current financial year (FY27). By Q1 FY27 the secured order book was almost ₹1,250 crores - ₹1,253 crores as on 24 Jul'26, up 19% - stated as fully executable within FY27.
34. FY27 capex deployment - ₹120 cr spillover plus ₹201 cr new cranes On track - At the Q4 FY26 call, Rishi Sanghvi committed to deploy spillover capex of ₹120 crores plus ₹201 crores approved by the Board on 20 May 2026 in brand-new cranes for the entire financial year. The FY27 pool was restated at ₹652 crores (₹164 cr carry-forward + ₹487 cr Board-approved); ₹92 crores was capitalized in Q1 with the ₹560 crores balance scheduled for H2.
35. Crane rental growth - 30% YoY target On track - At the Q4 FY26 call, CFO Pradeep Mehta confirmed \~30% crane rental growth as the target going ahead, with Rishi Sanghvi stating the core business will "continue to sustain a positive growth of 30% year-on-year". FY26 crane rental revenue grew 35% in India, and Q1 FY27 crane rental segment revenue was ₹228 crores versus ₹160 crores, +42.5% YoY.
36. Medium-term ROCE - mid-teens range Delivered - At the Q3 FY26 call, management set medium-term operating anchors with ROCE targeted in the mid-teens range on deployed capital. FY26 ROCE was 15%, group ROCE around 16% as of March '26, and the FY27 projection has been set at 16.25-16.5%.
37. Saudi Arabia breakeven - 12-14 months Delivered - At the Q3 FY26 call, management expected the Saudi Arabia business to breakeven in 12 to 14 months, later stated as "breakeven of around 10 to 14 months". KSA turned monthly-EBITDA positive by Q4 FY26 and delivered cumulative EBITDA-positive performance in Q1 FY27 - SMMEL inflected from -23% EBITDA margin in FY26 to +23% - within the first year of operations.
38. KSA inquiry pipeline - $45-50 million translatable over 24 months On track - At the Q2 FY26 call, management stated approximately $50 million (also $45-50 million) of KSA inquiry pipeline expected to translate into strong revenues over the next 24 months. Visibility has since been quantified at $14-38 Mn over 0-24 months, with KSA 0-12-month pipeline of approximately $22 million in Q1 FY27; no revenue conversion read yet against the original figure.
39. Saudi Arabia EBITDA margin - on par with or slightly below India Delivered - At the Q2 FY26 call, management expected KSA EBITDA margin to be on par with (or slightly below) India's crane rental EBITDA margin. Q1 FY27 KSA EBITDA margin was around 47%, on par with India's 47% crane rental margin, having benchmarked at 40-45% at Q4 FY26.
40. Renewable (EPC) EBITDA margin - stabilize at 10-12% Delivered - At the Q2 FY26 call, management expected renewable (EPC) EBITDA margin to stabilize at 10% to 12% as the business scales up. FY26 renewable EPC segment margin was 14.19% PBIT, and Q1 FY27 renewables EBITDA margin was 18% before unallocated expenses - between 10% to 12% after distributing them.
41. Utilization - move toward 78-80% Delivered - At the Q2 FY26 call, management guided utilization to move toward 78% to 80%. FY26 average capacity utilization was 79%, with Q4 FY26 at 87% and Q1 FY27 at 86%, against a FY25 average of 73%.
42. Blended crane yield - maintain around 2.08% Delivered - At the Q2 FY26 call, management expected to maintain blended crane yield at around the current \~2.08% level despite increased capex, with better utilization expected. FY26 average blended yield was 2.12% per month, rising to 2.24% in Q4 FY26 and 2.29% for India+Botswana in Q1 FY27.
43. FY26 top-line growth - 25-30% Delivered - At the Q2 FY26 call, management reaffirmed the Q4 FY25 guidance of FY26 top-line growth of 25% to 30% (crane rental 10% to 15%, Wind EPC more than 2x, project EPC approximately 2x), saying it is "confident to meet the guidance". FY26 revenue from operations was ₹1,070 crores, +36.9% YoY - crossing ₹1,000 crore for the first time - with crane rental up 35% and renewables revenue of ₹333 crores nearly doubling.
44. Saudi Arabia - top five crane rental player by 2030 On track - At the Q1 FY26 call, management's vision was to become a top five crane rental player in Saudi Arabia by 2030, later sharpened to top three in five years and near 5% market share in three to five years. Operations began in Q2 FY26 with more than 30 cranes deployed, KSA utilization \~86% at a 4.10% yield in Q1 FY27, and cumulative EBITDA-positive performance in year one; no market share read yet.
45. Debt-to-equity - maintain below 0.35x Missed - At the Q1 FY26 call, the CFO and MD stated the debt-to-equity ratio will not go up beyond 0.35, "maintained below one-third of this ratio". Net debt-to-equity was 0.36x as of 30 September 2025 and 0.47x as of 31 March 2026; management subsequently reset the target to 0.50x in the FY26 AR and a 0.72x FY27 gross ceiling.
46. FY26 order book execution - ₹500 cr of ₹767 cr Delivered - At the Q1 FY26 call, management stated approximately ₹500 crores of the ₹767 crore order book would be executed in FY26, with confidence of securing additional orders. FY26 revenue from operations was ₹1,070 crores, +36.9% YoY, exceeding the ₹500 crores execution target - the opening order book of ₹600 crores represented 55% of full-year revenue.
47. FY26 capex plan - ₹321 cr India, 75-80 cranes Partial - At the Q1 FY26 call, management stated a revised FY25-26 CAPEX plan of ₹321 crores to buy around 75 to 80 cranes, later adding another ₹200 crores for 55 more cranes in India; the Board-approved plan expanded to ₹629 crores by Q2 and was restated at ₹639 crores (India ₹415 cr + KSA ₹224 cr, +161 cranes) by Q4 FY26. FY26 capex incurred was ₹474 crores - India ₹373 Cr/+96 cranes and KSA ₹101 Cr/+36 cranes - with ₹165 Cr deferred to FY27 on OEM delivery delays for KSA cranes.