1. Glasstech PAT positive in Q2 FY27 Pending - At the Q1 FY27 call, management said Glasstech (Taloja/Erode units) expected to turn PAT positive in Q2 FY27. Q1 FY27 saw Glasstech break even at EBITDA level in June, with PAT profitability expected in Q2.
2. Capacity utilization targets by Q4 FY27 - Silvassa 85-90%, Taloja 75%, Erode 25-30%, UAE 85% On track - At the Q1 FY27 call, management set year-end targets: Silvassa 85%-90%, Taloja 75%, Erode 25%-30%, UAE 85%. Q1 FY27 utilization was Silvassa \~77%, Taloja 55%, Erode \~15%, UAE \~71%.
3. FY27 PAT margin - \~9% On track - At the Q1 FY27 call, management said "nearly 9% PAT we are expecting this year, FY27", later phrased "9% to 10%". Q1 FY27 PAT margin was 6.5%; reported financials imply \~6.1% on PAT 7.22 over Rev 118, with improvement expected in Q3-Q4.
4. FY27 consolidated revenue - 500+ crores On track - At the Q4 FY26 call, the CFO guided FY27 consolidated revenue of 500+ crores - around 200 crores from India, Glasstech at 110 crores, Silvassa 90 crores. Q1 FY27 revenue was INR117.95 crores, up 52.88% YoY, with management seeing upside to the \~25% growth guidance.
5. FY27 consolidated EBITDA margin - around 18% On track - At the Q3 FY26 call, management targeted FY27 consolidated EBITDA of around 18%, "on a conservative side, 18% definitely will be achievable"; Q4 FY26 phrased it as maintaining 17.5%-18%. Q1 FY27 EBITDA was INR18 crores on INR117.95 crores revenue, \~15.3% margin, with \~1% improvement expected each quarter.
6. India-UAE revenue mix - 55-45 or 45-55 over next two years On track - At the Q3 FY26 call, management said the India-UAE mix would become "55-45 or the reverse 45-55 on turnover" over the next two years; Q4 FY26 framed FY27 as 60-40 then 50-50. Q1 FY27 split was India 31%, UAE 69%, moving toward target from \~75% UAE last year.
7. New high-value products contributing from FY27, meaningful in Q3 FY27 On track - At the Q3 FY26 call, management said fire-rated, bulletproof and digital printing products would contribute from next financial year, meaningfully by Q3 FY27; Q4 FY26 guided 5%-7% of FY27 revenue, rising to 15%-20% in FY28. Q1 FY27 railway contribution was \~1%, with digital printing started and bulletproof approaching market.
8. Fire-rated glass production start - after about three months (Q1 FY27) Partial - At the Q3 FY26 call, management said fire-rated glass production would start after about three months, i.e. Q1 FY27. As of Q1 FY27 the technology was installed at UAE but commercial production had not begun, now expected at Q3-end FY27.
9. One more acquisition - announcement maybe after one month Pending - At the Q2 FY26 call, management said one more acquisition was under due diligence with an announcement "maybe after one month". By the Q4 FY26 call, the second acquisition remained "still under the process" and would "take some time", with no stated outcome as of the latest record.
10. Domestic revenue target - Rs. 300 cr On track - At the Q2 FY26 call, management set a Rs. 300 crores domestic revenue target - \~Rs. 200 crores yearly from the two newly acquired plants and Rs. 100 crores from Silvassa. FY26 delivered India (ex-Glasstech) 63 crores plus Glasstech \~40 crores, and Q4 FY26 guided \~Rs. 200 crores India for FY27.
11. UAE brownfield capex - additional tempering line by last quarter FY26 Partial - At the Q2 FY26 call, management committed to one additional UAE tempering line, order placed, implemented "by the last quarter" of FY26. Q1 FY27 shows the third tempering line on site in installation, with commercial production expected in Q3 FY27 after a one-quarter geopolitical delay.
12. Africa and Europe market share - 30% Africa, 5% Europe within 1-1.5 years On track - At the Q2 FY26 call, management expected within one to one and a half years \~30% African and \~5% European market share of production. By Q1 FY27, UAE was serving 90-95% of its home market and starting Africa, with India exports to Cyprus and Israel; the horizon runs to \~Mar 2027.
13. Glasstech positive EBITDA - by Q4 FY26 Delivered - At the Q2 FY26 call, management expected Glasstech to reach positive EBITDA from Q4 FY26 with quarter-on-quarter improvement. Glasstech reached EBITDA breakeven in the last month of Q4 FY26 and stayed at breakeven in June of Q1 FY27.
14. FY26 EBITDA margin - exceed 18% by year end Missed - At the Q2 FY26 call, the CFO guided EBITDA margin would exceed 18% consolidated "by year end" FY26, versus \~16% then; Q3 FY26 revised expectation down to 16%-16.5%. FY26 closed at 16.5%, 16.73% per the annual report.
15. Order book sharing - after Q1 FY26 Delivered - At the Q4 FY25 call, management said order books for India and UAE would start being shared after Q1 FY26. Disclosures followed from Q2 FY26 (UAE more than AED 6 crorep.12), through Q4 FY26 (around 6 crore AED) to Q1 FY27 (AED7.2 crore; India INR50 crore+ ordersp.6).
16. Total revenue from all four plants at full capacity - Rs. 600 cr plus Pending - At the Q4 FY25 call, management said revenue from all four plants at full capacity, including bulletproof glass, can be Rs. 600 crore plus; Q1 FY27 management confirmed an analyst's \~INR600-650 crore framing. FY26 revenue was Rs. 401.36 crores; no deadline was stated for the full-capacity figure.
17. UAE FY26 revenue - Rs. 235 cr target Delivered - At the Q4 FY25 call, management targeted UAE entity revenue of Rs. 235 crores for FY26, reiterated at Q2 FY26 with H1 UAE revenue of Rs. 76 crores in the September quarter. The FY26 Annual Report reports UAE subsidiary revenue grew 59.15% on the \~Rs. 174-175 crore FY25 base, implying roughly Rs. 277 crores - comfortably above the Rs. 235 crore target.
18. Equity raising - 3 to 6 months timeline Delivered - At the Q4 FY25 call, management said equity raising - a QIP "in a similar range" to the earlier \~Rs. 25 crore - would take around 3 to 6 months, for debt repayment, expansion and working capital. A preferential issue of up to Rs. 94.35 crores was approved in Q2 FY26 and allotted in Q3 FY26.
19. Long-term growth - more than 25% YoY On track - At the Q4 FY25 call, management guided to more than 25% year-on-year growth going forward, later framing 25% as minimum and 40% as upper end over the next 3-4 years. FY26 revenue grew \~64% and Q1 FY27 grew 52.88% YoY; TTM growth is 63.22%.
20. Glasstech full capacity - \~Rs. 200 cr in 2 years On track - At the Q4 FY25 call, management said Glasstech would reach full capacity in around two years, ramping up quarter-on-quarter, with topline up to Rs. 200 crores. Glasstech crossed around 40 crores in FY26 and broke even at EBITDA in June; the two-year horizon from Mar 2025 runs to FY27.
21. FY26 EBITDA margin - minimum 15% Delivered - At the Q4 FY25 call, management said the Rs. 400 crore FY26 guidance carried a minimum 15% EBITDA margin, committing to maintain that minimum. FY26 consolidated EBITDA margin was 16.5%, 16.73% with EBITDA of ₹66.32 crores per the annual report.
22. Glasstech profitability - from Q2 FY26 Missed - At the Q4 FY25 call, management expected Glasstech to be profitable from Q2 FY26 onwards; this slipped to Q4 FY26 break-even and then profitability expectations into FY27. Glasstech reached EBITDA breakeven only in the last month of Q4 FY26, with PAT still pending.
23. Railway glass order inflow - Rs. 50-60 lakhs per month within FY25 Missed - At the Q2 FY25 call, management said railway window-glass order inflow would start around Rs. 50-60 lakhs per month within the financial year. Only very small quantities were supplied by Q4 FY25, "very minimal business" by Q2 FY26, and \~1% of revenue in Q1 FY27.
24. Q4 FY25 revenue - Rs. 80 cr Missed - At the Q2 FY25 call, management guided Q4 FY25 revenue of \~Rs. 80 crores. Q4 FY25 consolidated revenue came in at Rs. 67.90 crore; reported financials show 67.59.
25. Q3 FY25 revenue - Rs. 75-80 cr Missed - At the Q1 FY25 call, management expected Q3 FY25 revenue around INR75-80 crores, with both India and UAE growing 15%-20%. At Q2 FY25 this was revised to \~Rs. 68-72 crores, with Rs. 70 crores confirmed. Q3 FY25 revenue was Rs. 61.61 crores.
26. Q2 FY25 revenue - Rs. 63-65 cr Missed - At the Q1 FY25 call, management guided Q2 FY25 revenue of around INR63 crores to INR65 crores. Q2 FY25 total income was Rs. 61.88 crores; reported financials show 61.57.
27. Investor presentation - from next quarter Missed - At the Q1 FY25 call, management agreed to an analyst's request for an investor presentation from next quarter; it was said to be ready by the second week of November 2024, with commitments repeated in Q2 FY26 and Q1 FY27. No disclosure in our record confirms one was published.
28. Planned acquisitions - INR100-125 cr more top line Partial - At the Q1 FY25 call, management said planned acquisitions would add around INR100 crores to INR125 crores of top line as turnaround companies. Glasstech had turnover of \~Rs. 63 crore pre-deal but crossed only around 40 crores in FY26, against a Rs. 200 crore full-capacity target.
29. New value-added products - contributing from Q3 FY25 Missed - At the Q1 FY25 call, management said new value-added products (bulletproof, designer glasses, ceramic frit) would start contributing from Q3 FY25. Bulletproof revenue had not started by Q4 FY25; digital printing began only in FY26 and bulletproof was still approaching the market.
30. Bulletproof glass revenue - certain revenue in FY25 Missed - At the Q1 FY25 call, management said bulletproof glass would get UAE test certification around October and European certification around December, with "this year, certain revenue will come from that segment"; Q2 FY25 shifted launch to January. By Q4 FY25 no revenue had started; testing was completed only by Q3 FY26.
31. FY26 revenue - around INR400 cr Delivered - At the Q1 FY25 call, management targeted around INR400 crores turnover for FY26 with the same capacity, guided to more than Rs. 400 crores at Q4 FY25 and reiterated thereafter. FY26 consolidated total income was INR 401.36 crores; reported financials show Rev 396, growth 62.78%.
32. UAE capacity utilization - 100% in FY25-26 Missed - At the Q1 FY25 call, management said UAE capacity utilization would reach 100% in FY25-26, increasing quarter on quarter. Overseas subsidiary utilization rose to 67% in FY26 from 53% in FY25, and stood at \~71% in Q1 FY27.
33. PAT margin - 7-8% target Delivered - At the Q4 FY24 call, the CFO said the company was aiming around 7% to 8% PAT margin on the bottom line. FY25 net profit margin was 4.53%, but FY26 reached 7.32% with PAT of 29.03 on Rev 396.
34. Full-capacity turnover - Rs. 350 cr with 18% EBITDA margin Partial - At the Q4 FY24 call, the CFO said full-fledged capacity turnover would be around Rs. 350 crore with margins "maybe 18%", an improvement of around 200 basis points; later guidance moved to UAE \~INR300 crores at 16% plus India INR100 crores and then Rs. 600 crore plus across four plants. FY26 reached Rs. 401.36 crores at a 16.5% margin.
35. India EBITDA margin improvement - 2-3% in FY25 Delivered - At the Q4 FY24 call, the CFO said India's EBITDA margin closed FY24 at around 12% and would "definitely improve by 2% to 3% further in this year", with UAE parity expected within one or two quarters. FY25 standalone EBITDA of Rs. 12.22 crore on Rs. 70.56 crore revenue implies \~17.3%.
36. Q1 FY25 revenue - cross Rs. 60 cr Missed - At the Q4 FY24 call, management guided Q1 FY25 to UAE around Rs. 40-42 crores plus India around Rs. 18-20 crores - "this quarter first, we will cross Rs. 60 crores". Q1 FY25 total income was INR53.07 crores, with India \~12% below its target due to strike and heavy rain.
37. India acquisition/tie-up - good news within 1-2 quarters Delivered - At the Q4 FY24 call, management said on an India acquisition "within one or two quarters, there will be good news in the market", later hoping to conclude in Q2 FY25 and being "about 90% sure" of FY25 completion. The Glasstech architectural glass business transfer agreement was dated 10th April 2025, completed in FY26.
38. UAE EBITDA margin - 15-16% in FY25 Missed - At the Q4 FY24 call, management guided UAE EBITDA margins of around 15% or 16% for FY25, an increase of around 1.5% to 2% from the 14-15% earned in FY24. The FY26 Annual Report states the UAE subsidiary's EBITDA margin improved from 13.5% in FY25 to 17% in FY26, so FY25 fell short of guidance, with the 17% reached only a year later.
39. Promoter funding repayment - 3-4 years On track - At the Q3 FY24 call, management said promoter funding for the UAE acquisition would be repaid in 3-4 years, "that's what we are targeting"; Q4 FY25 framed repayment as beginning after banker liabilities, depending on free cash flows. Around INR 28 crores of promoter loans were repaid in Q3 FY26, with \~Rs. 70 crores of promoter group funding remaining in Q4 FY26.
40. No new business lines up to FY25 - capacity utilization 90-100% Missed - At the Q3 FY24 call, management said no new business lines "up to FY25", with full focus on consolidation and first reaching 90% to 100% capacity utilization. FY25 utilization ran at 66%/17%/53% in UAE and 29%/71%/60% in Silvassa, averaging 56% and 54%; no new business lines were launched.
41. Peak turnover on current capacity - \~Rs. 400 cr without major capex Delivered - At the Q3 FY24 call, management guided peak turnover of \~Rs. 400 crores on current capacity without major capex - UAE \~Rs. 300-320 cr, India \~Rs. 80-85 cr - with FY26 set as the horizon and later raised to Rs. 600 crore plus across four plants. FY26 revenue was Rs. 401.36 crores.
42. Working capital cycle - average 90-92 days Partial - At the Q3 FY24 call, management guided the working capital cycle at "average 90 to 92 days" including UAE; Q4 FY24 said it would take another 2 years, with UAE receivables stepping down from \~135-140 days. Q1 FY27 showed India \~98 days and UAE \~85 days.
43. Debt-free within 3 financial years - via free cash flow On track - At the Q3 FY24 call, management committed the company would be debt-free within 3 financial years via free cash flow. Consolidated debt stood around Rs. 138 crores at Q4 FY26 - Debt 202 cr on reported financials - with India debt \~INR52 crores in Q1 FY27 after ₹77.7 crore of equity raised and ₹29.52 crore of debt reduced in FY26.
44. Promoter holding reduction to 75% - within 1-2 quarters Missed - At the Q3 FY24 call, management committed promoter holding would reach 75% "within next 1 quarter or 2 quarters", repeated at Q4 FY24. Promoter holding had reached 77.45% by Q4 FY24 after an OFS of 11,15,000 shares announced December 2023; no later disclosure in our record confirms 75%.
45. UAE subsidiary 100% ownership - remaining 1% stake within 1-2 months Missed - At the Q3 FY24 call, management committed to acquiring the remaining 1% stake in the UAE subsidiary "within 1 or 2 months", making it a 100% subsidiary. The FY24 annual report records 99.01% ownership w.e.f May 19, 2023; no subsequent filing in our record shows completion.
46. FY25 consolidated EBITDA margin - 15-16% Missed - At the Q3 FY24 call, management targeted FY25 consolidated EBITDA of 15% to 16%, saying "comfortably on next year for 15% to 16% maybe we can cross"; guidance later moved to 16% average and then 14% to 15%. FY25 EBITDA margin was 14.43%, Rs. 35.34 crore on Rs. 244.95 crore revenue.
47. FY25 consolidated revenue - Rs. 260-300 cr Missed - At the Q3 FY24 call, management guided FY25 India plus UAE revenue of \~Rs. 280-310 cr; the Q4 FY24 CFO framing was Rs. 275 to Rs. 280 crores. At Q2 FY25 the range was revised to Rs. 260-280 crores. FY25 revenue grew 48.70% to Rs. 244.95 crore.
48. FY25 UAE operations revenue - Rs. 200-275 cr Missed - At the Q3 FY24 call, management guided FY25 UAE revenue of Rs. 200-225 crores, raising the upper end to Rs. 225-275 crores the same call, reiterated at \~INR220 crores and \~Rs. 200 crores. UAE FY25 actual was \~Rs. 174-175 crores, with international revenue up 73.16%.
49. FY25 India operations revenue - Rs. 80-85 cr Missed - At the Q3 FY24 call, management firmly guided FY25 India revenue of Rs. 80-85 crores, reiterated at INR80 crores through Q2 FY25. India closed FY25 at Rs. 63 crore versus a Rs. 70 crore expectation, \~10% down on falling glass prices; standalone revenue was Rs. 70.56 crore.