1. Debt to fall below ₹100 cr in FY27 On track - At the Q4 FY26 call, management expected debt to fall from \~₹170-180 cr closing debt to below ₹100 cr (\~₹70-80 cr) in FY27, implying D/E below 1 (\~0.8). As of the latest reported quarter, reported financials show debt at ₹250 cr and D/E at 2.25, with the FY27 year still in progress.
2. FY27 executable order book above ₹500 cr Pending - In the FY26 annual report, management projected the executable order book for FY 2026-27 to grow over 33% and surpass ₹500 cr, a ₹500 cr projection reiterated at the Q1 FY27 call alongside stated execution capacity of ₹600 cr. With the horizon running to March 2027 and Q1 FY27 revenue down 10% YoY, no settled outcome is yet evidenced; the target remains pending.
3. FY27 exports at 25-30% of revenue On track - At the Q4 FY26 announcement, management projected FY27 export revenues to remain stable at 25-30% of revenue, reiterated through the Q1 FY27 PPT. Q1 FY27 export split is not yet stated; FY26 exports were \~27% of revenue, within the guided range.
4. Raw-material margin lag bridged by end of Q3 FY23 Delivered - At the Q3 FY23 announcement, management projected the margin lag from raw material price increases to bridge completely by end of Q3 FY23, noting a 20% price cooldown that quarter. H1 FY23 PBDIT margin was 6.81% vs 8.46% a year earlier; FY23 PBDIT margin recovered to 9.22%.
5. FY23 PBDIT margin over 10% Missed - At the Q3 FY23 announcement, management guided over 10% PBDIT margin for full year FY23. FY23 PBDIT margin came in at 9.22%, below the guided floor on the lapsed annual horizon.
6. \~₹200 cr capex across foundry, machining and renewables Delivered - At the Q4 FY23 PPT, management planned \~₹200 cr capex across foundry, machining and renewables, aimed at expanding PBDIT margins by 6%; later updates sized it at ₹187-190 cr. A ₹217 cr programme was completed over 12-18 months, funded by rights issue, accruals and debt, with foundry, machining and solar all commissioned.
7. FY24 PBDIT margin of 12-13% Partial - At the Q4 FY23 PPT, management estimated FY24 PBDIT margins around 12%, revised up to \~13% at the Q3 FY24 announcement. FY24 PBDIT margin came in at 12.53%, above the original 12% but below the revised 13%.
8. FY24 revenue growth of \~25% Missed - At the Q4 FY23 PPT, management forecast \~25% revenue growth for FY24, revised to \~16% at the Q3 FY24 announcement. FY24 net sales were ₹328.13 cr, growth of 12.98%, short of the revised guidance.
9. FY25 exports rising to 25% of revenue Delivered - In the FY24 annual report, management estimated the export share to grow from 11.5% to 25% in FY25, reiterated through FY25 calls. FY25 exports surged from ₹29.34 cr to ₹101.12 cr, growth of 245%, contributing \~28% of revenues.
10. FY25 PBDIT margin expansion of 150-200 bps Delivered - In the FY24 annual report, management estimated PBDIT margins to expand 150-200 bps in FY25 from 12.5%, with later updates of 150-250 bps and \~200 bps. FY25 PBDIT margin reached 14.77%, up 224 bps from 12.53%.
11. FY25 revenue growth of 20-25% Missed - Guidance for \~25% growth over two years from the Q4 FY23 PPT carried into \~20% for FY25 in the FY24 annual report, later revised to \~13%. FY25 total income was ₹363.68 cr, growth of \~11%, with management attributing the shortfall to three customers' revenues dropping \~50% each.
12. FY28 revenue of ₹600 cr Pending - At the Q1 FY27 call, management targeted executing ₹600 cr of revenue in FY28 with the same customers and products. The current-year executable order book stands at ₹500 cr; the FY28 horizon has not yet arrived, so there is no read.
13. Vestas 4MW: samples Q4 FY27, production FY28 On track - At the Q1 FY27 call, management expected Vestas 4MW platform sample deliveries in Q4 FY27, full-fledged production in Q1 FY28, and a proto by end of CY2026. The 4MW contract was signed mid-May 2026 with tooling development started; the 3MW platform is being phased out to 4MW.
14. FY27 capacity utilization of 80-90% On track - At the Q3 FY26 call, management guided 85-90% utilization in FY27 with 90%-plus from Q1 FY27, later revised to 80% for the entire year on the new 45,000 TPA capacity. Q1 FY27 ran at 66%, improving to 85%-plus in July 2026, with \~90% expected within 2-3 months.
15. FY27 PBDIT margin expansion of 300 bps On track - At the Q3 FY26 call, management guided minimum "16% plus" PBDIT margins for FY27, restated as over 300 bps expansion from the 13.10% FY26 base. Q1 FY27 PBDIT margin was 7.0%, down from 15.41% a year earlier; management expects raw-material impacts to recover in Q2 via indexation.
16. FY27 revenue of ₹500 cr, 33% growth On track - At the Q3 FY26 call, management reiterated FY27 revenue guidance of "500 crores plus", maintained at \~33% growth through the Q1 FY27 PPT. Q1 FY27 revenue was ₹75.71 cr, down 10% YoY; management expects only 1-3% spillover against an executable order book of \~₹600-700 cr.
17. FY26 exports stable, close to previous year Delivered - At the Q4 FY25 call, management expected export revenues to remain stable, close to the previous year, with FY26 exports guided at \~15% of revenue vs 18-20% last year. FY26 exports were ₹173 cr, approximately 27% of total revenues, exceeding the guided share.
18. FY26 PBDIT margin expansion of 100 bps Missed - At the Q4 FY25 call, management expected PBDIT margins to expand another 100 bps in FY26 from 14.77%, later guided to \~14% for the full year. FY26 PBDIT margin came in at 13.10%, down 167 bps, with higher outsourcing, overheads, lower export realizations and commodity inflation cited.
19. FY26 revenue growth of 20% Missed - At the Q4 FY25 call, management expected 20% revenue growth for FY26, revised down to \~5% with an executable order book of \~₹380 cr. FY26 total income was ₹376.37 cr, growth of \~3.3%, attributed to delayed Envision commercialization and relocation disruption.
20. Working capital around 45 days On track - At the Q4 FY25 call, management guided working capital days "should be fairly able to maintain around 45 days", with a 40-60 day cycle principle stated at Q1 FY26. Q1 FY26 reported the cycle running within 40-60 days; no later explicit days figure appears in the record.
21. Peak revenues of ₹550-600 cr from foundry expansion On track - At the Q2 FY25 call, management estimated peak revenues between ₹550-600 cr from the foundry expansion, with Q4 FY25 restating "above 550 Cr up to 600 Cr plus" from the new capacity. FY26 revenue was ₹376.37 cr; FY27 is guided at ₹500 cr and FY28 targeted at ₹600 cr.
22. 18% EBITDA margin after FY27 On track - At the Q2 FY25 call, management guided 18% EBITDA margin after FY27, later committed as "18% plus" and an 18-20% range described as "100% intact". FY26 PBDIT margin was 13.10% and Q1 FY27 was 7.0%; FY27 guidance of \~16% remains below the 18% mark, with full potential expected after machines are commissioned.
23. Envision contract: 10,000 tons, ₹130-140 cr recurring revenue Partial - At the Q2 FY25 call, management guided the Envision contract at 10,000 tons maximum annually, \~₹130-140 cr per year, taking 2-3 years after maturing; an earlier Q3 FY23 view saw serial production in 3-4 quarters. Proto development for the 3.3MW platform is complete with serial supply cleared, but serial production was still pending in Q1 FY27, roughly 3 years on.
24. Capacity expansion toward 100,000-200,000 MT in 2-3 years On track - At the Q2 FY25 call, management saw demand visibility "up to 100,000 should not be a problem in the next 2-3 years" toward a 200,000-ton total; the horizon later extended to 75,000 MT by FY28-29 and 100,000 MT by FY29-30, with a greenfield to start in Q3 FY28. Land has been identified next to the existing plant with discussions in progress, but no construction had started as of Q1 FY27.
25. In-house machining 20,000 TPA - Phase 1 and Phase 2 Partial - At the Q2 FY25 call, management guided partial machining before June 2025 and full machining possibly slipping to September 2025, with Phase 1 by Q3 FY26 and Phase 2 by Q4 FY26, later moving Phase 2 to Q1 FY27. Machining and coating capacity of 20,000 TPA was commissioned in FY26, with utilization at 50% and half of customers product-approved in Q1 FY27.
26. Brownfield foundry expansion from 30,000 to 45,000 MT Missed - At the Q2 FY25 call, management guided the brownfield expansion to complete by March/April 2025; an earlier Q1 FY22 view had targeted 45,000 TPA by end of FY22, with later slippages to Q2 FY26 and then Q4 FY26. The expansion to 45,000 TPA was completed in FY26, with Q1 FY27 utilization at 66% of expanded capacity.
27. Debt-to-equity below 1.5 in FY25 Delivered - At the Q2 FY25 call, management guided that the debt-to-equity ratio would fall below 1.5 in FY25, from 1.71 at March 2024. FY25 (31.03.25) borrowings were ₹67.47 cr long-term plus ₹53.90 cr short-term against net worth of ₹107.67 cr, i.e. D/E ≈ 1.13, beating the guided ceiling.