1. Scale manufacturing capabilities to 25,000-30,000 MVA in coming years Pending - In the FY26 annual report, management said that with planned capacity expansions it aims to scale manufacturing capabilities to 25,000-30,000 MVA in the coming years. Current capacity is 7,500 MVA, with 6,500 MVA under commissioning to reach 14,000 MVA by April 2027.
2. Further expansion on additional \~4.5 acres - planning after current expansion Pending - At the Q1 FY27 call, management said they are planning a further expansion on an additional \~4.5 acres bought next to the Gavasad site, with planning to be done once the current expansion is completed or near completion. Land is purchased; no product, KV class or capacity details have been disclosed yet.
3. Margin maintenance - current margins for the next year or so Partial - At the Q2 FY26 call, management expected margins to stay the same for the next year or so despite US tariff measures, later saying "our best to maintain the same margin or even increase" and conditioning maintenance on exports returning to normal. Q4 FY26 EBITDA margin was 21%, Q1 FY27 16.4%, while full-year FY26 held at 29%.
4. Order booking - ₹400 crores in first two quarters of FY27 On track - At the Q2 FY26 call, management targeted order booking of about ₹400 crores in the first two quarters of FY27. At the Q1 FY27 call, the order book stood at almost ₹500 crores, over and above everything shipped until the day before the call.
5. 220 kV class orders - start taking orders in January 2027 On track - At the Q2 FY26 call, management said the company will start taking 220 kV class orders in January 2027 so manufacturing can start in April 2027. At the Q1 FY27 call, they were already discussing larger-capacity transformers with a few customers ahead of the new facility's commissioning.
6. FY27 capacity utilisation - almost full utilisation of existing 7,500 MVA On track - At the Q4 FY26 call, management expected the existing 7,500 MVA capacity to run at "almost full utilization" in FY27, qualified as 90-95%, reaffirmed at the Q1 FY27 call as very close to 100%. Q1 FY27 utilisation was around 60-65%.
7. FY26 export/domestic mix - 50% export, 50% domestic Delivered - At the Q2 FY26 call, management expected to end FY26 at 50% export and 50% domestic. FY26 closed at 48% exports and 52% domestic, essentially the guided mix.
8. Revenue potential at full 14,000 MVA capacity - ₹1,400-1,500 crores Pending - At the Q2 FY26 call, management guided revenue potential at full capacity post the 14,000 MVA expansion at ₹1,400-1,500 crores, reiterated at the Q4 FY26 call as around ₹1,500 crores once the new facility is fully utilized. The new facility is not yet commissioned, so the horizon has not been reached.
9. New facility first-year (FY28) capacity utilisation - 60-70% Pending - At the Q2 FY26 call, management targeted first-year (FY28) capacity utilisation of 60-70% for the new facility. FY28 has not arrived and the facility is not yet commissioned, so there is no read on this target yet.
10. Gavasad Expansion #3 - 6,500 MVA addition, total 14,000 MVA by April 2027 On track - At the Q2 FY26 call, management announced Expansion #3, adding 6,500 MVA to reach 14,000 MVA by April 2027, with capital outlay of approximately ₹90 crores funded entirely through internal accruals; capex was revised to approximately ₹120 crores and completion possibly slightly earlier, with production from April 2027. Civil foundations are complete, PEB erection and utilities in progress, and all major equipment ordered.
11. FY27 revenue target - ₹800-850 crores On track - At the Q2 FY26 call, management targeted FY27 revenue of ₹850 crores, stated as "somewhere between ₹800 crores and ₹850 crores", later "₹800 crores to ₹850 crores... conservatively ₹800", reiterated at Q1 FY27 as on track. Q1 FY27 revenue was ₹134.61 crores, with \~₹30-35 crores lost to the West Asia crisis and order book at \~₹500 crores.
12. NSE listing - decision by Q3 FY25, then listing before new year (2026) Delivered - At the Q2 FY25 call, management said a decision on NSE listing would come "maybe next quarter", with a sequencing note after bonus shares at Q4 FY25; at the Q2 FY26 call they fixed "before the new year, we'll be listing in NSE". The FY26 annual report states the company was listed on NSE during FY26.
13. Further capacity expansion decision - by December 2024/January 2025 Partial - At the Q2 FY25 call, management said it would take a call in "coming December or January" (Dec 2024-Jan 2025) on a further capacity expansion and its size. By the Q4 FY25 call no specifics were finalised, with a formal announcement promised "at the right moment"; Expansion #3 adding 6,500 MVA was announced at the Q2 FY26 call in September 2025.
14. FY25 revenue target - ₹550 crores Delivered - At the Q2 FY25 call, management said "we remain committed to achieving our target of 550 crores during FY24-25", reiterated in the Q3 FY25 and Q2 FY25 PPTs. FY25 revenue from operations was ₹623.15 crores, about 13% above the target.
15. Margin sustainability - current margins for at least another one year Partial - At the Q3 FY24 call, management expressed confidence of sustaining current margins for "at least another one year", extended at the Q2 FY25 call to EBITDA margins of 25% plus for the next 12 to 18 months. FY25 EBITDA margin was 29.6% and FY26 29%, but Q4 FY26 dipped to 21% and Q1 FY27 to 16.4%.
16. Expansion capex - approximately ₹30 crores, funded entirely from internal accruals Delivered - At the Q3 FY24 call, management guided the expansion, both phases, would cost approximately ₹30 crores, funded entirely from internal accruals with no borrowing. No specific capex figure for the Phase 1+2 expansion appears in the record, but the company remained debt-free throughout, with reported financials showing debt of 0.00 cr.
17. 100% capacity utilisation of expanded capacity in FY26 Missed - At the Q3 FY24 call, management expected 100% capacity utilisation of the expanded capacity in FY 2025-26, reiterated for the incremental 3,500 MVA in FY26, later softened to 90-95%. FY26 utilisation was 79% on the 7,500 MVA base, or \~82-83% on a production basis had March Middle East shipments gone out.
18. Turnover of ₹800-900 crores in two years (by FY26) Missed - At the Q3 FY24 call, management expected turnover of around ₹800 to ₹900 crores in two years alongside the 4,000 to 7,500 MVA expansion, progressively revised to ₹750-800 crores for FY26, then around ₹750 crores "or more", confirmed cautiously at the Q2 FY26 call. FY26 revenue was ₹651.94 crores, or close to ₹700 crores had ₹35 crores of March exports shipped.
19. FY24 turnover - ₹400-420 crores at 100% capacity utilisation Partial - At the Q3 FY24 call, management guided FY24 turnover of around ₹400 to ₹420 crores at 100% capacity utilisation of 4,000 MVA. FY24 revenue from operations was ₹396.88 crores, with 100% utilisation of the 4,000 MVA capacity through the year.
20. Phase 2 expansion - 5,500 to 7,500 MVA, total capacity 7,500 MVA Delivered - At the Q3 FY24 call, management guided Phase 2 to raise capacity from 5,500 MVA to 7,500 MVA, with total capacity going from 4,000 MVA to 7,500 MVA from July 2024, both phases in over five-six months; the FY24 annual report slated completion in Q2FY25. The incremental 3,500 MVA was commercialised in August 2024, taking installed capacity to 7,500 MVA.
21. Phase 1 expansion - 4,000 to 5,500 MVA operational from 1st April 2024 Partial - At the Q3 FY24 call, management guided the Phase 1 expansion to be operational from 1st April 2024, increasing capacity from 4,000 MVA to 5,500 MVA. The FY25 annual report states it was completed and operational in July 2024, enhancing capacity from 4,000 MVA to 5,500 MVA.