1. Vessel operations at 30-40% of total top line in FY27 Pending - At the Q2 FY26 call, management guided that vessel operations next year (FY27) should give around 30% to 40% of total top line. Vessel operations commenced in Q3 FY26, and the company expects them to be a significant growth driver in FY27, but the FY27 horizon has not been reached.
2. Four-vessel charter in hand by end-December 2025 Delivered - At the Q2 FY26 call, management guided that a second vessel would be in hand by end-November 2025 and all four vessels by end-December 2025. The company commenced direct vessel operations in October/November 2025 and had inducted four vessels into its operations as of February 2026.
3. ₹1,000 cr revenue over the next 2-3 years, by FY27 On track - At the Q1 FY26 call, management guided that the company is on track to achieve ₹1,000 cr revenue over the next 2-3 years, by FY27, if everything goes as per plan. FY26 revenue was ₹654 cr, and the FY27 horizon has not been reached (SQL).
4. Project cargo revenue mix at 70-75% in two years On track - At the Q1 FY26 call, management guided that the mix of Project Cargo as a percentage of revenue would go up to 70-75% in the next two years, by FY28. ODC & Project Cargo accounted for nearly 48% of total revenue during FY26, and the FY28 horizon has not been reached.
5. FY26 PAT margin of 12% to 13% Partial - At the Q1 FY26 call, management guided a PAT margin target of 12% to 13% for FY26, later restated at the Q2 FY26 call as definitely more than 12% to 12.5%. FY26 consolidated PAT margin was 11.60%, with H2 FY26 PAT margin at 11.81%, falling short of the target (SQL; D19 p.2).
6. FY26 revenue growth of 35% to 40% Partial - At the Q1 FY26 call, management guided for 35% to 40% growth in gross top line for FY26, later restated at the Q2 FY26 call as around 35% growth. FY26 consolidated revenue was ₹654 cr, growth of 30.1% YoY, falling short of the guided range (SQL; D19 p.2).
7. Increase gross margin and PAT in FY25-26 without compromising top line Delivered - At the Q4 FY25 call, management stated that for FY25-26, the major focus would be to increase gross margin as well as PAT, without compromising on the top line. FY26 consolidated revenue grew 30.1% to ₹654 cr, PAT grew 44.4% to ₹75.8 cr, and PAT margin improved to 11.60% from 10.4% in FY25 (SQL; D19 p.2).
8. NVOCC trade-lane expansion to East Africa and Mediterranean in FY25-26 Partial - At the Q4 FY25 call, management stated they were planning to start NVOCC services in East Africa and the Mediterranean Sea, with four to five major trade lines. By FY25-26, NVOCC operations had expanded to East Africa, Russia, and Libya, but no specific mention of Mediterranean services to Italy is in our record.
9. NVOCC container fleet of \~5,000 by end-FY26 with >90-95% utilisation Missed - At the Q1 FY26 call, management targeted \~5,000 containers by end-FY26, up from \~2,500, with a prior Q4 FY25 call noting utilisation should exceed 90-95%. As of the Q2 FY26 call, lease finance covered \~3,000 containers, and the FY26 deadline has passed with no disclosed final count or utilisation rate in our record.