1. Dalmia Cements - deployment of 10 EV vehicles on eight-year contract Pending - At the Q4 FY26 call, management reported receiving an order from Dalmia Cements for deployment of 10 EV vehicles on an eight-year contract. Deployment status has not been disclosed in our record as of Q4 FY26.
2. Enter leasing operations Pending - At the Q2 FY26 PPT, management planned to enter leasing operations. Our record holds no disclosure confirming entry into leasing operations through FY26, and no deadline was specified for this initiative.
3. Explore Rail Logistics and Cross-Border Freight Partial - At the Q2 FY26 PPT, management planned to explore Rail Logistics and Cross-Border Freight as adjacent verticals. Cross-border freight started with \~200-300 containers imported per month from China, but rail logistics remains exploratory with no CONCOR trials confirmed.
4. Enter passenger vehicle logistics (Car Carrier business) On track - At the Q2 FY26 PPT, management targeted entry into passenger vehicle logistics with talks underway with Hyundai, Kia, and Mahindra. The car carrier segment started around September 2025 with \~50 vehicles deployed and TVS, Hyundai, and Toyota onboarded, while 20 car carriers were added in H1 FY26.
5. Enter new segments: Mining, Pharma, Fly Ash, and Coal Transport Partial - At the Q2 FY26 PPT, management targeted entry into Mining, Pharma, Fly Ash, and Coal Transport segments. Coal and Fly Ash transportation commenced during Q2 FY26 and a CMDC bauxite mining contract was secured in FY26, but Pharma segment entry is not evidenced in our record.
6. ERP Platform go-live by end of July 2025 Partial - Management expected the ERP Platform including HRMS and Phase I to go live by end of July 2025. HRMS Phase 1 was implemented and live for select clients by November 2025, but ERP modules were still under testing at that time.
7. IPO proceeds utilisation: general corporate purposes (Rs. 21.47 crore) Delivered - As per the offer document, Rs. 21.47 crore was allocated for general corporate purposes with a completion timeline of FY26. The full Rs. 21.47 crore was utilised as of end of Q1 FY26, meeting the timeline.
8. IPO proceeds utilisation: repayment/pre-payment of loan (Rs. 15.00 crore) Delivered - As per the offer document, Rs. 15.00 crore was allocated for loan repayment with a completion timeline of FY25. The full Rs. 15.00 crore was utilised by end of Q1 FY26, which the monitoring agency reported as a delay of 3 months.
9. IPO proceeds utilisation: working capital requirements (Rs. 30.00 crore) Delivered - As per the offer document, Rs. 30.00 crore was allocated for working capital requirements with a completion timeline of FY26. The full Rs. 30.00 crore was utilised as of Q4 FY25, meeting the timeline.
10. IPO proceeds utilisation: purchase of additional trailers (Rs. 31.76 crore) Delivered - As per the offer document, Rs. 31.76 crore was allocated for purchase of additional trailers with a completion timeline of FY26. The full Rs. 31.76 crore was utilised as of end of Q1 FY26, meeting the timeline.
11. Capital expenditure of Rs. 60-70 crore in FY2026 Missed - Management expected capital expenditure of Rs. 60-70 crore in FY2026. FY26 CWIP remains undisclosed, and with the fiscal year ended March 2026, no outcome confirms the planned spend was executed.
12. Cash flow from operations of Rs. 50-55 crore in FY2026 On track - Management expected cash flow from operations of Rs. 50-55 crore in FY2026. FY26 PAT was Rs. 20.93 crore, but the actual operating cash flow figure for the full year has not been reported in the provided evidence.
13. Fly ash, mining, and coal to contribute 10-12% of FY27 revenue Pending - At the Q4 FY26 call, management stated that if contracts for fly ash, mining, and EV are secured, they expect to improve the top line by more than 20% over FY26 targets. FY26 contribution from these segments together with car carrier and freight forwarding was 5.5%, and FY27 has not yet concluded.
14. FY27 top line growth target under assessment Pending - At the Q4 FY26 call, management stated they are still assessing the FY27 target number and evaluating strategies due to new opportunities from the Middle East conflict. FY27 has not yet concluded.
15. CMDC bauxite mining contract secured in FY26 On track - At the Q4 FY26 call, management announced the securing of a bauxite mining logistics contract from CMDC that includes mining excavation. The contract was secured in FY26 and marks an expansion of the company's mining activities.
16. Five-year agreement to deploy electric vehicles for Amazon Partial - At the Q2 FY26 PPT, management signed a five-year agreement to deploy electric vehicles for Amazon. Two EV vehicles were deployed with Amazon as of Q4 FY26.
17. \~40% revenue from aggregated fleet by FY27 On track - At the Q2 FY26 PPT, management targeted \~40% revenue from aggregated fleet by FY27. FY26 market hiring contribution was \~21% of revenue, and the FY27 target is not yet due.
18. Maintain EBITDA margins on own vehicles at \~18-18.5% Partial - At the Q2 FY26 call, management expected to maintain EBITDA margins on own vehicles at \~18-18.5%. FY26 overall OPM was 17.40%, and the Q4 FY26 transcript does not provide a full-year EBITDA margin for own vehicles, leaving the guided range unconfirmed.
19. Top-10 client concentration to come down to 60-65% for H2 FY26 Pending - At the Q2 FY26 call, management expected top-10 client concentration to come down to 60-65% for H2 FY26 from 78% in H1 FY26. Actual H2 FY26 or full-year client concentration figures are not present in the provided Q4 FY26 transcript or SQL snapshot, so the outcome cannot be verified.
20. ERP Phase-II go-live by December 2025 Pending - At the Q2 FY26 call, management stated ERP Phase-II rollout was on track for December 2025. Q4 FY26 disclosures and our record contain no confirmation of completion, and silence does not constitute positive evidence of a miss.
21. CONCOR rail logistics trials to start within a month Missed - At the Q4 FY25 call, management stated trials with CONCOR for rail logistics would start within a month. Subsequent disclosures through Q4 FY26 show rail logistics still listed as exploratory with no confirmation that CONCOR trials commenced.
22. Annual capex of Rs. 35-40 crores on new trucks Pending - At the Q4 FY25 call, management planned to invest Rs. 35-40 crores every year in capital expenditure on buying new trucks. Our record holds no disclosed FY26 capex actual for this specific truck-related metric.
23. Rs. 1,000 crores plus revenue in the next 3 years Pending - At the Q4 FY25 call, management targeted becoming a Rs. 1,000 crores plus revenue company in the next three years, implying by end of FY28. FY26 revenue was Rs. 636.5 crore, and the FY28 horizon has not been reached.
24. FY26 revenue of Rs. 650 crores Partial - At the Q4 FY25 call, management guided FY26 revenue of Rs. 650 crores. FY26 total income stood at INR 636.5 crore, missing the target by approximately 2%.