1. Defense land - 100 acres from MIDC at Amravati Delivered - At the Q4 FY25 PPT, the company disclosed a comfort letter received for 100 acres of land from MIDC at Amravati for manufacturing Arms & Ammunition. Government of Maharashtra allocated the land and issued the Arms license, and land acquisition at Amravati was completed as of Q1 FY27.
2. Defense technology tie-up - 100% buy-back Delivered - At the Q4 FY25 PPT, the defense technology tie-up with a European company included a 100% production buy-back arrangement, reiterated at Q4 FY26 and Q1 FY27. The tie-up was in place by Q1 FY26, and the Q1 FY27 PPT confirmed a buyback agreement with performance guarantee.
3. Vasai facility capex - ₹75 crore Delivered - At the Q4 FY25 PPT, Vasai new facility capex was stated at ₹75 crore, with ₹50 crore debt and the balance funded by company and promoters. ₹75 crore was incurred and factory work completed, as disclosed at Q4 FY26 and Q1 FY27.
4. FY31 revenue vision - ₹5,000+ crore Pending - At the Q1 FY27 PPT, the company set a long-term vision of ₹5,000+ crore revenue by FY31. FY26 revenue was ₹1,090 crore and Q1 FY27 revenue was ₹302 crore; the FY31 horizon has not been reached.
5. Defense manufacturing license - small arms and ammunition Delivered - At the Q4 FY26 call, management noted acquisition of the small arms manufacturing license on December 31, 2025 and the ammunition license on April 19, 2026. Both licenses were confirmed as acquired in the Q4 FY26 and Q1 FY27 PPTs.
6. Tembo Infra merger with Tembo Global Pending - At the Q3 FY26 call, the board approved the proposed merger of Tembo Infra with Tembo Global Industries, with filings completed with NSE. The merger was filed with NSE; no subsequent disclosure of completion has been made.
7. Tembo Classic Engineering acquisition - 75.09% stake Delivered - In the February 2026 announcement, Tembo Global acquired 2,90,62,305 equity shares of Tembo Classic Engineering Private Limited, constituting 75.09%. The acquisition was completed, and Q1 FY27 disclosures show Tembo Global holding 75-76% in Tembo Classic Engineering.
8. Dividend - 10% for FY25 Delivered - In the FY25 annual report, the board recommended an interim dividend of 10% per equity share (₹1 per share) in February 2025 for the year ended March 2025. The dividend was declared and recommended; no subsequent disclosure of non-payment has been made.
9. Rights issue - ₹866 lakh loan repayment in FY23 Delivered - In the July 2022 rights issue, ₹866 lakh was earmarked for repayment of loan with estimated utilisation in FY 2022-23. The rights issue raised ₹10.50 crore, proceeds were majorly used to pay term debt, and gearing improved to 0.98x as of December 31, 2022 from 1.64x as of March 31, 2022.
10. Solar PPA - 124 MW, execution within 18 months Partial - In the October 2024 announcement, the company secured its first PPA for a 124 MW solar project with the Maharashtra government at a total cost of \~₹595 crore, slated for execution within 18 months with a 25-year PPA. The 18-month window ended April 2026; four of 30 sites were operational as of August 2026, with the rest on track for Q2 FY27 commissioning.
11. Vasai land parcel - 4-5x capacity increase, commissioned in FY25 Partial - In the May 2024 announcement, the 3.32-acre Vasai land parcel expansion project, to increase capacity by 4-5 times, was scheduled for commissioning during FY25. Capacity of 1,00,000 MTPA was commissioned in January 2026, one year after the FY25 target.
12. Segment EBITDA margins - Engineering 20-22%, Textiles 4-5%, EPC 25-30% Partial - At the Q4 FY24 PPT, EBITDA margin guidance by segment was Engineering 20-22%, Textiles 4-5% and EPC projects 25-30%. FY26 segment EBIT margins were Engineering Solutions 21.9% and Textiles 1.8%, versus FY25's 17.6% and 2.1%; EPC margin was not separately disclosed.
13. Yarn exports - boost textile top and bottom line Missed - At the Q4 FY24 PPT, the company said it initiated yarn exports in FY25 to grow the textile division and boost the segment's top and bottom line. FY26 textiles revenue of ₹439 crore was entirely domestic, as was Q1 FY27's ₹2 crore; no yarn export revenue has been disclosed.
14. EPC contracting diversification Delivered - At the Q4 FY24 PPT, the company planned diversification into EPC contracting projects including fuel farm systems, pipeline installation, and HVAC & electrical package installation. The EPC business was entered in 2023 with orders from Kalpataru, L&T, Tata Projects and RDC-Maldives amounting to ₹300 crore, and Fuel Farm and Marine Jetty projects were completed by Q3 FY26.
15. Backward integration - ERW pipes machinery Delivered - At the Q4 FY24 PPT, the company planned backward integration by installing machinery for manufacturing of ERW pipes. ERW pipes capacity of 60,000 MTPA is included in the Vasai facility, though as of Q1 FY27 the pipes are yet to contribute to revenue.
16. Man-Tembo Industries JV - Saudi Arabia manufacturing unit Missed - At the Q4 FY24 PPT, the company proposed a JV, "Man-Tembo Industries", with Masah (Saudi) for setting up a manufacturing unit in Saudi Arabia. No unit has been established; the Q1 FY27 PPT describes the Masah partnership (75:25, 2023) as having identified opportunities in Solar & Defence in Gulf countries.
17. Textile mill - in-house yarn manufacturing within 3 years Missed - At the Q4 FY24 PPT, the company planned to set up a textile mill and start in-house yarn manufacturing within 3 years, later revised at Q4 FY25 to planning in-house yarn manufacturing post FY27. By Q1 FY27 the textile business had plateaued with existing orders to fulfill, and revenue mix moved to 99:1 Engineering:Textiles; no mill has been announced.
18. Company-level EBITDA margin FY27 - 16-18% On track - At the Q1 FY27 call, management concurred with an analyst's proposed company-level EBITDA margin of 16-18% for FY27. Q1 FY27 EBITDA margin was 16.3%, within the guided range.
19. UAV component manufacturing - Q3 FY27, ₹100 crore first year On track - At the Q1 FY27 call, management said UAV component manufacturing was expected to commence from the Vasai facility in Q3 FY27, with a first calendar year revenue target of around ₹100 crore, reiterated in the Q1 FY27 PPT and August 2026 transcript. An aerospace JV, JR UAV Limited, has been announced with Italian and Japanese partners, capital structure in process.
20. ₹20,000 crore top line by 2030 Pending - At the Q4 FY26 call, management set a target of ₹20,000 crore top line by 2030, saying "we are sure that we can achieve that". FY26 revenue was ₹1,090 crore and Q1 FY27 revenue ₹302 crore; the Q1 FY27 PPT's ₹5,000+ crore by FY31 vision appears to supersede this target.
21. No further fundraise for solar Delivered - At the Q3 FY26 call, management stated they would not go for any further fundraise or preferential allotment for Solar and would complete the project with funds already in hand. Q1 FY27 disclosures show solar carrying ₹350 crore of debt with no additional debt required; no further solar fundraise has been disclosed.
22. Capacity expansion - 90,000 MTA by end of Q2 FY26 Partial - At the Q1 FY26 call, capacity expansion to 90,000 MTA (six-fold from 15,000 MTA) was targeted "by the end of Q2 FY26... in a phased manner", later upsized at Q4 FY25 to 1,05,000 MTPA by beginning of Q2 FY26. Capacity of 1,00,000 MTPA was commissioned in January 2026, i.e. Q3 FY26, one quarter late.
23. Maldives Jetty project - nearing completion Q2 FY26 Delivered - At the Q1 FY26 call, the Maldives Jetty project (Tembo Pes JV) was stated as nearing completion in Q2 FY26. The Q3 FY26 call noted successful completion of complex EPC projects including a Fuel Farm and a Marine Jetty, consistent with the Maldives project.
24. Preferential equity round - closing Delivered - At the Q1 FY26 call, management said a preferential equity round was closing, with a board meeting the next day, toward working capital and defense. Capital was raised via preferential allotment and warrants by Q3 FY26, with the September 2025 preferential issue allocating ₹19.87 crore each to Tembo-PES JV and Tembo Global Solar Power and ₹99.34 crore to Tembo Global Infra.
25. Gearing ratio - not beyond 2:1 Delivered - At the Q1 FY26 call, the finance team said that with the preferential equity raise and ₹500-600 crore debt raise, the gearing ratio "will not go beyond 2:1". D/E stood at 0.77 as of March 2026, well below the 2:1 ceiling.
26. Debt raising - ₹550-600 crore for solar and defense, trimmed to ₹300-350 crore addition by FY27 On track - At the Q1 FY26 call, the finance team guided debt raising of around ₹550-600 crore for solar and defense projects, with gearing around 2:1, later trimmed at Q4 FY26 to ₹300-350 crore of consolidated debt addition by FY27. Debt stood at ₹377 crore as of March 2026, around ₹400 crore at Q1 FY27 - only \~₹140 crore added from the \~₹260 crore base, with the FY27 horizon still running and D/E at 0.77 as of March 2026.
27. PAT margin expansion - toward 10% by end of FY26 Delivered - At the Q1 FY26 call, management said PAT margin could expand "in a slow and steady manner" toward the levels discussed (analyst framed 7.7% toward 10%) by end of the year. FY26 PAT margin was 9.0%, up from 7.4% in FY25, and Q1 FY27 reached 10.3%.
28. Textile business separation - by 2027 On track - At the Q1 FY26 call, management said the textile business will plateau and be phased out and split out of Tembo, visible "in months to come", later specifying separation by 2027 at Q3 FY26. Q1 FY27 shows the textile business plateaued with mix at 99:1 Engineering:Textiles versus 44:56 in Q1 FY26; no formal separation announced yet.
29. Working capital days - 80-90 days Partial - At the Q3 FY26 call, management guided working capital days of around 80-90 days, similar in FY27, later noting at Q1 FY27 that working capital was around 90 days with plans to improve to 80-90 days "in the coming days". FY26 working capital days were 94, above the range; Q1 FY27 was at \~90 days.
30. Additional orders - ₹700-1,000 crore in final-stage negotiations Partial - At the Q3 FY26 call, management said they were in final-stage negotiations for ₹700-1,000 crore of additional orders across Marine, Offshore, Onshore, Water, Fuel Jetty, Fuel Farm and Civil Engineering, with "good news" in coming quarters. The company emerged L1 bidder for a \~₹300 crore Kuwait offshore project at Q4 FY26, with the order book at ₹1,548 crore and a ₹2,400+ crore bidding pipeline at Q1 FY27; the full ₹700-1,000 crore was not confirmed.
31. Solar capex - ₹640 crore (₹420 crore debt, ₹120 crore equity, ₹100 crore subsidy) On track - At the Q4 FY25 PPT, solar project capex was stated at ₹640 crore - ₹420 crore debt, ₹120 crore equity and ₹100 crore government subsidy post-commissioning, reiterated at Q4 FY26 and Q1 FY27. \~₹300 crore had been spent by Q4 FY26 with \~₹471 crore sanctioned, and solar carried ₹350 crore of debt at Q1 FY27.
32. Solar revenue FY27 - ₹75-90 crore (later ₹50-60 crore, then \~₹80 crore) Pending - At the Q3 FY26 call, management guided solar revenue of around ₹75-90 crore for next year plus ₹110 crore subsidy, later revised to ₹50-60 crore in FY27 rising to ₹80-90 crore at peak around FY28 and \~₹80 crore potential in FY27. No solar revenue has been recorded; commercial operations are expected in Q3 FY27.
33. Solar commissioning - end of FY26 (later Q2 FY27) Partial - At the Q1 FY26 call, the 120 MW MSEDCL solar project was expected to be commissioned by end of FY26, matching the Q4 FY25 PPT's end-FY26 timeline, later pushed at Q4 FY26 to end of Q2 FY27. Four of 30 solar sites were commissioned and operational as of August 2026, with the remaining 26 on track for Q2 FY27.
34. Vasai peak revenue - ₹700 crore Pending - At the Q4 FY26 PPT, the Vasai capacity's revenue potential at peak utilization was stated at ₹700 crore, reiterated at Q1 FY27, with the January 2026 announcement anticipating peak annual revenue of up to ₹700 crore within two to three years. Q1 FY27 utilization was 35-40%; no Vasai-specific revenue figure has been disclosed.
35. Vasai capacity - 100,000 MT installed Delivered - At the Q3 FY26 call, management said the new Vasai facility would take installed capacity to approximately 100,000 metric tons, phased over two to three years. Capacity was ramped from 18,000 MTA to 1,00,000 MTA in January 2026, with commercial production commencing in Q3 FY26.
36. FY27 PAT margin - 10-12% On track - At the Q3 FY26 call, management guided FY27 PAT margins of around 10-12%, reiterated at Q4 FY26. Q1 FY27 PAT margin was 10.3%, within the guided range.
37. Defense revenue FY27 - ₹125-150 crore (later ₹70-100 crore) On track - At the Q3 FY26 call, management guided FY27 defense revenue of ₹125-150 crore, roughly six months of operations, later framed at Q4 FY26 as 5-6% of FY27 projections and lowered at Q1 FY27 to ₹70-100 crore this year. No defense revenue has been recorded yet; production is expected from Q4 FY27.
38. Defense capex - ₹1,000 crore over three years (MoU with Maharashtra) On track - At the Q1 FY26 call, management said the ₹1,000 crore defense investment under the MoU with the Government of Maharashtra spans three years, matching the Q4 FY25 PPT's ₹1,000 crore over next 3 years from FY25; Q1 FY27 split it into a first phase of around ₹550 crore and second phase of ₹400-450 crore. Land is acquired with a construction plan in place, though no major capex has been deployed yet.
39. Defense machinery - in place by September 2026 Missed - At the Q3 FY26 call, management targeted machinery to start arriving by June-July 2026, with total machinery in place by September 2026. As of Q1 FY27, land was acquired and a consultant appointed with construction expected to begin by end of August 2026; no machinery arrival or installation has been disclosed.
40. Defense revenue - ₹1,000 crore by FY30 Pending - At the Q1 FY26 call, management guided defense revenue of around ₹1,000 crore by FY30, with phased expansion continuing up to FY30, later reframed at Q1 FY27 as building on an ₹1,000 crore basis over the initial first 2-3 years. No defense revenue yet, with production expected from Q4 FY27; the FY30 horizon has not been reached.
41. First defense revenue - Q1 FY27 Missed - At the Q1 FY26 call, management guided first defense revenue in Q1 of FY27, correcting an initial "Q1 FY26" statement. The timeline slipped through Q3 FY26 (production by September-end/October 2026) and Q4 FY26 (revenue from Q4 FY27) to Q1 FY27's production in Q3 FY27 and first batch in Q4 FY27; no defense revenue was recorded in Q1 FY27.
42. FY27 PAT - ₹200 crore plus On track - At the Q1 FY26 call, management guided FY27 PAT of around ₹200 crore plus, with defense contributing ₹80-85 crore, later reframed through a 10-12% FY27 PAT margin guidance and a 16-18% EBITDA margin concurrence. Q1 FY27 PAT was ₹31.2 crore, up 55.3% YoY, annualizing to \~₹125 crore with defense expected only from Q4 FY27.
43. FY27 revenue - ₹1,400-1,500 crore (later revised to \~₹1,600 crore) On track - At the Q1 FY26 call, management guided FY27 revenue growth of 30-35%, i.e. ₹1,400-1,500 crore, raised at Q3 FY26 to 35-40% growth and at Q4 FY26 to approximately ₹1,600 crore, reaffirmed at Q1 FY27. Q1 FY27 revenue was ₹302 crore, up 21.9% YoY, below the \~₹400 crore quarterly run-rate needed; management remains confident of ₹1,600 crore.
44. FY26 revenue - ₹1,100 crore Delivered - At the Q1 FY26 call, management confirmed the ₹1,100 crore FY26 revenue guidance as conservative, first set in the Q4 FY25 PPT. FY26 revenue came in at ₹1,090 crore, slightly below the ₹1,100 crore guided figure.
45. FY26 PAT - ₹80-100 crore Delivered - At the Q1 FY26 call, management guided FY26 PAT in the range of ₹80-100 crore, responding to an analyst's higher ₹110-125 crore suggestion. FY26 PAT came in at ₹98.23 crore, up 79.7% YoY per the Q4 FY26 PPT, at the top of the guided range.