1. IPO proceeds - borrowing repayment by March 2025 Missed - The offer document committed repayment/prepayment, in full or part, of certain borrowings of the Material Subsidiary by March 2025. Repayment was "Ongoing" as of November 2025 and delayed; the object was later reallocated to M&A/Greenfield/JV with revised allocation ₹0.00.
2. IPO proceeds - GCP ₹24.392 cr by March 2026 Delivered - The offer document committed ₹24.392 cr (till March 2026) for general corporate purposes. The amount was fully utilized as of December 31, 2025.
3. IPO proceeds - Material Subsidiary working capital ₹23.329 cr by March 2026 Delivered - The offer document committed ₹23.329 cr (till March 2026) for funding the Material Subsidiary's working capital requirements. The amount was fully utilized as of March 31, 2026.
4. IPO proceeds - Material Subsidiary capex ₹22.093 cr by March 2026 Delivered - The offer document committed ₹22.093 cr (till March 2026) for investment in the Material Subsidiary to fund capex. The amount was fully utilized as of September 30, 2025, ahead of the deadline.
5. IPO proceeds - working capital ₹13.456 cr by March 2026 Delivered - The offer document committed ₹13.456 cr for funding the Company's working capital requirements till March 2026. The amount was fully utilized as of the November 2025 deviation report, ahead of the deadline.
6. IPO proceeds - machinery/equipment ₹14.104 cr by March 2026 Delivered - The offer document committed ₹14.104 cr through purchase of machineries and equipment by the Company till March 2026. The amount was fully utilized as of the November 2025 deviation report, ahead of the deadline.
7. IPO proceeds - M&A/Greenfield/JV reallocation Delivered - In the November 2025 announcement, ₹612.87 million was proposed to be reallocated to Mergers & Acquisitions, Green field Projects and Joint Ventures. Shareholders approved the reallocation on December 17, 2025; ₹36.77 cr due till March 2026 was utilised with the Hobel acquisition completed April 27, 2026.
8. Hobel Bellows - 50% EBITDA margin sustainable Pending - In the May 2026 acquisition announcement, management believed Hobel Bellows' EBITDA margins in the range of 50% are sustainable over the medium term. Q1 FY27 consolidated gross margin was 65%; Hobel-specific EBITDA margin is not separately disclosed in our record.
9. Hobel Bellows - 15-17% growth over 3-4 years Pending - In the May 2026 acquisition announcement, management saw Hobel Bellows scaling at a conservative growth rate of 15% to 17% over the next 3 to 4 years. Q1 FY27 Hobel contributed ₹22 cr for two months; the 3-4 year horizon is not reached.
10. Machining capacity - \~8.0 lakh hours in FY26 Missed - In the FY25 annual report, the company planned to increase machining capacity further to around 8.0 lakh hours in FY 2025-26, from 6.3 lakh hours as of March 2025. Q2 FY26 capacity was 6.83 lakh hours; FY26 installed capacity closed at 6.8 lakh machine hours, below the 8.0 lakh hour target.
11. QIP - enabling resolution up to ₹750 cr Pending - At the Q1 FY27 call, management stated a board resolution is in place to raise up to ₹750 cr via QIP, framed primarily as an enabling resolution for flexibility, not an immediate fundraising. Our record holds no QIP launch or completion as of Q1 FY27.
12. Dheya fundraising - \~US$1 crore, Unimech participation Pending - At the Q1 FY27 call, management stated Dheya Engineering Technologies is looking to raise approximately USD1 crore through equity and debt, with Unimech intending to participate in the equity rounds and possible modest dilution of its ownership. Our record holds no disclosure of the completed Dheya fundraising as of Q1 FY27.
13. Gross block - double by end of FY27 Pending - At the Q1 FY27 call, management stated gross block by end of FY27 is expected to be approximately double the current value, primarily driven by the Saudi JV investment. Q1 FY27 gross block is not separately quantified in our record and the Saudi JV investment is in progress; the end-FY27 target is not yet assessable.
14. FY27 gross margin - 65% blended sustainable On track - At the Q1 FY27 call, management guided 65% as a good sustainable gross margin number for this year on a blended basis. Q1 FY27 consolidated gross margin was 65%, meeting the target in the first quarter.
15. Hobel Bellows growth - 15-20% in FY27 Pending - At the Q1 FY27 call, management expected Hobel Bellows growth closer to 15%-20%, cautioning this is a premature growth indication while the business is being integrated. Q1 FY27 Hobel contributed ₹22 cr for two months; the full-year growth target is not yet assessable.
16. Nuclear EMCCR orders - complete in 12-18 months On track - At the Q4 FY26 call, management stated nuclear EMCCR orders (Tarapur and Madras reactors) were "expected to be completed in 12 to 18 months' time". Q1 FY27 carried a nuclear order book of ₹87 cr, with close to 50% to be executed in FY27 largely in H2 and the remainder in H2 FY28.
17. Hobel Bellows - consolidate from Q1 FY27 Delivered - At the Q4 FY26 call, management stated Hobel Bellows financials would be consolidated from Q1 FY27 onwards ("it will likely come from Quarter 1 onwards"). The Hobel acquisition completed on 27th April 2026 and Q1 FY27 includes 2 months of Hobel revenue.
18. FY27 EBITDA margins - better than FY26 On track - At the Q4 FY26 call, management expected consolidated EBITDA margins to remain healthy and be better than FY26; at Q1 FY27 it guided 30-32% plus, expecting close to 34-35% for FY27. Q1 FY27 EBITDA margin was 36.5%, above FY26's 31%.
19. Q1 FY27 revenue - surpass Q4 FY26 Delivered - At the Q4 FY26 call, the CFO said "we will strive for improving our quarterly revenue base and will target Q1 FY27 revenue to surpass the Q4 FY26 revenues". Q1 FY27 revenue was ₹108 cr, up 32% sequentially over Q4 FY26's ₹82 cr.
20. FY26 year-end margins - EBITDA 25%, PAT 25% Partial - At the Q3 FY26 call, management stated year-end margins were expected to touch EBITDA 25% and PAT 25% level. FY26 EBITDA margin was \~31%, exceeding the target; FY26 PAT margin was \~22%, falling short of 25%.
21. Saudi JV - $30M revenue by year five, 35% EBITDA, 20% PAT On track - At the Q3 FY26 call, management stated the Saudi JV (Kanoo-Unimech, Unimech 51%) targets $30 million revenue by year five with 35% EBITDA and 20% PAT margins, readiness by year three, and $30 million phased over three years; Q4 FY26 added a three-year breakeven horizon and Q1 FY27 \~US$10 million infusion expected during August 2026. The JV was formally established in Q3 FY26 with Saudi Ministry of Investment approval received, facility and hiring progressing, but no JV revenue in FY26.
22. Dheya DET-200 certification - conclude next year On track - At the Q2 FY26 call, management stated DET-200 (20-kg engine) CEMILAC/DRDO-supervised certification was expected to conclude next year. By Q4 FY26, documentation was submitted and qualification testing underway with limited certification targeted by end of H1, and by Q1 FY27 the engine was progressing toward the validation phase.
23. Semiconductor - revenue from calendar 2026 Delivered - At the Q2 FY26 call, management stated that on successful FAI approvals, potential long-term orders could begin calendar year 2026, with some semiconductor revenue anticipated by the beginning of next calendar year. Initial production orders started from January 2026 with long-term order visibility, Q3 FY26 brought small production orders with 52 weeks visibility, and Q1 FY27 added an RFQ from a large semiconductor equipment OEM.
24. FTWZ - operations commence Q4 FY26 Delivered - At the Q2 FY26 call, management stated free trade warehousing zone operations were expected to commence in Q4 of FY26, with government approvals in process; at Q3 FY26 the approval process was expected to conclude during Q4 FY26 with facility setup largely complete. All regulatory approvals and SEZ authority clearance were received by Q4 FY26 and FTWZ was operationalised in May 2026, fully operational by Q1 FY27.
25. Export-domestic mix - 75:25 in \~2 years On track - At the Q1 FY26 call, management stated the export-domestic mix was unlikely to change much over the next 1-1.5 years, with roughly a 75:25 mix about 2 years down the line; at Q3 FY26 this was refined to \~80:20 in three years. Q1 FY27 exports were \~96%, so the domestic mix target remains far off with the horizon open.
26. M&A/JV - close a deal within this year Delivered - At the Q1 FY26 call, management was evaluating precision manufacturing targets in India and the US plus JVs outside India, and wished to come close on a deal within this year, with updates promised in coming quarters. The Kanoo-Unimech JV was formally established in Q3 FY26 and the Hobel Bellows acquisition completed in April 2026.
27. DET-500 certification - end of 2026 / early 2027 On track - At the Q1 FY26 call, management stated DET-500 (50 kg thrust engine) certification was expected around end of 2026 / early 2027, as per plan. By Q4 FY26 the engine had achieved multiple validation tests up to 90% load capacity, over 500 minutes runtime and 100+ test cycles, and by Q1 FY27 was progressing toward the validation phase.
28. Working capital days - 150-160 as nuclear scales On track - At the Q1 FY26 call, management stated working capital of \~100-110 days would increase to 150-160 days as the nuclear segment scales, reiterated at Q2 FY26 and Q3 FY26. Actual days ran Q2 FY26 \~90-100, Q3 FY26 \~150-160 expected to stabilize, Q4 FY26 \~120-125 and Q1 FY27 \~130.
29. FY26 order book - ₹300 cr aspirational Partial - At the Q4 FY25 call, management's closing comment was to "build a much bigger order book by the end of this year", with ₹300 cr later referenced as an aspirational number; at Q3 FY26 the ₹300 cr guidance was withdrawn, revised to ₹90-100 cr quarterly order intake. Order book reached ₹214.9 cr by Mar'26 and ₹313.7 cr by May'26, nearly reaching ₹300 cr after the fiscal year end.
30. Order book - hold close to ₹100 cr Delivered - At the Q4 FY25 call, management stated the order book would hold close to around ₹100 crores whenever reported until a very significant order comes across. Reported levels ran Mar'25 ₹93.4 cr, Jun'25 ₹81 cr, Sep'25 ₹105 cr and Dec'25 ₹111.6 cr, before rising to Mar'26 ₹214.9 cr, May'26 ₹313.7 cr and Jun'26 ₹280.3 cr.
31. Engine stands / GSE - long-term agreement opportunity in coming quarters Pending - At the Q4 FY25 call, management saw an opportunity for a long-term order agreement on the newly won engine stands / ground support equipment order "in the coming quarters". Q2 FY26 brought a $4 million GSE order under the LEAP program with "potential to convert into meaningful long-term orders"; by Q1 FY27, only the separate FACC Austria LTA was signed, with engine Tier-1 LTA discussions still at an advanced stage.
32. Qualifying five new customers - two OEMs, three Tier 1s Pending - At the Q4 FY25 call, management said it was working towards qualifying five new customers, of which two are OEMs and three are Tier 1s. Q1 FY26 mentions the five only as new inquiries, predominantly aerospace and defence, with no filing confirming their qualification.
33. Nuclear order book - large order book by year end Delivered - At the Q4 FY25 call, management was confident of growing the nuclear segment with a large order book by year end. Nuclear order wins of \~₹87 cr were secured to date by Q4 FY26, with a nuclear order book of ₹87.3 cr included in the Q1 FY27 order book.
34. Dheya Engineering - remaining 14% stake in 4-6 months Delivered - At the Q4 FY25 call, management stated it had signed up for acquisition of a 30% stake in Dheya Engineering, with the remaining 14% to "click in" when the prototype engine approval completes, fairly estimated at 4-6 months. The Dheya stake increased from 16% to 30% during FY26, though the timing of the final tranche is not precisely dated in our record.
35. FY26 capex - ₹75-80 cr plan Missed - At the Q4 FY25 call, management guided a FY26 capex plan of ₹75 to ₹80 crores for machineries etc., with a working capital plan of ₹60 crore overall. Nine-month FY26 capex was nearly ₹46 cr and FY26 net capex addition was ₹55.1 cr, below the ₹75-80 cr plan.
36. Operating leverage - margins from FY27, 35% longer term On track - At the Q4 FY25 call, management stated operating leverage will come from FY27 with margins not as low as FY26, and comfortably targeting 35% "longer term" over the next 3-5 years. FY26 EBITDA margin was \~31%, and Q1 FY27 EBITDA margin was 36.5% with FY27 guidance of 30-32% plus, expecting close to 34-35%.
37. 40% growth for next 4 years - ₹1,000 cr sales by FY29 On track - At the Q4 FY25 call, management stated the target is to keep growing at 40% for the next 4 years, with an ambition of achieving ₹1,000 crore sales by end of FY29; the ₹1,000 cr goal was reiterated at Q2 FY26 even as FY26 actual growth came in at -1%. FY26 revenue was ₹240 cr, down 1% YoY, while Q1 FY27 revenue of ₹108 cr was up 71% YoY, leaving the FY29 target still ahead.
38. Revenue mix - 60:40 tooling vs nuclear/precision in 4 years On track - At the Q4 FY25 call, management targeted a 60-40 revenue mix (tooling vs nuclear/precision) in the next 4 years; at Q2 FY26 the FY29 mix was framed as \~65% aero tooling / \~35% nuclear-precision, possibly 55:45 with a larger precision LTA, and at Q3 FY26 as \~65% tooling over three years. Q1 FY27 mix was aero tooling 76%, Hobel 21%, balance precision, with the FY29 horizon still open.
39. Floor space - 3,00,000 sq ft via Devanahalli facility Delivered - At the Q4 FY25 call, management planned to increase floor space to at least 3,00,000 sq ft by adding another facility in the Devanahalli area, taking machine hour capacity close to around 8 lakh hours. By Q1 FY27 manufacturing area was \~563,000 sq ft across 5 facilities, exceeding the floor-space target, while machine capacity of 6.83 lakh hours by Q2 FY26 and over 7 lakh by Q3 FY26 left the 8 lakh hour target unconfirmed.
40. FY26 EBITDA margin - 30-32% guided Delivered - At the Q4 FY25 call, the CFO guided an EBITDA margin of around 30%-32% for FY25-26, reiterated at Q1 FY26 and referenced at Q2 FY26. FY26 EBITDA margin was \~31%, within the guided range.
41. Gross margin - 60-62% by FY26 year-end Delivered - At the Q4 FY25 call, the CFO guided gross margin around 60%-62% at the year end for FY26; at Q2 FY26 management maintained 60-62% by end of FY26, saying gross margin should not go below 60%. FY26 gross margin was \~69.7-70%, with Q4 FY26 at \~73%, exceeding the guided range.
42. Precision segment growth - 75-80% in FY26 Missed - At the Q4 FY25 call, the CFO guided the precision segment (8% of revenue, small base) to grow by 75% to 80% approximately next year, with majority of revenue from Q3 onwards and the segment shaping up well by year end. Precision contributed \~10% of FY26 revenue, down from \~15% in FY25, so the 75-80% growth target was not achieved and the segment's share declined.
43. FY26 revenue growth - 35-40% guided Missed - At the Q4 FY25 call, management expected to "reasonably grow around 35% to 40% this year", with the CFO guiding 40% growth and aero tooling \~35%; Q1 FY26 reiterated 35-40%, Q2 FY26 withdrew it as "not practical" targeting to surpass last year's revenue, and Q4 FY26 reported gross revenue ₹257 cr versus FY25's ₹243 cr. FY26 revenue from operations was ₹240.49 cr, down 1% YoY, so the original growth target was not achieved and the revised target was met only on a gross basis.
44. Machine-hour capacity - 5,00,000+ hours in both plants, utilization from May Delivered - At the Q3 FY25 call, the CFO stated that after 23 machines in unit one and 27 in unit two (ordered and arriving), additions of \~1,00,000 and 1,18,000 hours respectively would give "more than 5,00,000 hours of capacity" in both plants, with utilization from May onwards. By March 2025 machining capacity was 6.33 lakh hours, exceeding the 5,00,000-hour target with capacity in place.
45. Nuclear products - complete \~8 categories of parts Delivered - At the Q3 FY25 call, management's plan for nuclear products was to complete around 8 categories of parts beyond drive mechanism - fuel anchor/ceiling plug, end fitting, shielding plug etc. - with 5 already in the approval process. By Q3 FY26 the company had qualified around 10 nuclear subsystems and by Q4 FY26 more than \~10 semi-systems/sub-assemblies, though the notes do not map the specific categories named.
46. ROCE normalization - back to normal in 18-24 months On track - At the Q3 FY25 call, the CFO stated ROCE would be slightly lower for a couple of quarters but would be "back to normal" in 18-24 months, with fixed asset turnover always 3.5 at full utilization; later revised to 3x-3.5x over 24-30 months, over 3x, and Q1 FY27 guidance of 2.5-3x turns with ROCE beyond 20-21%. FY25 adjusted ROCE was 33%, FY26 ROCE 9.6-11.28% and Q1 FY27 annualized \~14.3%, with asset turns slightly over 2x, below the "normal" level as the Dec 2026 horizon approaches.
47. Capacity utilization - \~70% next year, 90% in 18-24 months Partial - At the Q3 FY25 call, management stated utilization will reach \~70% next year and subsequently 90%, with the CFO saying it will "definitely reach to the 90% level over 18 to 24 months"; revisions guided FY26 at 70-75, maybe 80, with 85-90% by FY28-FY29, mid-50s in FY26 and improvement over 30-36 months. Actual utilization ran FY25 \~57%, FY26 52% and Q1 FY27 \~58%, missing the \~70% FY26 target with the 90% horizon still open.
48. EBITDA margin - "more than 40-ish" for Q4 FY25 and quarters to come Partial - At the Q3 FY25 call, management guided Q4 FY25 EBITDA margin of "more than 40-ish", holding "for the quarter and quarters to come" whenever revenue crosses "60-ish", with the same range sustained over the next 4 quarters and the subsequent 4. Q4 FY25 EBITDA margin was 40.2%, but Q1 FY26 was \~31%, Q2 FY26 \~30%, Q3 FY26 4.6% and Q4 FY26 \~43%.
49. Q4 FY25 revenue - ₹65-70 cr guided Delivered - At the Q3 FY25 call (Dec 2024), management guided Q4 FY25 revenue of approximately ₹65-70 cr, based on \~65% conversion of the \~₹100 cr opening order book, affirming the analyst's range as "approximately that range, you are right". Q4 FY25 revenue from operations was ₹68.4 cr, up 27% QoQ and 10% YoY, within the guided range.