1. Exports to 10 countries as growth strategy Delivered - In the FY24 annual report, management planned to expand its footprint by successfully exporting products to 10 countries and continuing the strategy for growth. Exports reached around 10 countries as of 31st March 2025, though presence fell to 8 countries in FY26 and 2 in Q1 FY27.
2. Hyderabad GI expansion of 24,000 MTPA, commenced Q2 FY25 Delivered - The Board approved on 28th May 2024 a second GI plant of 24,000 tons p.a. at Balanagar, Telangana, with the 24,000 M.T. p.a. expansion (₹2 cr outlay) commencing in Q2 FY25. The Balanagar plant was inaugurated, doubling Telangana GI capacity from 24,000 to 48,000 MTPA with ₹2 cr from internal accruals.
3. IPO objects - working capital and GCP on schedule Delivered - Monitoring agency reports for the March, June and September 2024 quarters showed the IPO objects (working capital and General Corporate Purpose, FY23-FY24) as "On Schedule" with no delay. ₹62.00 cr of working capital and ₹3.37 cr of GCP were fully utilised as of 30th September 2024, nil unutilised against ₹65.37 cr.
4. Odisha plant to significantly boost bottomline in coming quarters Missed - At the Q1 FY26 announcement, management expected the newly commissioned Odisha plant to significantly boost the bottomline in the coming quarters. FY26 PAT declined 25.29% to ₹8.79 cr on higher depreciation and finance costs, Q4 FY26 PAT fell 42.12% YoY to ₹2.57 cr, and Q1 FY27 PAT was ₹1.93 cr.
5. Vision FY28 - \~50% upside in overall revenue On track - The Q4 FY26 PPT guided that strategic priorities would drive \~50% upside in overall revenue by FY28, reiterated in the Q1 FY27 PPT. FY26 revenue was ₹1,149.35 cr; Q1 FY27 revenue of ₹293.69 cr grew 27.16% YoY with FY27 guided at ₹1,300-1,400 cr.
6. No new debt - all planned expansion debt already placed Delivered - At the Q4 FY26 call, management said no new debt was planned, with all debt for planned expansions already placed ("new debts, they're not coming"). No new debt announcement appears through Q1 FY27; D/E rose from 0.79x (FY24) to 0.97x (FY26), and CRISIL rated enhanced facilities of ₹370 cr in April 2026.
7. New-product EBITDA margins - 7-8%, visibility by Q2 FY27 On track - At the Q4 FY26 call, management guided new-product EBITDA margins around 7-8% (below 10%), with fair visibility expected "in this year, quarter two". In Q1 FY27, TLT and pole orders gave up to 10% margins against overall company margins of 2%; Q2 FY27 results are not yet reported.
8. New-product revenue share - 30% (₹400 cr-plus) in two years On track - At the Q4 FY26 call, management targeted 30% revenue share from new products, ₹400 cr-plus "in two years", with pipe share down from 80-85% to 75% "in this year". Q1 FY27 new-product revenue was ₹57.23 cr of ₹293.69 cr, about 19.5%, below the 30% target but up from ₹70-100 cr indicated for Q4 FY26.
9. FY27 capex - around ₹10 crore Pending - At the Q4 FY26 call, management guided FY27 capex of around ₹10 crore, to be done only when demand certainty is 100%. No FY27-specific capex figure is disclosed in our record; fixed assets rose from ₹69 cr to ₹110 cr plus ₹45 cr CWIP by Q3 FY26.
10. Hyderabad second galvanizing tank - one to one-and-a-half months Pending - At the Q1 FY27 call, Hyderabad's second galvanizing tank for crash barrier was expected to take another one-one and a half months, after which Hyderabad contribution would increase, a line added solely for highway guardrail per the Q4 FY26 call. One more crash barrier machine was being installed in Q1 FY27; no completion confirmation exists as of 3rd September 2026.
11. Power Grid approval for TLT - couple of months, capacity to 2,000 tons Pending - At the Q1 FY27 call, Power Grid approval for transmission line towers was expected within another couple of months, raising TLT installed capacity from \~600-700 tons to 2,000 tons; Q3 FY26 had flagged approval as "not very far away". PGCIL's first inspection was done by Q3 FY26 and the permission file was lodged by Q1 FY27; no approval confirmation exists as of 3rd September 2026.
12. North India plant - land purchase finalized "very soon", first phase crash barrier Pending - At the Q1 FY27 call, management said the new North-India plant land purchase was "in the talks", to be finalized "very soon", with first-phase crash barrier production and poles and TLT added later. Subsidiary Viyom Steel Infra Pvt Ltd was incorporated in North India; no land finalization is disclosed as of 3rd September 2026.
13. Q2 FY27 revenue growth similar to Q1's \~20%, plus \~1,000 tons/month Pending - At the Q1 FY27 call, management expected Q2 FY27 revenue growth similar to Q1's \~20% plus \~1,000 tons/month additional sales (\~₹10 cr monthly), a 20-25% increase, with new-product contributions reflecting from Q2. Q2 FY27 results are not yet reported as of 3rd September 2026, the quarter ending 30th September 2026.
14. Monopole certifications - Q3 FY27 On track - At the Q1 FY27 call, management expected monopole certifications in quarter 3 FY27, after which monopole contribution will start, pushed back from "streamlined by second quarter of this year" at the Q4 FY26 call. Some certifications were achieved and the final file was submitted to CPRI by Q4 FY26, with manufacturing still awaiting pending certifications in Q1 FY27.
15. Jindal revenue dependency - reduce to \~70% Pending - At the Q1 FY27 call, management targeted reducing revenue dependency on Jindal to around 70% from current \~80-82%, framed as a future target without backing down organic pipe growth. Q1 FY27 revenue from Jindal remained around 80%, maybe 80-82%, and FY26 drew over 80% of turnover from Jindal.
16. Second galvanizing tank contribution - ₹100-150 cr Pending - At the Q1 FY27 call, with the second galvanizing tank adding at least 1,000-1,500 tons of galvanizing capacity, management estimated roughly another ₹100-150 cr of contribution while being reluctant to put a number on it. The tank is not yet confirmed operational as of 3rd September 2026, so the contribution is not measurable.
17. Second galvanizing tank at Jharsuguda - working by 1st September 2026 Pending - At the Q1 FY27 call, management expected the Jharsuguda second galvanizing tank working by 1st September 2026, delayed a couple of weeks by monsoon, after the Q4 FY26 call's "another one, one and a half months". As of the Q1 FY27 call, machines had arrived and civil work was ongoing; no post-September confirmation exists as of 3rd September 2026.
18. Pole capacity - 500 tons/month installed, 300 tons/month sales by October FY27 On track - At the Q4 FY26 call, management targeted 500 tons per month installed capacity for octagon and high-mass pole, and at the Q1 FY27 call, 300 tons/month of pole sales by October. Q1 FY27 sales peaked at 80 tons in a month with 8-9 tons daily achieved, close to 300 tons/month installed capacity, and pole orders of \~250 tonnes; machinery for swaged poles was ordered.
19. Revenue growth - 20-25% for FY27 On track - At the Q1 FY27 call, management expected overall revenue growth of 20-25% for the entire year, above the Q1-achieved level, after the Q4 FY26 call guided ₹1,300-1,400 cr for FY27 versus \~₹1,100 cr. Q1 FY27 revenue was ₹293.69 cr, up 27.16% YoY, exceeding the guided full-year range.
20. Orissa capacity utilization - 30% in Q4 FY26 Missed - At the Q3 FY26 call, management targeted 30% capacity utilization at Orissa "in the quarter four not the entire year", softened with "hopefully". Q4 FY26 production was not separately disclosed; Jharsuguda was "fully operational around Diwali" with dispatches starting then, and Q1 FY27 production of 7,355 MT against 156,000 MTPA implies roughly 18.9% annualized utilization.
21. EBITDA margin - higher by \~2% at 75:25 mix Pending - At the Q3 FY26 call, management said EBITDA margins at the 75:25 mix would be "going to be higher by 2% or so", later hedged at Q4 FY26 to more than the current 4% "by at least 1%" conservatively. FY26 EBITDA margin was 4.04% and Q1 FY27 was 4.21%; the 75:25 mix is not yet achieved, so no read is possible until it shifts.
22. Exports - scale 10x over five years On track - The Q3 FY26 call targeted export orders from the Orissa plant and scaling exports from the current 3-5%, formalized in the Q4 FY26 PPT as a roadmap to scale exports 10x over the next five years, reiterated in Q1 FY27. Exports stayed 3-5% through Q4 FY26, FY26 forex earnings fell to ₹23.33 cr from ₹39.33 cr, presence shrank to 2 countries, and orders were being declined due to full galvanizing capacity.
23. Product mix 75:25 - pipe vs value-added by FY28 On track - At the Q3 FY26 call, management targeted a 75:25 product mix "in years to come", reiterated in the Q4 FY26 PPT as a shift from 90:10 to 75:25 by FY28. Q1 FY27 mix was 83% pipe, 12% crash barrier, 5% other - pipe \~87% by value - moved from 90:10 but short of 75:25.
24. EPS >5 - achievable if Jharsuguda fully operational Missed - At the Q3 FY25 call, asked whether >5 EPS was achievable if the plant was fully operational, management said "it is achievable, maybe even better than that is achievable". The plant was fully operational around Diwali 2025, but FY26 EPS was ₹4.64 and Q4 FY26 EPS was ₹1.36, below 5 in reported periods.
25. Jharsuguda plant - production commencement by FY25 Partial - In the FY24 annual report, management anticipated Odisha production commencing in Fiscal 2025, later pushed to end-November 2024 on electricity delays and to end-February 2025 per CARE. Commercial production at the 156,000 MTPA Sundargarh plant started in June 2025, fully operational around Diwali 2025, at a total investment of ₹119.83 cr against the originally stated ₹60 cr.