1. Revenue growth - 15% to 20% for FY25 Delivered - At the Q1 FY25 call, management guided revenue growth of 15% to 20% for FY '24-'25. FY25 revenue stood at ₹157 crores, reflecting 18% year-on-year growth.
2. PAT improvement - around 10% for FY25 Missed - At the Q1 FY25 call, management guided an improvement of around 10% on PAT for FY '24-'25. FY25 PAT stood at ₹6 crores, a decline of \~1.8% from FY24 PAT of ₹616.7 lakhs.
3. New vegetarian plant - commissioned by March 2025 Partial - At the Q1 FY25 call, management committed the new veg plant would be commissioned by March '25, stated as "very, very, very sure". The plant was commissioned after multiple delays, with Q4 FY26 PPT confirming Plant II as commissioned, well past the original March 2025 deadline.
4. New veg plant - 50% installed capacity utilisation by FY27 Pending - At the Q1 FY25 call, management guided that by FY27, the company plans to touch almost 50% of the installed capacity in the new plant. FY27 has not yet begun; no utilisation read for the veg plant exists in our record.
5. PAT margin double to \~10-11% by FY28-29 Pending - At the Q1 FY25 call, management guided that by 2028-2029, the company should double the PAT margin to \~10%-11%. FY26 PAT margin was 3.9%; FY28-29 horizon not reached.
6. Peak revenue capacity - three times plus of FY24 revenue Pending - At the Q1 FY25 call, management guided that peak revenue capacity of both plants will be three times plus of FY24 revenue of ₹133 crores. Peak capacity horizon not reached; FY26 revenue was ₹165.7 cr.
7. Chicken capacity expansion needed in FY26 Partial - At the Q1 FY25 call, management guided that a capacity expansion in chicken will be needed in FY26. Operational chicken capacity increased from \~7,000 MT to 7,800 MT, though the old-veg-space merger was not explicitly confirmed as completed in our record.
8. Bakery/vegetarian capacity expansion needed in FY28-29 Pending - At the Q1 FY25 call, management guided that capacity expansion for bakery/vegetarian items would be needed in FY28-29, but could come earlier if certain new products take off. The new 16,000 MT vegetarian plant has been commissioned; FY28-29 horizon not reached.
9. Distribution in 60-70 cities by the time the new plant is operational Partial - At the Q1 FY25 call, management guided presence in at least 60 to 70 cities with distributors by the time the new plant is operational. As of 31st March 2025, the company was in 40 cities with 31 distributors; the plant is now commissioned but no updated count exists in our record.
10. New veg plant capacity - 14,000 to 15,000 metric tons annually Delivered - At the Q1 FY25 call, management guided the new veg plant capacity at 14,000 to 15,000 metric tons annually at full capacity. The commissioned Plant II has an installed capacity of 16,000 MT/year, exceeding the original target.
11. New veg plant capex - close to ₹38 crores Pending - At the Q1 FY25 call, management guided capital expenditure for the new facility being revised to close to ₹38 crores. Our record holds no final standalone capex figure for the veg plant to judge against the ₹38 cr target; the plant is commissioned but total spend is not isolated.
12. New veg plant - strong focus on exports (Middle East, US, Europe) On track - At the Q1 FY25 call, management guided the new plant is designed with a very strong focus on exports, targeting Middle East, US, and European markets. FDA registration for US exports has been secured, and samples have been sent to 8-10 countries for the Allana facility.
13. Exports - white label/private label, not own brand On track - At the Q1 FY25 call, management guided that exports will mainly be a white label/private label business, not own brand sales. The UNIFAYRE brand launch is a limited own-brand test in chicken described as a testing ground, not a strategy shift from the stated private-label export approach.
14. Revenue growth - plus 20% for FY26 Missed - At the Q1 FY26 call, management guided "plus 20% revenue growth for the next financial year also," referring to FY26 vs FY25 revenue of ₹157 cr. FY26 revenue was ₹165.7 cr, up 5.4% YoY, well short of the guided 20%.
15. Allana JV - revenue of close to ₹180-190 cr Pending - At the Q1 FY26 call, the CFO guided that the Allana CF Foods Pvt Ltd JV company will generate close to ₹180-₹190 cr revenue. The Allana JV facility has achieved operational readiness with phased scale-up expected in July 2026; no revenue contribution yet.
16. Total revenue - close to ₹550 cr by FY28 Pending - At the Q1 FY26 call, the MD guided total revenue of close to ₹550 cr by FY28. The ₹550 cr target was later revised to FY29; FY28 horizon not reached.
17. KFC marination trial - starting August 2025, 60-65 MT monthly Partial - At the Q1 FY26 call, management guided the KFC marination trial would start from August 2025, with a 3-4 month trial phase doing approximately 60-65 metric tons monthly. By the Q3 FY26 call, management stated the onboarding was completed but deferred due to the Devyani-Sapphire merger, leaving the project on hold.
18. Cash conversion cycle - \~50-55 days for FY26 Delivered - At the Q1 FY26 call, the CFO guided a target of \~50-55 days cash conversion cycle for FY26. FY26 Working Capital Cycle was 54 days, landing within the 50-55 day target.
19. Maintain 7% to 8% EBITDA going forward Delivered - At the Q1 FY26 call, the CFO guided maintaining 7% to 8% EBITDA going forward. FY26 EBITDA margin was 7.4%, within the 7-8% range.
20. Maintain close to 27% gross margins going forward Delivered - At the Q1 FY26 call, the CFO guided maintaining close to 27% gross margins going forward. FY26 Gross Margin was 27.8%, close to and slightly above the 27% target.
21. No contract manufacturing for vegetables (like Hyphen Foods) Delivered - At the Q1 FY26 call, the MD guided that the company will not do contract manufacturing for vegetables like Hyphen Foods. No evidence of contract manufacturing for vegetables has been disclosed; the veg facility serves B2B customers and private label exports.
22. 30% YoY growth in EBITDA Missed - At the Q3 FY26 call, management guided 30% YoY growth in EBITDA. FY26 EBITDA was ₹122 Mn, up 8.2% YoY, far below the 30% target.
23. No dilution from promoter going forward Delivered - At the Q3 FY26 call, management guided that there will be no dilution going forward from the promoter. No evidence of promoter dilution exists in our record through 14th July 2026.
24. PVR cinemas project - final stage, samples approved, pricing submitted Pending - At the Q3 FY26 call, management guided that the PVR cinemas project is at the final stage with samples approved and pricing submitted. No further mention of the PVR project exists in subsequent filings or transcripts in our record.
25. 65% CAGR target through deeper QSR penetration, value-added mix and export launch Pending - At the Q4 FY26 PPT, management guided a 65% CAGR target under "Vision FY28: Scale + Diversify + Expand". FY28 horizon not reached; FY26 revenue growth was 5.4%.
26. Product mix shift - 65-70% non-veg, 30-35% veg by FY28 Pending - At the Q4 FY26 PPT, management guided product mix shift from FY26 (96% non-veg, 4% veg) to FY28E (65-70% non-veg, 30-35% veg). FY28 horizon not reached; FY26 mix was 96% non-veg, 4% veg.
27. Customer concentration shift - <40% top 4, >60% others by FY28 Pending - At the Q4 FY26 PPT, management guided customer concentration shift from FY26 (84% top 4, 16% others) to FY28E (<40% top 4, >60% others). FY28 horizon not reached.
28. Geography shift - <55% domestic, >45% exports by FY28 Pending - At the Q4 FY26 PPT, management guided geography shift from FY26 (100% domestic, 0% exports) to FY28E (<55% domestic, >45% exports). FY28 horizon not reached; FY26 was 100% domestic.
29. Allana JV plant operational by end of 2025 Partial - In the announcement of 24th October 2024, management targeted the Allana JV plant to be operational by end of 2025. The facility has achieved operational readiness, but phased scale-up of commercial operations is expected in July 2026, past the end-of-2025 deadline.
30. R&D and commercialisation for YUM, McDonald's, Maple Leaf, Tata group by 2026 Partial - In the FY24 Annual Report, management targeted commencement of R&D and commercialization for YUM group, McDonald's, Maple Leaf and Tata group by 2026. KFC onboarding is completed but deferred; no mention of McDonald's, Maple Leaf, or Tata group commercialisation exists in our record.
31. Long-term gross margin - 32% plus and double-digit PAT margin Pending - In the announcement of 2nd March 2026, management clarified a long-term target of 32% plus gross margin and double-digit PAT margin, not a 30% plus EBITDA margin. FY26 gross margin was 27.8% and PAT margin was 3.9%; long-term horizon not reached.
32. Own brand sales - 30-35% revenue share Pending - In the announcement of 23rd April 2024, management targeted own brand sales to reach 30-35%, 40% odd kind of revenue share. No own-brand revenue share is disclosed in our record; the horizon is inferred as medium-to-long term and not yet reached.
33. Subsidy from Punjab - \~₹40-45 cr over 10 years Pending - In the announcement of 31st July 2024, management expected to receive a subsidy from Punjab under investment policy of approximately ₹40-45 crores over 10 years. The 10-year horizon is open; our record holds no disclosure of subsidy receipts.
34. Expansion (9,000 MT capacity) closed before FY26 Missed - In the announcement of 23rd April 2024, management planned to close the expansion of 9,000 metric tons capacity before the next financial year. The new veg plant was built with 16,000 MT capacity, but was commissioned only by the end of FY26, not before it.
35. Margins will definitely improve this year (FY25), but next year onwards take a hit Missed - In the announcement of 9th April 2024, management stated margins will definitely improve in FY25, but next year onwards take a hit. FY25 EBITDA margin was 7.9% vs FY24 EBITDA margin of \~9.1%, a decline rather than an improvement.