1. Move from SME to main board listing - target to double the company in three years Pending - At the Q4 FY26 call, management guided the company is targeting a move from the SME to the main board listing, with a target to double the company in three years. The company remains listed on the BSE SME platform, and no main-board listing application or timeline has been disclosed.
2. Dividend policy - proposed final dividend of 10% of face value Pending - At the Q4 FY26 call, management stated no buyback was planned and capital would be directed toward growth and acquisitions. An interim dividend of 10% of face value was disbursed in H2 FY26, and a proposed final dividend of 10% is subject to shareholder approval, with the total payout not yet finalised.
3. FY27 EBITDA margin recovery - 200-250 bps improvement toward 33% Pending - At the Q4 FY26 call, management guided gradual EBITDA margin recovery towards 33% in FY27, with the Q4 FY26 PPT specifying an improvement of 200-250 bps from the FY26 base of 31.0%. As of the record date, FY27 is underway but no outcome data is yet available.
4. FY27 revenue growth - minimum 35% in INR terms Pending - At the Q4 FY26 call, management guided a minimum 35% revenue growth in INR terms during FY27. FY27 has not yet commenced as of the record date.
5. Post-acquisition margins - around 25% plus, not below Pending - At the Q2 FY26 call, management guided that post-acquisition margins should be around 25% plus and acquisition targets must be in line with company margins. At Q4 FY26, management stated Epitome Cloud's adjusted EBITDA margin is in line with expectations, but the acquisition had not closed as of the record date and post-acquisition consolidated margins are not yet observable.
6. Three acquisitions in the next three financial years On track - At the Q2 FY26 call, management guided plans to do three acquisitions in the next three financial years, restated at Q4 FY26 as at least two to three more acquisitions in the coming years. The Epitome Cloud acquisition, the first of the planned acquisitions, is expected to close in 8-12 weeks from late May 2026, with no further acquisitions announced.
7. EBITDA back to pre-IPO levels - implied \~35%+ Partial - At the Q4 FY25 call, management stated the goal is to get EBITDA back to pre-IPO levels, implied \~35%+. FY26 EBITDA margin was 31.0%, and FY27 guidance implies a target of \~33%, representing progress toward but falling short of the original \~35%+ goal.
8. Double revenue in the next 36 months / three years - long-term vision On track - At the Q4 FY25 call, management guided a long-term goal to double revenue in the next 36 months, restated at Q4 FY26 as a ₹200 Cr top line within three years. FY26 total income was ₹115.60 Cr, and the three-year window from FY26 runs through FY29, with the Epitome Cloud acquisition expected to contribute in FY27.
9. Establish office in Saudi Arabia / Riyadh - strategic priority for FY26 Missed - At the Q4 FY25 call, management guided plans to establish an office in Riyadh, stated as a strategic priority for FY26. At the Q4 FY26 call, management stated the company intentionally reduced commitment for trade shows in the Middle East due to the West Asia crisis, and no disclosure confirms the establishment of a physical office in Riyadh.
10. Hiring plan - add 100+ engineers in FY26 with focus on AI/ML, digital engineering, Salesforce Partial - At the Q4 FY25 call, management guided plans to add about 100+ engineers in FY26, with a Q2 FY26 revision that hiring would be strictly billable and tied to revenue. Headcount grew from \~500+ at Q4 FY25 to 566+ at Q2 FY26, but the Q4 FY26 disclosure of 500+ professionals is imprecise and does not confirm the 100+ target was met.
11. New delivery center in Gurgaon - ₹20 Cr capex Partial - At the Q4 FY25 call, management guided that ₹20 crores has been earmarked for development of a new delivery center in Gurgaon. The center expanded to 80+ seats by Q2 FY26, and by Q4 FY26 management stated the Gurgaon development center objectives have been achieved, but no disclosure of actual capex deployed against the ₹20 Cr figure exists.
12. Strategic acquisition - ₹40 Cr earmarked, close within 9 months / calendar year 2025 Partial - At the Q4 FY25 call, management guided that ₹40 crores has been earmarked for an acquisition to close within 9 months or within calendar year 2025, with the ETA restated at Q2 FY26 as 6-9 months. The Epitome Cloud acquisition was announced at Q4 FY26 with total consideration of \~₹40 Cr and due diligence completed, but it had not closed by the end of FY26 or by the record date.
13. EBITDA margin improvement - 100-150 bps expansion in FY26 Missed - At the Q4 FY25 call, management guided EBITDA margin improvement of 100 to 150 basis points in FY26, reaffirmed at the Q2 FY26 call. FY26 EBITDA margin was 31.0%, down from FY25's 33.77% - a decline of \~277 bps, not an expansion.
14. Organic revenue growth - ≥15% YoY in INR terms for FY26 Missed - At the Q4 FY25 call, management guided organic revenue growth of \~15% on a YoY basis for FY26, reaffirmed at Q2 FY26 as at least 15%. FY26 total income grew 9.4% YoY to ₹115.60 Cr, and revenue from operations grew 5.34% YoY to ₹105.05 Cr, with management acknowledging the outcome was below internal expectations.