1. Sustain healthy core EBITDA margins in FY25 Missed - In the FY24 outlook, management stated it "expects to sustain the healthy core EBITDA margins in FY25". FY25 consolidated operating profit margin was -31.97%, versus -2.67% in FY24 - the margin deteriorated sharply rather than being sustained.
2. Growth in most business segments and greater numbers in FY25 Missed - In the FY24 outlook, management stated growth is "expected in most business segments" and expects "to reach greater numbers in FY25". FY25 consolidated revenue declined to Rs. 22.61 crore from Rs. 35.88 crore in FY24, a fall of about 37%, with Consultancy Services down from Rs. 32.61 crore to Rs. 21.93 crore.
3. Sustain healthy core EBITDA margins in FY24 Missed - In the FY23 outlook, management stated it "expects to sustain the healthy core EBITDA margins in FY24". FY24 consolidated operating profit margin was -2.67%, improved from -18.51% in FY23 but still negative - not a sustained healthy level.
4. Growth in most business segments and greater numbers in FY24 Missed - In the FY23 outlook, management stated growth is "expected in most business segments" and expects "to reach greater numbers in FY24". FY24 consolidated revenue declined to Rs. 35.88 crore from Rs. 45.57 crore in FY23, about -21%, with Consultancy Services down from Rs. 44.88 crore to Rs. 32.61 crore.
5. Enter Joint Ventures and takeovers of Pharma and IT companies in India and USA in a short period of time Missed - In the FY22 MD&A, management said it was "in the process of entering Joint Ventures while contemplating takeovers of Pharma companies and IT Companies in India and USA" to reach the US market "in a short period of time"; the FY24 outlook restated it as "aggressively pursuing" such deals. No JV or takeover is disclosed through FY26, and the FY25 annual report says the initiatives have "officially been paused" per the Board meeting of August 14, 2025, subsequent to the SEBI order.
6. Sustain healthy core EBITDA margins witnessed in FY22 into FY23 Missed - In the FY22 annual report outlook, management stated it "expects to sustain the healthy core EBITDA margins witnessed in FY22". FY23 consolidated operating profit margin was -18.51% versus a FY22 segment PBIT margin of 3.96%, with the FY23 report noting an operating margin of -49.00% versus 36.00%, attributed to sale of plant and machinery and write-offs.
7. Growth momentum across business segments to continue in FY23 Missed - In the FY22 annual report outlook, management stated it "expects the growth momentum across business segments to continue in FY23", driven especially by Joint Ventures and Takeovers in USA. FY23 consolidated revenue declined to Rs. 45.57 crore from Rs. 65.32 crore in FY22, about -30%, and the FY23 MD&A concedes numbers "may have declined today compared to the earlier year".
8. Separate subsidiary for formulations, nutraceuticals, herbal and ayurvedic products with commercial sales by end of 2020 Missed - In an announcement dated 23rd December 2020, the Board proposed a separate subsidiary to market formulations, nutraceuticals, herbal and ayurvedic medications, with a Hyderabad soft launch and, subject to statutory approvals, commercial sales "as early as the end this year". No incorporation, approvals or commercial sales are disclosed through FY26; FY22 segment data shows "Manufacturing & Trading of Pharmace" revenue of Rs. 0.69 crore with no explicit link to this subsidiary.
9. Dividend payment in the near future Missed - In the FY21 annual report, management stated it "aims to be a Dividend paying company in the near future", with the Chairman's letter envisaging "a possibility of a healthy dividend in the near future". No dividend was recommended for FY2020-21, none for FY25, and the company had already gone more than 10 years without one as of FY20 - no declaration appears in our record through FY26.
10. Enhance the healthy core EBITDA margins witnessed in FY21 into FY22 Missed - In the FY21 annual report outlook, management stated it "expects to enhance the healthy core EBITDA margins witnessed in FY21". FY22 consolidated operating profit margin was 3.96%, below the FY21 EBITDA margin of roughly 7.4% (EBITDA of Rs. 4.10 crore on revenue of Rs. 55.56 crore).
11. Double-digit revenue growth in FY22 Delivered - In the FY21 annual report, management stated the company "expects to continue to grow revenues in double digits" in FY22, with Q1 and Q2 expected to remain weaker and pace to pick up in later quarters. FY22 consolidated sales and other income was Rs. 73 crore versus Rs. 56.21 crore in FY21, growth of about 30%, which the FY22 annual report calls "exponential growth in revenues".