1. Strategic migration to Main Board (BSE & NSE) On track - At the Q4 FY26 PPT, management guided the strategic migration to the Main Board of BSE and NSE, subject to regulatory approvals, and the Board initiated the process. As of 14 Jul 2026, the migration is initiated but not completed, with regulatory approvals pending.
2. General Corporate Purpose - funds deployment within 12 months of receipt On track - In the Aug 2025 and Feb 2026 announcements, management guided that general corporate purpose funds would be deployed within 12 months of receipt, with the object cost revised from ₹35.23 cr to ₹26.85 cr. As of May 2026, ₹20.18 cr of the ₹26.85 cr had been utilised, and the status was reported as "Ongoing, No Delay".
3. Growth Objectives - funds deployment within 12 months of receipt On track - In the Aug 2025 and Feb 2026 announcements, management guided that funds for growth objectives, investments, and operations would be deployed within 12 months of receipt, with the object cost revised from ₹105.70 cr to ₹80.57 cr. As of May 2026, the deployment was ongoing with no delay reported, and the 12-month clock runs from the tranche-wise fund receipts through FY26.
4. MoU with Government of Rajasthan - convention venue, ₹100 cr investment Pending - In the Sep 2025 announcement and FY25 AR, management signed an MoU with the Government of Rajasthan to develop a convention and exhibition venue with an estimated investment of ₹100 cr. Our record holds no further disclosure on the Rajasthan venue progress through FY26, with no development or investment deployment recorded.
5. UHPL - Eurocopter AS350 B3 acquisition and deployment Delivered - At the Q4 FY25 PPT, management announced that United Helicharters Pvt. Ltd would buy a pre-owned Eurocopter AS350 B3 from Savbak Helicopters AB, Sweden. UHPL completed all operational formalities, secured a DGCA Air Operator Permit on Feb 20, 2026, and the aircraft is ready for commercial deployment under a five-year dry lease with Pinal Holidays & Aviation, having also won the Kedarnath Ji helicopter shuttle bid.
6. Subsidiaries to contribute \~40% to overall revenue in coming years Pending - In the Aug 2024 announcement, management expected subsidiaries to contribute around 40% to overall revenue in the coming years. Our record holds no consolidated revenue breakdown by subsidiary for FY25 or FY26, with H1 FY25 data showing only \~20% from newer subsidiaries.
7. Establish over 15 multi-event venues in Tier 2 cities Pending - In the Aug 2024 announcement, management aimed to establish over 15 multi-event venues in Tier 2 cities including Indore, Chittorgarh, and Meerut. By FY26, the company has operational venues in Pune, manages two golf courses, won the Mohali Convention Centre mandate, and has Ayodhya and Nashik in development, representing \~5-7 venues operational or in pipeline.
8. Partnered with ANM Exhibitions on 'Best of India' international IPs in 5 countries Partial - At the Q4 FY25 PPT, management guided a partnership with ANM Exhibitions on 'Best of India' international IPs in Cambodia, Vietnam, Russia, Brazil, and South Africa. By FY26, editions were successfully executed in South Africa, Azerbaijan, and Cambodia - 3 of the 5 named countries - with Vietnam, Russia, and Brazil not evidenced.
9. ₹50 cr investment in inventory of temporary infrastructure Pending - At the Q4 FY25 PPT, management guided a ₹50 cr investment in inventory of temporary infrastructure like hangars and dome structures, with an Apr 2025 announcement estimating 35-40% EBITDA margins and a 3-year payback. Our record holds no disclosure confirming deployment of the ₹50 cr investment through FY26, though 120,000 sqm of temporary infrastructure was created in FY25 before this commitment.
10. Rolling capex of ₹100 cr over next 3 years (from FY25) Pending - At the Q4 FY25 PPT, management guided a rolling capex of ₹100 cr over the next 3 years for venues and temporary event infrastructure. FY26 investments in property, plant, and equipment rose to ₹61.01 cr as of H1 FY26, but full-year FY26 capex is not disclosed and CWIP remains at zero through FY25.
11. RoCE sustained at 25-30% levels Pending - At the Q4 FY25 PPT, management guided an aim to sustain RoCE at 25-30% levels, driven by earnings growth and stricter working capital management. FY25 RoCE was 42.04%, above the guided range, but FY26 RoCE is not disclosed in our record (SQL).
12. PAT margin to sustain at 15-20% (from FY25) Delivered - At the Q4 FY25 PPT, management guided PAT margin to sustain at 15-20%, driven by healthy growth and operational efficiencies. FY25 PAT margin (after minority interest) was 18.1% and FY26 PAT margin was \~22.3%, with the FY26 figure exceeding the guided band.
13. Sustained revenue growth at 40-50% CAGR over next 3 years (from FY25) On track - At the Q4 FY25 PPT, management guided sustained revenue growth at a 40-50% CAGR over the next 3 years, widening the earlier 50% CAGR for FY25-FY26. FY26 revenue grew 41.24%, within the 40-50% band, with the three-year horizon running through FY28.
14. No further equity dilution for next 2 years (except possibly for acquisitions) On track - At the Q2 FY25 call, management guided no further equity dilution for the next 2 years, except possibly for acquisitions, and that any dilution would be very less. Our record holds no disclosure of equity dilution through FY26, with a preferential issue not fully subscribed and share applications withdrawn.
15. Expansion into 5 more countries over the next 3 years Delivered - At the Q2 FY25 call, management guided targeting expansion into 5 more countries over the next 3 years. By FY26, the company executed 'Best of India' shows in South Africa, Azerbaijan, and Cambodia, and delivered turnkey services in Germany, Italy, and France - at least 6 new countries.
16. At least 2-3 venues across the country to manage (not own) in next 2 years On track - At the Q2 FY25 call, management guided looking for at least 2-3 venues across the country to manage, not own, in the next 2 years. By FY26, the company manages Lodha Belomdo Golf Course and Pinewoods Golf Course in Pune, has won the Mohali Convention Centre mandate, and signed a term sheet for Indore MMLP operations.
17. Fixed assets not more than 20-25% of balance sheet over next 5 years Pending - At the Q2 FY25 call, management guided that fixed assets as a percentage of balance sheet would not exceed 20-25% at any point over the next 5 years. FY26 consolidated assets were ₹264.26 cr and PPE investments rose to ₹61.01 cr as of H1 FY26, but no explicit fixed-asset-to-balance-sheet ratio is disclosed for FY25 or FY26.
18. Amalgamate MICE-related group services into listed entity; separate healthcare, real estate, FMCG Pending - At the Q1 FY25 call, management guided exploring alternatives to amalgamate MICE-related group services into the listed entity and separate healthcare, real estate, and FMCG. Our record holds no disclosure of comprehensive amalgamation or formal separation through FY26, with only the Pune venue business transfer as a partial step.
19. Dividend payment in FY25 Delivered - At the Q1 FY25 call, management guided that a dividend would be paid in FY25, though the quantum was not specified. The Q4 FY26 PPT notes a dividend declared for the 3rd consecutive year, confirming dividends were paid in FY25 and FY26.
20. Build venues in Pune, Ayodhya and Mumbai as major CapEx Partial - At the Q1 FY25 call, management guided building venues in Pune, Ayodhya, and Mumbai as major CapEx. Pune's Messe Global Convention Centre and Arena are fully operational, Ayodhya's 5-acre land is acquired with development progressing, but no Mumbai venue construction is disclosed beyond early-stage JV talks at Q2 FY25.
21. Venue business (Pune, Ayodhya, Mumbai) moved entirely into listed entity Partial - At the Q1 FY25 call, management guided that the venue business in Pune, Ayodhya, and Mumbai would be moved entirely into the listed entity. The Pune venue is operational within the listed entity, Ayodhya land is acquired and progressing, but Mumbai venue transfer is not evidenced beyond early-stage discussions at Q2 FY25.
22. Sales/agent offices in Singapore, London and Shanghai in next 1 year Pending - At the Q1 FY25 call and Q4 FY24 PPT, management guided establishing sales/agent offices in Singapore, London, and Shanghai within one year. Our record holds no disclosure confirming the establishment of these offices through FY26.
23. 50% YoY revenue growth for FY25 and FY26 (consolidated) Partial - At the Q1 FY25 call, management guided a conservative 50% YoY revenue increase for FY25 and FY26, later widened to a 40-50% CAGR range at the Q4 FY25 PPT. FY25 revenue grew 62.24%, exceeding 50%, but FY26 revenue grew 41.24%, falling short of the original 50% target.