1. Warehousing revenue contribution - 17-18% by end of FY27, \~20% by end of horizon On track - At the Q1 FY27 call, management guided warehousing's revenue contribution to grow from \~15% at present to 17-18% "by end of this year or maybe in coming quarters" and to "approximately 20%" by end of the horizon. Q1 FY27 warehousing contribution was 15%, down from 19% in Q4 FY26 and 17% in FY26; no later-quarter read exists in our record.
2. Receivables discipline - collect within 30-60 days framework Delivered - At the Q1 FY27 call, management set a receivables discipline target of collecting within a 30 to 60 days framework. DSO had risen to almost 72 days and has now come down to 57-56 days; FY26 receivables fell \~21.3% in 12 months from ₹67.28 Cr in Apr-25 to ₹52.96 Cr in Mar-26, with 60+ day receivables down 43.2%, and Q1 FY27 60+ day overdues as % of debtors improved to 16.3% from 23.1% a year earlier.
3. FY26 top line growth - 10-20% and bottom line growth - 10% Missed - In the FY25 Annual Report, management stated confidence in increasing top line by 10% to 20% and bottom line by 10% in FY2025-26, on expectation of rising export freight rates from India. FY26 revenue was ₹431.73 crore, down 13.68% YoY from ₹500.15 crore, and PAT was ₹31.01 lakhs, down 91.61% YoY from ₹369.55 lakhs.
4. FY25 top line growth - 15-20% and bottom line growth - 10% Delivered - In the FY24 Annual Report, management stated confidence in increasing top line by 15% to 20% and bottom line by 10% in FY2024-25, on expectation of rising export freight rates from India. FY25 revenue from operations was ₹50,014.56 lakhs, up 50.6% over FY24's ₹33,215.92 lakhs, and net profit after tax was ₹369.55 lakhs, up 69.1% YoY.