1. Minimum 3-4 IPO listings in Q2 FY27 Pending - At the Q1 FY27 call, management expected a minimum of three to four IPO listings in the current quarter, restated identically on August 10, 2026. Q1 FY27 saw 3 new advisory mandates and 1 DRHP filed but no listings; the quarter is still in progress as of September 3, 2026.
2. Preferential issue of ₹69.84 crores warrants - utilisation by FY2026-29 Pending - Board approved (May 7, 2026) up to 19,51,000 warrants to non-promoter allottees for ₹69,84,58,000, split General Corporate Purpose ₹13,00,00,000 (19%), Bahutex Ventures LLP ₹2,50,00,000 (4%), Gretex Industries warrants ₹15,00,00,420 (21%), working capital ₹39,34,57,580 (56%), ±10% variance allowed. Allottee details were revised in May 2026, Ambition Tie-Up to become Promoter Group. E-voting concluded June 6, 2026; no allotment or deployment disclosed through Q1 FY27.
3. Private Equity sell-side advisory expansion in FY2027 Pending - In the FY26 Annual Report, GCSL said it is formally expanding into Private Equity sell-side advisory in FY2027, targeting consumer and industrial sectors with meaningful revenue diversification. No PE sell-side mandates or revenue contribution are disclosed in the record through Q1 FY27.
4. Underwriting up to 10 SME IPO transactions in FY2027 On track - In the FY26 Annual Report, GCSL targeted underwriting up to 10 SME IPO transactions in FY2027, combined with 4 deferred FY2026 mandates as an execution-ready pipeline. At Q1 FY27 the forward pipeline showed 14 IPO mandates - 10 NSE Emerge/BSE SME and 4 Mainboard; no FY27 completions disclosed yet.
5. At least two DRHP filings during FY2026-27 (mainboard entry) On track - In the FY26 Annual Report, GCSL said it is in advanced preparation for at least two DRHP filings during FY2026-27, one steel manufacturer and one electrical compliance and plastic injection moulding company, marking mainboard entry. The Sky Alloys and Power DRHP was filed on 30 September 2025 on NSE and BSE but withdrawn on December 6, 2025; no other mainboard DRHP is disclosed.
6. GCSL parent will not need to raise funds Missed - At the Q2 FY26 call, management said GCSL parent will "definitely not" need to raise funds given sufficient cash flow, with only the broking subsidiary needing funds via IPO. Parent-level preferential issues of ₹3 crores warrants were approved in November 2025 and ₹69.84 crores warrants in May 2026, contradicting the commitment.
7. 20-22% EBITDA margin by end of FY26 Delivered - At the Q3 FY26 call, management said the end-of-year EBITDA margin will be 20% to 22%, consistent with the past 2-3 years. FY26 EBITDA margin came in at 23.92%, exceeding the guided range; Q4 FY26 EBITDA margin was 28.2%.
8. Preferential issue of 1,00,000 equity warrants (₹3 crores) - working capital by FY2025-26 Missed - Board approved (Nov 13, 2025) up to 1,00,000 warrants at ₹300 each, aggregating ₹3,00,00,000, 100% for working capital with tentative timeline FY 2025-26. A Jan 3, 2026 addendum corrected the 90-day VWAP to ₹278.42; issue price unchanged. No allotment or deployment has been disclosed through Q1 FY27, and the FY2025-26 timeline has lapsed.
9. 40-50% PAT margin (sustainable bottom-line margin) Missed - At the Q2 FY26 call, management rejected 17-20% as sustainable, saying at least 40% to 50% margin should be there given fixed costs; at Q3 FY26 this was targeted "at least in this financial year" FY26. FY26 PAT margin was 15.46%, Q4 FY26 21.2% and Q1 FY27 34.1% - all below the 40-50% floor.
10. \~₹1,000-1,100 crores total funds raised in FY26 (\~₹40-50 cr revenue) Partial - At the Q2 FY26 call, management expected \~₹500 crores SME and ₹600-700 crores mainboard raised in FY26, about ₹40-50 crores of revenue; at Q3 FY26 it guided listings may not match last year on weak sentiment. FY26 mobilisation was \~₹495 crores, all from 11 SME IPOs with no mainboard contribution; FY26 revenue was ₹179.08 crores.
11. Gretex Share Broking Limited (GSBL) listing - "very soon" On track - At the Q2 FY26 call, management said GSBL is preparing for its listing "very soon", proceeds mainly for market-making investment; the Q1 FY27 PPT restated a Main Board listing to unlock broking value. Through Q1 FY27, GSBL "continues to progress towards its proposed listing, with preparatory work ongoing" but no DRHP or listing date is disclosed.
12. 2-3 of 5 mainboard IPO mandates listed by FY26 Missed - At the Q2 FY26 call, management expected at least 2-3 of 5 mainboard IPO mandates completed within FY26, the rest next year; at Q3 FY26 it guided listings may not match last year on weak sentiment. FY26 delivered 11 SME IPOs but no mainboard listings are disclosed; 4 mainboard mandates remain in the Q1 FY27 pipeline.
13. 10-12 of 16 SME IPO mandates listed by FY26 Delivered - At the Q2 FY26 call, management expected at least 10-12 of 16 SME IPO mandates listed by FY26; at Q3 FY26 it guided listings may not match last year on weak SME sentiment. FY26 delivered 11 SME IPO listings mobilising \~₹495 crores, within the guided 10-12 range.
14. Launch of Portfolio Management Services (PMS) next year On track - At the Q2 FY26 call, management planned to launch Portfolio Management Services next year to enhance wealth management, restated in the Q1 FY27 PPT as introducing PMS next year. "Next year" maps to FY27, the current financial year; no PMS launch is disclosed in the record through Q1 FY27.
15. Refiling of Category-3 AIF Delivered - At the Q2 FY26 call, management planned to refile the Category-3 AIF soon. The plan pivoted to a Category II AIF - Bahutex Ventures LLP with target corpus up to ₹100 crores including green shoe and GCSL ₹2.5 crores commitment, licence applied in January 2026. Bahutex received Category-II AIF registration during Q1 FY27.
16. Facilitating fundraising of \~₹20,000 crores over next three years On track - At the Q2 FY26 call, management targeted facilitating \~₹20,000 crores of fundraising over the next three years via private equity placements and IPOs, restated identically in the Q1 FY27 PPT. Cumulative mobilisation stood at \~₹1,530 crores since FY2017 with FY26 at ₹495 crores; no progress figure against the target is disclosed as of Q1 FY27.
17. No SEBI ban - operations continue normally Delivered - At the Q3 FY26 call, management said no ban from SEBI will apply now or later in connection with the recent order, only the financial penalty, with operations including AIF work continuing normally. The ₹15 lakh penalty was received in January 2026 as the final inspection conclusion with nothing pending, the 21-day new-mandate bar was already served, and no further SEBI action is disclosed.