1. New flavor variants - planned for FY26 Delivered - At the Q4 FY26 PPT, management guided new flavor variants planned for FY26, guided by R&D and consumer trends from retail and online feedback. The company launched new product categories including dried berries, seeds, and innovative flavored cashew variants under the 'DriFrutz' brand in FY26, with SKUs increasing from 3 to 24 in H2 FY26.
2. Omnichannel retail model - to boost repeat sales Pending - At the Q4 FY26 PPT, management guided building an omnichannel retail model to boost repeat sales. Products are listed on Amazon, Flipkart, DriFrutz website, and Hyperpure, and the company is in discussion with Blinkit, but our record holds no disclosure of a fully built omnichannel model.
3. Full automation - reduce labor costs Pending - At the Q4 FY26 PPT, management guided full automation expected to reduce labor costs. The facility achieved approximately 80% automation as of Q4 FY26, with roughly 80 employees still working on manual peeling of cashews where the testa remains, and no quantified labor cost reduction was disclosed.
4. Cost reduction - further 20% from direct procurement Pending - At the Q4 FY26 PPT, management guided further reducing costs by 20% from direct procurement. The joint venture with Africa Negoce Industries had already delivered over 20% cost saving by direct procurement as of Q2 FY25, and our record holds no disclosure of an additional 20% reduction beyond this.
5. Debt - no further increase by FY27 year end Pending - At the Q4 FY26 call, management guided that by "this year end" (FY27) the company should be "at par" with the peak debt level, implying no further increase in debt. Borrowings jumped from nearly ₹5 crores in FY25 to over ₹10 Cr in FY26, but the FY27 horizon has not yet been reached.
6. Debt-to-equity ratio - should not be more than 0.6, won't cross 1:1 On track - At the Q4 FY26 call, management guided that the debt-to-equity ratio "should not be more than 0.6" and "it won't cross 1:1 for sure". FY26 D/E ratio was 0.38, and FY25 D/E was 0.22, both well within the 0.6 ceiling.
7. Capacity utilization - 3,500 to 4,000 MTPA by FY27 On track - At the Q4 FY26 call, management guided scaling capacity utilization to 3,500 to 4,000 metric tons per annum "by this financial year" (FY27), with at least 300 to 400 tons per month targeted for the first six months of FY27. FY26 capacity utilization was 2,500-3,000 MTPA, and the FY27 horizon has not yet been reached.
8. Optimized utilization rate - 75-80% Partial - At the Q4 FY25 PPT, management guided an optimized utilization rate of 75-80% for the newly modernized facility, repeated in Q2 FY26 PPT and Q4 FY26 PPT. FY26 capacity utilization was 2,500-3,000 MTPA against installed capacity of 4,800 MTPA - approximately 52-63% utilization - though the company stated it is achieving the 75-80% rate.
9. Revenue growth - 50 plus percent minimum for FY26 Delivered - At the Q4 FY25 call, management guided revenue growth of "50 plus" percent as a minimum target for FY26. FY26 revenue growth was 85.14% YoY.
10. Own stores/own chain - already in agenda Pending - At the Q4 FY25 call, management stated an "own stores, own chain" is "already in agenda" but "too early to comment". Our record holds no further disclosure on own stores or own chain through Q4 FY26.
11. Distributors - North India region Partial - At the Q4 FY25 call, management stated they are "in discussion" with distributors to take products into the North India region. At Q2 FY26, B2C business gained momentum in Ahmedabad and Delhi, supported by influencer marketing and corporate gifting initiatives, suggesting some North India presence, but no broader distributor network disclosure exists.
12. Quick commerce - start with Zepto and Blinkit Partial - At the Q2 FY25 call, management stated they are targeting to start with Zepto and Blinkit as a new agenda, later expanding the scope to Flipkart, BigBasket, and other quick commerce platforms. As of Q4 FY26, Blinkit listing was "yet to get close," our record holds no disclosure of Zepto listing, and Flipkart was achieved.
13. PAT margin - 8% level Missed - At the Q2 FY25 call, management guided PAT margin target of 8% level, later revised to "8% plus" at Q4 FY25 and "somewhere around 5 to 7%" at Q4 FY26. FY25 PAT margin was 6.89% and FY26 PAT margin fell further to 4.27%.
14. Revenue - cross INR 100 crores in next 2-3 years On track - At the Q2 FY25 call, management stated they are targeting to cross INR 100 crores revenue in next 2-3 years "for sure". FY26 revenue was ₹57.62 Cr with 85% YoY growth, and the 2-3 year horizon from Sep 2024 implies FY27-FY28.
15. B2C market share - 10% to start, then 13%, 20%, 25% Pending - At the Q1 FY25 call, management guided that the company is targeting "10% market share in the B2C segment" to start, then "13%, 20%, 25%". Our record holds no disclosure of B2C market share achieved through Q4 FY26, with B2C revenue at roughly ₹50-60 lakh in FY26.
16. Corporate profiles - discussions with dairy brands like Amul Pending - At the Q1 FY25 call, management guided that the company will have a "few corporate profiles" in its portfolio, mentioning discussions with dairy brands like Amul. Our record holds no further disclosure on Amul or similar corporate dairy partnerships through Q4 FY26, though the company did list on Hyperpure and supplied to Haldiram through a channel partner.
17. Export - target Middle East, followed by Europe Pending - At the Q1 FY25 call, management guided that the company will target Middle East for export consignments, followed by Europe. At Q2 FY25, export revenue was approximately 3% of total revenue, going only to the US market, and our record holds no disclosure of Middle East or Europe export entry through Q4 FY26.
18. Minimum 50% growth year-on-year business - sustained for at least next 3 to 5 years Partial - At the Q1 FY25 call, management guided a "minimum of 50% growth year-on-year business" sustained for "at least next 3 to 5 years," later revised to a 40-45% CAGR target over three years. FY25 revenue growth was \~25.5% YoY, missing the 50% minimum, while FY26 delivered 85.14% growth, yielding a two-year CAGR of \~52.7%.
19. B2C segment - 10-15%+ additional margin in bottom line compared to B2B Pending - At the Q1 FY25 call, management guided that B2C segment will have "10-15% +" additional margin in the bottom line compared to B2B. At Q2 FY25, management stated the B2C segment is generating at least 15% profit margin at the PAT level, but no comparative B2B PAT margin was disclosed to verify the differential, and FY26 overall PAT margin was 4.27%.
20. B2C/retail segment - 10% of revenue in FY25, 20-25% in next 2 years On track - At the Q1 FY25 call, management guided targeting "roughly around 10%" of revenue from B2C/retail in FY25, potentially increasing to "20-25% as well in the next 2 years," with the 10% target reiterated for FY27 at Q4 FY26. At Q4 FY26, B2C/D2C sales were roughly ₹50-60 lakh against FY26 revenue of ₹57.62 Cr - approximately 0.9-1.0% of revenue, with the FY27 period still ongoing as of 14 July 2026.
21. Production capacity - 5,000 to 6,000 tons within own premises over 3 to 5 years On track - At the Q1 FY25 call, management guided a target of "5,000 to 6,000 tons" production capacity within own premises over the next 3 to 5 years, with interim milestones of 2,500 MT by FY26, 4,000 MT by FY27, and 6,000 MT by FY28. Installed capacity reached 4,800+ MTPA by H1 FY26, with capacity utilization at 2,500-3,000 MTPA in FY26, and the 5,000-6,000 ton target horizon (FY28-FY30) has not been reached.
22. 50% revenue increase minimum for FY25 Missed - At the Q1 FY25 call, management guided a "50% revenue increase" as the minimum for FY25, though it "may go for probably 75% or 100% plus as well," later revised to a target of around INR 13 crores for FY25 after losing the Diwali phase during facility shifting. FY25 revenue was ₹30.99 Cr against FY24 revenue of ₹24.69 Cr - an increase of \~25.5%, not 50%.
23. EBITDA margin increase - minimum 0.50 basis points YoY from 12.21% Partial - At the Q1 FY25 call, management guided that EBITDA margin will increase by "minimum 0.50 basis points" YoY from 12.21%, with FY25 margin guided at 13.5-14%, later revised to a 12-15% range going forward. FY25 EBITDA margin was 13.66%, achieving the 13.5-14% target, but FY26 EBITDA margin fell to 10.95%, below the 12.21% baseline.
24. New facility start - by end of July or maybe August 2024 Delivered - At the Q1 FY25 call, management guided the new facility is expected to start "by end of July or maybe August" 2024, with full implementation of new machinery later scheduled for November 2024. The new facility with 2,500 tons plus capacity was installed and partially operational on the back-end packing side by Q2 FY25, with full capacity upgrade to 4,800 MT completed by H1 FY26.