1. Revenue - scale toward ₹1,000 crore over the next three years On track - In the March 2026 announcement, management aimed to scale revenues toward ₹1,000 crore over the next three years, with land acquisitions underway for infrastructure expansion to substantially boost capacity. TTM revenue is ₹282 cr and FY26 revenue ₹274 cr, around 28% of the target with the three-year horizon (around FY29) not yet reached.
2. Topline CAGR of approximately 30% - FY27 to FY31 Pending - In the Q2 FY26 PPT, topline was projected to grow at a CAGR of approximately 30% from FY27 to FY31. FY26 revenue was ₹274 cr and Q1 FY27 revenue grew 15.69% YoY to ₹61.71 cr, below the 30% pace, with the FY31 horizon not reached.
3. FY27 value growth - 25-30% and tonnage growth - 20-25% On track - In the Q1 FY27 PPT and May 2026 announcement, the FY27 aspiration was to grow value sales by around 25-30% and tonnage volumes by 20-25%. Q1 FY27 tonnage grew 68% YoY while value grew 15.69% YoY, exceeding the tonnage target but below the value target.
4. Prime Fresh Sinnar Agro Park - build and enter value-added portfolio on Nashik land On track - In the Q3 FY26 PPT and Q1 FY27 PPT, the company was building a "Prime Fresh Sinnar Agro Park", entering the value-added product portfolio on acquired/leased Nashik land. A sale deed for 6 acres at Shrirampur Village, Sinnar Taluka was completed and two parcels leased for 16 years, with no construction or operational read yet.
5. Vision 2031 - forward integration into food processing On track - In the Q3 FY26 PPT and Q1 FY27 PPT, Vision 2031 included pursuing forward integration by expanding into food processing to add value and capture new market opportunities. The company acquired a 51% stake in a value-added/RTE company, and the Nashik CDP includes a food processing unit in the IA component.
6. Vision 2031 - City Distribution Business for general trade segment On track - In the Q3 FY26 PPT and Q1 FY27 PPT, Vision 2031 included developing a City Distribution Business servicing the fragmented general trade segment with fresh produce for local retailers. Over 4,000 SME and general trade buyers are reported, and Q3 FY26 was driven by renewed focus on Traditional Channels and General Trade.
7. Vision 2031 - footprint in emerging domestic regions (UP, Bihar, Odisha, Guwahati, MP, West Bengal, southern states) On track - In the Q3 FY26 PPT and Q1 FY27 PPT, Vision 2031 included strengthening footprint in Uttar Pradesh, Bihar, Odisha, Guwahati, Madhya Pradesh, West Bengal and key southern states as sourcing and distribution nodes. The Lucknow DC commenced operations and Siliguri operations revived, with presence across 19 states.
8. Vision 2031 - expansion into organic, specialty and value-added categories On track - In the Q3 FY26 PPT and Q1 FY27 PPT, the Vision 2031 roadmap included expansion into organic, specialty and value-added categories focused on high-margin products such as tomatoes, capsicum, green peas and carrots. The company acquired a 51% stake in a value-added/RTE company and received certification to deal in organic fruits and vegetables.
9. Wastage - less than 3% across the supply chain On track - In the Q3 FY26 PPT and Q1 FY27 PPT, the company aimed to achieve less than 3% wastage across the supply chain. Q3 FY26 wastage was approximately 4%-5% total wastage and operational losses against an industry average of 8%-12%, above the target but showing progress toward it.
10. Florens Farming Limited - start paying off between next year this time and thereafter Pending - At the Q1 FY27 call, management said Florens Farming plans "could start paying off between next year this time, probably and thereafter coming years", noting "it will take another year to build that business meaningfully". No disclosed read on Florens Farming financials in our record as of 3 September 2026.
11. EBITDA margin - at least 9.5% to 11% in the next 2 to 2.5 years (2029 scenario) On track - At the Q1 FY27 call, management's internal aspiration was "at least 9.5% to 11% EBITDA margin in the next 2, 2.5 years", described as a "2029 type of a scenario". Q1 FY27 EBITDA margin was already 9.83%, with reported financials showing Q1 FY27 OPM at 9.72%.
12. Incremental sale of \~₹60 cr without working capital or equity investment - by FY29 Pending - At the Q1 FY27 call, management targeted "somewhere in FY'29, we should be able to do an incremental sale of about INR60 crores without any single rupee investment from either working capital or equity capital", via rotating credit 4.5 times. No disclosed read on this target as of 3 September 2026.
13. Payables - rolling ₹10-15 cr supply on credit by FY28 Pending - At the Q1 FY27 call, management's internal aspiration was that "by FY'28... we should have on an average a rolling INR10 crores to INR15 crores supply available to us on a credit basis throughout the year". FY26 trade payable days were 6, with no disclosed read yet on the rolling credit supply target.
14. No equity dilution for working capital - only for Nashik Sinnar Agro Park On track - At the Q1 FY27 call, management said dilution "should not be for working capital now" and "I don't think we will ever come to the market for... this working capital funding", with equity capital possibly only for the Nashik Sinnar Prime Fresh Agro Park. No equity raise is disclosed as of 3 September 2026, and the Bank of Baroda cash credit limit was hiked from ₹7.8 cr to ₹20 cr.
15. Receivables - 88 to 94 days, at least 4x sales of outstanding debtors, not beyond 25% of sales On track - At the Q1 FY27 call, management's internal target was "to go to 88 days to 94 days... as a percentage of sales", at least 4x sales of outstanding debtors, and "not have debtors beyond 25% of sales". FY26 trade receivable days were 96, and Q1 FY27 standalone debtors reduced by around ₹12 cr, showing active progress toward the target.
16. Product portfolio - add three to four more categories in the coming 1 year Pending - At the Q1 FY27 call, management said the product portfolio will rise by "three to four more categories in the coming 1 year", on top of the current 9 to 12 F&V products. No disclosed category additions as of 3 September 2026; the current portfolio is 75+ SKUs with 9 core F&V products.
17. Value growth - 25% to 30% aspiration for FY27 Pending - At the Q1 FY27 call, management guided value growth "could be between 25% to 30%", restating at the close that the aspiration "will continue to be at 25% to 30%". FY27 ends March 2027 and no full-year outcome exists yet; Q1 FY27 revenue grew 15.69% YoY to ₹61.71 cr, below the guided range so far.
18. Volume growth - 15% to 20% minimum Delivered - At the Q1 FY27 call, management guided volume growth of "15% to 20% minimum" in spite of current climate challenges, restating at the close that volume growth "always remains between 15% to 25% as we speak". Q1 FY27 sales tonnage increased 68.0% YoY to 17,982 MT, well above the guided floor.
19. Net profit margin - 5.5% to 5% going forward On track - At the Q1 FY27 call, management guided net profit margin of "5.5% to 5%" (as stated), citing higher investments and corporate overheads in the current year. Q1 FY27 PAT margin was 7.05%, with reported financials showing PAT of ₹4.27 cr on revenue of ₹61.71 cr, implying around 6.9%.
20. EBITDA margin - remain between 7% to 7.5% going forward On track - At the Q1 FY27 call, management guided that EBITDA margin will "remain between 7% to 7.5% range" going forward. Q1 FY27 EBITDA margin was 9.83%, which management said "may not be sustainable"; reported financials show Q1 FY27 OPM at 9.72%.
21. Nashik CDP - 15,000 farmers addressed, 15,000 tons year-1 sourcing, 2 lakh tons in 6 years Pending - At the Q1 FY27 call, management targeted at least 15,000 farmers addressed, year-1 tonnage sourcing capability that "should conservatively go up by about 15,000 tons", and "in the 6 years, we target to have 2 lakh tons sourcing capability" from the Nashik districts project. No CDP award or operational start is disclosed as of 3 September 2026; current F&V sourcing capacity is "close to 2.5 lakh tons".
22. Tonnage growth of 20-25% - over the coming years (Nov 2024 guidance) Delivered - In November 2024, management guided 20-25% growth in tonnage over the coming years, supported by investments in capacity expansion, technology and infrastructure. FY26 sales tonnage was 65,132 MT, up 97.1% YoY from implied FY25 of \~33,000 MT, and Q1 FY27 tonnage was 17,982 MT, up 68% YoY.
23. PAT growth of 22-25% - over the same two-year period (Nov 2024 guidance) Delivered - In November 2024, management guided PAT to increase by 22% to 25% over the same two-year period, driven by operational leverage, improved margins and disciplined cost management. PAT rose from ₹7.04 cr in FY24 to ₹13.97 cr in FY26, roughly 98.4% two-year growth against the 22-25% guided range.
24. Topline CAGR of at least 20% - over the next two years (Nov 2024 guidance) Delivered - In November 2024, management guided that topline would grow at a CAGR of at least 20% over the next two years. Revenue moved from ₹149 cr in FY24 to ₹207 cr in FY25 and ₹274 cr in FY26, a two-year CAGR of around 35.6% against the 20% floor.
25. Revenue vision of \~₹2,000 crores - by 2028 On track - In the Q2 FY22 and Q1 FY22 PPTs, Prime's Vision was \~INR 2,000 crores revenue by 2028, with estimated market share of \~0.4%; at the Q1 FY27 call management restated it as "to reach INR2,000 crores by 2031". FY26 revenue was ₹274 cr and TTM revenue ₹282 cr, around 14% of the target with the revised 2031 deadline not yet reached.
26. 500,000 tonnes per annum business execution - by FY2027 On track - In the FY22 Annual Report founders' message, the company aspired to reach business execution worth 500,000 tonnes per annum (5 lacs TPA) by FY2027. FY26 outward volume was 65,132 MT, around 13% of target, though operational handling capacity is reported at 5.5-6 lakh+ tonnes p.a..
27. Retail centres under Prime Fresh brand via Franchise India - metro cities then other cities Missed - At the Q1 FY23 call, COO Bharat Patel said the company had signed up with Franchise India to market its models and would open different retail centres in metro cities and then other cities under the Prime Fresh brand. At the Q1 FY27 call, management said around ₹55 lakhs to ₹75 lakhs spent in 2021-2023 on B2C franchise-model research preceded a decision not to enter B2C, which is now "hardly 1%, 2% of our business".