1. GIFT City entry for international supply chain business Pending - At the Q1 FY27 call, management said GIFT City entry (international supply chain business) is a long-term plan, subject to dual approval from RBI and IFSCA. No GIFT City entry has been disclosed in our record; the plan is long-term with no hard deadline.
2. Insurance broking launch not before Q4 FY27 On track - At the Q1 FY27 call, management said the IRDAI application/license for the insurance broking subsidiary was pending, with launch "Not even Q3" and commercialization at least two-three quarters away; broking will be B2B, fee-only. SG Insurance Brokers was incorporated (notification dated 28 June) with the license application in process; Q4 FY27 is not yet reached.
3. No equity raise during FY27 On track - At the Q1 FY27 call, management stated "we don't plan to raise any equity because we don't need to raise any equity," needing none up to ₹10,000 crores of AUM. In Q1 FY27, ₹20 cr came via warrant conversion in April and ₹337 cr equity at the fag end of March/beginning of April; no new equity raise has been disclosed.
4. Digital lending and loan against property launch Pending - At the Q1 FY27 call, management said the two new products, digital lending and loan against property, were "in our mind and we are thinking about it"; the Q4 FY26 and Q1 FY27 PPTs guided Micro LAP/LAP & Digital Lending launches. No launch has been disclosed in our record as of Q1 FY27.
5. ESOP pool of 20 lakh options; no grants beyond without fresh approval On track - At the Q1 FY27 call, management said the shareholder-approved ESOP pool is 20 lakh options, with no grants beyond it without fresh approval and timing for the balance \~9 lakh undecided; the board had approved a new ESOP policy at the Q3 FY26 call. In April, 10,320 options and \~50,000 new ESOPs were granted, leaving \~9 lakh in the pool; no grants beyond the pool are disclosed.
6. ₹10,000 cr AUM in three years without fresh equity On track - At the Q4 FY26 call, management set an internal target of ₹10,000 crores AUM "easily" achievable in three to four years without fresh equity; at Q1 FY27 this was firmed to three years, not two, with 25-30% AUM CAGR and no equity needed up to ₹10,000 crores. The FY30 horizon is not yet reached.
7. FY27 AUM growth of 35%-40% On track - At the Q4 FY26 call, CEO Vinay Gupta guided FY27 AUM growth of "around 35%-40%," raised from the standing 25-30%; the FY26 Annual Report stated the same 35-40% near-term target. Q1 FY27 loan book reached ₹4,552 cr, up 16% QoQ and 82% YoY; FY27 is not yet complete.
8. Cost-to-income ratio below 15% (later 13%-17%) Delivered - At the Q4 FY26 call, management guided cost-to-income between 13%-17%, and the FY26 Annual Report committed to keeping it below 15%. FY26 cost-to-income was below 15% and Q1 FY27 came in at 7%, below the guided range.
9. Factoring business commercialized in March 2026 Delivered - At the Q4 FY26 call, management stated bilateral factoring was commercialized in March 2026, having said at Q3 FY26 it would not be a very significant business to start with. Factoring book outstanding was ₹175 cr on 31 March 2026 and ₹225 cr in June 2026; it was commercialized as stated.
10. No plans to enter retail consumer financing Delivered - At the Q4 FY26 call, management stated there were no plans to enter retail consumer financing, with nil consumer finance outstanding, reiterating the Q3 FY26 stance of not entering retail financing. No retail consumer financing has been launched through Q1 FY27, where the planned products are digital lending and loan against property.
11. TReDS business go-live in Q1 FY27 Delivered - At the Q4 FY26 call, management said the TReDS business, participating on RXIL and M1xchange platforms, would go live "this Q1 only". Factoring and TReDS solutions were commercialized during March and April 2026, with both platforms onboarded; the Q1 FY27 go-live deadline was met.
12. ₹6 cr quarterly fee income to become a norm Delivered - At the Q4 FY26 call, management said ₹6 crores of quarterly fee income was "not an exception. I believe, it will become a norm". Q4 FY26 fee income was ₹6.23 cr, and Q1 FY27 fee/other income rose to ₹7.3 cr, up 12% QoQ; the run rate has been maintained and exceeded.
13. Four new subsidiaries - ARC, AIF, Insurance Broking, FinTech On track - At the Q3 FY26 call, management announced board approval, subject to regulatory approvals, for four new subsidiaries - ARC, AIF, Insurance Broking and FinTech - to augment fee-based revenue. SG Insurance Brokers was incorporated (notification dated 28 June) with the IRDAI application in process; no other subsidiaries are incorporated in our record.
14. 20% CAGR loan book growth to FY30; PBT of ₹500 cr in FY30 On track - At the Q3 FY26 call, management targeted loan book growth of 20% CAGR to FY30 and \~30% profitability CAGR to PBT of ₹500 cr in FY30, with RoA \~5% and RoE \~15%; later guidance was raised to 25-30% AUM and 30-35% profit CAGR. Q1 FY27 loan book was ₹4,552 cr, up 82% YoY, and PBT ₹72 cr, annualizing to \~₹280-288 cr; FY30 is not yet reached.
15. ₹4,500 cr banking limits targeted for FY27 Partial - At the Q1 FY26 call, management said it was actively working to expand banking lines to ₹4,500 crores targeted for FY27, from sanctioned limits of about ₹1,800 crores; the Q4 FY25 PPT carried the same ₹4,500 crore consideration. Bank lines available exceeded ₹3,000 cr, between ₹3,000 and ₹3,500 cr, not fully utilized at Q4 FY26; no disclosure of reaching ₹4,500 cr.
16. FY27 PBT of ₹250 cr (later ₹300 cr) On track - At the Q2 FY26 call, management reiterated ₹250 crores PBT for FY27 as a full-year target; at Q1 FY27 this was raised to \~₹300 crores, around 75% YoY growth, with "clear visibility". Q1 FY27 PBT was ₹72 cr, up 27% QoQ, annualizing to \~₹280 cr; FY27 is not yet complete.
17. Vendor financing not being done going forward Delivered - At the Q2 FY26 call, management stated the company is, as of now, not doing any vendor financing going forward. No mention of vendor financing appears in our record through Q4 FY26 and Q1 FY27; the commitment appears maintained.
18. Supply chain financing to remain \~70% of AUM Partial - At the Q3 FY26 call, management stated supply chain financing will continue to be around 70% of AUM, with the bulk of 2030 loan book growth from it. Q3 FY26 contribution was around 70%, Q4 FY26 more than three-fourths, and factoring \~5% of AUM at Q1 FY27; by Q1 FY27, however, supply chain/working capital/factoring solutions were around two-thirds of business.
19. FY26 exit loan book of \~₹3,500 cr (possibly ₹4,000 cr) Delivered - At the Q2 FY26 call, management guided a FY26 exit loan book of around ₹3,500 crores, possibly hitting ₹4,000 crores if the economy did better; at Q3 FY26 March '26 AUM was expected at ₹3,500 crores. The FY26 loan book closed at ₹3,936 cr, above the base target and near the ₹4,000 cr upper end.
20. Nil NPA maintained Delivered - At the Q2 FY25 call, management committed to maintaining nil-NPA levels even as the loan book triples, a philosophy reiterated across quarters and in the FY26 Annual Report's zero-NPA emphasis. Nil NPAs were maintained through FY26 and Q1 FY27, with gross NPAs nil in all reported quarters.
21. Customer mobile app launch by 30th June 2025 Delivered - At the Q4 FY25 PPT, management targeted customer mobile app launch by 30th June 2025, offering real-time loan information, transaction history and service requests; an earlier Q4 FY24 PPT had slated a Q1 FY25-early Q2 FY25 window. The customer mobile app was launched in Q1 FY26, meeting the stated deadline.
22. AI-driven credit monitoring tool go-live by September 2025 Partial - At the Q1 FY26 call, management said the AI-driven credit monitoring tool would go live by September '25, a date the FY25 Annual Report carried, after an earlier 31st July 2025 PPT target. The FY25 Annual Report lists related initiatives like the Anchor-Specific Scoring Engine as implemented but holds no explicit confirmation of the tool's go-live.
23. FY26 PAT of \~₹150-160 cr (later lowered to ₹120-125 cr) Partial - At the Q1 FY26 call, management guided FY26 PAT of "near about ₹150 crores, ₹160 crores kind of PAT"; at Q2 FY26 this was lowered to \~₹120-125 cr citing macro slowdown. FY26 PAT was ₹128 cr, beating the revised guidance but below the original ₹150-160 cr.
24. Employee headcount not to cross \~200 at ₹6,000 cr book On track - At the Q3 FY25 call, management said employee headcount would not cross about 200 even at a ₹6,000 crores loan book, later noting a 55-member team managing \~₹2,500 cr. Headcount was 78 at FY26 and 84 at Q1 FY27 against a ₹4,552 cr book, well below 200.
25. Book value of \~₹225 per share by end of FY26 Delivered - At the Q3 FY25 call, management expected book value of around ₹225 per share at FY26 end, with equity \~₹1,400 cr and \~6.6 crore shares. FY26 equity was ₹1,460 cr; against \~6.6 crore shares this implies \~₹221 per share, within rounding distance of the target.
26. Spread of at least 4% at all times Pending - At the Q3 FY25 call, management committed to "at least a spread of 4% at all times," with borrowing \~8.5% and lending at least \~13%. Spreads of 4% were reported at Q3 FY25 and Q4 FY25, but after the Q2 FY26 yield dipped to 11.5% on strategic anchor entries, no subsequent source confirms the spread was restored to or above 4%.
27. ₹500 cr NCD raise "very soon" at \~8.5% cost Partial - At the Q3 FY25 call, management planned to raise ₹500 crores of NCDs "very soon," rating already done, at a cost close to 8.5%. ₹50 cr NCDs were raised via private placement on 10/02/2025 and ICRA assigned Provisional [ICRA]AA(CE)(Stable) to ₹150 cr proposed NCDs in October 2025; no ₹500 cr raise is disclosed.
28. AA credit rating to "come back" Delivered - At the Q2 FY25 call, management said the AA credit rating, withdrawn during the Type II licensing process, would "come back," with the rating process re-initiated. AA/A1+ ratings were received from both ICRA and CRISIL by Q3 FY25, with CRISIL AA(CE)/Positive and ICRA AA(CE)/Stable assigned at Q4 FY25; the rating was reinstated.
29. Debt-to-equity ratio maintained at 3:1 On track - At the Q2 FY25 call, management said debt-to-equity would be maintained at 3:1 going forward, an internal limit "forever", with leverage to rise from \~1.9x/2x to 3x over 2-3 years. Leverage was 1.9x at March 2026 and 2.2x at June 2026; the 3:1 ceiling has not been exceeded.
30. Retailer (Tier 2) lending to start April 2025 - \~₹1,000 cr build Partial - At the Q2 FY25 call, management said retailer (Tier 2) lending would start in April 2025 with \~₹1,000 crores built from the \~₹6,000-crore retailer universe, with onboarding to start from Q4 FY25 itself. Tier 2 dealer financing was started and retailer pilots launched under some anchors, but no disclosure covers the April 2025 launch as originally framed or the \~₹1,000 cr build.
31. Net worth of \~₹1,500 cr by FY27 Delivered - At the Q2 FY25 call, management expected net worth of \~₹1,500 crores by FY27, aided by the ₹450-crore warrant infusion plus accumulated profits. Equity reached ₹1,460 cr in March 2026 and ₹1,539 cr on 30 June 2026, with FY27 closing now expected around ₹1,700 cr; the target was achieved within the horizon.
32. 24×7 banking launch - funds disbursed within \~30 minutes Partial - At the Q2 FY25 call, management said 24×7 banking would launch from the next calendar year onwards, disbursing funds within \~30 minutes of invoice creation even at night; at Q3 FY25, launch was set for 1st February, delayed \~30 days by bank integration. The customer app and LOS/LMS integrations with HDFC, Axis and Yes Bank landed, but our record holds no explicit confirmation of the 24×7 go-live or 30-minute disbursal.
33. Group (Apollo) exposure capped at 35%-40% of book Delivered - At the Q2 FY25 call, management stated group (Apollo) exposure would be capped at not more than 35%-40% of the ₹6,000-crore book, with \~60% outside the group; at Q1 FY27, \~one-third of AUM historically and going forward is from the APL Apollo ecosystem. Related party exposure was less than ₹100 cr and group channel financing around 30% of book at Q4 FY26; the cap has held.
34. NIMs of around 6%-6.5% by FY27 On track - At the Q2 FY25 call, management targeted NIMs of around 6%-6.5% by FY27; the framing later moved toward NII around 7% of average AUM, a related but not identical metric. Q1 FY27 annualized NII was 7.8% of average AUM, tracking above the original target ahead of the March 2027 horizon, though a settled NIM outcome is not yet reported.
35. ROE of 18%-20% by FY27 Partial - At the Q2 FY25 call, management targeted ROE of 18%-20% by FY27, a goalpost later reset through 15%-18% at Q1 FY26 to 14%-16% by Q4 FY26 and Q1 FY27. FY26 ROE was 12.0% and Q1 FY27 annualized ROE 14.0%, reaching the revised lower bound but not the original target.
36. ROA of 4%+ at ₹6,000-cr book by FY27 On track - At the Q2 FY25 call, management targeted ROA of 4%+ at a ₹6,000-crore loan book by FY27, later guided to 4.5%-5% ROA. FY26 RoA reached 4.8%, but the loan book stood at ₹3,936 Cr in March 2026, below the ₹6,000-crore goal; with the FY27 horizon not yet reached, no full outcome is in evidence.
37. Dividend policy to be framed Pending - At the Q4 FY25 call, management said they are in touch with the board to frame a dividend policy, which would be one way of rewarding shareholders. No dividend policy has been disclosed in our record, and no dividend was declared in FY26 or Q1 FY27.
38. Unsecured loans to be converted into secured On track - At the Q4 FY25 call, management said they are pushing on a regular basis to convert unsecured loans into secured and "will keep on doing that"; the unsecured loans were supply chain finance loans to two large dealers where security creation was not possible. In FY26, 80-90% of the loan book was secured; no specific conversion disclosure appears in our record.
39. Loan book ₹6,000 cr by FY27 - via 2.5x leverage on ₹1,500 cr net worth Partial - At the Q2 FY25 call, management targeted a loan book of \~₹6,000 crores by FY27 via 2.5x leverage on \~₹1,500 crores net worth, with ₹2,500 cr in FY25, ₹4,000 cr in FY26 and ₹6,000 cr in FY27; the FY27 figure was later cut to focus on ₹4,500 cr in 12 months, with Q1 FY27 visibility of \~₹5,500 cr. FY25 closed at ₹2,326 cr, FY26 at ₹3,936 cr, and Q1 FY27 at ₹4,552 cr, up 16% QoQ; FY27 guidance sits below the original ₹6,000 cr.