1. IPO proceeds - product registration allocation utilisation Partial - At the IPO (allotment date 04.10.2022), ₹5,13,66,000 was earmarked for product registration in international markets. As of 31st December 2022, nil of that allocation was utilised; later filings confirm no deviation in use of funds - working capital allocation of ₹20,50,00,000 saw ₹20,35,64,212 utilised as of 31st December 2025 - but no specific product registration drawdown was disclosed.
2. Triple consolidated business over next three years from FY26 base On track - At the Q1 FY27 call, management aspired to triple the consolidated business over the next three years from the FY26 base. Consolidated FY26 revenue was 129.0 crs., and Q1 FY27 revenue of 33.7 crs. grew 43% YoY; the FY29 horizon has not yet arrived.
3. TLL Elements - peak revenue 20 cr, 35% EBITDA margin, 25% PAT margin Pending - At the Q1 FY27 call, management guided TLL Elements to peak revenue of 20 crs., peak utilization 80%, steady-state EBITDA margin 35% and PAT margin 25%. TLL Elements was incorporated as a 100% wholly owned subsidiary on 15th April 2024; no revenue or margin disclosure exists yet.
4. TLL Wellness - peak revenue 10 cr, 35% EBITDA margin, 25% PAT margin Pending - At the Q1 FY27 call, management guided TLL Wellness to peak revenue of 10 crs., peak utilization 80%, steady-state EBITDA margin 35% and PAT margin 25%, with revenue expected from FY27 upon commercialization. Product development was undertaken during FY26 with revenue generation still expected from FY27; no revenue or margin read is available yet.
5. Trident Mediquip - peak revenue 70 cr, 24% EBITDA margin, 13% PAT margin On track - At the Q1 FY27 call, management guided Trident Mediquip to peak revenue of 70 crs., peak utilization 85%, steady-state EBITDA margin 24% and PAT margin 13%. Trident Mediquip FY26 revenue was 27 crs.; no margin disclosure is available in the record.
6. TNS Pharma - peak revenue 40 cr, 30% EBITDA margin, 20% PAT margin Partial - At the Q1 FY27 call, management guided TNS Pharma to peak revenue of 40 crs., peak utilization 80%, steady-state EBITDA margin 30% and PAT margin 20%. TNS Pharma FY26 revenue was 6 crs., while the deck states "peak revenue achieved 40 crs."; no margin disclosure confirms the steady-state targets.
7. TLL Parenterals - peak revenue 200 cr, 27% EBITDA margin, 19% PAT margin Pending - At the Q1 FY27 call, management guided TLL Parenterals to peak revenue of 200 crs., peak utilization 90%, steady-state EBITDA margin 27% and PAT margin 19%, with revenue contribution expected from FY27 onwards. Operations were yet to commence as of Q1 FY27; no revenue or margin read is available yet.
8. TLL Parenterals acquisition - 51% stake integration Delivered - At the Q4 FY24 call, management announced the acquisition of a 51% equity stake in TLL Parenterals Limited with "more updates to be announced in due course", and the FY24 Annual Report expressed willingness to integrate it as a subsidiary in the near future. The 51% stake was acquired on 2nd December 2024; the injectable facility achieved commercial implementation in 2026, with revenue contribution expected from FY27 onwards.
9. Product registrations - at least 50-100 registrations in each key market Delivered - At the Q4 FY23 call, management guided growing the portfolio in a clustered manner with at least 50-100 registrations in each key market, reiterated through Q4 FY26. As of March 31, 2024, counts included Venezuela 504 and Ghana 491; by March 31, 2026, Ghana stood at 803, Venezuela 773 and Nigeria 98 - no key market below 50.
10. Product registrations - 300-400 additional registrations each year Partial - At the Q4 FY23 call, management guided 300-400 additional product registrations each year with ₹5-6 crore of capital outlay annually, restated through Q1 FY27. Registered products grew from 411 (March 31, 2023) to 742 (March 31, 2024) - 331 added in FY24, within the band - but stood at 1,091 by March 31, 2026, implying roughly 175 per year over FY25-FY26, below the floor.
11. TNS Pharma Sachin GIDC facility - commissioned by Q1FY24 Partial - At the Q4 FY23 call, management said the TNS Pharma facility in Sachin GIDC, Surat was "expected to be commissioned in Q1FY24", later pushed to November 2023 with contribution from Q3FY24. The facility - capsules, tablets, dry bottle powders - was commissioned in April 2024, with commercial production commenced on purchase orders.