1. Waiver of recovery of excess MD remuneration - ₹75 lakh for FY2025-26 Pending - In the FY26 annual report, approval was sought for waiver of recovery of ₹75 lakh paid to Mr. Adarsh Hegde for FY2025-26, with a separate special resolution for its recovery as good corporate governance. No disclosed member-vote outcome on either resolution is in the record.
2. Authorised share capital increase - 12.5 crore equity shares Pending - In the FY26 annual report, the board recommended increasing authorised share capital by 12,50,00,000 equity shares ranking pari passu, requiring members' approval via Ordinary Resolution and alteration to Clause V of the Memorandum. No disclosed member-vote outcome or completion of the increase is in the record.
3. MD remuneration revision - ₹10 crore per annum cap Pending - The board proposed revising Mr. Adarsh Hegde's overall maximum remuneration to ₹10.00 crore per annum from April 1, 2026 to December 15, 2030, with minimum remuneration protection for three years if profits are inadequate. Mr. Hegde was paid ₹4.35 cr in FY2025-26 against approved remuneration of ₹3.60 cr; the 25 Aug 2026 notice only recommends the Special Resolution for member approval, with no record yet of the vote outcome.
4. LCL growth at \~2x FCL growth rate - next 5-10 years On track - Management stated the LCL business is expected to keep growing at \~2x FCL growth rate for the next 5-10 years, as it has for the last \~10 years. Q1 FY27 LCL volumes fell 3.7% YoY against FCL's 13.4% decline, and July 2026 showed LCL -6% against FCL -20%.
5. AI capabilities scaled to more countries - in the coming year On track - In the FY26 annual report, management stated AI capabilities in customer service and sales would be scaled to more countries "in the coming year". The retention AI platform already operates in more than 20 countries and improved processing efficiency by nearly 40%, alongside launches like Project Quantum pricing AI.
6. No acquisitions - grow by investing in people, not buying businesses On track - At the Q1 FY27 call, management stated that "at least in the near term, the strategy is to grow by investing in people and not buying businesses". No acquisitions are disclosed through Q1 FY27; 2025 organic expansion in Turkey and Latin America used new teams.
7. Volume growth to restore desired profitability - 12-15% volume growth ballpark On track - At the Q1 FY27 call, management gave a "broad ballpark target" that "maybe a 12% to 15% growth on volumes from here should put us in all the right desired trajectories", tied to trade rebound timing. Q1 FY27 volumes fell YoY - LCL -3.7%, FCL -13.4%, Air -11.3% - though QoQ they grew.
8. Return to 20%+ ROCE - heading back to historical zone On track - At the Q1 FY27 call, management said historical ROCE has "always been north of 20%" and "definitely we need to be heading back to that zone broadly", with exact guidance possible in coming quarters. FY26 ROCE was -7.95% and FY25 5.53%; no formal guidance yet.
9. Monthly investor update - indexed yield and scale trends for LCL and FCL Partial - At the Q1 FY27 call, management committed a monthly investor update with indexed yield trend (scale of 100 a year ago) for LCL and FCL "starting this month" post-listing. The July 2026 update was released with volumes and indexed utilization, but no explicit indexed yield trend.
10. Net debt reduction - significantly down over next two to three quarters On track - At the Q1 FY27 call, management guided net debt to "come down significantly over the next two to three quarters" via working capital reduction and non-core asset divestments ballparked at USD1-1.5 crore. Net debt was about ₹570 cr at end June, with standalone borrowings down to ₹272 cr from ₹314 cr.
11. Flat dollar costs - employee and admin expenses over coming couple of years On track - At the Q1 FY27 call, management stated intent to keep employee and admin costs flat in dollar terms "over the coming couple of years", with rupee increases only from translation. Q1 FY27 employee expenses were ₹532 cr vs ₹496 cr in Q1 FY26, and management reaffirmed the intent.