1. Cybersecurity practice built in-house, maturing over a couple of years On track - At the Q4 FY25 call, management committed to building the cybersecurity practice in-house as a core competence with a SOC as the ultimate goal, expecting contribution "in a couple of quarters' time". By Q1 FY27 the vertical had grown significantly, with large email security deals closed, VAPT started and Microsoft Certified Partner status achieved in Q3 FY26.
2. Main board migration from NSE Emerge On track - At the Q3 FY25 call, management stated the company would shift to the main board once three-year criteria were crossed "till December of this year". Board approval was obtained in August 2026, with migration expected "in the next couple of months" but not yet completed as of Q1 FY27.
3. UAE operation set up in four to eight weeks Delivered - At the Q3 FY25 call, the Board decided to set up a UAE operation, expected "in the next four to six weeks time or eight weeks time", later extended to "another quarter" at Q4 FY25. By Q1 FY26 the operation was operationalised, with a person running it and a few leads being worked on.
4. At least one sizable acquisition Missed - From the Q4 FY24 call, management earmarked cash of ₹115 crores for acquisitions, and by Q3 FY25 said "at least one sizable company" was under active conversation, with a $5 million to $10 million target size cited in Q4 FY26. No acquisition has closed as of Q1 FY27; two targets evaluated "very closely" in Q1 FY27 did not work out.
5. U.S. share pushed from 61% to 65% or more in next couple of quarters Missed - At the Q1 FY25 call, management committed to pushing the U.S. share of business "from the current 61% to somewhere closer to 65% or more" over "the next couple of quarters". The US services share touched 65% in Q2 FY25, then slid to 55.7% by Q4 FY26 and nearly 60% including Canada in Q1 FY27.
6. Margins maintained at \~19-20% over three to five years Partial - At the Q4 FY24 call, management said margins would be in the \~19-20% range "in three to five years' time", conditioned on growing international services mix. FY25 OPM was 21.90%, above target, but FY26 fell to 17.85% and Q1 FY27 to 12.51%, attributed to longer sales cycles, one-time PF costs and BD spending.
7. ₹1,000 crore revenue in 6-9 years Pending - At the Q4 FY24 call, management set a North Star target of ₹1,000 crore revenue "both organically plus inorganically in a period of maybe eight years, nine years. It could be seven years, six years". The horizon runs to roughly FY30-33 and remains live; FY26 revenue was \~₹138 crore (down 1.5% YoY), and management re-based to a ₹500 crore midterm goal at Q4 FY26, calling it "a midterm goal. It's not a guidance".
8. Organic revenue growth of 20-25% over next two to three years Missed - At the Q4 FY24 call, management expected organic growth "in the range of 20% to 25%" over the next two to three years, with FY25 targets of about 25%. FY25 grew 20.3%, but FY26 declined 1.5% and Q1 FY27 grew 9.1% YoY; guidance has since been withdrawn as "a theoretical exercise".