1. Net Promoter Score of 70 by 2030 Delivered - In the FY26 annual report, management set a 2030 target of Net Promoter Score of 70. FY26 performance came in at 73.6, already above the 2030 target.
2. Dividend payout ratio of 55% to 65% of standalone PAT Delivered - The Dividend Distribution Policy, announced in May 2024, stated the Board endeavours to maintain a dividend pay-out ratio between 55% to 65% of annual standalone PAT. Payout was 60% in FY23, FY24, FY25 and FY26, consistently within the band.
3. FY27 volume growth of 8-10% On track - At the Q4 FY26 call, management guided to high single-digit volume growth for FY27, in a band of 8-10%, and reiterated the band at the Q1 FY27 call. Q1 FY27 volume growth came in at 9.0%, within the band.
4. FY26 single-digit value growth Delivered - At the Q4 FY25 call, management aimed for single-digit value growth for FY26, later refined at Q2 FY26 to mid-single-digit value growth. FY26 standalone value growth was 4.3% and consolidated net sales growth 5.1%, both within single-digit.
5. FY25 double-digit volume growth Missed - At the Q4 FY24 call, the MD aimed for "still strong double-digit volume growth" for FY25, reiterated at Q1 FY25 as "gunning for double-digit", then revised at Q2 FY25 to single-digit volume growth. FY25 volume growth was 2.5%, with Q1 7%, Q2 flat, Q3 1.6% and Q4 1.8%.
6. Greenfield Madhya Pradesh plant of 4 lakh KL by 2028 On track - At the Q4 FY24 call, the MD guided a greenfield MP plant of 4,00,000 KL per annum capacity with completion by 2028, and the Q4 FY24 PPT targeted completion by CY28. Land acquisition is done and statutory approvals are work in progress, with no further completion disclosure yet.
7. Double-digit volume growth for Q4 FY24 Delivered - At the Q4 FY24 call, the MD recalled "the promise I made last quarter... we will look at double-digit volume growth to come in". Q4 FY24 volume growth was 10% and FY24 full-year volume growth 9%.
8. Market share gains "will stay with us" Delivered - At the Q1 FY22 call, management said market share gained the previous year "will stay with us" going forward. By Q2 FY25 the company had gained \~2.5% share over three years; in Q3 FY25 some shaving occurred amid a 4-5% industry decline but nothing significant, and in Q1 FY27 growth was possibly slightly higher than the industry average.
9. International price increases to cover the gross margin deficit Delivered - At the Q1 FY22 call, management committed to further price increases internationally to overcome the margin hit. International PBT turned positive in FY23 at ₹158 cr, and by Q2 FY26 PBT margins reached 9%, up 450 bps, with Q1 FY27 at 7.9%, up 275 bps.
10. Volume-value gap of 5-6%, later 4-5% and 3-4% Partial - At the Q3 FY23 call, management guided a volume-value gap of about 4-6% going forward, reiterated at Q4 FY24 as a 5-6% endeavour, then narrowed to 4-5% at Q2 FY26 and 3-4% at Q4 FY26. Actual gaps ran \~4-4.5% in Q3 FY23 and \~3.7% in Q4 FY24, but breached the band in FY25 at \~6.7-7.8% and turned positive \~7.6% in Q1 FY27.
11. Sustained double-digit volume growth Partial - At the Q1 FY23 call, management guided to maintaining double-digit volume CAGRs over the normal pre-Covid base, and at Q2 FY24 committed to a double-digit volume growth trajectory going forward. Guidance was revised to single-digit at Q2 FY25; FY25 volume growth was 2.5%, FY26 single-digit targets were met (Q2 FY26 10.9%, Q4 FY26 12.4%), and Q1 FY27 came in at 9.0% within the 8-10% FY27 band.
12. Retail point additions of 5,000-8,000 per year, later 10,000-15,000 Delivered - At the Q1 FY23 call, management guided to adding 5,000-8,000 retailing points every year, and at Q4 FY23 aimed at 10,000-15,000 additional points in the coming year. FY23 saw 15,000-20,000 added, FY24 \~10,000 to a total of 1.63 lakh, and FY26 6,000+ added.
13. Harind Chemicals - 51% stake, additional 39% in five years Pending - At the Q2 FY23 call, management announced acquisition of a 51% stake in Harind for \~₹12.75 cr, with an additional 39% over the next five years. The five-year horizon from Q2 FY23 runs through FY27, and no further disclosure on the stake progression appears in the record.
14. White cement JV - 2.65 lakh MT, ₹550 cr, by December 2025 Delivered - At the Q2 FY23 call, management committed to a white cement JV in Fujairah with 2.65 lakh MT capacity and ₹550 cr investment on an aggressive \~24-month timeline, later pinned to December 2025 and then June 2025. The Fujairah plant was commissioned by Q2 FY26 with product tested up to \~90% of capacity, and is fully operational per the Q1 FY27 call.
15. VAM/VAE backward integration - 1.5 lakh MT VAE + 1 lakh MT VAM, ₹2,100 cr, by FY26-FY27 On track - At the Q2 FY23 call, management committed ₹2,100 cr over 3-4 years for 1.5 lakh MT VAE and 1 lakh MT VAM capacity, with completion guided by Q4 FY24-era timelines and later revised to phased commissioning. Capex was revised to ₹3,250 cr, and at Q1 FY27 the VAE Phase 1 was set to kick off in Q2 FY27 with ramp-up over 2-2.5 years to 150,000 MT.
16. Capacity expansion to 22.7 lakh KL in 3-4 years, then 26.7 lakh KL Delivered - At the Q2 FY23 call, management committed to raising manufacturing capacity by more than 30% to about 22.7 lakh KL per annum over 3-4 years with ₹3,400 cr investment, plus a 4 lakh KL greenfield plant announced at Q3 FY23. By Q4 FY24 capacity had lifted from \~17 lakh KL to \~22.7 lakh KL, Mysuru doubled to 600,000 KL, and the MP greenfield is on track for CY28.
17. Capex - ₹800 cr FY23, then ₹8,750 cr over three years On track - At the Q1 FY23 call, management guided capex of close to ₹800 cr for FY23, raised at Q2 FY23 to a ₹6,750 cr three-year outlay and at Q3 FY23 to close to ₹8,750 cr. Of the ₹3,400 cr brownfield announcement, \~₹1,500 cr was spent by Q2 FY24, and CWIP moved from ₹1,020 cr in FY23 to ₹2,698 cr in FY24 and ₹1,849 cr in FY26, with no consolidated total yet disclosed against the ₹8,750 cr.
18. Gross margin band of 38-40%, later 39-40% Delivered - At the Q1 FY23 call, management guided gross margins to remain in a band of about 38-40% "for some time", refined at Q2 FY23 to 39-40% going forward. Margins dipped to 35.6% in Q2 FY23 but from Q4 FY23 at \~43% consistently exceeded the band, reaching 45.6% in Q4 FY26.
19. Pune plant (kitchen/bath) operational by Q4 FY23 Delivered - At the Q1 FY23 call, management guided that the new Pune plant for the kitchen/bath business should be operational by Q4 FY23. Q1 FY24 notes state "Additional capacity for Kitchen and Bath has come up in Maharashtra", within a quarter of the deadline.
20. Weatherseal growth at 20-30% CAGR Delivered - At the Q4 FY22 call, management stated Weatherseal can grow at more than 20-30% CAGR over a period of time. Revenue grew from ₹14 cr in FY22 to ₹51.7 cr in FY24 and ₹75 cr in FY26, up \~42%, well above the guided floor.
21. White Teak growth at 20-25% CAGR, doubling every year Missed - At the Q4 FY22 call, management guided White Teak sales to grow at a CAGR "definitely in the area of about 20-25%", with 15-20% over 3-5 years, and said the business "is going to be doubling every year". Revenue rose from ₹57 cr in FY22 to ₹133.4 cr in FY24, then declined to ₹99 cr in FY26, with impairments taken in FY25 and FY26.
22. Kitchen and bath business of ₹2,500 cr in 3-4 years Missed - At the Q4 FY22 call, management guided the kitchen and bath businesses, then >₹500 cr combined, to be close to more than ₹2,500 cr in the next 3-4 years. The combined business was \~₹800 cr in FY23 and ₹747 cr in FY26, far below the target as the window lapses.
23. Weatherseal Fenestration - 51% stake, additional 23.9% in three years Partial - At the Q4 FY22 call, management committed to subscribing to 51% of Weatherseal's share capital and acquiring an additional 23.9% over the next three years. The 51% stake was acquired in FY22, but no disclosure confirms the additional 23.9% acquisition by FY25.
24. White Teak acquisition - 49% stake, additional 51% in three years Partial - At the Q4 FY22 call, management committed to acquiring 49% of White Teak for \~₹180 cr in FY22, plus another 51% within three years subject to milestones. The 49% was acquired in FY22 and an additional 11% in June 2023 took the share to \~60%, but the full additional 51% was not completed, and impairments of ₹124 cr in Q2 FY25, ₹77.8 cr in Q4 FY25 and ₹94 cr in Q3 FY26 followed.
25. Beautiful Homes stores - 70-75 by end FY22, then 100 in two years, 150-200 in five years Missed - At the Q2 FY22 call, management guided to \~35-40 stores by March 2022, and at Q4 FY22 committed to 70-75 stores by end of that year, later targeting \~100 over two years and 150-200 over five years. Only 29 stores existed at Q4 FY22, 60 at Q4 FY24 and 67 at Q4 FY25, with the count at 74 by Q1 FY27.
26. Home décor at 8-10% of business by FY26 Missed - At the Q1 FY22 call, management said home décor would contribute "a single digit" share in three to five years, and at Q3 FY22 committed to 8-10% of overall business by March 2025, later refined at Q1 FY24 to "closer to about 7-8% of decorative sales by the end of FY26". Home décor stayed at \~4-4.5% of decorative revenue through FY23-FY24 and was still \~4% in Q4 FY26 and Q1 FY27.
27. PBDIT margin band of 18-20% maintained Delivered - At the Q1 FY22 call, management quantified the PBDIT margin push as "anywhere between 19 and say 21", restated at Q2 FY22 as a medium-to-long-term 18-20% band and repeatedly reaffirmed through Q1 FY27. FY24 standalone margin was 22.9%, FY25 standalone 18.9% with consolidated 17.8%, FY26 standalone 20.1% and Q1 FY27 standalone 22.0%, with management's own scorekeeping placing Q4 FY25 at about 18.5%, in the guidance zone.