1. Rule 50+ (Growth + Margin) by FY30 Pending - At the Q1 FY27 PPT, management set an Aurionpro 2030 long-range aspiration of "Rule 50+" (Growth + Margin). Q1 FY27 revenue growth was 6.3% and EBITDA margin 17.2%, a combined \~23.5; the FY30 horizon has not been reached.
2. No debt-side financing for FY27 On track - At the Q4 FY26 call, management said FY27 would see higher upfront investment and transient balance-sheet pressure but "I don't anticipate debt side". Debt stood at ₹51.36 cr with D/E 0.03 as of Sep 2026, with no new debt disclosed.
3. FY27 no significant margin dip Missed - At the Q4 FY26 call, management said it is "not planning on any significant margin dip" as the scale of large orders increases. Q1 FY27 EBITDA margin was 17.2%, down 306 bps YoY, with PAT margin at 12.6%.
4. Cash conversion of 55-60% of EBITDA in normal year Delivered - At the Q4 FY25 call, management reiterated converting "55% to 60% of EBITDA to cash normally in normal year". FY25 cash conversion net of tax was "close to 80%" and FY26 was cited as \~90%+ net of tax, though Q1 FY27 commentary said FY26 cash conversion was not great.
5. Q4 FY26 revenue of 30% of full year or more going forward Missed - At the Q4 FY25 call, management stated Q4 is expected to be 30% of revenue or more going forward. Q4 FY26 revenue was ₹346 Cr of the FY26 total ₹1,411 Cr, or 24.5%.
6. Productivity improvements via IP-led model, no significant workforce additions Partial - In the FY24 and FY25 annual reports, management set a goal of productivity improvements via the IP-led business model so no significant workforce additions are needed for guided growth. By Q3 FY26 headcount had not increased over three quarters, with software headcount down, though Q1 FY27 employee costs had almost doubled over five-six quarters.
7. GCP and Issue Expenses of ₹50 crore by fiscal 2025 Partial - Per the EGM notice dated 13 Feb 2024, the company proposed deploying ₹50 crore towards General Corporate Purposes and Issue Expenses by fiscal 2025; the Board extended implementation to fiscal 2026 on 13 May 2025. ₹49.44 crore was utilised at end of fiscal 2025, fully utilised by the end Sep-25 quarter.
8. Office premises capex of ₹35 crore by fiscal 2025 Partial - Per the EGM notice dated 13 Feb 2024, the company proposed deploying ₹35 crore towards capital expenditure for acquisition of office premises by fiscal 2025; the Board extended implementation to fiscal 2026 on 13 May 2025. ₹24.41 crore was utilised at end of fiscal 2025, fully utilised by the end Jun-25 quarter.
9. Auropay regulatory approval in India and Singapore in FY22 Partial - In the FY22 annual report, management stated Auropay had applied for and expected regulatory approval in India and Singapore "this year". Final RBI authorization as an Online Payment Aggregator came in Q1 FY25; no Singapore approval appears in our record.
10. Dividend resumption and increasing payouts Delivered - In the FY22 annual report, the board resumed dividend payment from FY22 after a break of 2 years and committed to continue increasing payouts, reiterated in the FY24 and FY25 annual reports. In Q4 FY24 the Board approved a 1:1 bonus issue and a ₹2.5 per share dividend (post-bonus), double the prior payout, and a quarterly dividend trend started.
11. Net debt free by October 2021 Missed - In the FY21 annual report (Aug 2021), management stated "our plan to be net debt free by October this year is on track," and at the Q2 FY22 call said it was "very close" to becoming an effective debt-free company. By Q4 FY23, management said it did "not really have a big plan to go zero debt," with long-term borrowing stable around 52 and D/E \~0.1, though debt stood at ₹51.36 cr with D/E 0.03 by Sep 2026.
12. >110% net revenue retention by FY30 Pending - At the Q1 FY27 PPT, management set an Aurionpro 2030 long-range aspiration of >110% net revenue retention. No net revenue retention disclosure appears in our record and the FY30 horizon has not been reached.
13. >20% ROIC by FY30 Pending - At the Q1 FY27 PPT, management set an Aurionpro 2030 long-range aspiration of >20% ROIC. Q1 FY27 ROCE was 12.8%; no ROIC disclosure appears in our record and the FY30 horizon has not been reached.
14. 85% ARR mix by FY30 Pending - At the Q1 FY27 PPT, management set an Aurionpro 2030 long-range aspiration of 85% ARR mix by FY30. No ARR mix disclosure appears in our record and the horizon has not been reached.
15. 2030 value potential of $560M-$1.7B Pending - At the Q1 FY27 call, management reiterated the 2030 directional value potential of $560 million to $1.7 billion, framed as 5-15% share of SAM, with the PPT showing FY30 value potential (SOM) of $560M-$1.7B. No FY30 revenue read exists in our record; the horizon has not been reached.
16. Middle East year-on-year impact normalized by Q3 FY27 Pending - At the Q1 FY27 call, management said Middle East year-on-year impact will normalize "in any case, in two quarters... at least no year-on-year impact of Middle East after Q3". As of Q1 FY27 the stalled Q4 Middle East deals were progressing but had not closed; no further read exists in our record.
17. Hyperscaler deal: fairly large chunk recognized within FY27 On track - At the Q4 FY26 call, management said of the ₹350 crore hyperscaler deal, "a fairly large chunk of it" will be recognized within FY27. Q1 FY27 saw execution start on one of the largest data center projects with a slow ramp-up not yet translating into large revenues, but part of the revenue is expected this year.
18. FY27 working capital requirement of ₹200-250 crore Pending - At the Q4 FY26 call, management guided a working capital requirement of roughly ₹200-250 crore for FY27. No explicit working capital figure was disclosed in Q1 FY27; trade receivables stood at ₹377 Cr at Q4 FY26.
19. AI/software build-out investment of ₹150-200 crore over next four quarters Pending - At the Q4 FY26 call, management gave a best-guess figure of "somewhere between 150 and 200 crores over the next four quarters" for the AI/software build-out. At Q4 FY26 intangibles plus intangibles under development were close to ₹200 crores, up from ₹20-30 crores over the prior two-three years; Q1 FY27 disclosed no explicit investment figure.
20. AI-native product launches across the stack On track - At the Q1 FY26 call, management said FY26 would see a large number of new launches including an enterprise AI offering stack, and at Q4 FY26 committed to taking AI-native 2.0 versions of every product "across the entire Aurionpro stack within the next couple of quarters". AurionAi launched in Q3 FY26, a fully AI-native trade finance platform launched in Q4 FY26, and more banking launches are due in coming quarters.
21. TIG manufacturing/factory investment of ₹40-50 crore over FY26-27 Pending - At the Q1 FY26 call, management guided TIG manufacturing/factory investment of "probably Rs. 40 crore to Rs. 50 crore" over FY26-'27, scaled cautiously in line with transit demand. Manufacturing capacity in existing facilities was scaled up last year with more planned this year; no explicit investment figure was disclosed in our record.
22. FY26 EBITDA margin 20-22% and PAT margin 15-16% Delivered - At the Q1 FY26 call, management reiterated FY26 guidance of EBITDA margin 20% to 22% and PAT margin 15% to 16%. FY26 closed with EBITDA margin of 20.02% and PAT margin of 15.02% - within the ranges, at the lower end.
23. FY26 revenue growth north of 30% Missed - At the Q4 FY25 call, management guided FY26 revenue growth "north of 30%", including Fenixys, with a planning number of about ₹1,550-1,600 Cr, later refined at Q2 FY26 to "probably something between Rs.1,500 crore and Rs.1,600 crore". FY26 revenue was ₹1,411 crores, +20.3% YoY, and management acknowledged falling "more than ₹100 crores short" of plan.
24. Fenixys acquisition close in Q4 FY25 Delivered - At the Q3 FY25 call, management expected the Fenixys acquisition to close "sometime in Q4". The acquisition was completed in FY25, announced as a strategic expansion into Europe and contributing about 5% growth.
25. Banking business growth of 40-50% in FY25 Missed - At the Q3 FY25 call, management expected the banking business to grow "between 40% and 50%" for the full year. FY25 banking segment growth came in at 34% y-o-y.
26. Europe and US each north of 10% of revenue by close of FY26 Partial - At the Q3 FY25 call, management expected both Europe and US to be "north of 10% of the revenue" by close of FY26. The FY26 geography split showed USA & Europe combined at 21%, with 13% in Q1 FY27; no separate US and Europe splits were disclosed.
27. Positive operating cash flow by end of FY25 Delivered - At the Q2 FY25 call, management agreed that by end of FY25 the company should return to positive operating cash flow. First-half FY25 OCF was negative but the second half was strong, with FY25 cash conversion net of tax "close to 80%" of EBITDA.
28. Large banking projects go-live by December-January FY25 Partial - At the Q2 FY25 call, management guided that most large banking projects (SBI, Saudi Arabia, global FinTech vendor) would go live by December-January of FY25 with cash collected before March. SBI Phase 1 went live in Q1 FY26, one quarter late, while all announced Middle East wins including Saudi Arabian banks were still in execution without go-live even by Q4 FY26.
29. US revenue to reach mid-teens million dollars in FY25 Partial - At the Q1 FY25 call, management expected US revenue to reach double digit million dollars, "more around the mid-teens number", with 50-60% growth, revised to 60-70% at Q2 FY25 and 70-80% at Q3 FY25. US share was double digits but "slightly less than 10%" of revenue at Q3 FY25; no FY25 dollar figure was disclosed.
30. Omnifin global expansion and faster-than-enterprise growth On track - At the Q1 FY25 call, management set a goal to make the Omnifin lending business global, working on Southeast Asia and Middle East expansion, with growth expected faster than enterprise numbers for the next few years. By Q4 FY26 the NBFC platform had north of 30 clients in India, and InfraRisk (Australia) was onboarded with clients including Judo Bank, Toyota Australia and Toyota Europe; no specific growth rate was disclosed.
31. Data center growth of 30-50% sustained On track - At the Q1 FY25 call, management said the data center business had grown more than 50% per year for the last three odd years and "will continue to grow at about the same rate", framing reasonable growth as 30% to 50%. The business typically grew 35-50% in any given year and has been running at 40-50% levels, with management now expecting a higher band.
32. Arya.ai double-digit growth addition to top line in FY25 Partial - At the Q4 FY24 call, management expected Arya.ai to deliver double-digit percentage growth addition to top line in FY25 and keep growing over the next couple of years. Arya.ai revenue was \~₹20-22 crore and the AI business was growing at 100% for Aurionpro, but no quantified FY25 top-line contribution was disclosed.
33. Global FinTech partnership impact within FY25 Delivered - At the Q4 FY24 call, management expected investments in global FinTech partnerships (e.g., Finastra, US FinTech giant) to start showing impact within FY25. The first successful Finastra-partnered deployment at a large bank occurred in Q4 FY24, and a multi-million dollar US FinTech partnership carried initial work orders of about $5 million to be executed largely within FY25, with US revenue share in double digits by Q3 FY25.
34. FY25 EBITDA margin 20-22% and PAT margin 15-16% Delivered - At the Q4 FY24 call, management guided FY25 EBITDA margins between 20% and 22% and PAT margins between 15% and 16%, reiterated at Q1 FY25, Q2 FY25, Q3 FY25 and Q4 FY25. FY25 EBITDA margin was 20.61% and PAT margin 16.02% - both within the guided ranges.
35. FY25 revenue growth of 30-35% Delivered - At the Q4 FY24 call, management guided FY25 planned revenue growth of between 30% and 35%, reiterated through the year. FY25 revenue was ₹1,173 crores, +32.17% YoY, the fourth consecutive year of 30%+ growth.
36. FY24 capital spend of \~₹30 crores Delivered - At the Q4 FY23 call, management guided FY24 capital spend "in the range of Rs.30 crores" (closing off SC Soft 10% stake and incremental Toshi investment), with no materially incremental capacity CAPEX planned. FY24 CWIP came in at ₹22.81 crores, consistent with the guided range.
37. FY24 R&D spend of 9-10% of revenue Missed - At the Q4 FY23 call, management planned R&D spend of 9% to 10% of revenue in FY24, mostly expensed. R&D was about 8.5% of revenue at Q4 FY23, averaging \~8% through FY24 with full-year expectation of 7.5-8%, never reaching the guided range in any disclosed quarter.
38. Enterprise ROCE of 25% and above Missed - At the Q4 FY23 call, management stated the enterprise ROCE expectation is 25% and above on any capital employed, with the ask "only getting more stringent for FY24". FY24 ROCE was 17.98%, declining to 15.12% in FY25 and 14.89% in FY26, and 12.8% in Q1 FY27 - never reaching 25%.
39. DSO reduction to \~100 days within six months Delivered - At the Q4 FY23 call, management expected DSOs to come down by another 10 days over the next six months from \~110 and stay at the 90-100 day level at least. DSO was pulled back to 95 days by Q4 FY25 and improved to about 100 days by Q2 FY26.
40. FY24 EBITDA margin 20-22% and PAT margin 15-16% Delivered - At the Q4 FY23 call, management set FY24 margin targets of EBITDA 21-22% and PAT 15-16%, reiterated at Q1 FY24, Q2 FY24 and Q3 FY24. FY24 EBITDA margin was 21.8% and PAT margin 16.1% - both within the guided ranges.
41. FY24 revenue growth of 30-35% Delivered - At the Q4 FY23 call, management guided FY24 revenue growth "in the range of 30% to 35%", reiterated through the year. FY24 revenue was ₹887 crores, +35% YoY - at the high end of guidance, with "every number at or slightly ahead of the high end".
42. US and Europe channel expansion for banking and transit Delivered - At the Q2 FY23 call, management stated the ambition to expand the channel in US and Europe for banking and transit, without a numeric target. US revenue reached almost 7-8% of total by Q1 FY24, Europe was entered via the Fenixys acquisition in FY25, and USA & Europe combined reached 21% of FY26 revenue.
43. Sustain 25-30% growth and \~22% EBITDA margin Partial - At the Q2 FY23 call, management said it would sustain current growth rates within current margin thresholds (\~22% EBITDA), planning "to continue to try to grow at between 25 and 30%, both on the top line as well as earnings", with long-range targets set at 25-30% growth and 20-22% EBITDA. FY23-FY25 grew 31%, 35% and 32% with EBITDA margins of 22.0%, 21.8% and 20.6%, but FY26 growth fell to 20.3%, margin to 20.0%, and Q1 FY27 to 6.3% growth and 17.2% margin.
44. Delayed projects go-live and receivables normalization by end of FY23 Missed - At the Q2 FY23 call, management expected most delayed projects to "go live very soon" and receivables to normalize "by the end of this year", echoed in the Oct 2022 announcement. FY23 instead closed with DSO at \~110, up from \~94 the prior year, and \~₹30 crores of retention money stuck in TIG.
45. FY23 top-line growth of 30% while sustaining margins Delivered - At the Q2 FY23 call, management guided FY23 top-line growth of 30% while sustaining the margin profile, and reiterated at Q3 FY23 being "firmly on track to meet the 30% growth target for top line and earnings". FY23 revenue was ₹659 crores, +31% YoY, with EBITDA and PAT up 30% and 35% respectively and EBITDA margin held at \~22%.