1. ₹1,000 crore revenue in next four to five years On track - At the Q3 FY26 call, management stated a vision of reaching ₹1,000 crore revenue in the next four to five years, reiterated at the Q1 FY27 call as "very much on track". FY26 revenue was ₹348 crore; the four-to-five year window is still open.
2. Juicy Couture licence term increase from 15 to 20 years Delivered - At the Q2 FY26 call, management said the Juicy Couture licence amendment was ongoing, with the term to increase from 15 to 20 years and more categories added, announcement expected soon. In Q3 FY26, the master license for Juicy Couture apparel was signed and the contract now runs almost 20 years vs the initial 15 years.
3. Off-White - about five stores in two-to-three years; first store beginning of '26 On track - At the Q1 FY26 call, management guided Off-White to about five stores in two-to-three years, all COCO, with the first store opening beginning of '26, refined to four to five stores in Q2 FY26. The first store launched in Q1 FY27, with stores opened in Bangalore and Delhi; the fourth store opens in Bombay by next Q1.
4. Enter mass premium segment this year Missed - At the Q4 FY25 call, management committed to entering the mass premium segment as part of the year's strategy. At the Q1 FY26 call, the mass-premium brand license in advanced stages did not go through and the company will not proceed; no entry occurred in FY26.
5. Add a couple of brands further this year (FY26) Delivered - At the Q4 FY25 call, management committed to adding a couple of brands further this year. Off-White was signed in Q1 FY26 and Superdry in Q2 FY26 - two brands added in FY26.
6. FY26 revenue growth target of 20% plus Partial - At the Q4 FY25 call, management set a revenue growth target of 20% plus for FY26, reiterated as at least 20% at the Q2 FY26 call. FY26 revenue grew 19.2% - just below the 20% target.
7. H1 FY25 revenue growth 15-20% Missed - At the Q4 FY24 call, management guided H1 FY25 revenue growth of 15-20% overall, with \~20% growth maintained at least till H1 per the Q1 FY25 call. H1 FY25 revenue was \~₹140 crore vs \~₹127 crore in H1 FY24 - growth of \~10.2%, below the guided range.
8. House of brands in 3-5 years - a couple more brands Delivered - At the Q4 FY24 call, management aspired to be a "house of brands" in 3-5 years, needing a couple more brands, and in Q3 FY25 spoke of a six to eight brand portfolio. Juicy Couture (FY25), Off-White (FY26) and Superdry (FY26) were added, taking the portfolio to six licensed brands.
9. CSD channel rollout from April; first order within this quarter Delivered - At the Q3 FY24 call, management guided CSD channel rollout from April with the first order to be supplied within the quarter. First deliveries happened in Q4 FY24; CSD reached \~9% of Q1 FY25 top line, \~10% of FY25 and \~₹40 crore in FY26.
10. Channel mix at ₹500 crore revenue scale - online \~40-45%, offline 55-60% Pending - On the Q2 FY24 call, management said that at a revenue base of around ₹500 crore, online should remain roughly 40-45% and offline 55-60%. FY26 revenue reached only ₹348 crore, below the guided base, with online at 39.7% and offline ex-manufacturing \~53.4% - outside the guided ranges, so the commitment remains untested at its stated scale.
11. Corporate/institutional sales - new division with target; double-digit percent annually Missed - At the Q1 FY24 call, management made corporate/institutional sales a new division with a target and agreed the channel can be double-digit percent annually. Institutional share fell from \~22% in Q1 FY24 to \~15% in Q1 FY25, \~7% of FY25 turnover, and degrew \~₹10 crore in Q1 FY26.
12. Big marketing push with first celebrity endorsement - World Cup campaign Delivered - At the Q1 FY24 call, management planned a big marketing push for fall-winter including the first celebrity endorsement, with the campaign breaking during the World Cup. The first TV commercial campaign with Arjun Rampal as Brand Ambassador ran around the World Cup and reached almost 2 crore consumers.
13. IFF Overseas internal target of ₹60-65 crore turnover in FY24 Missed - At the Q1 FY24 call, management indicated IFF Overseas had an internal target of crossing ₹60-65 crore turnover that year, after \~₹48 crore in FY23. At the Q4 FY25 call, management said IFF Overseas did close to ₹43-44 crore "last year" (FY24), well below the target; no FY25 IFF revenue disclosure is in our record.
14. Channel mix aspiration - Travel Gear 40-50%, SLG 30-35%, balance Women Handbags - 3-4 years Pending - At the Q4 FY23 call (March 2023), management's long-term mix aspiration was Travel Gear 40-50%, SLG \~30-35%, balance Women Handbags, three-four years down the line - roughly FY27. Travel Gear remained \~60% in Q1 FY26 and Q3 FY26, SLG \~33-35%, handbags 6-7%; the horizon runs to about March 2027, so the outcome is not yet due.
15. Airport store this year (FY24) Partial - At the Q4 FY23 call, management said "I really want to do an airport store this year", and at Q4 FY25 still hoped to finalise a couple of airport locations in FY26. The first airport store opened only in Q1 FY26 at Bangalore Airport T1, roughly two years late, with further premium airport locations noted in Q2 FY26.
16. Marketplace (own B2C) sales - higher target for next year Delivered - At the Q4 FY23 call, management said it had taken a much higher target for own marketplace sales for next year, with the percentage expected to grow. B2C rose to almost 40% of overall e-commerce by Q4 FY24, \~38-40% by Q2 FY25, and marketplace grew 63% in Q2 FY26.
17. Hard luggage plant CapEx \~₹15-17 crores plus working capital - \~₹20-odd crore project Missed - At the Q4 FY23 call, management guided the hard luggage plant CapEx at \~₹15-17 crores plus \~₹4-5 crores working capital - "about a ₹20-odd-crore project"; at Q2 FY24 this became ₹25-30 crores including working capital. Almost ₹35 crore was invested in the plant and warehouse by Q2 FY26, with CWIP of ₹22.95 crore at FY25 capitalised in FY26.
18. Hard luggage manufacturing facility - own plant Delivered - At the Q4 FY23 call, management confirmed a hard luggage manufacturing facility of its own, with land allocated and equipment supplier negotiations under way, later guiding production from May 2025. Production began July 2025 and the Ujjain plant was commissioned in FY26.
19. IFF Overseas merger - process to start soon, effective 1st April 2024 Delivered - At the Q4 FY23 call, management decided the IFF Overseas merger with process to start soon and effective date 1st April 2024. The NCLT order was received in Q4 FY25 and the merger completed, integrating backpack and luggage manufacturing in-house, effective 1st April 2024.
20. Sign at least two more brands in FY24 Missed - At the Q4 FY23 call, management's "wish list" was to sign at least two more brands within FY24. No new brands were signed in FY24 in our record; Juicy Couture was signed in Q1 FY25 and Off-White in Q1 FY26.
21. FY24 growth of more than 30% Delivered - At the Q4 FY23 call, management was "very, very confident of delivering more than 30% kind of a growth this year" (FY24). FY24 revenue grew 53.6%, above the 30% target.
22. New brand launches (UCB, Aeropostale) in Q3 FY24 before Diwali Partial - At the Q4 FY23 call, management expected new brand launches in Q3 FY24 before Diwali, with revenue impact of about five to six months, Aeropostale hitting stores first. Aeropostale's first order went to Myntra in Q1 FY24 and the UCB rollout started from December, 45 to 60 days late.
23. Become ₹500 crore company in next four years Pending - At the Q4 FY23 call, management aimed to become a ₹500 crore company "in the next four years or so", an objective also set in the FY23 annual report and Q4 FY23 PPT. FY26 revenue was ₹348 crore; with the four-year window running to roughly FY27, the target remains unreached and unresolved as of September 2026.
24. Enter Travel Gear manufacturing within listed entity Delivered - At the Q3 FY23 call, management was in "serious contemplation" of entering Travel Gear manufacturing within the listed entity, with a board proposal put up. The manufacturing facility at Ujjain was commissioned in FY26 with production from July 2025, and the IFF Overseas merger brought soft luggage in-house.
25. 12-15 new EBO store openings for FY24 Missed - At the Q3 FY23 call, management guided 12-15 new EBO store openings for FY24, later formalised as 15-18 stores by March end. Store count moved from 33 at Q4 FY23 to 39-40 at Q4 FY24 - a net addition of \~6-7 stores, below target.
26. Marketing spend at 3-4% upper level going forward Missed - At the Q3 FY23 call, management guided marketing spend at the 3-4% upper level going forward, "I don't see that ever crossing" that level. 9M FY24 marketing spend was more than 5%, with 3%+ attributable to the Arjun Rampal campaign, though FY25 spend returned to \~3% and the ceiling was raised to 4-5% at Q4 FY25.
27. FY23 revenue outlook of \~₹136 crores - raised to ₹150-160 crores Delivered - At the Q3 FY23 call, management maintained the FY23 revenue outlook of \~₹136 crores and guided ₹150-160 crores at the current run-rate. FY23 revenue was ₹163.22 crore, above the ₹150-160 crore guided range.
28. Tommy Hilfiger renewal - status quo royalty terms Delivered - At the Q2 FY23 call, management hoped for at least status-quo royalty terms in the Tommy renewal, with the agreement then ending December 2023. The license was renewed for three years till 2026 with royalty rates "all in a similar genre", and at Q1 FY27 the 10-year business plan carried the same royalty rate as before.
29. Next brand to reach ₹200 crore retail in four to five years Pending - At the Q2 FY23 call, management said any next brand should be able to reach ₹200 crore retail (₹100 crore wholesale) from scratch in four to five years. That window runs to roughly Sep 2027 and has not yet lapsed; UCB is at \~₹65-70 crore retail in FY26, while Aeropostale has not done well, so the outcome remains unreached and unjudged.
30. No new brand EBITDA-loss-making in year one Missed - At the Q2 FY23 call, management did not expect any new brand to be EBITDA-loss-making in year one. Aeropostale's contribution remained minuscule, management admitted "We've failed in Aeropostale" and confirmed at Q1 FY27 it was "time to give up" the brand.
31. New brand first product out within six months of signing Delivered - At the Q2 FY23 call, management expected a new brand's first product out roughly six months after signing, later refined to six to nine months. Aeropostale's first order was supplied within months of signing and the Juicy Couture launch was compressed to \~4 months.
32. ₹400-500 crore revenue from Tommy alone - four to five years Pending - At the Q2 FY23 call, management targeted ₹400-500 crore revenue from Tommy Hilfiger alone within four to five years. The horizon runs to roughly FY27 (ending March 2027), which has not yet lapsed; FY26 total company revenue was ₹348 crore, so the brand-specific outcome is not yet assessable.
33. Double H2 FY23 revenue vs H1 Missed - At the Q2 FY23 call, management guided to roughly doubling revenue in H2 FY23 vs H1, conditional on no macro deterrent. H1 FY23 revenue was \~₹76 crore and FY23 full-year revenue ₹163 crore, implying H2 of \~₹87 crore - far short of doubling.
34. Grow quarter-on-quarter until hitting ₹250-300 crore revenue Partial - At the Q2 FY23 call, management wanted to grow quarter-on-quarter every quarter until hitting ₹250-300 crore revenue, later clarified at Q4 FY23 as meaning the next couple of quarters. Q2 to Q3 FY23 grew 3-4% and Q3 to Q4 declined \~10%; the ₹250-300 crore level was crossed in FY24 (₹251 crore).
35. Double points of sale in two years - from \~800 Missed - At the Q2 FY23 call, management targeted doubling points of sale in two years from \~800. The FY26 annual report cites 950+ POS, far short of the \~1,600 implied by doubling; no disclosure of 1,600 POS in our record.
36. Store openings - 5-6 new stores from August to March, reaching 30-32 by year end Delivered - At the Q1 FY23 call, management planned \~5-6 new stores from August to March, taking store count to 30-32 by end of FY23. Store count reached 30 by Q3 FY23 and 33 by Q4 FY23, within the targeted range.
37. Maintain margins - overall, one bps up or down Missed - At the Q1 FY23 call, management guided margins "should be maintained or probably one bps up and down", with EBITDA "in the vicinity of around 6%" and later commitments to \~11-12% EBITDA and 5-6% PAT. EBITDA fell from 13.0% in FY23 to 8.25% in FY26 and PAT margin from 6.2% to 0.3%.
38. Better control of credit outflow to large format/department stores - this year (FY23) Delivered - At the Q4 FY22 call, management expected further betterment in controlling credit outflow to large format/department stores this year. Debtor days improved from 108 days in FY22 to 61 days in FY23, with the working capital cycle at 77 days in H1 FY23.
39. Wellness venture to be very profitable - 3-5 years Missed - At the Q4 FY22 call, management expected the wellness venture to be "very profitable" in a 3-5 years horizon. By Q2 FY26, 7E Wellness associate revenue was "very miniscule" - a run rate of ₹10-15 lakhs/month - and it was not consolidated due to cumulative losses.
40. Own brands (Sugarush, Vertical) to contribute meaningfully - three to five years Missed - At the Q4 FY22 call, management said own brands would continue to receive reasonable investment and it would be happy if they contributed meaningfully in the next three to five years. Own brands contributed \~10% of sales in Q1 FY23; by Q3 FY26 management deferred any own-brand launch until after crossing ₹500-600 crores.
41. Reduce interest costs - as percentage and absolute Missed - At the Q4 FY22 call, management aimed to reduce interest costs both as a percentage and in absolute terms. Debt rose from \~₹24 crore at FY22 to ₹115.26 crore current borrowings at FY26, with interest coverage at 1.04x.
42. Tommy Travel Gear 20%+ CAGR; SLG 15-20%; new brands 40-50% CAGR - next three to five years Partial - At the Q4 FY22 call, management pegged Tommy Travel Gear at upwards of 20% CAGR, Small Leather Goods at 15-20% and new brands at 40-50% CAGR for the next five years. SLG grew \~24% in Q1 FY26 and UCB \~50% YoY in Q3 FY26, but Tommy declined 3% in H1 FY25 and was flattish in Q1 FY27.
43. Sign one to two new brands - this year (FY23) Delivered - At the Q4 FY22 call, management's FY23 target was to sign one to two new brands, one at mid-stage and one at advanced stage of contract. Aeropostale was signed in December 2022 and United Colors of Benetton in FY23 - two brands signed within FY23.
44. Reduce concentration of any one brand (Tommy) - over five years On track - At the Q4 FY22 call, management aimed over the next five years to bring down the concentration of any one brand (then Tommy) to an acceptable level, ideally down to \~25% per the Q2 FY23 call. Tommy remained \~80% of sales as of Q1 FY26, leaving concentration unreduced but the target still within its stated window; no outcome can yet be judged.
45. Bottom line growth higher than revenue growth Missed - At the Q4 FY22 call, management stated the bottom line growth target is higher than the revenue growth target. FY23 PAT grew 1219.8% vs 89.4% revenue growth, but FY24 PAT grew 9.2% vs 53.6% revenue growth, and FY25 and FY26 PAT fell 52.3% and 81.5% against revenue growth of 16.5% and 19.2%.
46. 30%+ revenue CAGR - over the next three years Delivered - At the Q4 FY22 call, management targeted 30% plus CAGR in revenue over the next three years, reiterated across FY23 with variations of 25-35%. Revenue grew 89.4% in FY23 and 53.6% in FY24; the three-year CAGR from FY22 to FY25 was \~50%, above the 30% floor.
47. India production to reach 50% of manufacturing - next year, then 75-80% in a couple of years Partial - At the Q4 FY22 call, management targeted India production to reach 50% of manufacturing "for next year at least", then 75-80% within the next couple of years. The Q3 FY25 sourcing split was \~35% India / 65% China, with almost 70% of backpacks made in-house by Q4 FY25; no FY26-end disclosure of the overall India vs China split is in our record.
48. 1,200+ dealer distribution stores - no explicit horizon Partial - At the Q4 FY22 call, management targeted more than 1,200 stores in the dealer distribution network, with further brands being added. Points of sale grew from \~800 to 950+ per the FY26 annual report; no explicit disclosure of dealer store count against the 1,200 target is in our record.
49. 100 EBO stores - within five years Missed - At the Q4 FY22 call, management targeted 100 EBO stores in the next five years, 75-80% franchisee-owned, with repeated 18-24 month timelines through FY25. Store count peaked at 56 at Q3 FY26; by Q3 FY26 management said 50-55 stores are "good enough" and by Q1 FY27 the count was 43 after closures amid a consolidation drive.