1. Nivian consolidation - from FY27 onwards Delivered - The Q1 FY27 PPT (Jul 2026) stated consolidation of Nivian's IVF business from FY27 onwards, creating a new growth avenue. The 66.09% stake acquisition was completed in April 2026, and Q1 FY27 Nivian revenue of ₹15.1 crore, up 45% YoY, is consolidated in Domestic Branded Formulations.
2. FY27 consolidated revenue growth - 20-25% On track - The Q1 FY27 PPT (Jul 2026) guided FY27 consolidated revenue growth of 20-25%, with Vision 2030 stated as on track; the Q1 FY27 result reiterated being on track to deliver 20-25% growth on a consolidated basis. Q1 FY27 revenue grew 25.2% YoY, at the top of the guided range.
3. Derma - cross ₹50 crores in next three years; EBITDA margins 12-14% On track - At the Q4 FY26 call (Mar 2026), management set a vision to cross ₹50 crores in Derma in next three years, mainly via cosmetology through the Promoitalia and Fresyderm tie-ups, with EBITDA margins of 12% to 14% at ₹50-60 crores sales. FY26 Derma revenue was ₹16.58 crores and Q1 FY27 was ₹4.5 crores; the 3-year horizon remains open.
4. FY30 revenue mix - branded 51%, exports 30%, CDMO 13%, other 6% On track - At the Q4 FY26 call (Mar 2026), management guided the FY30 revenue mix: branded formulations from \~36% to 51%, exports from 18% to 30%, and CDMO reduced from 39% to 13%; the Q4 FY26 PPT states the same Vision 2030 mix targets. FY26 mix was branded 36%, exports 18%, CDMO 39%, other 7%, and Q1 FY27 was branded 38.3% (₹48.1 crore of ₹125.5 crore), exports 13.7%, CMO 37.8% - the FY30 horizon is open.
5. Export growth of \~30% in H1 FY27 vs H1 FY26 Pending - At the Q4 FY26 call (May 2026), management guided to \~30% export growth in H1 FY27 vs H1 FY26, with \~50% of the orders already in hand. Q1 FY27 exports were ₹17.2 crores vs ₹32.3 crores in Q1 FY26, a \~47% decline, with stronger momentum expected over the remainder of FY27; H1 ends September 2026 and Q2 results are unreported as of 29 Aug 2026, so the outcome is not yet assessable.
6. Total capex - not more than ₹25 crores in next 2 years (FY27-FY28) Pending - At the Q4 FY26 call (Mar 2026), management guided total capex of not more than ₹25 crores in the next 2 years (FY27-FY28), apart from the intermediate plant. No specific FY27 capex figure is recorded as of Q1 FY27; the Q4 FY26 call noted FY26 capex was \~₹45 crores.
7. Exports - ₹200 crores by FY28 On track - At the Q4 FY26 call (Mar 2026), management reaffirmed "₹200 crores by FY28" for exports, saying they are "absolutely on track", supplying to \~30 countries and opening \~14 new countries. FY26 exports were ₹71 crores and Q1 FY27 exports were ₹17.2 crores; the FY28 horizon is open.
8. Vision 2030 - ₹850-900 crores revenue in next four years On track - At the Q4 FY26 call (Mar 2026), management's Vision 2030 targeted more than double sales to ₹850-900 crores (also stated as "₹900-odd crores") in the next four years, including all verticals and the Nivian acquisition. FY26 revenue was ₹385 crores or ₹396 crores, and Q1 FY27 revenue was ₹125.5 crores; the FY30 horizon is open.
9. Nivian (IVF) business growth - 30% for next three to four years On track - At the Q4 FY26 call (Mar 2026), management guided Nivian (IVF) business growth of 30% for the next three to four years. Nivian revenue grew from ₹15 crores (FY23) to ₹43 crores (FY26), a CAGR of \~45%, and Q1 FY27 Nivian revenue grew 45% YoY - above the 30% target.
10. 20-25 new products - launch in coming three-four years On track - At the Q4 FY26 call (Mar 2026), management stated the company will launch around 20 to 25 new products in the coming three-four years, including NDDS products. The Q1 FY27 PPT notes 24 new products targeted for FY27-FY29; the Q4 FY26 call noted two new NDDS and five new products launched last year.
11. Export growth - more than 50% in FY27; ₹105-110 crores On track - At the Q4 FY26 call (Mar 2026), management stated export growth of more than 50% in FY27, with exports expected to close between ₹105 and ₹110 crores in FY27 against ₹71 crores in FY26. Q1 FY27 exports were ₹17.2 crores against Q1 FY26's ₹32.3 crores, with stronger momentum expected over the remainder of FY27; the FY27 horizon is open.
12. Nivian Lifesciences - close FY Mar'26 at \~₹43 crores net sales Delivered - The January 2026 announcement stated Nivian Lifesciences is expected to close the FY ending Mar'26 at \~₹43 crores net sales. The Q4 FY26 PPT notes Nivian revenue grew from ₹15 crores (FY23) to ₹43 crores (FY26), and the Q4 FY26 call noted Nivian FY26 revenue of ₹43-46 crores - the target was met.
13. FY26 outlook - revenues ₹420-430 crore, EBITDA margins 23-25% Missed - At the Q2 FY26 result (Nov 2025), management targeted FY26 revenues in the range of ₹420-₹430 crore with EBITDA margins between 23% and 25%, expecting better performance in H2 FY26. FY26 revenue was ₹385 crores or ₹396 crores, and FY26 EBITDA margin was 22.57% - both below the guided ranges.
14. Six brands - become ₹5 crore brands this year (FY26) Delivered - At the Q2 FY26 call (Sep 2025), management stated six brands would become ₹5 crore brands this year. The Q4 FY26 PPT notes brands above ₹5 crores went from NIL in FY21 to 7 in FY26, and the Q4 FY26 call noted one branded oncology product touched almost ₹10 crores of sales in FY26 - the target was exceeded.
15. Exports - cross ₹100 crores in H2 FY26 Missed - At the Q2 FY26 call (Sep 2025), management stated exports would cross ₹100 crores of top line in H2 FY26 against ₹43 crores in H1, with the annual export budget set at this level and the company "almost close to the targets". FY26 exports declined 11% from ₹79 crores to ₹71 crores; with H1 FY26 exports at ₹43 crores, H2 FY26 exports were \~₹28 crores - far below the ₹100 crore target.
16. Pipeline of 23 oncology molecules - going off-patent in next five years Partial - The FY22 MD&A stated Beta has a pipeline of twenty-three Oncology molecules going off-patent in the next five years, with work on in-house API manufacturing for all these molecules in advanced stages; the FY23 MD&A revised this to twenty-five molecules. The Q4 FY24 call noted Olaparib launched first in India after going off-patent, and the Q1 FY27 PPT notes 3 APIs under development; no count of 23-25 molecules launched is recorded.
17. Grow exports business in formulations and API - over next three years (from FY23) Partial - The FY23 MD&A stated Beta will continue to grow the exports business in formulations and API over the next three years to become a leading supplier of high-quality oncology drugs across developing countries. FY24 exports grew from ₹27.9 crores to ₹46 crores and FY25 exports grew 72.69% to \~₹80 crores, but FY26 exports declined 11% to ₹71 crores - a 2.5x increase over the closed FY23-FY26 window.
18. Double revenues in next three years - from FY23 Missed - The FY23 Chairman message stated the company expects revenues to double in the next three years, with no major capex foreseen and significant operating leverage to expand margins; the FY24 Chairman message reiterated this, and the July 2025 announcement restated doubling in the next three years from FY25. FY23 revenue was ₹227 crores and FY26 revenue was ₹385 crores - the \~₹454 crores doubling target by FY26 was not met.
19. In-house API and formulation for all new molecules Partial - The FY20 Annual Report stated the company intends to manufacture both API and formulation in-house for all new molecules. The Q4 FY24 call noted 70% of APIs consumed are produced in-house, the Q4 FY25 PPT notes 70% of API for formulations manufactured in-house, and the Q1 FY27 PPT notes 80%+ of APIs used for in-house formulations - 70-80% achieved, not 100%.
20. Top five players in Indian cytotoxic oncology market - in next three years On track - The FY23 annual report stated the company ranked 9th and aims to be among the top five in the next three years; the May 2024 result stated top five "in the next couple of years", and the July 2025 announcement restated top five over the next three years. The Q4 FY26 PPT states the aim to be among the top 5 and the fastest growing branded formulations company in Oncology, and the Q1 FY27 PPT notes Beta ranks among the top 10 in India's branded oncology business; no top-5 confirmation is recorded and the horizon is open.
21. FY25 - launch seven new products and NDDS Partial - The May 2024 result stated the company is expected to launch seven new products and NDDS in FY25. The Q4 FY25 call noted 5-6 molecules launched in FY25, and the Q4 FY25 PPT lists 5 new brands launched in FY25: Glushield, Adloid, Karezus, Adpomide, Adgorif.
22. FY25 guidance - revenues 25% to 30% growth, EBITDA margins 24% to 26% Partial - The May 2024 result stated FY25 guidance: revenues to increase by 25% to 30%, and EBITDA margins to be back in the range of 24% to 26%. FY25 revenue grew 22.5% and FY25 EBITDA margin was 22.37% - both close to, but below, the guided ranges.
23. Promoitalia agreement - first-to-launch products in Indian cosmeceutical market Delivered - The Q4 FY25 PPT (Mar 2025) stated an agreement with PROMOITALIA MEDICAL AESTHETICS for first-to-launch products in the Indian Cosmeceutical market. The Q2 FY26 call noted the first in-licensing signed with an Italian company for fillers and mesotherapy, launched in October 2025, and the Q4 FY26 PPT lists the agreement with Promoitalia for "First to launch" Mesotherapy.
24. 600+ registrations in pipeline Delivered - The Q4 FY25 PPT (Mar 2025) stated 600+ registrations in pipeline, against 231 existing registrations as on date. The Q4 FY26 PPT lists a dossier registration pipeline of LatAm 220, APAC 105, MENA 157, Africa 53, CIS 88 = 623, and the Q1 FY27 PPT notes 280 approved products, 166 dossier registrations till date, and a pipeline of 623 - the target was met.
25. Joint Venture with IMGSA - local manufacturing in KSA Pending - The Q4 FY25 PPT (Mar 2025) stated a Joint Venture with IMGSA for local manufacturing of oncology products and expansion in the Kingdom of Saudi Arabia. No disclosure of the IMGSA joint venture progress or KSA manufacturing is recorded as of 29 Aug 2026.
26. ZAZIBONA approval - expansion in Zambia, Zimbabwe, Botswana & Namibia Delivered - The Q4 FY25 PPT (Mar 2025) stated ZAZIBONA approval would lead to expansion in Zambia, Zimbabwe, Botswana & Namibia. The Q2 FY25 call noted the ZAZIBONA certificate was successfully completed and received, with filings in all 4 countries covered under ZAZIBONA, and the Q4 FY25 PPT lists ZAZIBONA approval as received.
27. EAEU approval - expansion in Russia, Kazakhstan, Kyrgyzstan, Belarus & Armenia Delivered - The Q4 FY25 PPT (Mar 2025) stated EAEU approval would lead to geographical expansion in Russia, Kazakhstan, Kyrgyzstan, Belarus & Armenia. The Q4 FY24 call noted the Eurasia audit covering Russia, Armenia, Belarus, Georgia and Kazakhstan was cleared with the registration certificate received, and the Q4 FY25 PPT lists EAEU approval as received; no specific EAEU revenue is recorded.
28. COFEPRIS approval - pave way for Mexico's $1.3 billion oncology market Delivered - The Q4 FY25 PPT (Mar 2025) stated the COFEPRIS approval "will pave the way for entry into Mexico's $1.3 billion oncology formulation market". The Q4 FY25 call noted COFEPRIS approval received, the Q2 FY26 call noted the Mexico audit completed without critical observations with 16 dossiers filed, and the Q4 FY26 call noted export commercialization in Mexico has started.
29. Segment EBITDA margins - remain in same line (domestic brands \~34%) Delivered - At the Q4 FY25 call (Mar 2025), management guided segment EBITDA margins to remain in the same line going forward - domestic brands \~34% - with consolidated margins of 23%-25% per budget. FY26 segment EBITDA margins were branded 35-36%, CDMO 17-18%, exports 20-21%, API 21%, and the Q2 FY26 call noted branded \~35-36% and CDMO 16-17% - branded margins held at or above \~34%.
30. Own branded business - 23% to 30% annual growth; \~25% next year Partial - At the Q4 FY25 call (Mar 2025), management guided the own branded business to keep growing at 23% to 30% annually, with next year growth expected at \~25%; at the Q4 FY26 call this became branded oncology growth of 20% to 25% over the coming three to four years. FY26 branded sales grew 20% from ₹103 crores to ₹123 crores, below the \~25% target, while Q1 FY27 branded oncology sales grew 47% YoY.
31. Derma revenue - ₹18-20 crores FY26, ₹30 crores FY27, ₹45-50 crores thereafter Partial - At the Q4 FY25 call (Mar 2025), management guided Derma revenue of ₹18-20 crores this year (FY26), ₹30 crores by FY27, and ₹45-50 crores thereafter; the Q2 FY26 call restated ₹30-50 crores per year over the next three to five years, and the Q4 FY26 call guided \~50% growth in FY27 with a vision to cross ₹50 crores in three years. FY26 Derma revenue was ₹16.58 crores - below the FY26 target - and Q1 FY27 was ₹4.5 crores, with the FY27 target still open.
32. Revenue to double (3x sales) in next 3 years - ₹750-odd crores till 2028 Missed - At the Q4 FY25 call (Mar 2025), management projected revenue to double in the next 3 years, to ₹750-odd crores till 2028; the July 2025 announcement stated doubling over the next three years, the Q2 FY26 call gave FY26 revenue guidance of ₹450 crores with 20% to 25% growth, and the Q4 FY26 call restated Vision 2030 at ₹850-900 crores in four years. FY26 closed at ₹385 crores against the ₹450+ crores target and revised guidance of ₹400-420 crores - significantly below the required pace.
33. Cosmetology division - profits by September, positive in FY26 Delivered - At the Q4 FY25 call (Mar 2025), management stated the cosmetology division was expected to post profits by September, and confirmed Derma will go positive in FY26. The Q2 FY26 call noted Derma generated positive EBITDA of ₹11.32 lakhs in H1 FY26, the Q4 FY26 call noted Derma has been EBITDA positive for the last 6 months, and the Q4 FY26 PPT states Derma achieved monthly breakeven in FY26.
34. Convertible debenture - 18-month tenure, conversion at investor's choice Delivered - At the Q2 FY25 call (Sep 2024), management stated the convertible carried a 0.65% monthly coupon, convertible in 18 months with conversion at the investor's choice after 4 or 5 months; the Q4 FY25 call confirmed the coupon runs for the full year then ends, the Q2 FY26 call pointed to conversion in June next year, and the Q4 FY26 call confirmed CCD conversion in May 2026 at the fixed price of ₹1643. The CCDs issued in Nov 2024 were converted in May 2026, with Q1 FY27 CCD interest cost of ₹0.75 crores against ₹2.1 crores in Q1 FY26.
35. Derma prescribers - 1,300-1,400 by end of this year, 2,200+ next financial year Delivered - At the Q2 FY25 call (Sep 2024), management stated Derma prescribers would reach at least 1,300 to 1,400 by end of this year, and more than 2,200 in the next financial year. Prescribers increased from 700 to 1,100 at Q2 FY25 and the base was up from 1,200 to 2,600 by the Q4 FY25 call - both targets exceeded; Rx prescribers grew \~70% in H1 FY26 and Derma PCPM reached ₹1.85 lakhs with 69 TMs.
36. Intermediate (KSM) facility - investment of ₹15-20 crores, 18 products initially On track - At the Q2 FY25 call (Sep 2024), management guided an intermediate (KSM) facility investment of close to ₹15 crores, ₹20 odd crores initially, for internal use only, starting with around 18 products and rising to 25 to 30; the Q2 FY26 call added ₹15 to 20-odd crores of capex beyond the ₹9.45 crores acquisition cost, and the Q4 FY26 call put the total at \~₹27 crores including land and machinery. The facility - acquired for \~₹9.45 crores, 50-70 meters from the existing API plant - is to be commercialized by FY27 with development already started, and >₹20 crores was invested in FY26.
37. R&D center capex - ₹10-15 crores one-time Missed - At the Q2 FY25 call (Sep 2024), management guided one-time R&D center capex of close to ₹10-15 crores, confirming the analyst's ₹15-20 crores total with recurring spend. The Q2 FY26 call noted land purchased for a corporate R&D center, but the Q4 FY26 call noted the R&D/corporate office plan was dropped, with the land to be disposed of.
38. R&D expense - from 2-3% to 4-5% of sales after new R&D facility Missed - At the Q2 FY25 call (Sep 2024), management stated R&D expense was currently \~2% to 3% of sales and would go up to 4% to 5% after the new R&D facility. The Q4 FY25 call noted R&D spend at \~2% of sales, and the Q4 FY26 call noted the R&D/corporate office plan was dropped; no disclosure of R&D reaching 4-5% is recorded.
39. NDDS launches - one in June next year, another in January/February, three more in FY2026-27 On track - At the Q2 FY25 call (Sep 2024), management stated one NDDS would launch in June next year, another in January or February depending on approval, and three more filed with DCGI would launch in FY2026-27, with two NDDS and three new molecules in the next financial year; later revisions set 2 NDDS for FY26 and 2 for FY27. FY26 delivered ADXATE-OS and CAXFILA-OS, Methotrexate launched in the first week of April 2026 with the Imatinib solution to follow in one or two months, and the Q1 FY27 PPT lists NDDS products under development.
40. Fundraise of ₹117 crores - for R&D facility, KSM/intermediate plants, recombinant proteins Partial - At the Q2 FY25 call (Sep 2024), management stated the ₹117 crores fundraise (HealthQuad, Tanas Capital, generational capital fund) would fund a state-of-the-art R&D facility for formulation and API, KSM/intermediate plants, and a foray into recombinant proteins. \~₹11 crores went to facility upgradations by Q4 FY25, the intermediate facility was acquired for ₹9.45 crores and developed, but the R&D/corporate office plan was dropped with land to be disposed of and no recombinant proteins foray is recorded.
41. Export EBITDA margin - 23% to 26% Partial - At the Q2 FY25 call (Sep 2024), management guided export business EBITDA margin in the range of 23% to 26%; at the Q4 FY26 call this was restated as margins rising from current 20-21% to 23%, 24%, 25% on entering regulated markets. FY25 export EBITDA margin was 27-30%, above the range, but FY26 fell to 20-21%.
42. CDMO growth - 7% to 10% expected for FY25 Partial - At the Q2 FY25 call (Sep 2024), management expected CDMO business growth of 7% to 10% for the year; later revisions set 5%-10% every year and 5% to 6% annually for the next three-four years. FY25 CDMO revenue was ₹148 crores against ₹140 crores, 5% growth, and FY26 grew 1% to ₹149 crores, while Q1 FY27 CMO revenue grew 41% YoY.
43. Cosmetology margins - same line as oncology segment Missed - At the Q4 FY24 call (Mar 2024), management stated cosmetology margins would be at the same line as the oncology segment. FY25 Derma posted a \~67% gross margin with an EBITDA loss of ₹3 crores against an oncology segment EBITDA margin of 24.03% in FY25; FY26 Derma gross margin was 57-58%, down from 65%, and Derma only reached EBITDA breakeven in FY26.
44. US market entry - in 3 years / 2-2.5 years Pending - At the Q4 FY24 call (Mar 2024), management planned to enter the US market in 3 years, after establishing in Asian/Southeast Asian and Latin American markets and then Europe; at the Q2 FY25 call this became "next 2, 2.5 years, 3 years". The Q4 FY24 call noted a US FDA audit was planned but management was "not in a hurry"; no further US entry progress is recorded as of 29 Aug 2026.
45. EU GMP audit - expected to add sales and international collaboration On track - At the Q4 FY24 call (Mar 2024), management confirmed the EU GMP audit for September 2024, expected to add sales and international collaboration; the date was subsequently revised to before March 2025, then October-December 2025, then January-March 2026, then Q3 FY27. At the Q4 FY26 call, the audit was delayed by a new rule requiring dossiers before line inspection; three dossiers were filed and the EU audit is scheduled for the first week of September 2026 - not yet reached as of 29 Aug 2026.
46. Total capex - ₹30-35 crores for next 2 years (FY25-FY26) Missed - At the Q4 FY24 call (Mar 2024), management guided total capex of close to ₹30-35 crores for the next 2 years, all from internal cash accruals; the Q2 FY25 call capped FY26 capex (excluding fundraise projects) at ₹10 crores to ₹12 crores, and the Q4 FY26 call set a new ₹25 crores ceiling for FY27-FY28. FY26 capex alone was \~₹45 crores across three plants including land purchase, with \~₹25 crores of fixed asset additions in H1 FY26 and >₹20 crores for backward integration.
47. Cosmetology own manufacturing unit - by FY25-26 Missed - At the Q4 FY24 call (Mar 2024), management planned to come up with an own cosmetology manufacturing unit by FY25-26, with capex of ₹30-35 crores and the plant to be initiated by 25-26. No disclosure of a cosmetology manufacturing unit being initiated or completed by FY26 is recorded; the Q2 FY26 call discussed the intermediate facility acquisition and the Q4 FY26 call discussed the dropped R&D office plan, with no cosmetology plant mentioned.
48. Cosmetology sales - ₹14+ crore in FY24-25 Partial - At the Q4 FY24 call (Mar 2024), management stated cosmetology achieved ₹1 crore sales in April 2024 as the minimum benchmark and aimed to do "plus of Rs. 14 crore sales this year (FY24-25)"; the May 2024 result stated Beta "will do sales of Rs 15 crores in its Cosmeceutical division". FY25 cosmetology sales came in at ₹12.30 crores against ₹6.83 crores in FY24, 80% growth - below the ₹14-15 crore target.
49. Mainboard migration - NSE SME to NSE/BSE Main Board Delivered - At the Q4 FY24 call (Mar 2024), management stated the mainboard migration was initiated and would complete "maybe next 2 to 3 months", reiterated as June or July 2024; the Q4 FY25 call committed to migration between June and August 2025, and the Q2 FY26 call noted NSE principal approval received with migration expected within "maximum 10 days". The Q1 FY27 PPT states "2025: migrated from NSE SME to NSE Mainboard" - completed in 2025, later than the original June/July 2024 target.