1. Carat Upgrade other expenses - exact percentage breakup to be provided offline Pending - At the Q1 FY26 call, CFO Rumit Dugar, unable to give the number, committed to come back with the exact percentage breakup of the Rs. 34 crore other expenses related to the Carat Upgrade offer. No cited source or reported financials figure discloses the breakup or its withdrawal, so the outcome remains unverified.
2. FY26 studded contribution - close to 60% at exit rates Partial - At the Q4 FY26 call, Rumit Dugar said full-year FY26 studded contribution would be "close to 60%" at exit rates, promising to come back with the exact number. Q4 FY26 studded share was \~55% and Q1 FY27 studded mix was 57%; no exact FY26 full-year figure was disclosed in our record.
3. Store size - no change, continue \~1,800-1,900 sq ft average Partial - At the Q1 FY26 call, management indicated no change for now, with new stores continuing at the current \~1,800-1,900 sq ft average ("at the moment, we are good"). Q1 FY27 stores opened around 4,500 sq ft (analyst's figure), though management said operational square feet remain in the broad historical territory; total area grew from 609k sq ft (FY25) to 852k sq ft (Q1 FY27).
4. Subsidiary (greenfield) - operational in Q1 FY26, further updates later On track - A 4th September 2025 announcement said the greenfield subsidiary investment completed earlier in calendar 2025 became operational in Q1, with further updates promised later in the year on meaningful progress. Ethereal House Private Limited (lab-grown brand, 74% subsidiary) was around five-six months old with very few stores and "seems to be doing well" as of Q3 FY26; ₹25.2 cr Ethereal CCPS investment was disclosed.
5. FY2030 SSSG target of 30% On track - The Investor Day filing set an FY2030 SSSG target of 30%, framed as holding the \~30% trajectory of older cohorts. Older cohorts grew at \~30% SSSG on FY 2022-26 blended basis (30% and 31.9%) and 32.5% and 34.1% on Q4 FY26 exit run-rate; Q1 FY27 SSSG was 39%.
6. One-time special bonus of ₹6 cr to MD for FY26 Pending - A 30th April 2026 announcement proposed a one-time special bonus of INR 6,00,00,000 to be granted to the MD with respect to FY 2025-26. No disclosure in our record of the bonus being granted or paid.
7. MD remuneration increase - up to 35% to ₹4.86 cr p.a. effective 1 April 2026 Pending - The Board approved, subject to shareholder special resolution, an increase of up to 35% in the MD & Chairman's remuneration from INR 3,60,00,000 to up to INR 4,86,00,000 per annum, effective April 1, 2026, for a maximum of three years. No disclosure in our record of shareholder approval or the revised remuneration taking effect.
8. Store-margin expansion - +2.1pp from FY26 18.6% to FY30 20.7% On track - The Investor Day filing guided store-margin expansion of +2.1pp from FY26 18.6% to FY30 20.7%. FY26 store-level pre-IndAS margin for the FY19-FY20 cohort was 23.8%; no FY27 store-margin disclosure in our record yet.
9. 700+ stores long-term network On track - The FY26 Annual Report states the company is targeting a network of 700+ stores over the long term, extending across metros and emerging cities. Store count was 352 as of 30 June 2026, up from 340 at FY26 end, with no further read on the 700+ target in our record.
10. IPO net proceeds deployment - by 31 March 2026 (extended to 31 March 2027) Partial - The offer document stipulated deployment of IPO net proceeds by March 31, 2026; a Board resolution dated April 23, 2026 extended the timeline for balance net proceeds till March 31, 2027. As on June 30, 2026, ₹26.57 crore remained unutilized beyond the original timeline; the working capital object was 99.99% utilised (₹749.90 cr of ₹750 cr) and the GCP object completed June 18, 2026 with a 79-day delay.
11. Entry-level portfolio redesign - benefits to flow through FY27 On track - At the Q4 FY26 call, management said the benefit of the recalibrated entry-level offerings is "expected to continue through FY27", with the PPT noting the inventory impact "is starting to reflect in performance of Q4FY26 and should flow through FY27"; the Q1 FY27 PPT reiterated benefits flowing through FY27 "as planned" despite duty increase. Q1 FY27 SSSG was 39% with \~6k designs priced under ₹60k in the entry-level portfolio, and management said month-on-month numbers were trending in the right direction over the last 3-4 months.
12. Gold hedging - maintain \~50% hedge on gold inventory Pending - At the Q2 FY26 call, management reiterated its hedging commitment: "we have committed or communicated rather that we will be in that 50% kind of territory. Broadly, we stay in that range", reiterated at Q1 FY27 with no change to the \~50% hedge. No explicit hedge ratio disclosure in our record for Q1 FY27 or FY26; Q3 FY26 inventory of ₹2,280 cr was attributed largely to mark-to-market on hedge positions.
13. Blended inventory turn - improve to 1.7 handle over next four years On track - At the Q1 FY27 call, the CFO guided blended inventory turn should continue to improve and over the next four years go to the 1.7 handle, with improvement visible through this year as well. FY26 inventory turnover ratio was 1.13 and Q1 FY27 inventory was \~₹2,800 cr, while older cohorts already run at 1.8-2 turns; no blended Q1 FY27 turn disclosed.
14. Operating EBITDA margin - expand from 7.5% to 15% over next four years On track - At the Q1 FY27 call, management guided operating EBITDA margin to expand from 7.5% to the 15% handle over the next four years, driven by scale- and vintage-based operating leverage; the margin roadmap filing maps a 7.42% base to a 14.67% target via +5.10pp. Q1 FY27 Pre-IndAS EBITDA margin (excl. inventory gain) was 7.5% and FY26 was 7.4%; no further read yet.
15. Revenue scale-up - ₹12,000 cr in next four years On track - At the Q1 FY27 call, management set a target of almost \~30% SSSG over the next four years, with distribution growth taking overall revenue to around INR 12,000 crores in the next four years, citing FY26 revenue of ₹2,440 cr as the base. Q1 FY27 revenue was ₹733.2 cr, +49% YoY - annualised \~₹2,933 cr, below the \~₹3,000 cr FY27 run-rate implied by the four-year path; no further read yet.
16. Store productivity - all cohorts to reach at least ₹14.1 cr annualised per store On track - At the Q4 FY26 call, asked whether all stores converge to INR14-15 crores revenue per store at peak utilization, management answered "At the minimum"; a non-transcript filing said all store cohorts have a clear runway to scale to at least ₹14.1 crore in annualised per-store revenue. 9M FY26 cohort productivity was \~₹14.1 cr (FY19-FY20), \~₹9.8 cr (FY21-FY22) and \~₹8.3 cr (FY23); no FY27 cohort update in our record yet.
17. Unallocated ESOP pool - not to breach \~1.7% over next 3-4 years On track - At the Q4 FY26 call, management committed the company has \~1.7% of unallocated ESOP pool on a fully diluted basis and does "not foresee ourselves breaching that in next three to four years". The Q1 FY27 PPT shows the unallocated pool at \~0.26 crore shares (\~1.7% equity) with \~0.91 crore shares allocated, and 209,319 options were granted on 16 April 2026.
18. ESOP P&L cost trajectory - ₹93 cr → ₹58 cr → ₹28 cr → bottoming out On track - At the Q4 FY26 call, management laid out the ESOP P&L cost trajectory of \~INR93 crores in the first year, dropping to INR58 crores, then INR28 crores, then bottoming out, saying "going forward also, we don't see ourselves deviating much from this plan"; the PPT schedule shows FY26 ₹927 mn, FY27E ₹575 mn, FY28E ₹289 mn, FY29E ₹129 mn, FY30E ₹48 mn. FY26 ESOP charge was ₹926.5 mn and Q1 FY27 was ₹184.3 mn, down 21.2% YoY - annualising to \~₹737 mn vs the ₹575 mn FY27E plan.
19. FY27 and FY28 franchisee exits - significant drop in FOCO stores On track - At the Q4 FY26 call, CFO Rumit Dugar guided that FY27 and FY28 "should see a significant drop" / "a substantial drop" in franchisee-owned company-operated stores as contracts expire, while honouring full five-year contract terms. Q1 FY27 franchise commission was ₹7.1 mn, down 76.3% YoY; no explicit FY27/FY28 FOCO store-count disclosure in our record yet.
20. FY27 store additions - \~20% distribution CAGR On track - At the Q4 FY26 call, management said the company aims to keep adding close to 20% to its distribution annually on the total 340-store base, the CFO calling the 20% CAGR "a fairly good number which we can continue to deliver over several years"; at Q1 FY27 the \~20% CAGR over the next four years was reiterated. Q1 FY27 store count was 352, +12 QoQ - an annualised run-rate of \~48 stores vs \~68 implied by 20% of 340; no FY27 full-year outcome yet.
21. A&P spend - moderate to \~6% of revenue Delivered - At the Q3 FY26 call, management guided A&P as % of sales to come down to "around 6%", scaled proportionally with revenues thereafter, and at Q4 FY26 guided not dropping advertising below 6% of revenue; at Q1 FY27 the five-year trajectory was guided from 6.6% down to around 4.5-4.6%. FY26 A&P was 6.6% of revenue, with Q3 FY26 at 5.7%, Q4 FY26 at 6.1% and Q1 FY27 at 6.9%.
22. Q4 FY26 EBITDA - illustrative \~₹48-50 cr (₹90 cr Q3 less ₹40-42 cr) Delivered - At the Q3 FY26 call, management's illustrative calculation suggested Q4 EBITDA "should be, let's say, lesser by" approximately Rs. 40-42 crores versus Q3's Rs. 90 crores - explicitly a back-of-envelope calculation, not formal guidance. Q4 FY26 Pre-IndAS EBITDA excluding inventory gain was ₹50.9 cr, within the illustrative ₹48-50 cr band.
23. FY26 Q4 revenue - ₹620-630 cr illustrative Delivered - At the Q3 FY26 call, management said Q4 FY26 revenue was "trending at almost 35% growth over the last Q4" and, if that continues, "this Q4 will land somewhere between Rs. 620 crores to Rs. 630 crores" - framed as a back-of-envelope illustration rather than formal guidance. Q4 FY26 standalone revenue was ₹687.7 cr / ₹681 cr per reported financials, up 49% YoY, above the ₹620-630 cr band.
24. FY26 store additions - 70-80 new stores Delivered - At the Q2 FY26 call, CFO Rumit Dugar guided FY26 store additions "for this year, we should be in that 70 - 80 kind of that ballpark range"; at Q3 FY26 this was clarified to the "65, 70 kind of range", with the upper end "in the 70 kind of handle. So, plus minus 5". FY26 ended with 65 new stores added (340 at 31 March 2026 vs 275 at FY25 end), within the revised range.