1. Fortune 50 retailer deal - $20M over 4-5 years Delivered - Non-transcript filings state the company signed a very large Fortune 50 retailer in March 2026 - a $20 million deal over a four-to-five-year period. The deal was signed as stated.
2. Kognitiv churn indemnity - ₹24.96 cr compensation received Delivered - Non-transcript filings state compensation of ₹24.96 cr was receivable from the Kognitiv seller for breach of the Churn Indemnity Clause. The ₹24.96 cr compensation was received.
3. Kognitiv acquisition - closed May 2025 Delivered - Non-transcript filings state the Kognitiv acquisition was slated for completion in May 2025. The acquisition was completed in May 2025.
4. SessionM acquisition - closed 1 May 2026 Delivered - Non-transcript filings state the SessionM acquisition was slated for completion on 1 May 2026. The acquisition was completed on 1 May 2026.
5. IPO listing - BSE and NSE on 21 November 2025 Delivered - Non-transcript filings state the IPO would complete with equity shares listed on NSE and BSE on November 21, 2025. The IPO was completed and shares listed on both exchanges on 21 November 2025.
6. Persuade, Brierley and Rewards customers - fully upgraded in FY27 On track - Non-transcript filings state Persuade, Brierley and Rewards customers will have fully upgraded to the Capillary platform in FY27, with revenue retention of 68% post upgrades. Almost all customers have migrated - only two remain; the FY27 horizon is not yet reached.
7. Cyber fraud recovery - 6-8 months for Hong Kong courts, 5-6 months for insurance surveyor On track - The Q1 FY27 PPT states Hong Kong courts recovery of the stolen EUR 2.07 Mn tranche may take approximately 6-8 months, and the insurance surveyor process approximately 5-6 months, with the KPMG forensic report expected later in August 2026. EUR 975K was frozen in Singapore on July 4, 2026, complaints filed and the insurer claim initiated; neither horizon has yet been reached.
8. IPO proceeds utilisation - ₹322.91 cr for objects in FY26 Missed - The IPO prospectus estimated utilisation of ₹322.91 cr for objects in Fiscal 2026 - cloud infrastructure ₹143 cr, R&D ₹71.58 cr, computer systems ₹10.34 cr, inorganic growth/GCP ₹97.99 cr. Only ₹0.01 cr was spent by end of fiscal 2026; Q1 FY27 saw ₹346.79 Mn for cloud and ₹850.13 Mn cumulative for GCP.
9. Customer concentration risk - widen logo base Delivered - The Q4 FY26 PPT commits to improving customer concentration by widening the logo base and expanding into new verticals while deepening key accounts. Top-5 concentration fell from 43% in FY25 to 38% in FY26 and 34% in Q1 FY27, with 465+ brands and 25 Fortune 500 customers.
10. AI-led migration platform - 12-18 month acquisition integrations On track - At the Q4 FY26 call, management expected the AI-led migration platform to shorten upgrade cycles, with a two-to-four-week UAT and acquisition integrations in a "12-to-18-month type period". Kognitiv migrations started with the first customer set for September 1, 2026, and all upgrades targeted by September 2027; the horizon is not yet reached.
11. ESOP expenses - ₹12-15 cr for FY27, 1-2% of top line Pending - At the Q1 FY27 call, CFO Anant Choubey guided ESOP expenses of "about ₹12 cr to ₹15 cr" for this year, to "remain in this range" at 1%-2% of top line. FY26 ESOP expenses were ₹107.3 Mn; no FY27 outcome yet.
12. Steady-state EBITDA margin - 25-30% On track - At the Q4 FY26 call, management restated the DRHP frame - \~70% gross margin, 15-16% tech spend, similar on sales and marketing, 5-7% G&A - leading to a "25% to 30% steady-state, probably more, EBITDA margin business". Q1 FY27 Adjusted EBITDA margin was 17% and Q4 FY26 was 19%; the steady-state horizon is not yet reached.
13. Incremental organic EBITDA - ₹100-120 cr at 35% margins Pending - Non-transcript filings state ₹350 cr of incremental organic revenue at 35% EBITDA, translating into incremental organic adjusted EBITDA of ₹100-120 cr at 35% margins. No incremental organic EBITDA outcome has been disclosed yet - the horizon is not reached.
14. Organic unit economics - 35-40% Adjusted EBITDA from new ACV Pending - Non-transcript filings state organic unit economics of 65-70% gross margin and 35-40% adjusted EBITDA from new ACV, with cost of service at 30-35% and below-CM sales costs of 10-15% plus 20%. No new-ACV unit economics outcome has been disclosed yet - the horizon is not reached.
15. Inorganic margin turnaround - 62% GM and 45% CM steady-state Pending - Non-transcript filings state inorganic margins turning around from the present 57% GM and 5% CM to steady-state 62% GM and 45% CM, or \~₹133 cr steady-state inorganic CM. Current inorganic margins stand at 57% GM and 5% CM with migrations just starting - the steady state is not yet reached.
16. Inorganic EBITDA build - ₹120-140 cr steady-state Pending - Non-transcript filings state a build of +100-120 cr adjusted EBITDA from inorganic, reaching steady-state inorganic adjusted EBITDA of ₹120-140 cr post platform upgrades. Inorganic margins currently sit at \~5% CM with migrations just starting - the steady state is not yet reached.
17. FY27 inorganic revenue - ₹391 cr guided On track - Non-transcript filings guide FY27 inorganic revenue at ₹391 cr and inorganic adjusted EBITDA at ₹20 cr. Q1 FY27 total revenue was ₹256.64 cr including two months of SessionM; the full-year outcome is not yet known.
18. FY27 organic revenue - ₹673 cr guided On track - Non-transcript filings guide FY27 organic revenue at ₹673 cr with 15% 3-year CAGR growth. Q1 FY27 organic revenue was ₹155.1 cr, +17% YoY; the full-year outcome is not yet known.
19. M&A ROIC - 20%+ target On track - Non-transcript filings target ROIC of 20%+ on acquisitions as a capital allocation guiding principle. Cohort ROIC over 20% with an average cash payback of \~4 years has been disclosed; the read for Kognitiv and SessionM is not yet available.
20. M&A investment payback - 4-5 years On track - At the Q3 FY26 call, management stated acquisitions at 0.5x to 1.5x revenue are paid off in a "4 to 5 year period" from migrating acquired customers; filings restate a 4-5 year payback engine. Persuade paid back in 4.6 years, Rewards+ in 2.5, Brierley \~4 and Kognitiv an estimated 3.9 years; recent horizons are not yet reached.
21. M&A FCF post integration - 45%+ target Pending - Non-transcript filings target free cash flow post integration at 45%+ on inorganic growth. No post-integration FCF outcome for Kognitiv or SessionM is available yet with migrations just starting; FY26 FCF was ₹110.6 cr against adjusted EBITDA of ₹106.9 cr.
22. M&A revenue retention - 75% for Kognitiv, SessionM and future M&A Pending - Non-transcript filings target revenue retention through integration for Kognitiv, SessionM and future M&A at \~75%, against 68% post upgrades on past deals. No Kognitiv or SessionM retention outcome is available yet - migrations just started.
23. Non-COGS operating leverage - 2x+ target On track - Non-transcript filings set a long-term operating leverage target of 2x+ on non-COGS costs. FY26 non-COGS costs grew 14% YoY against 23% revenue growth, and Q1 FY27 saw 32% cost growth against 43% revenue growth; the long-term horizon is not yet reached.
24. Organic revenue CAGR - 20%+ long-term On track - Non-transcript filings set a long-term organic growth target of 20%+, and management restated the "15% to 20% organic growth business" framework. Organic revenue grew at 42% CAGR from FY23 to FY26, while Q1 FY27 organic growth was 17% YoY; the long-term horizon is not yet reached.
25. Organic NRR - 115% target On track - At the Q4 FY26 call, management's planning framework targeted \~115% NRR on the organic business, restated as a 115% target via 3 levers in filings. Q1 FY27 organic NRR was 111% and Q4 FY26 was 114%; a sustained 115% is not yet achieved.
26. aiRA revenue contribution - at least 5-10% of FY27 revenue On track - At the Q1 FY27 call, Aneesh Reddy expected "at least 5% to 10% of our revenue coming from aiRA this year", worded as "my hope". aiRA run-rate was $2-2.5 million with \~4-5% of revenues as of Q4 FY26; the FY27 outcome is not yet known.
27. FY27 new ACV - at least 30-40% more than last year On track - At the Q1 FY27 call, management said "we will definitely do like at least 30%-40% more new ACV than last year", trimming the 75% YoY run-rate to a firmer floor. TTM new ACV excluding one large healthcare customer grew \~75% YoY to about ₹92 cr; the full-year outcome is not yet known.
28. FY27 organic growth - \~20-23% guided, 17% full-year organic implied On track - At the Q1 FY27 call, management guided \~20%-23% organic growth this year including about 6% currency impact, implying "about a 17%-odd full-year organic growth". Q1 FY27 organic revenue grew 17% YoY to ₹155.1 cr; the full-year outcome is not yet known.
29. Acquired revenue margin potential - ₹120-130 cr incremental from migrations Pending - At the Q1 FY27 call, management said the ₹390-odd cr of acquired revenues, projected at \~₹20 cr margins, "has the potential to deliver a ₹120 cr, ₹130 cr incrementally as the migrations happen". No quantified incremental margin outcome has been disclosed yet - the horizon is not reached.
30. Kognitiv EBITDA uplift - ₹10-20 cr incremental as migrations happen On track - At the Q1 FY27 call, management guided that Kognitiv (₹75-80 cr revenue) will yield "at least another ₹10 to ₹15, ₹15 cr to ₹20 cr of EBITDAs" as migrations happen, with "₹20-odd cr of more margins" next year. Kognitiv margins have improved from \~5-10% at acquisition via India back-end moves; the quantified uplift is not yet known.
31. Kognitiv customer migrations - first go-live September 1, all upgrades by September 2027 On track - At the Q1 FY27 call, management committed to the first Kognitiv customer going live on September 1, the next 10 accelerated in "a 2-3 quarter time frame", and all upgrades completed "by latest September of next year, 2027". Migrations have started with the first customer set for September 1; completion is not yet due.
32. SessionM break-even - year one, with margin build to 15% then 35-40% On track - At the Q4 FY26 call, management guided SessionM break-even in year one, small positive margins in year two and significant margins from year three; at Q1 FY27 this became "at least $6-7-8 million" of server-cost savings over 3-4 quarters and a break-even → 15% → 35-40% margin path. SessionM turned fully profitable and generated \~₹5-6 cr of free cash in its first two months, with server costs down from 50% of revenue at acquisition.
33. SessionM ARR - $32M planned, tracking two months post-acquisition On track - At the Q4 FY26 call, management guided SessionM adds $35M ARR from 40+ logos, restated at Q1 FY27 as a planned $32M ARR. Two months post-acquisition, all projected \~$32M ARR of customer contracts have agreed to sign on Capillary paper; the first-year outcome is not yet known.
34. FY27 Adjusted EBITDA - ₹172 cr guided On track - At the Q1 FY27 call, management reaffirmed full-year guidance of ₹172 cr Adjusted EBITDA: "We will definitely beat our ₹1,065 cr and revenue and ₹172 cr number", reiterated in the Q1 FY27 PPT as "on track". Q1 FY27 Adjusted EBITDA was ₹44.02 cr, +132% YoY, at 17% margin; the full-year outcome is not yet known.
35. FY27 consolidated revenue - ₹1,000-1,050 cr guided, later ₹1,065 cr floor On track - At the Q4 FY26 call, management guided consolidated revenue to cross ₹1,000-1,050 cr in FY27 with SessionM taking the company "closer to a ₹1,050 cr mark"; at Q1 FY27 the floor was raised to ₹1,065 cr, a number management will "definitely beat". Q1 FY27 revenue was ₹256.64 cr, +43% YoY; the full-year outcome is not yet known.