1. Advertisement/marketing spend maintained at 2.5-3% of revenues On track - At the Q1 FY27 call, management said advertisement/marketing spend is maintained at about 2.5%-3% of revenues, continuing this quarter at \~3% of overall revenues. Q1 FY27 marketing spend was \~3% of revenues.
2. Consumer ware gross margin around 54-55% in coming quarters On track - At the Q1 FY27 call, management said Consumer Ware gross margin should be constantly around the 54-55% band in coming quarters and "should be improving rather". Q1 FY27 Consumer Ware gross margin was 55%, within the guided band.
3. Cello writing instruments profitability to reach Unomax levels in 1-1.5 years On track - At the Q2 FY26 call, management said Cello writing instruments profitability should reach Unomax-like numbers in the next 1-1.5 years; by Q1 FY27 this was "a couple of quarters" away. Q1 FY27 writing instruments gross margin contracted 3-4% on Cello product rationalization.
4. Cello brand transaction to close by November 2025 Delivered - At the Q2 FY26 call, management said the Cello brand transaction should close within November 2025, with revenues appearing in Cello World by the last quarter. The deal happened in November 2025 with full control by December 2025, and Cello brand revenues contributed from Q3 FY26.
5. Steel bottle/insulatedware facility completion by March 31, 2025 (QIP object) Partial - The QIP object was investment in Cello Consumerware for a stainless steel bottle and plastic insulatedware facility, completion due March 31, 2025, later extended to March 31, 2026 and then September 30, 2026. Eight lines were operational by Q1 FY27 but yet to reach optimal utilization.
6. Glassware plant utilization to reach 80% by Q4 FY26 Missed - In the Q2 FY26 announcement, management said Falna glass plant utilisation of \~55% was expected to reach 80% by Q4 FY26. Utilization was \~60% in Q3 FY26, \~60% in Q4 FY26 and \~60% in Q1 FY27.
7. FY27 capex of around Rs.100 crores Pending - At the Q4 FY26 call, the CFO guided FY27 capex of around Rs.100 crores, mostly maintenance with around Rs.30 crores for steel ware; by Q1 FY27 only maintenance plus "very small" steel additions were planned. No FY27 capex outcome is yet available.
8. Receivable days of less than 100 days in FY27 Pending - At the Q4 FY26 call, management targeted receivable days of less than 100 days, about 15 days less than current and the historical sweet spot. Q4 FY26 receivable days were stretched partly due to government orders; no FY27 disclosure is present in our record.
9. Steel ware sales back to at least FY25 levels in FY27 Pending - At the Q4 FY26 call, management aimed to get steel ware sales back to at least the FY25 number, after FY26 saw a 25% drop in the category. Q1 FY27 steel bottle sales dropped substantially, the main reason for Consumer Ware degrowth; eight lines are operational but below optimal utilization.
10. FY27 EBITDA margin scale-up of 2% to 2.5% above current levels Pending - At the Q4 FY26 call, management said it is trying to scale up EBITDA margins by about 2% to 2.5% more than current levels, driven by steel ware and glassware scale-up. Q1 FY27 EBITDA margin was 22.2% against the FY26 base of 22.7%; management declined FY27 margin guidance.
11. FY27 revenue growth of 10-12% Pending - At the Q4 FY26 call, management guided revenue growth of about 10% to 12% for FY27, noting the number could change a little as the year progresses. Q1 FY27 revenue was Rs.527 crores, -0.43% YoY, and management withdrew guidance.
12. Writing instruments top line of \~Rs.1,000 crores over next 2 years On track - At the Q3 FY26 call, management guided writing instruments top line of about Rs.1,000 crores over the next 2 years for Unomax plus Cello combined. FY26 writing instruments revenue was about Rs.368 crores, and Q1 FY27 grew 52% YoY.
13. Writing instruments revenue of Rs.500 crores+ in FY27 On track - At the Q3 FY26 call, management said combined Unomax plus Cello revenues would be north of Rs.500 crores in FY27, "a given for next year", reiterated at Q4 FY26. FY26 writing instruments revenue was about Rs.368 crores; Q1 FY27 grew 52% YoY on the Cello brand.
14. FY26 capex of about Rs.100-odd crores Missed - At the Q1 FY26 call, management guided FY26 capex of about Rs.100-odd crores - steel flask plant \~Rs.40-50 crores plus maintenance \~Rs.50-60 crores - later revised to about Rs.150 crores. FY26 capex was around Rs.219 crores.
15. Steel flask category at \~5x asset turns with full utilization in first year Missed - At the Q1 FY26 call, management targeted the steel flask category at \~5x asset turns and said "100%, we should be able to achieve full utilization" in the very first year. Steel ware sales dropped about 25% in FY26, and eight lines were operational in Q1 FY27 yet to reach optimal utilization.
16. Steel flask production to start from November-December 2025 Delivered - At the Q1 FY26 call, management said steel flask production would start from November-December 2025, later set at December 2025. A fully integrated insulated steel bottle plant in Rajasthan was commissioned with two lines operational in Q3 FY26 (Dec 2025).
17. Glassware plant FY26 sales of Rs.110-120 crores Delivered - At the Q1 FY26 call, management anticipated new glassware plant (Falna) full-year FY26 sales of Rs.110-120 crores, at which point \~65-70% of produced capacity would be sold. Management later stated FY27 glassware sales will be "a lot more than" Rs.150 crores, "which was last year's level", implying FY26 sales around Rs.150 crores.
18. FY26 EBITDA margin of around 23% Delivered - At the Q1 FY26 call, management guided FY26 EBITDA margin of "around 23-odd percent for the entire year. Could be better", later framed as 22% to 23% excluding other income. FY26 EBITDA margin was 22.7%.
19. FY26 revenue growth of 12-15% Missed - At the Q4 FY25 call, management guided FY26 revenue growth of 12% to 15%, reiterated at Q1 FY26 and Q2 FY26, before softening to "about 8% to 10% overall growth" at Q3 FY26. FY26 revenue was Rs.2,324 crores, +8.8% YoY.
20. Wim Plast merger - "very, very soon" Delivered - At the Q4 FY24 call, management said the Wim Plast merger with Cello "is on the cards and it will be very soon. Very, very soon"; by Q3 FY26 it was expected "for sure" by Q1 FY27. The composite scheme of arrangement became effective from 27th May 2026 with appointed date of 1st April 2025.
21. QIP proceeds to fully repay promoter debt of \~Rs.330 crores Delivered - At the Q4 FY24 call, management said QIP proceeds would fully repay promoter debt of about Rs.330 crores. The February 2025 monitoring-agency filing marks repayment and/or pre-payment of borrowings availed by the Company from the Promoters as Completed, with no delay, against a March 31, 2025 deadline.
22. QIP fundraise completion around June 2024 Delivered - At the Q4 FY24 call, management said the QIP fundraise was "working almost next month", targeting completion around June 2024. The QIP was completed with issue period July 03, 2024 to July 05, 2024 and issue size Rs.737.32 crore.
23. Receivables back in line with FY22-23 by September 2024 Missed - At the Q4 FY24 call, management said "by September this year, we should be in line with what we were in FY22 to 23" on receivables. The deadline passed with no confirmation in our record; by Q3 FY25 trade receivables were still \~111 days, with a further 90-95 day target outstanding.
24. Glassware and Opalware division FY25 sales of Rs.460-475 crores Missed - At the Q4 FY24 call, management stated an internal target of around Rs.460-475 crores of FY25 sales for the Glassware and Opalware division, against roughly Rs.350 crores of FY24 sales. The Q4 FY25 call confirms opalware and glassware grew about 13% for the full year, implying roughly Rs.395 crores - well short of the target.
25. FY25 revenue growth of 15-17% Missed - At the Q4 FY24 call, management projected 15-17% revenue growth for FY25 "in most of the segments", reiterated at Q1 FY25 as "not an aspiration", then softened at Q2 FY25 saying "tough to put a number at this point of time". FY25 revenue was Rs.2,136 crores, +6.8% YoY.
26. Rural mix in consumerware - 35% to 40% in 3-4 years Pending - At the Q3 FY24 call, management said rural mix in consumerware will go from the current 18-20% to "definitely 35% to 40%" over the next 3-4 years. No disclosure of rural mix in consumerware is present in our record after Q3 FY24.
27. Writing instruments retail reach - \~150,000 retailers by end of next year Missed - At the Q3 FY24 call, management said the writing instruments base was 75,000 retailers last year, with 2.5 lakh the full-geography potential, and "by the end of the next year we will be almost doubling this number of retailers". The network stood at 90,000 retailers as of 31st March 2026, well short of the \~150,000 target.
28. Writing instruments export:domestic ratio to move to 30:70 in 2-3 years Missed - At the Q2 FY24 call, Pankaj Rathod said the export:domestic ratio in writing instruments will move to 30:70 over the next 2-3 years, from 35:65 expected that year. Exports were 40-42% of value in FY24, about 40% in Q1 FY25 and about 46% of segment sales in Q4 FY25.
29. Channel mix outlook - online 12-13%, modern trade 7-8%, exports 10-11% in 2-3 years Partial - At the Q2 FY24 call, Pradeep Rathod gave a 2-3 year channel-mix outlook: general trade around 70%, online around 12-13%, modern trade 7-8% and exports around 10-11%. Q1 FY27 mix was general trade 71.1%, online 16.3%, exports 7.3% and modern trade 5.3%.
30. Opalware full capacity utilization in 1 to 1.5 years Partial - At the Q2 FY24 call, Gaurav Rathod said opalware, at 60% utilization post the August 2023 expansion, should fully utilize capacity in about 1 to 1.5 years. Utilization progressed to 80-85% by FY26 and Q1 FY27, with management saying "almost at complete capacity, not much capacity is left".
31. Glassware furnace turnover of Rs.250-275 crores at full capacity in 2 to 2.5 years Missed - At the Q2 FY24 call, Gaurav Rathod said the new glassware plant's Rs.250-275 crores sales number should be achieved at maximum in 2 to 2.5 years at full capacity. That horizon lapsed by early 2026: the plant recorded Rs.20 crores turnover in Feb-Mar 2025, and in Q1 FY27 utilization remains \~60% with scale-up slower than anticipated.
32. 20%+ CAGR over next three years Missed - At the Q2 FY24 call, Pradeep Rathod said the company is aiming to grow at 20% plus CAGR over the next three years, with interim guidance stepping down to 12-15% for FY26 and \~8-10%. FY24 grew 11.3%, FY25 6.8% and FY26 8.8%, a three-year CAGR of approximately 8.9% from the FY23 base of Rs.1,797 crores.
33. Annual capex of Rs.40-60 crores (ex-glassware) over next three years Pending - At the Q2 FY24 call, Pradeep Rathod guided annual capex of around 40 to 60 crores a year (ex-glassware) over the next three years, with a capex-to-turnover ratio of around 7x. FY25 capex totalled Rs.171.45 crores and FY26 around Rs.219 crores; the ex-glassware split is not separately disclosed in our record.
34. Value-added products in molded furniture - 25% to 30% of business in 2-3 years Pending - At the Q2 FY24 call, Pradeep Rathod said value-added products in molded furniture, currently 13% of that business, are targeted to reach 25% to 30% over the next 2-3 years. Value-added products were \~14-15% of revenue in Q3 FY24; no later disclosure of this mix is present in our record.
35. FY24 revenue growth of 20% to 25% - reiterated as achievable Missed - At the Q2 FY24 call, asked whether the earlier 20% to 25% growth guidance for the year would be missed, Pradeep Rathod said no - "we will definitely achieve that" - and the guidance was reiterated at Q3 FY24. FY24 revenue was Rs.2,000 crores, +11.3% YoY.
36. FY24 second-half revenue growth of more than 20% YoY Missed - At the Q2 FY24 call, Pradeep Rathod guided second-half YoY revenue growth of "more than 20%" (H2 vs H2), confirmed repeatedly in response to analyst questions. H2 FY24 revenue was Rs.1,039 crores (Q3 Rs.527 crores plus Q4 Rs.512 crores); against an implied H2 FY23 base of roughly Rs.915 crores, growth was \~13.5%, well short of the guide.
37. Glassware plant operational by March 2024 - Rajasthan soda lime glass unit Partial - At the Q2 FY24 call, Gaurav Rathod said the Greenfield soda lime glass unit in Rajasthan will be operational by March 2024, with capex of Rs.200 crores earmarked. The facility was commissioned in a phased manner on March 16, 2024, but commercial (saleable) production began February 1, 2025, with Rs.20 crores turnover in Feb-Mar 2025.