1. EBITDA margin expansion - quarter-to-quarter in FY27 On track - At the Q1 FY27 call, Nikhil Mahajan said they will "definitely continue to expand our EBITDA margin as compared to last year on a quarter-to-quarter basis", though the margin may move with the mix between core and gateway business. In Q1 FY27 the EBITDA margin rose \~218 bps to about 16.6%, against 14.5% LY.
2. Discontinued operations losses - essentially over, residual in Q1 FY27 only Pending - At the Q4 FY26 call, management guided that losses from discontinued operations are essentially over, with only "a little residual impact in Q1 of this financial year" and none beyond that. No disclosure of discontinued operations losses appears for Q1 FY27.
3. L&D/EdTech segment - flat in FY27 On track - At the Q4 FY26 call, management expected the L&D/EdTech segment to "more or less remain flat" in the coming year, with AI/pricing disruption running another four to five quarters. In Q1 FY27 the segment revenue fell 15.4% to ₹45.0 Cr and segment EBITDA was down \~13%.
4. Assessments business - reasonably healthy revenue growth in FY27 Pending - At the Q4 FY26 call, management expected the Assessments business to show "reasonably healthy revenue growth" in FY27, with the FY27 order book already close to 80-85% of FY26 revenue six weeks into the year. In Q1 FY27 DEX revenue was down \~17% YoY, but about 9 new contracts worth \~₹34 crore were won.
5. NCLT capital reduction scheme - ₹193-194 crore pay out over FY27 On track - At the Q4 FY26 call, management said the capital reduction scheme is expected to be completed soon, with the \~₹193-194 crore NCLT payout "hopefully over the course of this year". NCLT Bombay approval came in the second week of July 2026 with ROC approvals received, and redemption of RPS preference shares is expected within August.
6. VOSMOS and VIRSA adoption - greater adoption over 12-18 months On track - At the Q4 FY26 call, management guided that VOSMOS and VIRSA will see greater adoption by enterprise customers over the next 12 to 18 months, pivoting MarTech to a higher-margin mix. By Q1 FY27, VIRSA pilots with Salesforce and Dell were completed and scaled to recurring activations, the Infosys pilot is scaling, and small pilots are underway with Deloitte, PwC, Elastic and AWS.
7. EdTech profitability - positive upward movement from Q1 FY27 Partial - At the Q4 FY26 call, management committed that EdTech profitability will "definitely see the needle beginning to show a positive upward movement from Q1 itself" of FY27. In Q1 FY27 segment EBITDA fell 13.3% to ₹11.1 Cr but margin expanded \~59 bps to 24.6%.
8. Non-core asset sales - ₹25-30 crores Pending - At the Q3 FY26 call, management said they continue to look for buyers for non-core assets (Raipur land parcel, buildings in Delhi and Mumbai) worth about ₹25-30 crores. By Q4 FY26 no sale had been completed, with the Raipur school plot still being offered at the right price and no timeline stated.
9. International MarTech revenue - equal to domestic in 3-4 years On track - At the Q3 FY26 call, Nikhil Mahajan said international MarTech revenues, then \~35% of the total, should become almost equal to domestic over the next three to four years. In Q1 FY27 the international share stood at 35.3%, up 105 bps.
10. Capital raise - up to ₹50 crores, 6-10 weeks process Missed - At the Q3 FY26 call, management said the board had approved raising up to ₹50 crores, with the process to take six to eight to 10 weeks. By Q4 FY26 no raise was completed, and fundraising was described as "on a slight pause given the overall environment".
11. Strategic investor transaction - calendar year 2026 Pending - At the Q3 FY26 call, management said strategic investor conversations could take four to seven/eight months and expected a transaction in calendar year 2026. In Q1 FY27 discussions with large global and Indian players were ongoing, with something possibly emerging "over the next two quarters".
12. mySathi - executed and scaled over next 2-3 years On track - At the Q3 FY26 call, management said mySathi is to be executed and scaled over the next two to three years. It was formally launched on 23 January 2026 with 18 universities empanelled, \~900 courses and \~45,000 seats, and by Q4 FY26 the entire technology backbone was built and rolled out.
13. mySathi - learning zone live in 45 days Delivered - At the Q3 FY26 call, management said the mySathi learning zone will be live in the next 45 days, with practise tests already live. mySathi was formally launched on 23 January 2026, and by Q4 FY26 the entire mySATHI technology backbone was built and rolled out.
14. DEX synergy projects - benefits to accrue in coming years Delivered - In the Q4 FY25 PPT, DEX synergy projects were initiated with benefits to accrue in coming year(s). The CAT online test ran on the DEX platform from Q1 FY26, integration was completed with zero business disruption by Q2 FY26, and by Q4 FY26 DEXIT was fully integrated into the CL Educate ecosystem.
15. International Expansion - USA, Singapore, Indonesia in FY24 Delivered - In the FY23 Annual Report, the company set International Expansion as a key FY24 initiative: operational expansion in USA & Singapore and a new market in Indonesia. Indonesia operations commenced in Q1 FY24 and crossed $100,000 in Q2, and international revenues grew \~32% in FY24.
16. CUET - third-largest revenue contributor in FY24 Missed - In the FY23 Annual Report, management foresaw CUET becoming the third-largest contributor to revenue "in the coming year" (FY24), after a \~₹1,100 Lacs FY23 contribution. CUET student numbers rose close to \~50% in FY24, but by Q2 FY25 management said CUET "hasn't panned out as anticipated two years ago".
17. Student Mobility & Study Abroad - 4th pillar in 4-5 years On track - In the FY23 Annual Report, management expected Student Mobility & Study Abroad to become the 4th pillar of the EdTech business within 4-5 years. Student mobility grew 90%+ half-year to half-year in Q2 FY24 and the admission consultancy grew \~58% in FY24.
18. MarTech technology business contribution - 13-15% of revenue in FY27 Pending - At the Q1 FY27 call, Nikhil Mahajan said the technology business contribution to MarTech revenue should rise from roughly 10% last year to roughly 13-15% in the current year. Q1 FY27 MarTech revenue rose \~7% with EBITDA up \~35%, but no technology contribution percentage was disclosed.
19. VIRSA revenue growth - 45-50% for FY27 Pending - At the Q1 FY27 call, Nikhil Mahajan said they expect overall revenue growth of 45-50% for the VIRSA business during the whole of the year. VIRSA, commercially launched about two to two and a half quarters back, completed Salesforce and Dell pilots and is scaling, but no Q1 FY27 revenue figure was disclosed.
20. Operational optimisation benefits - full impact over next three quarters On track - In the Q1 FY27 result filing, management said benefits from the operational optimisation and business consolidation programme are expected to "only get better as the full impact plays out over the next three quarters". In Q1 FY27 an income decline of ₹17.7 Cr was fully offset by ₹18.0 Cr of cost reduction.
21. DEXIT Global IPO - 24-36 month roadmap On track - At the Q4 FY25 call, a board subcommittee was formed to look at strategic investments and an IPO roadmap in a 24-to-36-month period, reiterated at Q1 FY26 for a potential DEXIT Global IPO. In Q1 FY27 strategic discussions with large global and Indian players were ongoing, with something possibly emerging over the next two quarters.
22. Zero-debt company - in 36 months (from Q4 FY25) On track - At the Q4 FY25 call, management aimed to become a zero-debt company again in 36 months, later reaffirmed at Q3 FY26 as deleveraging in 24 to 36 months and again at Q1 FY27. The ₹210 crore acquisition loan is down to ₹174 crores as of Q1 FY27, with repayments on schedule.
23. ICAI client - ₹75 Cr business over three years On track - At the Q4 FY25 call, Arjun Wadhwa said the ICAI client was originally guided \~₹75 crore business over the next three years. The first year delivered in excess of ₹25 crores, and at Q3 FY26 the year's business was guided at ₹20 to 25 crores.
24. DEX captive capacity - 25,000 seats in 18-24 months On track - At the Q4 FY25 call, Arjun Wadhwa said DEX plans to add 25,000 seats of captive capacity over the next 18 to 24 months to meet new NTA guidelines and bid for large online exams. By Q1 FY27, 60-70% of DEX technology projects were near complete and BYOD had been rolled out, but no seat count was disclosed.
25. Kestone Utsav - 1% of India's luxury weddings in 3-4 years On track - At the Q3 FY25 call, Satya Narayanan said Kestone UTSAV aims to do 1% of India's luxury weddings in three to four years, with capacity for 400-500 weddings annually by year three or four. Launched on 12 January 2025, Utsav had accrued \~₹6 crores of revenue from about four events by Q3 FY26.
26. DEX revenue doubling - first station in 3-4 years On track - At the Q3 FY25 call, Satya Narayanan said doubling DEX revenues over three to four years is "the first station", alongside a goal of 3x to 5x over the coming few years. DEX revenue was largely flat in FY25 at ₹199-205 crores and grew \~5% to ₹239 Cr in FY26.
27. DEX acquisition - closure within four weeks / calendar year 2024 Partial - At the Q2 FY25 call, management hoped to complete the DEX acquisition within four to six weeks and consummate it in calendar year 2024. The acquisition completed effective 20th February 2025, \~6-8 weeks later than the planned November-December 2024 close.
28. M&A opportunity - something to come through in 2-4 quarters Delivered - At the Q4 FY24 call, the CFO said active M&A opportunities in EdTech and MarTech were being evaluated, hopeful something "would come through in the next 2 to 4 quarters". The NSEIT (DEXIT Global Ltd.) acquisition completed effective 20th February 2025, within that window.
29. MarTech EBITDA margin - 10.5-11% maintained in coming year Missed - At the Q4 FY24 call, management said they were on track to maintain a 10.5-11% EBITDA margin in the MarTech business at least in the coming year. Through FY25 MarTech margins were pressured by stricter customer pricing, with EBITDA trailing revenue growth and no disclosure of the 10.5-11% margin being achieved.
30. Buyback - ₹15 Cr at max ₹94 per share, starting August 21, 2023 Partial - At the Q1 FY24 call, management said the buyback would start August 21, 2023 - about ₹15 crores at a maximum price of ₹94 per share, with \~90 days to complete. By November 3 only \~₹3.7 crore had been bought; FY24 closed at ₹851.58 lacs for 10.49 lakh shares, short of target due to inadequate sell orders.
31. CUET enrolments - 70-80% YoY growth for first 2-3 years Missed - At the Q1 FY24 call, Satya Narayanan said CUET enrolments should grow by 70% or 80% year on year, "perhaps possible in the first 2-3 years". CUET student numbers rose close to \~50% in FY24, and management later said CUET "hasn't panned out as anticipated" and "has not lived up to expectations".
32. Kestone strategic/financial investor - materializing in 3-4 quarters Missed - At the Q1 FY24 call, Nikhil Mahajan said they were hopeful something would materialize in about 3 to 4 quarters on the Kestone strategic/financial investor front. No Kestone-specific investor was disclosed; the focus shifted to broader EdTech and MarTech M&A discussions.
33. CUET market leadership - 3X growth in 5 years Missed - At the Q1 FY23 call, management saw the CUET opportunity multiplying 5X in three to five years, helping CL grow 3X overall, with registrations rising from \~15 lakh to 70-80 lakh. Management later acknowledged CUET "hasn't panned out as anticipated", with \~0.15 crore students writing the last exam.
34. Virtual Events Platform revenue - stabilize at 40-50% of MarTech revenue over next couple of years Missed - At the Q4 FY22 call, management expected Virtual Events Platform revenue, then \~25-30% of MarTech revenue, to stabilize at 40-50% over the next couple of years. VEP revenue fell from about USD 4 million in calendar 2021 to \~₹0.15 crore in calendar 2022, and by Q4 FY24 virtual revenue was 6-7% of total revenue with targets revised down.
35. MarTech digital business growth - 50-60% growth rate in coming year Missed - At the Q4 FY22 call, management said the MarTech digital business, having grown over 100% in FY22, should maintain a 50-60% growth rate in the coming year. MarTech revenue grew 48% in FY23 and about 23% in Q1 FY24, with no digital-specific disclosure of the guided rate.
36. Greater NOIDA land and building sale - completion within 90 days Delivered - At the Q4 FY22 call, management said the Greater NOIDA land and building sale deal was closed, expected to complete over the next 90 days, releasing a "significant amount of cash". The sale concluded with ₹48 Crores realized in cash in bank in Q1 FY23.
37. Buyback - ₹10 Cr at max ₹170 per share, starting 27 May 2022 Delivered - At the Q4 FY22 call, management announced a buyback of maximum ₹10 Crores at a maximum price of ₹170, starting Friday, 27 May 2022. The buyback ran from May 27 to July 29 and completed, with total payout \~₹11.8 Crores including taxes at a maximum price of ₹170.
38. CUET expansion - 500 centres over 36 months Missed - At the Q4 FY22 call, management set a goal to go from 100 locations to 500 locations over the next 36 months for the EdTech/CUET business, later framed as \~500 centres by March 2025. The pace was lowered at Q2 FY24 to \~200-210 centres for the year; by Q4 FY25 CL had 200+ study centres, and the annual addition run-rate was cut to \~15-20 centres.
39. MarTech billing disruption rectification - Q1 FY23 Delivered - At the Q4 FY22 call, management said the March billing disruption (GST re-registration post-merger) would be "rectified in the first quarter". MarTech revenue rose \~23% and EBITDA \~54% in Q1 FY23, and FY23 MarTech revenue grew 48% with EBITDA up 39%.
40. ROCE/ROE improvement - significant improvement over four quarters (FY23) Missed - At the Q4 FY22 call, management expected significant ROCE/ROE improvement over "the coming four quarters" in FY23, current levels being "far short" of their benchmark. FY23 closed with ROE at 8.2% versus the guided 8.9% and ROCE down marginally to 7.3%; ROCE later fell to 1.54% in FY25 and 4.78% in FY26.
41. Zero-debt company - by December 2022 Delivered - At the Q4 FY22 call, management said the company was "broadly on track" to become a zero-debt company by end of December 2022. By Q4 FY23 the CFO stated "as promised, we are a net debt-free company as we speak today", with borrowings cut from ₹43 cr (FY21) to ₹10 cr (March 2023) and net cash \~₹100 cr.