1. Merger of CMRSL with CMIL - complete in FY27 (Dec 2026-Mar 2027) Partial - At the Q2 FY26 call, management guided merger completion in six to nine months, and at the Q4 FY26 call anticipated completion between December 2026 and March 2027, subject to regulatory approvals. The draft scheme was withdrawn on 2 Jan 2026 and must be re-filed, resetting the process, though the application was subsequently forwarded to SEBI and is under active review as of the Q4 FY26 call.
2. Continue dividend payments similar to FY24 Partial - At the Q2 FY25 call, management stated the company "will continue to do" dividend payments similar to the INR 2 per share paid in FY24, and at Q2 FY26 stated "we expect continued dividend payout to investors" post-merger. FY25 dividend of INR 2 per share was announced, but our record holds no disclosure of a dividend announcement for FY26 as of 14 Jul 2026.
3. Continue to strive for double-digit margins - ongoing Missed - At the Q4 FY24 call, management stated the Company will continue to strive for double-digit margins, a commitment reiterated at Q2 FY26 as "we ideally want to move in the direction of double-digit margin". FY24 OPM was 6.91%, FY25 OPM was 3.76%, and FY26 OPM was 5.10%, with no full-year double-digit OPM achieved in any year since the promise (SQL).
4. Marketplace/platform monetization - start kicking in H2 FY25 Partial - At the Q4 FY24 call, management stated that some portion of monetization from the marketplace/platform should start kicking in H2 of FY25. The Q2 FY25 call confirmed the Appacus/ONDC initiative was live and commercials had started, with a detailed update including numbers expected in six months, though no monetization figure was disclosed.
5. CMGalaxy product - start showing traction in H2 FY25 Partial - At the Q4 FY24 call, management stated the AI-integrated CMGalaxy product was expected to start showing traction in H2 of FY25, with subsequent guidance expecting client onboarding from Q3 and Q4 FY25. By Q4 FY26, CMGalaxy had onboarded 12 new logos, mostly in D2C and education, but management acknowledged by Q4 FY25 that it was "not at the scale that we would have liked it".
6. Grow faster than the industry growth rate - ongoing, reiterated FY24-FY26 Partial - At the Q4 FY24 call, management guided the Company will grow faster than the industry growth rate, a stance reiterated at Q4 FY25 for FY26 and at Q4 FY26 for FY27. FY24 revenue growth of 38.34% exceeded the \~15% digital marketing spends growth, but FY25 revenue declined 14.09% against industry growth of \~6% advertising and \~15% digital, while FY26 revenue growth of 21.05% lacks an industry benchmark in our record (SQL; D3 p.3).
7. Cross INR 100 crores in revenue - within 2 years from earlier presentation Missed - At the Q4 FY24 call, management stated the Company expects to cross INR 100 crores in revenue in less time than the previously guided "within 2 years," a target effectively pushed to FY26 after H1 FY25 did not go to plan. FY26 revenue was INR 90.82 cr, and the INR 100 cr threshold was not crossed by the end of FY26 (SQL).