1. ETS partnership - 100,000+ aspirants annually Pending - The Crizac-ETS partnership, announced in July 2026, aims to expand access to authorised TOEFL and GRE preparation for at least 100,000 ("more than one lakh") study abroad aspirants annually. The tie-up is listed in the Q1 FY27 PPT as providing official test preparation, with no disclosed read on aspirant reach yet.
2. EduMentor AI project - US$2.5 million over 5 years On track - In March 2026, the company committed US$2.5 million over a five-year roadmap to the EduMentor AI-driven student-university matching platform. The strategic investment was made in March 2026, and the revised CCPS/CCD acquisition of Edument Consultancy is expected to complete on 12 October 2026.
3. Ancillary services (ForeignAdmits) - lift EBITDA by 2-5% over next couple of years On track - At the Q1 FY27 call, management guided that value-added/ancillary services via ForeignAdmits should lift EBITDA by 2% to 5% over the next couple of years, forming 1% to 1.5% of revenue. The ForeignAdmits investment was made in June 2026, and acquired companies contributed around ₹6 crore of Q1 FY27 revenue.
4. Dividend payout - minimum 40% of PAT for 3 years On track - At the Q1 FY27 call, management reaffirmed the DRHP commitment to pay a minimum of 40% of PAT as dividend each year for at least 3 years, with one year done and two remaining. FY26 dividend of ₹8 per share was declared at a \~64% payout, "higher than our committed 40%" per management.
5. Promoter holding dilution - not in a hurry, two years more On track - At the Q4 FY26 call, management said it is "not in a hurry" to dilute the \~80% promoter holding against the SEBI 75% threshold, having "two years more". Promoter & Promoter Group holding stood at 79.9% as on 30 June 2026, with no disclosed dilution plans.
6. Australia recruitment - start in 3-6 months Pending - At the Q4 FY26 call, management expected to start recruiting for Australian institutions and become "a reasonable recruiter" over "the next three to six months", with some Australian contracts already received. At Q1 FY27 the Australia entry was described as ongoing, though the destination status table shows it "ON TIME".
7. Student enrolment growth - similar or higher than FY26's 14% On track - At the Q4 FY26 call, management guided student enrolment growth going forward at "similar or higher percentage" than FY26's 14%. Q1 FY27 enrollment grew 15% YoY to 4,751, against FY26 enrollment growth of 13.8%.
8. Steady-state gross margin - 28-30% Delivered - At the Q4 FY26 call, management guided steady-state gross margin at "gross margin between 28%-30%". FY26 gross margin improved from 29.5% to 32.5%, mainly on FOREX movement, and Q1 FY27 cost of services at 62.5% of revenue implies \~37.5% gross margin.
9. FY27 revenue growth - 15-17% (later reset to flat) On track - At the Q4 FY26 call, management expected FY27 revenue growth of 15-17%, with firm guidance to follow next quarter given geopolitical uncertainty. At Q1 FY27 this was reset to a flat year "broadly in line with FY26 levels" with Q3/Q4 recovery expected; Q1 revenue was ₹201.2 crore, down 4% YoY.
10. No debt in near/immediate future Delivered - At the Q3 FY26 call, management said the company does not plan to take debt in the near/immediate future, considering existing cash sufficient for any acquisition. Net cash was ₹467.4 crore as on 31 March 2026 and ₹569.5 crore in Q1 FY27, with borrowings of ₹18 mn (FY26) and ₹15 mn (Q1 FY27).
11. Accommodation and financial-services segments - substantial in 2-3 years On track - At the Q3 FY26 call, management expected accommodation and financial-services (loan referral) to take two to three years before becoming a substantial line item. Accommodation services launched in July 2025 and student loan services in FY26, while Q3 FY26 accommodation revenue was "very negligible"; insurance and forex services are "commencing soon".
12. Global Tree (B2C) - \~50% margin, consolidation in Q4 FY26 Missed - At the Q3 FY26 call, management said Global Tree margins were expected to be around 50%, with consolidation and revenue coming into the P&L in Q4 FY26. The 51% stake in Global Tree Careers was acquired in January 2026, but the Q4 FY26 results disclose no Global Tree margin or revenue contribution, and the guided consolidation window has lapsed.
13. 5-year business growth - 20-25% CAGR On track - At the Q3 FY26 call, management projected business growth of between 20% to 25% over the next 5 years. FY26 revenue grew 22.7%, within the band, while Q1 FY27 revenue declined 4% YoY.
14. FY26 profit - exceed FY25 PAT of ₹155 crore Delivered - At the Q3 FY26 call, management said that based on the current trend the company is well positioned to exceed FY25 profit of ₹155 crore. FY26 PAT was ₹219.1 crore, up 41.4% YoY.
15. UK revenue concentration - reduce below 60% (later restated to <60% in 3 years) On track - At the Q3 FY26 call, management aspired to cut UK concentration to 50% by FY29, and at Q4 FY26 targeted UK below 60% of revenue "in next two years". The less-than-60% target was reiterated at Q1 FY27 within 3 years, but UK share was 97.0% in FY26 and 98.7% in Q1 FY27.
16. Employee cost - 2-3% of revenue, falling over 2-3 years On track - At the Q2 FY26 call, management guided employee cost at "between 2% and 3%" of revenue, to grow "less than the top line growth" and fall further over the next 2-3 years. FY26 employee benefit expenses of ₹21.89 crore against ₹1,042 crore revenue put the ratio at \~2.1%, within the guided band.
17. Student loan distribution - go-live in Q3 FY26, 1-2% of EBITDA eventually On track - At the Q2 FY26 call, management committed to going live with student loan distribution via 7-8 signed NBFCs/banks "in coming quarter, quarter 3", with income "eventually" reaching 1%-2% of EBITDA. Loan-as-a-service started with referral fees of 0.8% to 2% on loan amount tied up with NBFCs/banks; student loan services are listed as launched in FY26.
18. Cost of services - \~70% of revenue Delivered - At the Q1 FY26 call, management guided cost of services at around 70% of revenue on a full-year basis and expected it to remain around 70% in the near future. FY26 cost of services was ₹7,032 mn, 67.5% of revenue, and Q1 FY27 came in at 62.5%.
19. Sustainable EBITDA margin - \~25% (later 23-25%, then 25-27%) Delivered - At the Q1 FY26 call, management agreed "25% will be more reasonable" for sustainable EBITDA margins, refined to 23-25% at Q3 FY26 and 25-27% for blended FY27 at Q1 FY27. FY26 EBITDA margin was 27.1%, up 172 bps YoY, and Q1 FY27 was 29.8%.
20. FY26 revenue growth - \~30% (later 25-30%) YoY Missed - At the Q1 FY26 call, management indicated FY26 revenue growth of \~30% should continue, answering "Yes" to 30%-plus, and at Q2 FY26 restated it as "between 25%-30%", calling it conservative. FY26 revenue from operations was ₹1,042.2 crore, up 22.7% YoY, below the guided floor.