1. Digital Experiences upswing starting Q1 FY27 Delivered - At the Q3 FY26 call, management expected Digital Experiences to stay soft in Q4 FY26 with an upswing starting Q1 FY27, driven by new logos at healthier margins. Q1 FY27 revenue was ₹64.0 cr, up 6.1% QoQ, with EBIT margin of 11.7% vs Q4 FY26's 4.4%, and management said the practice is seeing an upswing.
2. Labour-code impact one-time in Q3 FY26, \~0.5% ongoing Partial - At the Q3 FY26 call, management said the labour-code impact was a one-time retrospective hit for Q3 only, with ongoing impact "in the range of maybe 0.5" percent. Q4 FY26 PPT shows ₹40.25 cr of Q3 FY26 exceptional items and (₹16.23) cr in Q4 FY26 from Labour Codes changes, so the impact extended beyond Q3.
3. AI/agentic revenue visibility within 3-4 months Delivered - At the Q3 FY26 call, management expected revenue visibility on AI/agentic solutions within the next 3-4 months as a few customers were acquired. By Q1 FY27, revenue booking had started for the underwriting product, SBI Life Insurance selected TruAI Underwriting, and about 60% of FY27 deals won have been AI-led.
4. Dextara to close one or two large deals Delivered - At the Q1 FY25 call, management expected Dextara to close one or two large deals ($0.5-3 million) to get growth going. By Q3 FY26, Dextara was growing above company average with successful cross-sell and much larger deals than it previously had, having shown positive traction and increasing deal sizes in Q2 FY26.
5. TNQ Tech term loan repaid in 12 quarterly instalments from March 2026 On track - The FY25 annual report disclosed a ₹150 cr term loan fully utilised for the TNQ Tech acquisition, repayable in 12 equal quarterly instalments of ₹12.5 cr from March 20, 2026. TNQTech's ₹200 cr payout happened in Q1 FY27, and debt stands at ₹141 cr as of the latest reported period, consistent with ongoing repayment.
6. ₹5 per share dividend for FY24 Delivered - At the Q4 FY24 PPT, the Board recommended a final dividend of ₹5 per share for FY24. The Q4 FY24 call confirmed the total dividend of ₹5 per share was recommended for FY24.
7. ₹3,000 cr revenue in \~3 years from FY27 On track - At the Q1 FY27 call, management targeted roughly ₹3,000 cr revenue in a \~3-year window from \~₹2,000 cr currently, via organic and inorganic growth. FY26 revenue was ₹1,987 cr and Q1 FY27 revenue ₹513.9 cr, up 9.9% YoY; no further read yet.
8. FY27 EBITDA margin closer to 20% On track - At the Q1 FY27 call, management guided \~0.5% EBITDA margin improvement in FY27, taking consolidated EBITDA margins closer to 20%, with 19-20% by year-end. Q1 FY27 EBITDA margin was 19.7%; no full-year FY27 outcome yet.
9. FY27 revenue growth high single-digit On track - At the Q3 FY26 call, management guided FY27 "high single-digit growth" excluding M&A, reiterated at the Q1 FY27 call despite Q1 strength. Q1 FY27 revenue was ₹513.9 cr, up 9.9% YoY; no full-year FY27 outcome yet.
10. FY26 revenue growth mid-teens including acquisition Delivered - At the Q2 FY26 call, management said the company would close FY26 with around mid-teens growth including the acquisition, versus earlier mid-single-digit organic guidance. FY26 revenue was ₹1,987.2 cr, growth of 15.3%, confirmed by reported financials at ₹1,987 cr and 15.31%.
11. Q2 FY25 EBIT margin improvement of 150-200 bps Missed - At the Q1 FY25 call, management projected an EBIT margin improvement of 150-200 bps in Q2 FY25. Q2 FY25 OPM was 11.99% vs Q1 FY25's 13.05% on reported financials' basis, a decline rather than improvement; Q1 FY25 EBIT margin was 10.8% with no explicit Q2 EBIT disclosure.
12. AFC pivot to Western world with $10-40 million deals On track - At the Q4 FY24 call, management stated the AFC business would "pivot to the Western world", targeting $10 million to $40 million deals in roads and metro segments. In Q1 FY25 the Memphis project and a small San Diego project were completed, a global head for the Western market was hired, and the US sales team is pursuing opportunities; no $10-40 million Western win is disclosed yet.
13. Dextara earnout of ₹60-70 cr, performance-based Pending - At the Q4 FY24 call, management said the balance Dextara payout beyond \~₹110 cr already paid could range around ₹60-70 cr depending on performance, with the first performance-based payment at end of FY25 and the second after March 31, 2026. The Q4 FY26 PPT shows ₹40.85 cr of fair value changes in contingent consideration, but the total earnout paid is not explicitly settled in our record.
14. FY25 Digital Technologies EBIT margin in higher single digits Missed - At the Q4 FY24 call, management guided Digital Technologies EBIT margin for FY25 to be "certainly better" than FY24's \~4.6%, with "higher single digits for sure". FY25 Digital Technologies EBIT margin was 3.61%, below FY24's 4.56%.
15. FY25 EBITDA \~15.7-16% and EBIT 13.5-14% Missed - At the Q4 FY24 call, management guided FY25 margins: "we will maintain same kind of margin for next year as well, which is about 15.7% or 16% on EBITDA and 13.5% to 14% on EBIT". FY25 EBITDA margin was 13.3% and EBIT margin 10.5%, both below the guided ranges.
16. FY25 revenue growth 7-8% including Dextara Delivered - At the Q4 FY24 call, management guided FY25 consolidated revenue growth of 7% to 8% "while maintaining the current margins", with \~3-4% organic and \~4% from Dextara, reiterated at Q1 FY25. FY25 revenue was ₹1,723.4 cr, growth of 11.2%, exceeding the guided range.
17. Next AFC deal signed around end-Q1/early-Q2 FY24 Missed - At the Q4 FY23 call, management expected the next AFC deal to mature/sign around end of Q1 or early Q2 FY24, subject to winning the tender. No AFC deal signing is disclosed for FY24; as of Q1 FY25 management was still awaiting results on a large India Metro bid "within the next one month".
18. Product/platform investment spend ₹40-50 cr per year Delivered - At the Q4 FY23 call, management reiterated product/platform investment spend of about ₹40 cr to ₹50 cr per year, maintained "for the next 2 to 3 years" at Q1 FY24 and reaffirmed through Q3 FY26 and Q1 FY27. Management confirmed the company invests ₹40-50 cr every year in new technologies/AI, expensed through the P&L.
19. FY24 acquisitions of $20-50 million in Digital Technologies/hyperscaler space Missed - At the Q4 FY23 call, management planned acquisitions of $20 million to $50 million in FY24 in the Digital Technologies/hyperscaler space, expecting "to close a deal or two" during the year. No acquisition was completed in FY24; Dextara Digital was acquired around April 1, 2024, just after FY24 ended.
20. Digital Technologies EBIT margin high-teens in 2-3 years Missed - At the Q4 FY23 call, management said Digital Technologies margins would reach high-teens "in the next two to three years", later revised to 12-14% over two years at Q2 FY24 and to higher single digits for FY25 at Q4 FY24. Segment EBIT margin was FY24 4.56%, FY25 3.61%, FY26 9.67% and 8.9% in Q1 FY27, short of the high-teens target.
21. FY24 EBITDA margin 16-17.5% Missed - At the Q4 FY23 call, management guided FY24 EBITDA margin in the range of 16% to 17.5%. FY24 EBITDA margin was 15.7%, below the guided floor.
22. FY24 revenue growth 14-15% organic Missed - At the Q4 FY23 call, management guided FY24 revenue growth of 14-15% organic, reiterated at Q1 FY24, then withdrawn at Q2 FY24 as unlikely, with the Q4 FY24 announcement pointing to \~4.5-5%. FY24 revenue was ₹1,549.9 cr, growth of 6.2%.
23. Kolkata and NCRTC AFC revenue accrual in FY23 Delivered - At the Q1 FY23 call, management said the Kolkata and NCRTC AFC deals (₹350 cr, signed last year) had kicked off and "this year we will see revenue accrual from both of them". Kolkata Metro went live in December 2022, Mumbai Metro Line 2A and 7 with Datamatics AFC went live in January 2023, and NCRTC Delhi-Meerut was live in one phase by Q2 FY24.
24. Digital Technologies margin turnaround within FY23 Delivered - At the Q1 FY23 call, Rahul Kanodia said the Digital Technologies margin turnaround would occur "within this financial year two to three quarters from now", with the CFO seeing the problem recede in six to nine months. Digital Technologies EBIT margin improved from -4.3% in Q1 FY23 to 2.2% in Q3 FY23 and 9.1% in Q4 FY23, with FY23 full-year at 1.6%.
25. 40-50 new automation/products customers in FY23 Partial - At the Q1 FY23 call, management guided 40-50 new logos in FY23 for the automation/products business, based on a run rate of \~10 logos per quarter. Acquisition was "fairly muted" at Q3 FY23; Q4 FY23 saw 79 new company-wide customers with \~40-50% from Digital Technologies, but no specific automation/products count is disclosed in our record.
26. FY23 EBIT margin stability Delivered - At the Q4 FY22 call, management expected to maintain EBIT margins in FY2023 with cost pressures offset by lower-cost delivery, productivity and pricing, reaffirmed at Q1 FY23 that "our margins should be stable during this fiscal year". FY23 EBIT margin was 14.2%, up from FY22's 13.3%.
27. FY23 consolidated revenue growth 15-20% Delivered - At the Q4 FY22 call, management guided consolidated revenue growth of 15% to 20% for FY2023, later restated as "around 15%" at Q1 FY23 and raised to "over 17%" at Q3 FY23. FY23 revenue was ₹1,459.2 cr, growth of 21.5%.