1. Complete AI infrastructure basket for data centre solutions On track - At the Q4 FY26 call, management identified as a top FY27 priority to complete the AI infrastructure basket to offer a full bouquet of solutions for building AI infrastructure. Our record holds no disclosure of a completed AI infrastructure basket or data centre solutions bouquet, with the company in early stages of building these capabilities.
2. Larger projects and solution-driven orders to consolidate top line and improve margins On track - At the Q4 FY26 call, management identified as a top FY27 priority to get into larger projects and more solution-driven orders to consolidate top line and improve margins. A key win disclosed was a ₹33.46 Cr contract from National Informatics Centre for NKN infrastructure security, and FY26 revenue was ₹736.97 cr with 32.61% growth.
3. Margin expansion through service mix optimisation On track - At the Q3 FY26 call, management guided driving efficiency by optimizing service mix, and at the Q4 FY26 call stated the endeavor to improve EBITDA margins year-on-year without quantifying a specific number. FY26 EBITDA margin was 4.81%, an improvement of 12 bps over FY25's 4.69%.
4. GCC and Africa expansion to tap enterprise demand On track - At the Q3 FY26 call, management guided expansion into GCC and Africa to tap enterprise demand and support global Indian clients. The UAE subsidiary became operational in FY26, but management stated that accumulating orders for the Sangfor partnership in the Middle East has been on a slow track since February 2026 due to changed geopolitical situation, and our record holds no disclosure of Africa expansion progress.
5. Investment in AI, cloud security and managed services through organic growth and acquisitions On track - At the Q3 FY26 call, management guided investing in AI, cloud security and managed services through organic growth and acquisitions, and at the Q4 FY26 call identified completing the AI infrastructure basket as a top FY27 priority. Our record holds no disclosure of completed acquisitions or specific investments through FY26, with the company stating it is slowly getting into compute, compute storage, power cooling and rack and stack.
6. UAE subsidiary to drive international expansion Delivered - At the Q3 FY26 call, management guided setting up a UAE subsidiary to drive international expansion. The UAE subsidiary became operational during FY26 and achieved a global local content partner status with Etihad Aviation Group, and a Dubai office was established for international business.
7. Services revenue share to double to 25% in the medium term On track - At the Q4 FY26 call, management stated the aspiration to take the software and services revenue contribution from the current \~20% to 25% in a couple of years, with the FY25 annual report aiming to double the share of services within 2-3 years. FY26 services revenue share was 19%, with services revenue at approximately ₹140 cr out of ₹737 cr total revenue.
8. Net profit margin hovering around 3+% in a year or two Partial - At the Q4 FY24 call, management guided net profit margin to be hovering around 3 plus percent in a year or two to come. FY26 full-year net profit margin was 2.88%, with Q3 FY26 reaching 3.26% but Q4 FY26 at 2.36%, close to but not sustained at the 3% level.
9. Revenue growth of 15% to 20% YoY for next 2 to 3 years On track - At the Q4 FY24 call, management guided revenue growth of 15% to 20% Y-o-Y for the next 2 to 3 years. FY25 revenue growth was 20.91% and FY26 revenue growth was 32.61%, both exceeding the upper end of the guided range.
10. Overseas expansion plan with concrete plans in a couple of quarters Delivered - At the Q4 FY23 call, management stated there are some overseas plan and discussion going on and hopefully in a couple of quarters would return with exact plans. The UAE subsidiary became operational during FY26 and achieved a global local content partner status with Etihad Aviation Group, with a Dubai office established for international business, delivering the underlying intent though later than the original couple-of-quarters timeline.
11. FY24 revenue of ₹500 crores Missed - At the Q4 FY23 call, when asked if the company should be expected to touch INR500 crores on the top line in FY24, management replied that's the wish. FY24 revenue was ₹459.63 crores, below the ₹500 crore target.
12. Double-digit EBITDA margin by FY26 end Missed - At the Q4 FY23 call, when asked if double-digit EBITDA margins could be expected by FY26 end, management replied that would be the wish but nearly high, very close to that would be achievable. FY26 EBITDA margin was 4.81%, with the highest quarterly margin at 5.52% in Q2 FY26, and no quarter or full year approached double digits.
13. Revenue target of ₹1,000 crores On track - At the Q4 FY23 call, management stated the aspiration to become a INR1,000 crores company soon, maybe next couple of years, and at the Q4 FY24 call reiterated the goal within the next couple of years with FY26 described as a dream target. FY26 revenue was ₹736.97 crores, up 32.61% YoY, with the ₹1,000 crore target not yet reached as of the latest reported period.