1. Emerging channels - from <1% to >5% of revenue in 3 years On track - At the Q4 FY26 call, management targeted growing emerging channels from less than 1% of revenue to more than 5% in three years. Quick commerce launched on multiple platforms in Q4 FY25, exports reached 7 countries, and \~₹9 cr was invested towards alternate channels in Q3 FY26.
2. New Indore facility - 60,000 MT, investment up to ₹425 cr Pending - At the Q3 FY26 call, the Board approved a new 60,000 MT manufacturing facility near Indore with investment up to ₹425 cr, consolidating seven smaller units into one state-of-the-art plant. No construction or commissioning milestones have been disclosed through Q4 FY26.
3. 'Better For You' products - launch within 2 months Delivered - At the Q4 FY24 call, management targeted launching new 'Better For You' products within two months from May 23, 2024. The Q2 FY25 transcript confirms the 'Seven Diamond' brand was introduced featuring these premium snacks, including protein puffs and peanut butter puffs.
4. Quick commerce - start supplying within 1 month Partial - At the Q4 FY24 call, management targeted starting quick commerce supply within one month from May 23, 2024. Products launched on a quick commerce platform in Q2 FY25 and on multiple platforms by Q4 FY25, approximately three months later than the one-month timeline.
5. ₹500 cr quarterly revenue - in Q2 or Q3 FY25 Missed - At the Q2 FY24 call, management guided that the ₹500 cr quarterly revenue target was not achievable in Q3 but "probably one or two quarter down the road," later specified as Q2 or Q3 FY25 at Q4 FY24. Q2 FY25 revenue was ₹441 cr and Q3 FY26 revenue reached ₹461.58 cr, the highest ever, but ₹500 cr has not been achieved in any disclosed quarter through Q3 FY26.
6. DMart entry - post-Diwali 2023 Delivered - At the Q2 FY24 call, management guided they were trying to enter DMart "probably post Dipawali". The company started supplying to Reliance and DMart and was onboarded into leading supermarket and hypermarket chains by Q4 FY24.
7. Rajkot expansion - operational by end of FY24 Delivered - At the Q2 FY24 call, management guided the Rajkot expansion would be operational by end of FY24. New facilities in Jammu and Rajkot were commissioned in FY24, with Rajkot-2 Gujarat for Namkeen Snacks commissioned in 2024.
8. Outlet reach - 5-7% growth every year Partial - At the Q2 FY24 call, management guided total outlet reach of \~0.2 cr should increase by 5% to 7% every year. Outlet reach was reported at \~0.25 cr in Q4 FY25 and again at \~0.25 cr in Q3 FY26, showing an initial increase but no further annual progression within the evidence period.
9. Namkeen share of revenue - 20-23% in coming years On track - At the Q2 FY24 call, management guided Namkeen share of revenue would reach 20% to 22-23% in coming years, with Q4 FY23 stating it should improve considerably in the next one year. Namkeen contribution reached 16% in FY24 and continued growing in FY25, with the open-ended horizon still in progress.
10. Brand building - 1-1.5% of revenue, brand ambassador Partial - At the Q2 FY23 call, management committed to investing 1% to 1.5% of revenue for brand building with a brand ambassador and TVCs, later raising the target to 1.5-2% for FY25 at Q4 FY24. Marketing spend reached \~1.25% of revenue in FY24 and brand ambassador Dilip Joshi was hired for Avadh brand, but no FY25 or FY26 spend figures are disclosed in our record.
11. Revenue potential from capacity - ₹2,600-2,700 cr at full utilisation Pending - At the Q2 FY23 call, management guided that with proposed capex the company could clock ₹2,600 cr to ₹2,700 cr revenue at full utilisation, reiterated at Q2 FY24. FY26 revenue was ₹1,725 cr with capacity utilisation at \~60%, and no timeline for achieving full utilisation has been stated.
12. PLI benefits - ₹200-225 cr up to FY27 On track - At the Q2 FY23 call, management stated they believed they could get PLI benefits of ₹200 cr to ₹225 cr up to FY27. PLI income of \~₹7.9 cr was recognised in H1 FY23 but was reversed in Q4 FY23 as the threshold was not met; the company was chasing PLI incentive for FY25, with the FY27 window still open.
13. Jammu facility - commercial production by June 2023 Partial - At the Q2 FY23 call, management guided the Jammu facility would start commercial production by June 2023, later revised to January 2024 at Q2 FY24. The Jammu plant was commissioned by end of March 2024, approximately two months after the revised January 2024 deadline.
14. Minimum 15% revenue growth - next 2-3 years Partial - At the Q2 FY23 call, management committed to a minimum 15% revenue growth for the next two to three years. The Q2 FY24 transcript clarified the 15% target was for FY25, not a multi-year floor, and Q4 FY24 guidance was softened to "double digit growth". FY23 revenue grew 18.35% (SQL), but FY24-FY26 outcomes are not evidenced in the provided sources.
15. Direct distribution model - fully settled in 1-2 months Delivered - At the Q4 FY22 call, management guided the direct distribution model would be fully settled in one or two months from May 23, 2022. The restructuring was completed by end of FY22, with 99% of sales through direct distribution or super distributors already achieved by the Q4 FY22 call itself.
16. No borrowing for capex - funded from cash and accruals Delivered - At the Q4 FY22 call, management guided that no borrowing was required for capex, funded from existing cash of \~₹65 cr and internal accruals. Borrowings reduced from ₹30 cr in March 2022 to ₹3 cr in March 2023, short-term debt was nil in March 2024, and borrowings remained modest through FY26 at ₹14 cr total.
17. FY23 capex - \~₹85 cr; FY24 capex - ₹20-25 cr Pending - At the Q4 FY22 call, management guided capex of \~₹85 cr in FY23 and ₹20-25 cr in FY24, totalling ₹100-110 cr over two years. FY24 capex was ₹71.78 cr, but no clean FY23 capex figure is available in our record to judge the two-year total.
18. Gross margin - return to 30-32% Partial - At the Q4 FY22 call, management guided gross margins could return to 30% to 32%, with improvement hoped for from Q2 FY23 onwards. FY24 gross margin reached 33.4%, but fell to 27.2% in FY25 and recovered to 28.8% in FY26.
19. Double-digit EBITDA margin - medium-term target Missed - At the Q4 FY22 call, management guided a double-digit EBITDA margin target, with the horizon repeatedly pushed from FY24 to FY25 to FY26. FY24 EBITDA margin was 8.7%, FY25 fell to 2.9%, and FY26 recovered to 4.7%; double-digit EBITDA margin has never been achieved in any reported period.
20. Sweet snacks - 7-8% of sales in 2-3 years Missed - At the Q4 FY22 call, management guided sweet snacks to reach 7-8% of sales in two to three years from 3.5-4%. The latest reported data ends at FY23, and no subsequent disclosure confirms the target was achieved within the window ending March 2026.
21. ₹10+ pack contribution - 25% of sales in 2-3 years Partial - At the Q4 FY22 call, management guided increasing ₹10+ pack contribution from \~10% to 25% of sales in two to three years, with Q4 FY24 revising to 25-30% in two years from \~12-13%. As of Q2 FY25, ₹10+ pack contribution reached 18-20%, meaningful progress but the 25% target is not confirmed as achieved.
22. FY23 consolidated revenue growth - \~20% Delivered - At the Q4 FY22 call, management guided consolidated revenue growth in the range of 20% for FY23, described as "high-teens". FY23 revenue was ₹1,653 cr, growth of 18.35% YoY, within the guided range (SQL; D3 p.2, p.4).
23. PLI investment - ₹105 cr deployed by FY23 Partial - At the Q4 FY22 call, management committed to invest the balance \~₹85 cr under the PLI scheme by end of FY23, with ₹20 cr already invested. The full ₹105 cr PLI investment obligation was deployed by 31st March 2024, one year after the FY23 deadline.