1. FY26 ad spend of ₹85-90 crore Missed - At the Q1 FY26 call, management capped full-year FY26 advertisement cost at around ₹85-90 crore, later revised to ₹80-85 crore, \~4%-5% of revenue, and "very hopeful" of closing at that level. FY26 ad spend was 5.5% of operating income, implying \~₹103 crore on FY26 revenue of ₹1,881 crore, exceeding the ₹80-90 crore target.
2. FY26 EBITDA margin of 12%-13% Missed - At the Q4 FY25 call, management guided FY26 EBITDA margin of 12%-13%, reiterated in Q2 FY26 and revised to 11.5%-12% at Q3 FY26. FY26 operating EBITDA margin was 10.62%, short of the revised guidance.
3. FY26 revenue growth of 11%-12% Missed - At the Q1 FY26 call, management reiterated full-year revenue guidance of 11%-12% growth for FY26, repeated at the Q2 and Q3 FY26 calls. FY26 revenue growth was 9.97%, short of the guided range.
4. South India growth of 40%-45% in FY25 Missed - At the Q1 FY25 call, management projected around 40%-45% growth from the South Indian market in FY25. South India contributed 8.3% of revenue in 9M FY25 with 5% YoY growth, and 6% YoY in Q1 FY25.
5. FY25 gross margin of 35%-36% Missed - At the Q1 FY25 call, management confirmed 35%-36% gross margin for FY25. FY25 gross margin was 33.2%, short of the guided range.
6. FY25 Lakshya contribution of 35%-36% Missed - At the Q1 FY25 call, management targeted FY25 Lakshya contribution of 35%-36%. FY25 Lakshya contribution was 30.2%, below the target.
7. FY25 volume growth of 9%-10% Missed - At the Q1 FY25 call, management guided FY25 volume growth of around 9%-10%, reiterated at the Q2 FY25 call. FY25 volume growth was 4.6%, below the guided range.
8. Outerwear share of 25% by volume in 3 years On track - At the Q2 FY24 call, management guided outerwear share to reach \~25% by volume in the next three years, from 19%. FY26 outerwear contribution was 17.7% and Q1 FY27 outerwear was 22%, approaching but not yet at 25% within the window ending \~FY27.
9. Force NXT at 8% of contribution by FY26 Missed - At the Q2 FY24 call, management guided Force NXT to increase from \~4% to 8% of total contribution by FY26. Force NXT contribution was 4.5% in FY26 and 4% in Q1 FY27, short of the target.
10. Exports in 30 countries, 11% of revenue by FY26 Missed - At the Q2 FY24 call, management guided exports to reach 30 countries with 11% revenue contribution by FY26. FY26 export revenue was ₹62.2 crore across 15 countries, 3% of revenue, and 4.9% of revenue across 15 countries in Q1 FY27.
11. EBITDA margins of 14%-15% steady state, FY26 target of 13%-14% Missed - At the Q2 FY24 call, management said "in a couple of years, we should reach a steady-state where our EBITDA margins can be somewhere around 14% to 15%", with the FY26 target set at 13%-14% in Q3 FY24 and 14% by around FY26 at Q4 FY24. FY26 operating EBITDA margin was 10.62%, after revisions to 12%-13% at Q4 FY25 and 11.5%-12% at Q3 FY26.
12. FY25 EBITDA margin of 11.5%-12% Missed - At the Q4 FY24 call, management targeted FY25 EBITDA margin of somewhere around 11.5%-12%, revised to 11%-11.5% in planning at Q1 FY25 and Q2 FY25. FY25 operating EBITDA margin was 10.68%, below the revised range.
13. FY25 revenue growth of 12%-13% Missed - At the Q3 FY24 call, management set a FY25 revenue growth target of 12%-13%, reiterated through Q4 FY24, Q1 FY25, Q2 FY25 and Q3 FY25. FY25 revenue growth was 8.79%, short of the guided range.
14. FY24 volume growth of 13%-14% Delivered - At the Q1 FY24 call, management guided FY24 volume growth of "somewhere around 13% to 14%" with overall growth of 11%-12%. FY24 volume growth was 21.4%, exceeding the guided range.
15. Dollar Rain Guard at 3x sales in FY24 Missed - At the Q1 FY24 call, management targeted Dollar Rain Guard to do "3x of that minimum" in FY24 versus FY23. Rainguard did ₹16 crore in H1 FY25, with combined Q4 FY24 plus Q1 FY25 business of ₹35-37 crore, \~100% growth, and Dollar Protect grew 47.4% in value in FY25.
16. Lingerie sales at 2x-2.5x in FY24 Missed - At the Q1 FY24 call, management expected the lingerie segment to do "not less than 2x-2.5x" sales in FY24. Women's segment, including lingerie, grew 7% in value in FY24, with no specific lingerie revenue or growth disclosed in the record.
17. Modern trade and e-commerce at 7%-8% of sales in 2 years Delivered - At the Q1 FY24 call, management aspired to take modern trade and e-commerce from \~4% of total sales to around 7%-8% in 2 years, later revised to \~8% by FY26 and then 8%-10% by FY26. Modern trade and e-commerce contributed 8.2% of revenue in FY25, and in Q3 FY25 management stated the 8%-10% target had been reached more than a year ahead of schedule.
18. Solar capex of ₹35 crore for 6 MW Delivered - At the Q1 FY24 call, management planned capital expenditure of ₹35 crore towards solar power generation capacity of 6 MW, later expanded to 12 MW at the same investment. Solar capacity reached 8 MW by Q1 FY25 and 12 MW by Q1 FY27, with the 6 MW addition completed by FY26.
19. Project Lakshya additions of 100-140 distributors in FY24 Missed - At the Q4 FY23 call, management expected to add "another 100, 140 new distributors" in FY24, revised at Q1 FY24 to 300-325 total by end of FY24. 61 distributors were added in FY24, taking the total from 229 to 290.
20. Working capital days of 120 by FY25 Missed - At the Q4 FY23 call, management targeted reducing working capital days to 120 days by FY25, from around 160 days, with successive revisions to 120 by FY26, then 125-130, \~135, 140-145 by FY26, and \~150 days by end of FY26. FY25 cash conversion cycle was 160 days and FY26 was 154 days, against the \~150-day FY26 target.
21. Athleisure growth of 35%-40% for 2-3 years Missed - At the Q4 FY23 call, management guided athleisure segment growth of "somewhere around 35% to 40% growth year-on-year" for the next 2-3 years, with 30%-35% targeted for FY24 at Q1 FY24. Athleisure contribution stayed flat at 12%-13% of total sales through FY24-FY26, indicating growth in line with the company average.
22. Gross margin improvement by end of FY24 Delivered - At the Q4 FY23 call, management said gross margin would gradually improve and "by the end of FY24, we should see a good improvement in our gross profit margin". FY24 gross margin was 32.2%, up 256 bps from 29.6% in FY23.
23. FY24 ad spend at 6.5% of sales Delivered - At the Q4 FY23 call, management guided FY24 advertisement cost at "somewhere around 6.5%" of sales, later targeted at 6%-6.5% annually. FY24 ad spend was \~₹100 crore, 6.4% of revenue, within the guided range.
24. FY24 revenue growth of 12%-13% Delivered - At the Q4 FY23 call, management guided FY24 revenue growth of 12%-13%, with restatements of 11%-12% at Q1 FY24 and confidence of 11%-12% at Q3 FY24. FY24 revenue growth was 12.80%, within the guided range.
25. FY24 EBITDA margin of 11%-12% Partial - At the Q4 FY23 call, management guided FY24 EBITDA margin of "somewhere around 11% to 12%", reiterated at Q1 FY24, \~11% at Q2 FY24, and 10.5%-11% at Q3 FY24. FY24 operating EBITDA margin was 10.09%, short of guidance, while FY24 revenue growth of 12.80% was delivered.
26. FY24 ad spend of \~₹100 crore Delivered - At the Q2 FY23 call, management guided FY24 ad spend of somewhere around ₹100 odd crores. FY24 advertising expense was \~₹100 crore, in line with the guidance.
27. EBO revenue of ₹40-45 crore from 125 stores by FY25 Missed - At the Q2 FY23 call, management expected to garner around ₹40-45 crore of business from EBOs from 125 EBO stores by FY25. Only 17 EBOs were operating as of FY26, described as "not making money currently" and treated as experience centers.
28. Tamil Nadu and Kerala Project Lakshya start within a month Delivered - At the Q2 FY23 call, management planned to start Project Lakshya in Tamil Nadu and Kerala within a month. Implementation started in Tamil Nadu by Q4 FY23, Kerala was at planning stage then, and Q1 FY24 notes rollouts started in both states.
29. Haryana Project Lakshya rollout completed by end of FY23 Delivered - At the Q1 FY23 call, management expected the Haryana Project Lakshya rollout to be completed by end of FY23. Haryana rollout was completed in FY23, with Haryana business growing \~40% YoY in FY24.
30. Active wear and Dollar Woman athleisure launch by end of FY23 Partial - At the Q1 FY23 call, management planned to launch two new product categories - active wear and full range of Dollar Woman athleisure - by around February, by end of FY23, with the women's athleisure launch moved to February end or March at Q2 FY23. Supply of Force NXT activewear and women's athleisure started in Q1 FY24 with strong market response, one quarter late.
31. Dollar Woman as a ₹200-250 crore business by FY25 Missed - At the Q1 FY23 call, management targeted making Dollar Woman a ₹200-250 crore business by FY25. Women's segment share was 8.7% in FY24 and 14.2% in FY26, but Dollar Woman (Missy) brand contribution was \~8% of FY26 revenue, implying \~₹150 crore on FY26 revenue of ₹1,881 crore.
32. Africa branch expansion of 10-12 branches in a couple of years Missed - At the Q4 FY22 call, management aimed to open another 10-12 branches in West Africa and South Africa in a couple of years. The record holds no branch openings in Africa; exports recently started in the African market and Myanmar per Q1 FY26, with exports across 15 countries in Q1 FY27.
33. Pepe JV revenue of ₹20-25 crore in FY23 Missed - At the Q4 FY22 call, management set a JV (Pepe) revenue target of around ₹20-25 crore for FY2023, with expected growth of around 50%. Q1 FY23 JV revenue was ₹3.56 crore, up 175% YoY; JV revenue was ₹10-11 crore in 9M FY24, \~₹34 crore in FY25 and ₹49 crore in FY26.
34. FY23 EBITDA margin of 17%-17.5% Missed - At the Q4 FY22 call, the CFO's EBITDA margin target for FY2023 was around 17%-17.5%, softened to 16.5%-17% at Q1 FY23 and lowered to \~13% at Q2 FY23. FY23 EBITDA margin was 7.05%, far below even the revised aspiration.
35. Capex of ₹120 crore over two years for spinning and warehouse Delivered - At the Q4 FY22 call, management guided capex of around ₹120 crore in total over two years for spinning mill expansion plus integrated warehouse, with \~₹75-80 crore in FY2023. The entire ₹115 crore capex had been spent by Q2 FY23, with spinning investment around ₹50-odd crores and warehouse ₹50 crore, in line with the plan.
36. Ad spend of ₹90-100 crore in FY23 Missed - At the Q4 FY22 call, management targeted ad spend of around ₹90-100 crore in FY2023, revised to \~₹75-80 crore at Q1 FY23 and 5.5%-6% of sales at Q2 FY23. FY23 advertisement expenses were ₹101 crore, 7.22% of revenue, above the revised ₹75-80 crore guidance.
37. EBO expansion to 25 in FY23, 120-135 by FY25 Missed - At the Q4 FY22 call, management aimed to open about 25 EBOs in FY2023 and around 120-135 EBOs by end of FY2025, with later revisions to 21-22 stores by March 2024 and 100-120 stores by FY26 before the FY26 target was abandoned. 14 EBOs opened in FY23 and 17 were operating as of Q4 FY24, remaining at 17 through FY26.
38. Missy growth of 30% in FY23 Missed - At the Q4 FY22 call, management targeted Missy a 30% hike in FY2023. FY23 Missy (Dollar Missy) volume grew 10%, below the 30% target.
39. Athleisure growth of \~30% in FY23 Missed - At the Q4 FY22 call, management targeted athleisure around 30% growth in FY2023. Athleisure contribution rose from 12% of FY22 revenue to 13% of FY23 revenue, a marginal share gain with no 30% growth rate disclosed.
40. Force NXT growth of 30%-35% in FY23 Missed - At the Q4 FY22 call, management targeted Force NXT at 30%-35% growth in FY2023. FY23 Force NXT volume grew 15%, below the guided range.
41. Project Lakshya additions of \~200 distributors in FY23 Missed - At the Q4 FY22 call, management targeted adding around 200 distributors under Project Lakshya during FY2023, revised to 150-200 at Q1 FY23. 87 distributors were added in FY23, taking the total from 142 to 229.
42. FY23 revenue growth of 15%-17% Missed - At the Q4 FY22 call, management set a target of 15%-17% overall growth for FY2023, with volume growth not less than 9%-10%, reaffirmed at Q1 FY23. FY23 revenue was ₹1,394 crore, growth of 3.82%, with volume growth of approximately 5%.
43. Debt-free by FY25, no long-term debt Missed - At the Q4 FY22 call, management stated it did not intend to take any long-term debt and expected to be debt-free by FY2025, with the target later moved to FY27, then net debt free by FY28 with debt of ₹264 crore to be reduced to 0 by FY28. Net debt was ₹291 crore as of Q1 FY27, reduced from ₹329 crore in March 2025 to ₹278 crore in June 2025, ₹264 crore in March 2026 and ₹192 crore in June 2026.
44. Working capital days reduction of 10-15 in FY23 Missed - At the Q4 FY22 call, management aimed to reduce working capital days by another 10-15 days in FY2023, mainly via channel financing, later targeting an overall working capital cycle of \~145 days for FY23. FY23 working capital cycle was around 155 days, similar to FY22 within 2-3 days plus/minus.
45. Revenue of ₹2,000 crore by FY25 Missed - At the Q4 FY22 call, management set a revenue target of ₹2,000 crore by FY2025, shifted to FY26 at Q2 FY24 and reiterated through Q3 FY25 before firm guidance was deferred at Q4 FY25. FY25 revenue was ₹1,710 crore and FY26 revenue was ₹1,881 crore, short of ₹2,000 crore.
46. Integrated warehouse and spinning mill expansion completed by November 2022 Partial - At the Q4 FY22 call, management targeted the integrated warehouse plan and spinning mill expansion to be completed by November 2022, with the warehouse later expected by March 2023 and spinning trial production by September 2023. The integrated warehouse in West Bengal was commissioned in September 2023, and spinning expansion from 22,000 to 42,000 spindles was 75% complete as of FY24, with half capitalized in FY24 and full capacity starting by FY26.
47. Active retailers of 150-200 per distributor by FY25 Delivered - At the Q4 FY22 call, management aimed to increase active retailers from 100 per distributor to 150-200 by FY2025, restated as by FY26 in the Q4 FY24 PPT. In Q1 FY27, the Lakshya Phase-1 model stabilizes at 150-200 active retailers per distributor, with active Lakshya retailers at 80,055 across 327 distributors.
48. Project Lakshya at 70% of distributors by FY25 Missed - At the Q4 FY22 call, management targeted 70% of total distributors under Project Lakshya by FY2025, restated as 65%-70% of revenue contribution by FY26 at Q4 FY24, with reaffirmation deferred at Q4 FY25 and no rollout target committed at Q1 FY26. As of Q1 FY27, there were 327 Lakshya distributors across 14 states, \~20%-22% of distributors, with Lakshya revenue contribution of 30.4% in FY26 and 31% in Q1 FY27 against the 65%-70% target.