1. Reynolds brand at \~16% EBITDA margin Pending - At the Q1 FY27 call, management said the Reynolds brand should operate at about 16-odd percent EBITDA margin, in line with other brands, and that it can get to that number soon. The acquisition completed July 1, 2026 with team integration and asset movement complete; no Reynolds margin disclosure yet.
2. Reynolds brand close to 10% of overall revenues by FY29 On track - At the Q1 FY27 call, management expected the Reynolds brand to contribute close to 10% of overall revenues by FY29. The acquisition completed July 1, 2026 with integration complete; Reynolds had done sales of \~₹130-140 cr in the previous financial year, and no revenue contribution has been disclosed yet.
3. FY27 revenue growth of 17-20% (later 18-20%) On track - At the Q3 FY26 call, management guided FY27 revenue growth of close to 18% to 20%, and at the Q4 FY26 call guided 17% to 20% consolidated growth. At the Q1 FY27 call the 18-20% range was reiterated; Q1 FY27 revenue grew 19.2% to ₹670 cr, in line with the annual guided range.
4. FY27 capex of ₹225-250 cr (later ₹250-275 cr) On track - At the Q3 FY26 call, management guided FY27 capex of ₹225-250 cr, raised at the Q4 FY26 call to ₹250-275 cr. Q1 FY27 capex was close to ₹100 cr, consistent with the annual plan; the full year is not yet complete.
5. FY27 exports at 13-15% of overall sales On track - At the Q1 FY27 call, management expected exports to be around 13% to 15% of overall sales for full-year FY27. Q1 FY27 exports were close to 12% of total revenues, slightly below the range with three quarters remaining.
6. In-house pen tip manufacturing at 30-40% of requirements On track - At the Q1 FY27 call, management expected to manufacture at least about 30% to 40% of tip requirements in-house going forward, with more tip-making machines coming over the current plus coming calendar year. DOMS has the first tip manufacturing plant in India, Swiss imported, with installation ongoing and more machines ordered; no production commencement disclosed.
7. FY27 EBITDA margin back to 16-17% On track - At the Q1 FY27 call, management committed that once raw material prices stabilize, pricing decisions will be taken to return to the guided EBITDA margin range of about 16% to 17%. Q1 FY27 EBITDA margin was 12.3%, down from 17.6% in Q1 FY26, with management indicating Q1 was probably the bottom for the year.
8. Dividend policy of 10% of standalone profits Delivered - At the Q4 FY26 call, management said the dividend policy remains 10% of standalone profits. The Board recommended a final dividend of ₹3.65 per share, aggregating to \~10% of standalone PAT; FY26 dividends paid were ₹19.1 cr.
9. Uniclan revenue growth of close to 20% going forward On track - At the Q4 FY26 call, management guided Uniclan revenue growth of close to 20% going forward. FY26 growth was \~23%, above the target; Q1 FY27 Uniclan revenue was not separately disclosed and the full year is not yet complete.
10. Pencil market share from \~35% to \~45% Pending - At the Q3 FY26 call, management expected pencil market share to rise from upwards of \~35% currently to close to about 45% with new capacities coming in. No updated market share disclosure appears in Q4 FY26 or Q1 FY27 notes; pencil capacity remained at \~0.58 crore/day as of Q4 FY26.
11. Uniclan revenue close to ₹200 cr in FY26 Delivered - At the Q3 FY26 call, management targeted closing FY26 at close to ₹200 cr for Uniclan/Wowper. Uniclan FY26 full-year revenue was \~₹203 cr, \~23% growth over the base year.
12. Pen capacity of 0.5 crore pens/day by end of FY26 Partial - At the Q2 FY26 call, management expected combined pen capacity to be close to 0.5 crore pens a day by the end of the year. Pen capacity was close to 0.3-0.33 crore pens/day at Q2 FY26, and Q3 FY26 noted full capacity additions from the previous two quarters came into production; no disclosure confirms 0.5 crore/day was reached as of Q4 FY26 or Q1 FY27.
13. 44-acre greenfield project total capex of \~₹450 cr (later ₹850-1,000 cr) On track - At the Q3 FY24 call, management cited the RHP promise of \~₹450 cr spend, and at the Q4 FY24 call said overall capex was about ₹450 cr with \~₹380 cr to be spent over the next couple of years. The estimate was revised to ₹900-1,000 cr at Q3 FY25 and ₹850-1,000 cr at Q4 FY26; FY26 capex of \~₹292 cr went to the 45-acre parcel, IPO proceeds of ₹332.72 cr were fully utilised as at June 30, 2026, and the project remains under construction with \~3 more years expected.
14. 44-acre greenfield facility Phase 1: possession by Q3 FY26, commercial production by Q4 FY26 Partial - At the Q4 FY24 call, management said Phase 1 (600,000 sq ft) would start by Q1 FY26-27 with the three-phase project concluding by FY27-28, having earlier cited the RHP promise of the plant operational by December 2025. Deadlines moved through successive calls to commercial production towards end of Q2 FY27; possession of the first two buildings was taken by FY26, and as of Q1 FY27 300,000+ sq ft was expected to be commissioned by end of Q2 FY27 with no commercial production yet.
15. Wooden pencil capacity expansion commercialized by end of Q4 FY25 Missed - At the Q4 FY24 call, management said wooden pencil capacity expansion was underway and expected to be commercialized by end of Q4 FY25. It was not: FY25 saw no capacity addition due to construction delays, and as of Q3 FY26 capacity remained \~0.55 crore/day, with a target of 0.8 crore over the next couple of years and new capacity expected from H2 FY27.
16. FY25 capex of ₹210-225 cr (later ₹160-175 cr) Delivered - At the Q4 FY24 call, management guided FY25 capex of ₹210-225 cr, revised at the Q3 FY25 call to around ₹160 cr to ₹175 cr. FY25 consolidated capex was over ₹213 cr including capital advances, exceeding the revised plan.
17. FY25 EBITDA margin of 16-17% (later 16.5-17.5% for FY26) Delivered - At the Q4 FY24 call, management guided FY25 EBITDA margin of 16-17%, having earlier guided "between 15% to 17%" at the Q3 FY24 call; FY26 guidance of 16.5-17.5% followed at the Q4 FY25 call. FY25 EBITDA margin was 18.2%, above the guided range, and FY26 came in at 17.3%, at the higher end of its range.
18. FY25 revenue growth of 22-25% (later 23-25% including Uniclan) Delivered - At the Q4 FY24 call, management reiterated FY25 revenue growth guidance of 22% to 25%, having guided "close to that 20%-25% sort of a range" at the Q3 FY24 call; at Q3 FY25 the target was maintained at about 23% to 25% including Uniclan. FY25 consolidated revenue grew 24.4% to ₹1,912.6 cr, within the 23-25% range.
19. FY26 revenue growth of 18-20% Delivered - At the Q4 FY25 call, management guided consolidated revenue growth of 18-20% for FY26, reiterated at Q1 FY26, held at Q2 FY26 despite 25% H1 growth, and expected at the upper end at Q3 FY26. FY26 revenue grew 21.6% to ₹2,326.4 cr, surpassing the guided range.
20. FY26 EBITDA margin of 16.5-17.5% Delivered - At the Q4 FY25 call, management guided FY26 EBITDA margin of 16.5-17.5%, reiterated at Q1 FY26 and again at Q2 FY26 as a "decent range". FY26 EBITDA margin was 17.3%, at the higher end of the guided range.
21. FY26 PAT margin of around 10% Delivered - At the Q4 FY25 call, management guided PAT margin of around 10% for FY26. FY26 PAT margin was 10.3%, in line with the guided level.
22. FY26 capex of ₹225-250 cr (later ₹210-225 cr, then expected to cross ₹250 cr) Delivered - At the Q4 FY25 call, management guided FY26 capex of ₹225-250 cr, revised at Q1 FY26 to ₹210-225 cr including capital advances, reaffirmed at Q2 FY26, and raised at Q3 FY26 to crossing ₹250 cr. FY26 capex was \~₹292 cr, higher than the ₹225-250 cr planned at the start of the year.
23. Pioneer paper capacity up 15-17% with new machine Delivered - At the Q4 FY25 call, management said Pioneer paper capacity would increase by another 15-17% with a new machine to be installed "very soon". Pioneer Stationery capacity grew by close to about 20% during FY25, and automatic book manufacturing lines at Pioneer had doubled from the two lines seen at the IPO visit by Q1 FY26.
24. Uniclan wet wipes plant adding significant sales in FY26 Partial - At the Q4 FY25 call, management said Uniclan's own wet wipes manufacturing plant sales would add significant sales in FY26, with capacity of about 1.7 cr packs per annum partly replacing the outsourced/trading business. The plant was commercialized in Q4 FY25, and the Hygiene segment's revenue nearly doubled to ₹203 cr in FY26 from ₹112 cr in FY25, but no specific wet wipes sales contribution was disclosed.
25. US exports to increase with increasing pencil capacities Missed - At the Q4 FY25 call, management stated sales to the U.S. were expected to increase going forward with increasing pencil capacities. Q1 FY26 US exports were \~5.5-5.8% of gross sales amid tariff uncertainty; Q3 FY26 noted a 50% tariff impact on blacklead wooden pencil exports, Q4 FY26 noted exports to FILA lower than expected due to US tariffs, and Q1 FY27 export growth was flattish due to global disruptions.
26. Working capital cycle maintained at around 55 days Missed - At the Q4 FY25 call, management guided the working capital cycle to be maintained at around 55 days going forward, versus current \~60 days. FY26 working capital days were 65, above the \~55 day target; Q1 FY27 working capital was not separately disclosed.
27. STPL acquisition of 51% stake for ₹6 cr Delivered - At the Q4 FY25 call, management stated the proposed acquisition of a majority stake of 51% for ₹6 cr in Super Treads Private Limited. The acquisition was completed in Q1 FY26, with STPL consolidated with effect from June 1, 2025.
28. Fine arts segment at 3-5% of portfolio in 3-5 years On track - At the Q4 FY24 call, management said the fine arts segment should become close to around 3% to 5% of the DOMS portfolio in another three to five years. The Amariz fine art segment grew over 50% YoY in FY25, but Fine Art stood at 1% of gross product sales in FY26 and 1% in Q1 FY27, still below the target with the horizon not yet reached.
29. 45-acre project funded from IPO proceeds and internal accruals Delivered - At the Q4 FY24 call, management said capex funding requirements for the three phases would be met from IPO funds raised and internal accruals, without needing to revisit the market. IPO net proceeds of ₹332.72 cr were fully utilised as at June 30, 2026, FY26 capex of \~₹292 cr went primarily to the 45-acre land parcel and related expansion, and no capital raise was undertaken, though facility completion has been delayed past March 31, 2026.
30. Consolidated ROE/ROCE around 23-25% Partial - At the Q3 FY25 call, management said consolidated ROE/ROCE should be around 23% to 25%, with a 16-17% EBITDA margin and \~3x revenue on investment. FY26 ROCE was 23.9% and ROE was 20.1%; FY25 ROCE was 24.85% and ROE 21.29% - ROCE within the range, ROE below it.
31. Asset turns on the 44-acre project towards \~3x sales-to-capex On track - At the Q3 FY25 call, management said they always target about 3x gross revenue from fixed-asset investment, with the greenfield project targeted at close to 3x asset turn; at the Q1 FY26 call, asset turns were expected to start at 2-2.25x and move towards 3x. At Q1 FY27, management targeted ₹3 of sales per rupee of capex with new facilities taking 18-24 months to reach full utilization; the company achieved close to about 2.7x sales-to-capex last year, near the target.
32. Export markets expected to recover soon Partial - At the Q3 FY25 call, management said export markets were expected to recover soon, with signs from the Middle-East market that business would soon begin again. Q3 FY25 exports were down approximately 5% YoY; FY26 exports recorded steady double-digit growth, but Q1 FY27 export growth was flattish due to global disruptions and West Asia (\~2% of overall sales) was not fully opened up.
33. FILA distribution agreements for DOMS branded exports Delivered - At the Q3 FY25 call, management said they were soon entering distribution agreements with FILA to start exports of DOMS branded stationery in FILA's local markets, expected to positively impact export growth. The FILA distribution agreement was executed in FY25, DOMS branded products were selling in a couple of FILA markets by Q1 FY26, exports had reached Chile, Mexico, Canada, Europe, Turkey, South Africa and Australia by Q3 FY26, and FY26 exports recorded steady double-digit growth.
34. Uniclan EBITDA margin of 7-8% initially, \~10% long-term On track - At the Q3 FY25 call, management said Uniclan EBITDA margins should be in the range of 7% to 8% initially and slowly driven to about a double-digit number, later revised to a steady-state 8-9% at Q1 FY26 and \~10% long-term at Q4 FY26. Uniclan FY26 full-year EBITDA margin was \~8.6%, up from 4-5% at acquisition, within the steady-state range and progressing toward 10%; Q3 FY26 peaked at 12% and Q4 FY26 was \~6.3% on seasonality.
35. Uniclan diaper third production line installed Delivered - At the Q3 FY25 call, management noted the third diaper production line at Uniclan was successfully installed, a forward-looking commitment from the previous call. The third line was installed in December 2024, boosting total annual capacity to approximately 65 cr pieces.
36. Uniclan sales potential of ₹250-300 cr at peak utilization On track - At the Q3 FY25 call, management said Uniclan's sales potential with current capacity and peak utilization was close to around ₹250 cr to ₹300 odd cr. Uniclan FY26 full-year revenue was \~₹203 cr with Q4 FY26 at \~₹55.9 cr; no disclosure of peak utilization being reached.
37. Uniclan exports focused on neighbouring countries first Delivered - At the Q3 FY25 call, management said Uniclan exports would focus first on neighbouring countries - Nepal, Bangladesh, Sri Lanka, Middle East - where DOMS has a strong network. Uniclan started exports to Nepal and some exports to the Middle East; no further export expansion was disclosed.
38. SKIDO school bags launched in Q4 FY25 Delivered - At the Q3 FY25 call, management said SKIDO's bag product would be launched in Q4 FY25, hopeful at the right time for the back-to-school season. SKIDO launched its maiden range of DOMS branded school bags for the back-to-school season, with the initial response encouraging.
39. Scholastic stationery capacity increase on-board in six-odd months Missed - At the Q3 FY25 call, management said the capacity increase in scholastic stationery would take about six-odd months to come completely on-board. Q4 FY25 noted no significant capacity additions in scholastic stationery; Q1 FY26 scholastic stationery grew about 2% YoY and Q2 FY26 combined scholastic categories grew about 4% YoY, both attributed to no significant capacity additions.
40. Pencil production from new capacity rolling in from Q4 FY25 Missed - At the Q3 FY25 call, management said pencil production from the new capacity should start rolling in from the current quarter, Q4 FY25, with continuous expansion in the next quarter as well. Q4 FY25 noted no pencil capacity increase happened in FY25, with \~3% pencil volume growth from efficiency gains; Phase 1 of wood processing and seasoning was complete but Phases 2 and 3 were delayed by monsoon.
41. No capital raise in the near future Delivered - At the Q3 FY25 call, management said no capital raise was planned in the near future, with focus on utilizing IPO funds and completing the 44/45-acre project. IPO net proceeds of ₹332.72 cr were fully utilised as at June 30, 2026, no capital raise was undertaken, and Q4 FY26 noted some additional debt headroom available if required.
42. FY25 EBITDA margin of 16-17% Delivered - At the Q4 FY24 call, management guided FY25 EBITDA margin "between that 16% to 17% range," maintaining its conservative approach to margin guidance. FY25 closed with an operating margin of 18.22% per the reported financials (OPM basis, not directly comparable to the EBITDA-basis guidance), above the guided range.
43. FY24 revenue growth of 25-26% Delivered - At the Q3 FY24 call, management guided FY24 revenue growth of "between 25% to 26%". FY24 revenue grew 26.8% to ₹1,537.1 cr, exceeding the guided range, though Q4 FY24 revenue grew 20% YoY, which an analyst noted was "a tad bit below guidance" for the quarter.