1. Chawla Brothers - projected revenue of \~₹80 crores in FY27 On track - At the Q3 FY26 PPT, management guided that Chawla Brothers' projected revenue is \~₹80 crores in FY27. Chawla Brothers FY25 turnover was ₹49.50 crs, and the acquisition was completed in April 2026.
2. Chawla Brothers acquisition - closing by 31st March 2026 Partial - At the Q3 FY26 PPT, management guided the acquisition of a 51% stake in Chawla Brothers would close by 31st March 2026. The acquisition closed in April 2026, one month past the transaction outer date.
3. Hues Ply Decor JV - start by Q1 FY27, 300-400 SKUs in one year Pending - At the Q3 FY26 call, management guided the Hues Ply Decor JV would start by Q1 FY27 and deliver 300-400 SKUs in the next one year, with an initial investment of \~₹2 cr. The JV was incorporated, but our record holds no disclosure on whether operations started by Q1 FY27 or on SKU count progress.
4. EBITDA margin - maintain around 40% ±2%-3% going forward Partial - At the Q3 FY26 call, management guided EBITDA margin would remain around 40% plus minus 2%-3% going forward. Q3 FY26 EBITDA margin was 43.1%, within the 37%-43% band, but Q4 FY26 EBITDA margin fell to 27.3% and full-year FY26 EBITDA margin was 33.8%, below the floor.
5. Q4 FY26 bottom line - grow at 25% YoY Delivered - At the Q3 FY26 call, management guided Q4 FY26 bottom line should grow at 25% YoY. Q4 FY26 PAT of ₹21.53 cr grew 49.51% over Q4 FY25 PAT of ₹14.40 cr, exceeding the target (SQL).
6. Q4 FY26 consolidated revenue growth - minimum 25% YoY Delivered - At the Q3 FY26 call, management committed to minimum 25% YoY consolidated revenue growth for Q4 FY26. Q4 FY26 revenue from operations reached ₹93.5 crs, a 28.1% increase over Q4 FY25, exceeding the 25% minimum target.
7. Distribution network - grow at least 12% to 15% more channel partners every year Partial - At the Q3 FY26 call, management stated the internal target is to grow channel partners by at least 12% to 15% every year. Distributor count grew from 180 to 198 by March 31, 2026, a 10% increase that fell short of the 12%-15% target.
8. Uro Veneer World acquisition - projected ₹115 cr revenue, ₹20 cr PAT by FY27 On track - At the Q2 FY26 call, management projected Uro Veneer World would reach ₹115 crs revenue with around ₹20-21 crs PAT by FY27, reiterated at the Q4 FY26 PPT. H1FY26 revenue was ₹49.7 crs with PAT of ₹6.5 crs, and the acquisition was completed and integrated in December 2025.