1. FY27 revenue targets - FTX ₹160-170 cr, TRIBE ₹30-35 cr, White labelling ₹50-60 cr Pending - At the Q4 FY26 call, management guided FY27 revenue targets of FTX at ₹160-170 cr, TRIBE at ₹30-35 cr, and white labelling at ₹50-60 cr. FY26 baselines were FTX \~₹145 cr, TRIBE \~₹14 cr, and white labelling \~₹39-40 cr; FY27 has just begun with no outcome evidence yet.
2. TRIBE and Fitness Exchange - 30-35% of sales mix in a couple of years On track - At the Q4 FY26 call, management guided TRIBE and Fitness Exchange will contribute 30-35% of the sales mix in a couple of years. FY26 TRIBE contributed 9% of branded revenue and Fitness Exchange is in early stages with management guiding an aggressive push in the second part of 2027; the horizon runs to \~Mar 2028.
3. Channel mix - online/digital 50-60%, distribution 30-40% over three years On track - At the Q4 FY26 call, management guided online and digital business will grow to 50-60% of non-white-label revenue over three years, with distribution at 30-40%. FY26 online was \~51% of non-white-label revenue, already within the 50-60% target band; the three-year horizon runs to \~Mar 2029.
4. White labelling - maintained at \~20% over next three years On track - At the Q4 FY26 call, management guided the white labelling business will be kept at 20%, 2% plus or minus, over the next three years. FY26 white labelling was \~20-22% of revenue, within the stated band; the three-year horizon runs to \~Mar 2029.
5. No stores for FTX - ever On track - At the Q4 FY26 call, management guided the company has no plans for any stores with FTX and will never have a store for FTX. Through Q4 FY26, no FTX stores exist and the company operates an asset-light, online-plus-distribution model; the indefinite commitment remains uncontradicted.
6. Preferential issue proceeds - ₹26.14 cr utilised by 31 March 2027 Pending - In the preferential issue filing of Nov 2025, the company stated intent to utilise ₹26.14 cr proceeds towards working capital and general corporate purposes latest by 31 March 2027. Our record holds no disclosure on utilisation of these proceeds as of the cut-off date; the deadline is not yet reached.
7. Warehouse upgradation - completed by end of FY25 Partial - In an announcement dated 20 December 2024, the company stated warehouse upgradation may be completed by end of FY25. As of Sep 2024, ₹0 lakhs had been utilised for warehouse upgradation against ₹165.67 lakhs disclosed; by Q4 FY26, warehouse capacity had expanded significantly but our record holds no confirmation of completion by the FY25 deadline.
8. No own manufacturing - remain asset-light On track - At the Q4 FY25 call, management guided the company does not plan to have its own manufacturing anytime soon and wants to remain asset-light. Through Q4 FY26, no manufacturing facility has been disclosed and the company continues to use white-label manufacturing at \~20% of capacity.
9. EBITDA margin - \~10% expected, want to improve on that Delivered - At the Q4 FY25 call, management guided EBITDA margin of \~10% is expected and they want to improve on that; the Q2 FY26 call added a stretch to \~11%. FY26 full-year EBITDA margin was 10.6%, exceeding the \~10% floor and improving on FY25's 9.4%.
10. 30-40% top-line growth every year for the next two years On track - At the Q4 FY25 call, management guided 30-40% top-line growth every year for the next two years; the Q4 FY26 call revised FY27 to 25-30%. FY26 revenue was \~₹198 cr, growth of \~39% YoY, within the 30-40% band; FY27 target revised before the year began and not yet due.
11. Quick commerce - grow from zero to 5-10% of business in a year or so Partial - At the Q4 FY25 call, management guided quick commerce will grow from zero to 5-10% of business in a year or so. FY26 quick commerce revenue was \~₹7.5 cr against total revenue of \~₹198 cr, making it \~3.8% of revenue; the year-or-so horizon from Mar 2025 ran to \~Mar 2026 and the 5% threshold was not met.
12. Kids' wear brand 'Conteno' - launch Missed - At the Q3 FY25 call, management guided a new kids' wear brand, Conteno, is set to be launched; the Q4 FY25 call specified launch by end of Q2 FY26. At the Q4 FY26 call, management stated the company is not going ahead with the kidswear brand, having fast-forwarded Fitness Exchange instead.
13. Women's wear launch - Q2 FY26 Delivered - At the Q3 FY25 call, management guided the company is set to launch a women's wear collection in Q2 FY26, with goods already in production by the Q4 FY25 call. At the Q2 FY26 call, management confirmed women and kids wear categories were added under FTX, generating ₹5.5 cr business till date and launched through offline channels first.
14. Dealer network expansion - 600 Distributors & 20,000+ Retailers by March 2025 Partial - At the Q3 FY25 call, management guided expansion of the dealer network to 600 Distributors and 20,000+ Retailers by March 2025; the target was later revised to 700/25,000+ by March 2026 and then 800/25,000+ by March 2027. As of Q4 FY25, the company reported 500+ Distributors and 15,000+ Retailers, missing the original March 2025 target; no updated count was disclosed for the March 2026 target.