1. FY27 revenue target of INR800 crores On track - At the Q1 FY27 call, management stated "This year, our target was somewhere around INR800 crores. I think we are in line to achieve that. We will cross that hopefully," while declining to commit to INR1,000 crores revenue / INR100 crores EBIT. Q1 FY27 revenue was Rs. 228.25 crores with a current run rate around INR850 crores.
2. GX revenue to cross INR110-130 crores over next 3 years On track - At the Q1 FY27 call, management stated GX revenue "will cross about INR110 crores, INR120 crores, INR130 crores"; the Automated Transcript of 13th August 2026 restated this as crossing about 110, 120, 130 crores over the next 3 years. The Q1 FY27 call confirms Fredun GX at a base of about INR100-110 crores this year.
3. Fredun GX 25-35% YoY growth for next 5 years On track - At the Q1 FY27 call, management expected 25% to 35% year-on-year growth in the Fredun GX business "even for the next 5 years", and "for the next 4 years, we can easily consider around 30% to 35% growth on the GX line". The same call confirms Fredun GX present in around 19 states at a base of about INR100-110 crores this year.
4. 10-12% PAT company on 2x, 3x top line within next few years On track - At the Q4 FY26 call, management stated that within the next few years they were easily looking at a 10% to 12% PAT kind of company on a 2x, 3x kind of top line. Q1 FY27 PAT margin was 5.77% and Q4 FY26 5.19%, with the Q4 FY26 call confirming profitability now at around 6.5%.
5. FY27 top line growth of 25-30% On track - At the Q4 FY26 call, management guided overall growth of around 25% to 30% on top line from last year for FY27, framed as "we can consider… is what we are intending to achieve… we are on track to do it". The Q1 FY27 call revised this to blended revenue growth of "somewhere around 35% to 30%" for the next 3 years; Q1 FY27 revenue was Rs. 228.25 crores, up 90.44% YoY.
6. Mobility division at INR100 crores run rate within 2-2.5 years On track - At the Q4 FY26 call, management stated they did not foresee any problem in touching INR100 crores for the Mobility division within 2 to 2.5 years from now, as an INR100 crores run rate. The same call confirms mobility did around almost INR30 crores last year, growing at almost 55% to 60% CAGR.
7. Runway to around INR600 crores, INR550-580 crores Delivered - At the Q3 FY26 call, management stated the company had a runway to reach around INR600 crores, and around INR550 crores, INR570 crores to INR580 crores, and "will easily achieve those numbers". FY26 revenue was Rs. 635 crores, and the Q1 FY27 call confirmed "our road map for last year was INR570 crores. We achieved INR635 crores".
8. FY26 year-end: Gx \~INR60 crores, pet care \~INR42 crores, nutritional \~INR26 crores Delivered - At the Q3 FY26 call, management stated the company was pegged to close the year with around INR60 crores of Gx business, around INR42 crores of pet care business, and around INR26 crores of nutritional business. The Q4 FY26 call confirms FY26 pet care at \~INR42-43 crores, mobility at \~INR29-30 crores and nutraceuticals at \~INR26 crores.
9. Snacky Jain in stores by November end, most of country in 6 months Delivered - At the Q2 FY26 call, management stated Snacky Jain should be in stores across certain geographies by November end, and within the next 6 months possibly in most parts of the country. The Q2 FY26 call noted an unexpectedly large order book, the Q4 FY26 call confirmed Jain biscuits have done phenomenally well, and the Q1 FY27 call confirmed the Jain variant has picked up very well.
10. INR90 crores PAT guidance for FY29 On track - At the Q2 FY26 call, management reaffirmed the INR90 crores PAT guidance for FY'29: "We would definitely be on track to achieve those numbers as for now". FY26 PAT was Rs. 32.62 crores and Q1 FY27 PAT Rs. 13.13 crores, with the Q4 FY26 call stating management is on track to overachieve targets.
11. Wagr teams launch by mid-Jan or first week of Feb 2026 Partial - At the Q2 FY26 call, management stated Wagr teams should launch by mid-Jan or first week of Feb (2026). The Q4 FY26 call said the platform, renamed from Wagr AI to wagr.in, had taken 3-4 months longer than necessary with a soft launch 1st week of July, and the Q1 FY27 call confirmed a soft launch around 15th June, already live with people ordering.
12. Vintage business sustainable growth for 7-9 years on auto cruise On track - At the Q2 FY26 call, management stated the vintage business would grow sustainably and for the next 7 to 9 years almost on auto cruise. The Q3 FY26 call revised this to around 12% to 18% year-on-year for the next 5 to 6 years on \~1,300 to 1,400 registrations in the pipeline; the Q4 FY26 call confirmed growth of around 10% to 15% on cruise control with more than 1,000 registrations, and the Q1 FY27 call around 15% to 20% year-on-year.
13. Mobility business 25-30% YoY growth Delivered - At the Q2 FY26 call, management anticipated 25% to 30% year-on-year growth in the mobility business, with a sharp increase once more geographies are added in the latter half of next year. The Q3 FY26 call confirmed mobility growing at almost 25% to 30% year-on-year, and the Q4 FY26 call at almost 55% to 60% CAGR.
14. Raised funds as growth capital for 2029, 2030 sustainable growth On track - At the Q2 FY26 call, management stated raised funds would be used as growth capital to expedite the journey towards 2029, 2030 for sustainable growth in new age businesses - new product development, team building, marketing, distribution, some capex and some reserves. The monitoring agency report as at March 31, 2026 showed only Rs 11.14 crore utilised out of Rs 107.78 crore raised, and the June 30, 2026 monitoring showed Rs. 53.29 crore under Working Capital.
15. Palghar facility one of largest plants in country within 2 years On track - At the Q2 FY26 call, management stated hopefully within the next 2 years the Palghar facility should be one of the largest plants for a single location in the country. The Q4 FY26 call confirmed the company has one of the highest CoPPs for a single plant in the country, and the Q1 FY27 call confirmed 5 plants in Palghar with around 43 manufacturing locations added.
16. FY29 revenue fully driven by vintage generics; FY32 51% from U.S. business On track - At the Q2 FY26 call, management stated that by FY'29 revenue will be fully driven by vintage generics, and by FY'32 over 51% of revenue will come from the U.S. business. The Q3 FY26 call clarified the "U.S. business" reference was a mistake - it is new-age business, with 51% of the business from new-age by 2029, 2030; the Q4 FY26 call showed new-age revenue \~INR120-130 cr of \~INR639 cr total (\~20%), and the Q1 FY27 call new-age brands growing around 35% to 45% year-on-year.
17. Third Automatic Carton Packaging Machine in Q4 FY25, packing workforce down 80% Partial - In the Announcement of 3rd February 2025, management stated a third Automatic Carton Packaging Machine was planned for Q4 FY25, with packaging automation expected to reduce dependency on packing workforce by more than 80%. The FY25 Annual Report confirms new automated cartonators reduced manual dependency by over 70%.
18. Fredna Vet Diagnostics 2nd centre in Mumbai Delivered - In the Q4 FY25 PPT, management stated Fredna Vet Diagnostics had plans to inaugurate a 2nd centre in Mumbai. The Q1 FY27 call confirms India's first center in Mumbai (Worli), one more being started in Malad and one more being created in Vashi "as we speak".
19. Fredun Mobility \~30 new products to take SKU range to 210 Delivered - In the Q4 FY25 PPT, management stated Fredun Mobility had \~30 new products under development to take the SKU range to 210 products. The Q3 FY26 call confirms the mobility range has more than 800 products, and the Q4 FY26 call confirms mobility has 4 brands.
20. Functional foods facility operational by FY25 Partial - In the Announcements of 7th and 10th May 2024, management stated a new facility for production of functional foods for the veterinary segment was likely to be operational by FY25. The Q4 FY25 PPT revised commissioning to Q2 FY26, the Announcement of 4th February 2025 set launch by Q3 FY26, and the Q3 FY26 call confirms the pet biscuits line started production in Q3 FY26.
21. Revenues to grow 15-20% with margin improvement Delivered - At the Q2 FY24 Result, management stated they continue to expect revenues to grow at 15-20% with margin improvement. FY25 revenue grew 30.7% and FY26 40.03%, with EBITDA margin improving from 11.56% in FY25 to 14.30% in FY26.
22. 90% of pet retailers using company products by FY25, 95% vet retailers by FY27 Partial - At the Q2 FY24 Result, management stated a target of over 90% of pet retailers using company products by FY25 and over 95% of vet retailers by FY27. The Q2 FY26 call confirms almost 90% coverage of retailers in Mumbai, with no specific disclosure of 90% pan-India or 95% vet retailers.
23. Inventory of Rs. 160 Crores to normalise in 12-18 months Partial - At the Q2 FY24 Result, management stated inventory of Rs. 160 Crores (as on 30th September 2023) was expected to normalise in the next 12-18 months. The Q4 FY26 call shows inventory at INR270 crores at around INR700 crores top line, and the Q1 FY27 call shows inventory days down by almost 50% in the last 2 years.
24. Fredun Pharma a significant pet player over five years On track - In the Announcements of 31st July and 4th August 2023, management stated Fredun Pharma aims to be a significant pet player over the next five years, leveraging high-quality products and backward integration. The Q2 FY26 call confirms pet care started 5 years ago with acquisitions of Wagr.ai and One Pet Stop and the launch of Snacky Jain, and the Q4 FY26 call shows pet care revenue \~INR42-43 crores.
25. Pet care division turnover to double next year (FY24 run rate Rs. 20 crores) Delivered - In the Announcements of 31st July and 4th August 2023, management projected to double the Pet division's turnover next year, with an FY24 run rate of Rs. 20 crores. The Q4 FY26 call shows FY26 pet care revenue \~INR42-43 crores, and the Q1 FY27 call confirms pet care currently generating around INR40-45 crores.
26. FY24-FY26 CAGR of 25-30% Delivered - In the FY23 Annual Report, management stated Fredun aims to grow at 25-30% CAGR between FY24 to FY26. FY25 revenue was Rs. 454 cr and FY26 Rs. 635 cr, with FY26 growth of 40.03%.
27. Fredun Generics Rs 35 crore in FY24, Rs 150 crore over three years On track - In the FY23 Annual Report, management stated Fredun Generics revenue was anticipated to increase to over Rs 35 crore in FY24 (from Rs 8 crore in FY23), and to Rs 150 crore over the next three years, across 162 products. The Q3 FY26 call pegged Gx business at around INR60 crores for FY26, and the Q1 FY27 call shows Fredun GX at a base of about INR100-110 crores this year.
28. BeautyFred 119 products over 18 months Delivered - In the FY23 Annual Report, management stated 119 products under 'BeautyFred' would be introduced phase-wise over an 18-month period. The FY24 Annual Report confirms FY24 launched 250 products under the cosmeceuticals segment Beauty Fred, and the Q4 FY25 PPT confirms BeautyFred with 48 SKUs.
29. Petcare 76+ products by FY23 Delivered - In the Q3 FY23 PPT, management stated a target of launching 76+ products by FY23, after initially introducing four products. The Q4 FY25 PPT confirms Freossi expanded to 76+ products currently.
30. 200+ product launches in FY24 Delivered - In the Q3 FY23 PPT, management stated a target of 200+ product launches next financial year across allopathic, nutraceuticals and medicated cosmetic-derma ranges. The FY24 Annual Report confirms FY24 launched 250 products under the cosmeceuticals segment Beauty Fred.
31. F&D Lab to support 1000+ registrations over next 4 years On track - In the Q3 FY23 PPT, management stated the F&D Lab at Palghar (construction initiated FY2021) would support launch of 1000+ registrations in pipeline over the next 4 years. The Q4 FY25 PPT confirms 1,200+ products under registrations globally, and the FY25 Annual Report confirms over 1,200 registrations under pipeline.
32. FY2026 roadmap: revenue growth, non-pharma contribution, EBITDA margins Delivered - In the Q3 FY23 PPT, management stated roadmap targets by FY2026 covering revenue growth, revenue contribution from non-pharma segments (increase from 3% in FY22) and EBITDA margins, expressing confidence to achieve the targets. The FY23 Annual Report specified non-pharma contribution rising from \~3% in FY23 to 15-20% by FY26 with an EBITDA margin of 12-15%; FY26 delivered revenue Rs. 635 cr, EBITDA margin 14.30% and new-age revenue \~INR120-130 cr of \~INR639 cr (\~20%).
33. Fredun Nutrition 9 products by Q2FY24 Delivered - In the Q3 FY23 PPT, management stated 9 Fredun Nutrition products were under development, to be launched by Q2FY24. The FY23 Annual Report revised this to 27 new Fredun Nutrition products expected by Q2FY24, and the FY24 Annual Report confirms around 45 branded Nutritional products launched achieving double digit sales.
34. Affordable Pet Grooming range launch in Q4FY23 Delivered - In the Q3 FY23 PPT, management stated a plan to launch an affordable Pet Grooming range at large scale in Q4FY23, with revenue from this range to start kicking in by end of FY23. The Announcement of 6th September 2023 confirms a new budget-friendly Pet Grooming product line of 43 products rolled out in Q4 FY23.
35. Fredun Gx 4-5% MoM growth Delivered - In the Q3 FY23 PPT, management stated the Fredun Gx (domestic generics) segment was expected to grow 4-5% MoM. The Q2 FY24 Result confirms the Generics business growing at 3-5% MoM with Rs 16 Cr of orders in hand.
36. Fredun Gx to add 40+ products in Q3FY23 Partial - At the Q2 FY23 Result, management stated Generics (Fredun Gx) was expected to add another 40+ products in Q3FY23, after a soft launch of 48 products in India. The Q3 FY23 PPT confirms 39 products launched in India under the Fredun Gx brand to date, with 75 products as of Q3FY23.
37. Lotion unit production by end of November 2022, 70% utilisation by April 2023 Partial - At the Q2 FY23 Result, management stated the Palghar lotion manufacturing unit (capacity 2,40,000 bottles per day) would commence production by end of November 2022 and reach capacity utilisation of 70% by April 2023. The Q3 FY23 PPT revised full commercialization to end of FY23 and the FY23 Annual Report to end of FY24; production commenced in December 2022 with a trial order, and the unit became fully operational in Q3 FY25, producing over one million bottles.
38. 27 veterinary pharmaceutical products launch second week of Sept 2022 Delivered - In the Announcement of 24th August 2022, management stated 27 new veterinary pharmaceutical products were ready for launch in the second week of Sept'22. The Q3 FY23 PPT confirms 29 veterinary products launched under the Pet Pharma range in Q3FY23.
39. Bone Graft manufacturing unit completion by May 2023 Delivered - In the Announcement of 24th August 2022, management stated the Bone Graft manufacturing unit was scheduled for completion by May'23, with capability to cater to the global market for the next seven years. The FY23 Annual Report confirms a dedicated area for manufacturing Super Speciality Bone Graft product FREOSSI Granules using Xenograft technology was set up, and the Q4 FY25 PPT confirms India's only patent for bone graft.
40. FY23 revenue growth of 25-27% Missed - In the FY22 Annual Report, management projected revenue to grow at 25-27% in FY2023. The Q3 FY23 PPT showed 9MFY23 Total Income of Rs. 196.7 cr, up 27.5% YoY, but the Q4 FY25 PPT discloses full FY23 revenue from operations of Rs. 274.7 cr vs FY22's Rs. 224.5 cr, \~22% growth, short of the guided range.
41. Defence supply by Feb end 2022 Delivered - At the Q3 FY22 Result, management stated they were hopeful for Defence supply by Feb end 2022. The Q3 FY23 PPT confirms Fredun Gx launched products for the Indian Railways and Defence sector, and the Q4 FY25 PPT confirms entry into the Defence sector.
42. BnB (Bird and Beauty) more products in coming years Delivered - At the Q2 FY22 call, management stated BnB would be launching more products in the coming years with on-going research on multiple products. The Q3 FY23 PPT shows 12 new products added under BnB, and the Q4 FY25 PPT shows BeautyFred with 48 SKUs.
43. Fredun Nutrition fitness range launch in 2022 Delivered - At the Q2 FY22 call, management stated Fredun Nutrition would launch its fitness range of products in year 2022. The Q3 FY23 PPT confirms the fitness range of nutrition products launched in December 2022.
44. Fredun Gx total basket of 250 products Partial - At the Q2 FY22 call, management stated the Fredun Gx total basket of products intended to complete was 250, ranging from allopathic to nutraceutical and medicated cosme-derma range. The Q3 FY23 PPT showed 75 products as of Q3FY23 with a target of 200 by end of CY23, and the Q4 FY25 PPT confirms 110+ products launched in India, with no disclosure of reaching 250.
45. Fredun Gx launch with 120+ products, 17 states by end of FY22 Delivered - At the Q2 FY22 call, management stated Fredun Gx was launching with 120+ products and targeted launch in 17 states before end of FY22. The Q3 FY23 PPT confirms a Fredun Gx tie-up for distribution across 17 states in December 2021 and 160+ products launched, while the Q4 FY25 PPT confirms 110+ products launched in India.
46. Freossi 8 more states by end of FY22 Partial - At the Q2 FY22 call, management stated Freossi had started operations in Maharashtra, Punjab, Haryana and Goa and targeted launch in another 8 states by end of FY22. The Q3 FY23 PPT restated the target as 16 more states by end of FY23; the Q2 FY26 call confirms pet care presence across eight states, with no specific FY22 state-count disclosure in our record.
47. FY25 revenue target of INR 500 crores Partial - In the Announcement of 21st February 2022, management stated a target to become an INR 500 crs revenue company by FY25. FY25 revenue was Rs. 454 crores, and the FY25 Annual Report confirms total income of Rs 456.3 crore.