1. GAAT project to increase IVF success rate for difficult/complex infertility cases Missed - The FY25 Annual Report disclosed the GAAT (Gaudium Advanced Analysis And Treatment) project aimed at increasing IVF success rates for difficult/complex infertility cases, carried as an intangible asset under development of ₹13.42 lakhs. The asset was unchanged from 1 April 2023 to 31 March 2024 and was subsequently derecognised due to delay in implementation.
2. Pharmacy to remain a small part of the business Partial - At the Q4 FY26 call, management stated pharmacy would remain a small part of the business, with capital allocation directed predominantly towards IVF treatment and hub-and-spoke expansion rather than pharmacy as an independent growth vertical. Q1 FY27 services revenue shows pharmacy at 29.41%, up from 4% in the Q4 FY26 PPT, though no capital allocation to pharmacy as a growth vertical is disclosed.
3. IPO - listing on NSE and BSE Delivered - The FY25 Annual Report proposed raising funds through an IPO of equity shares, with a revised DRHP to be filed after withdrawing the January 20, 2025 DRHP. 20,886,200 shares of face value ₹5 at ₹79 (fresh issue ₹90 crore plus offer for sale ₹75 crore) listed on NSE and BSE on 27 February 2026 - the first IVF company on the Indian Mainboard.
4. IPO proceeds utilisation within the stipulated timeline Partial - The company committed to utilising IPO proceeds within the stipulated timeline - ₹50.00 crore for 19 new IVF centres, up to ₹20.00 crore for loan repayment and ₹12.28 crore for general corporate purposes; expenditure originally proposed for FY2025-26 was deferred to FY2026-27 by the Board on 28 May 2026. As at 31 March 2026 only ₹868.88 lakhs of ₹9,000.08 lakhs was utilised, with ₹8,131.20 lakhs unutilised; monitoring reports for March and June 2026 show nil deviation, and the company attributed the delay to proceeds arriving only in the third week of March 2026.
5. AI tools SiD and ERICA to significantly increase first-attempt success rates Delivered - At the Q4 FY26 call, management stated the AI tools SiD and ERICA, launched 1 April 2026 with IVF 2.0, would significantly increase success rates at first attempt and reduce time per case. Early results showed an almost 8% increase in first-attempt results, confirmed on the Q1 FY27 call as a trend that "continues to hold", with clinical pregnancy success rising from over 58% to 62%.
6. Gaudium Women Hospital, Lucknow - cost up to ₹15 crore, commercialization FY28-FY29 On track - At the Q1 FY27 call, the Board approved an estimated project cost of up to ₹15 crore for the Gaudium Women Hospital at Lucknow, with commercialization expected in FY28-FY29, funded mainly through internal accruals. A 30-year lease with 15-year lock-in was executed with a ₹3.00 crore refundable deposit, and ₹5.76 crore was incurred, funded from GCP proceeds; the FY28-FY29 horizon is not reached.
7. Adjusted EBITDA margins similar to FY26 levels by end of FY27 On track - At the Q1 FY27 call, management guided that adjusted EBITDA margins similar to FY26 levels would be achieved by the end of FY27. Q1 FY27 adjusted EBITDA margin was 27.49% consolidated and 37.12% standalone against FY26 reported EBITDA margin of 36.13%; the FY27 horizon is not reached.
8. FY27 revenue growth of \~30% by end of FY27 On track - At the Q1 FY27 call, management guided \~30% revenue growth for FY27, in response to an analyst suggesting ≥40%, and said it is "firmly on track to achieve our stated FY27 revenue targets". Q1 FY27 revenue was ₹19.38 crore, up 9.13% YoY, below the 30% guided pace with the full-year horizon not reached.
9. ROCE of roughly 35% to 40% in the next 3 to 5 years Pending - At the Q4 FY26 call, the CFO guided ROCE of roughly 35% to 40% in the next 3 to 5 years, once fully functional. FY26 ROCE was 20.35% and FY25 was 40.08%; the 3-to-5-year horizon from March 2026 has not been reached and no further read exists in our record.
10. Three international spokes (Paris, Nigeria, Sydney) opened in Q4 FY26 itself Delivered - At the Q4 FY26 call, management guided three international spokes - Paris, Nigeria and Sydney - to be opened in that quarter itself to drive medical tourism. By the Q1 FY27 call all three spokes had begun operating, with international patients contributing approximately 25% to 30% of patient mix.
11. 9 spokes to be added with near-term hubs within the next couple of months Missed - At the Q4 FY26 call, management guided that 9 spokes would be added alongside the near-term hubs, aimed at the next couple of months. As of Q1 FY27 and August 2026 the network stood at 8 hubs and 28 spokes - the same 28 spokes reported at Q4 FY26 - with no additional spokes disclosed.
12. 19 new IVF hubs under IPO proceeds - 10 in FY27, 8 in FY28, 1 in FY29 On track - At the Q4 FY26 call, management guided 19 new IVF hubs under IPO use of proceeds - 10 in FY27, 8 in FY28, 1 in FY29 - with 3 operational within a couple of months and \~17 hubs by year end; the FY27 target of 10 hubs was reaffirmed at the Q1 FY27 call. The South Extension Part-II, New Delhi hub opened on 16 July 2026, Gurgaon and Nagpur were due within 10 and 25 days as of August 2026, and ₹34.03 crore of ₹90.00 crore in IPO proceeds was utilised to August 2026.