1. Average revenue per customer to $1 million Partial - At the Q3 FY25 call, management stated that average revenue per customer of $898,000 was "inching towards the $1 million mark that we set as a goal". Per the Q4 FY26 and Q1 FY27 decks, the metric moved from $910,000 in Q1 FY26 to $906,000 in Q2 FY26, then fell to $864,000 in Q4 FY26 and $866,000 in Q1 FY27 - still below $1 million.
2. At least 2 large Arttha banking license deals in next 2 quarters Delivered - At the Q2 FY25 call, management expected to close at least 2 large Arttha banking license deals in the next 2 quarters. In Q3 FY25, two Arttha banking platform deals were closed and implemented, with their revenue recognition driving much of the BFSI vertical's growth.
3. Total income of ₹2,000 crore for FY25 Delivered - At the Q2 FY25 call, management stated total income of ₹2,000 crore for the year "looks far from course", with H1 already past ₹1,000 crore. FY25 total income grew 26.4% to ₹2,162 crore, crossing the ₹2,000 crore threshold.
4. Exit run rate of \~$280 million for FY25 Missed - At the Q2 FY25 call, management stated "about a $280 million exit run rate for the year". The Q4 FY25 annualized exit run-rate crossed only "over a quarter billion mark", with FY25 revenue of $243.6 million - the $280 million was not achieved.
5. Arttha separate P&L and international expansion On track - At the Q4 FY25 call, management planned a separate P&L for Arttha, market-specific investment in India, and expansion into Europe and North America through partnerships. By Q2 FY26 Arttha was being taken to Philippines and India with POCs at cooperative banks, and by Q3 FY26 it was the only SaaS line of business; no separate P&L confirmation is on record.
6. Hipo strategy - scale key accounts to $20 million On track - At the Q4 FY25 call, management set a Hipo strategy aim to scale key large accounts to US $20 million and create more US $5-10 million accounts. Q2 FY26 showed initial positive signs from focused account mining, and $10M+ customers stood at 4 in Q4 FY26 and Q1 FY27; no $20 million account is confirmed.
7. EduTech FY26 strategies to restore growth Delivered - At the Q3 FY25 call, management set FY26 strategies for EduTech: parlaying strengths into Professional Development offerings and building channels with leading university platforms. Q2 FY26 brought a close-to-$3 million SOW with a leading Asian management institute, Q4 FY26 EdTech grew 8.4% QoQ, and Q1 FY27 EdTech was 16% of revenues with modest growth.
8. PureSoftware acquisition completion before May 31, 2024 Delivered - In the Q4 FY24 PPT, the PureSoftware acquisition (100% equity, ₹779 crore) was expected to complete before May 31, 2024. PureSoftware revenues were consolidated effective May 22, 2024, and Q1 FY25 results included 40 days of PureSoftware.
9. FY28 aspiration of 15% growth Pending - At the Q1 FY27 call, management reiterated the FY28 aspiration of 15% growth, with 12.5% in FY27 seen as the platform for it. No outcome disclosure yet, as FY28 has not begun.
10. IPO objects - Investment in Subsidiaries and Inorganic Growth by FY24 Partial - In the QIP/offer document, the estimated timeline for utilization of Net Proceeds was Investment in Subsidiaries and Inorganic Growth in FY24. By November 2024, Investment in Subsidiaries was delayed 7 months and Inorganic Growth 5 months; by February 2025 the former was still "Ongoing" with the latter 5 months delayed, both eventually utilized.
11. Effective tax rate of 22-24% from FY22 Missed - At the Q4 FY21 call, management guided an effective tax rate of 20-24% starting FY22, stated as 22-24% in the Q4 FY21 result filing. Actual rates ran above the range - 25.1% in Q2 FY22, 25.5% in Q2 FY23 and 26.1% in Q3 FY24.
12. GBS to become at least 10% of overall business On track - At the Q1 FY27 call, management reiterated the goal for GBS to "soon become at least 10% of the overall company's business". GBS was almost 3.3% of revenues in Q4 FY26 and around 5.5%-6% in Q1 FY27, though management noted it is not progressing as planned.
13. FY27 revenue growth guidance of 12.5% On track - At the Q4 FY26 call, the Board reconfirmed FY27 revenue growth guidance of 12.5% (constant currency) with a 15% aspiration, reiterated through Q1 FY27 and in the Q4 FY26 result filing and FY26 Annual Report. Q1 FY27 revenue grew 6.7% YoY in constant currency, below the ask rate, with management confirming the target and work "cut out" for the remaining three quarters.
14. FY27 operating margin improvement of \~100 bps to 17.5-18.5% On track - At the Q4 FY26 call, management expected operating margin to improve by about 100 basis points to about 17.5%-18.5% in FY27, reaffirmed in Q1 FY27. Q1 FY27 operating margin was 17.5%, and \~19.75% adjusted for forex loss and receivables provision.
15. 90% of engineers using AI productivity tools by end of FY27 On track - At the Q4 FY26 call, management set a goal for 90% of all engineers, testers and service delivery personnel to be trained and effectively using AI productivity tools by end of FY27. Q4 FY26 and Q1 FY27 each reported 75%+ GenAI-enabled developers and testers, with over 2,000 employees using advanced agentic and AI development tools.
16. AI/GenAI team to 1,000 by end of FY27 On track - At the Q3 FY26 call, management planned to grow the AI/GenAI team to 1,000 Happiest Minds by end of FY27, restated in Q4 FY26 alongside planned FY27 headcount of 1,050 weighted toward GenAI and the analytics/AI CoE. A talent base of 600 AI specialists was reported in Q4 FY26 and again in Q1 FY27.
17. EdTech headwinds to bottom out by Q3 FY26 Delivered - At the Q2 FY26 call, management said EdTech headwinds should bottom out by Q3, with recovery expected going forward. Q3 FY26 still showed decline - from largest vertical to third largest - but Q4 FY26 EdTech grew 8.4% QoQ and Q1 FY27 was 16% of revenues with modest growth.
18. Arttha banking deals to close in Q3/Q4 FY26 Missed - At the Q2 FY26 call, management was confident the Arttha banking deals would happen in Q3/Q4. They right-shifted to Q1 FY27, then one was extended and the other pushed to Q2; FY26 constant-currency growth of 9.2% came in slightly below the 10% guidance primarily due to these delays.
19. 22 scaled AI use cases unlocking \~$50 million sales potential On track - At the Q2 FY26 call, management said the 22 scaled AI use cases unlock GBS-led sales potential of nearly $50 million over the next few years. Use cases grew to 32 by Q3 FY26, 50 by Q4 FY26, and over 100 AI agents with around 60 repeatable use cases by Q1 FY27; no revenue read against the $50 million yet.
20. Four consecutive years of double-digit growth to FY28 On track - At the Q2 FY26 call, management raised its commitment from three to four consecutive years of double-digit growth to FY28, reaffirmed in Q3 FY26. FY26 constant-currency growth was 9.2%, below the 10% threshold, and Q1 FY27 grew 6.7% CC, but management reaffirmed with FY27 guidance of 12.5%.
21. DSO back to 85-88 days Partial - At the Q1 FY26 call, management guided DSO back closer to a long-term average of 85-88 days from 91, restated as 85 days in Q3 FY26. DSO improved to \~88 days in Q2 FY26 but rose to 92 in Q3 FY26, 94 in Q4 FY26 and back to 92 in Q1 FY27.
22. FY26 double-digit growth and 20-22% EBITDA margin Partial - At the Q1 FY26 call, management guided to "deliver double-digit growth in constant currency while maintaining our EBITDA margins in the range of 20% to 22%" for FY26, reiterated through the year. FY26 constant-currency growth was 9.2%, slightly below the 10% guidance, while FY26 EBITDA margin of 20.3% landed within range.
23. RoCE back to 20% plus Delivered - At the Q4 FY25 call, management set a target "to get RoCE back to 20% plus" after the Q4 dip to 18.3%. RoCE improved to 23% in Q1 FY26 and Q2 FY26, 22% in Q3 FY26 and Q4 FY26, and 23.9% in Q1 FY27.
24. Healthcare business cash positive in first full year Pending - At the Q4 FY25 call, management committed the healthcare business would run "on a cash positive basis" even in the first full year after launch in FY27. No outcome disclosure yet, as the healthcare product has not been formally launched as of Q1 FY27 in our record.
25. Healthcare product launch by Q1 FY27 Partial - At the Q4 FY25 call, management said the healthcare product (bioinformatics) was "expected to be available for launch by Q1 FY27", with Q1 FY26 development on track. By Q3 FY26 the multi-omics platform was ready with go-to-market campaigns running, but Q1 FY27 holds no confirmation of formal launch.
26. US revenue share to around 60% Delivered - At the Q1 FY26 call, management said the deliberate strategy was to get the share of U.S. revenues to around 60%, from \~75% a year to 1.5 years back. The US geo reached about 60% of revenue mix in Q2 FY26, with Americas at 58.2% in Q4 FY26 and USA at 56.9% in Q1 FY27.
27. Ashok Soota shareholding not below 40% Delivered - At the Q1 FY25 call, Ashok Soota committed his shareholding will not go below 40%, with the current sale bringing it to \~45% and no further sale expected for two to four years. Shareholding was above 50% in Q2 FY24, about 45% in Q1 FY25, and in Q3 FY26 he denied stake sale reports saying "I am here to completely see it through".
28. FY25 EBITDA margin guidance of 20-22% Delivered - At the Q1 FY25 call, management maintained the FY25 EBITDA margin forecast of 20-22%. FY25 EBITDA margin was 21.4%, within the guided range, with Q4 FY25 adjusted EBITDA at 21.4% "in line with our guidance of 20% to 22%".
29. FY25 revenue growth guidance of 35-40% (later 30-35%) Partial - At the Q4 FY24 call, management projected FY25 revenue growth of 35-40%, revised down to 30-35% in Q1 FY25 due to the later closing of PureSoftware and Aureus, and reiterated in Q2 FY25. FY25 revenue grew 25.6% in constant currency - management scorekept "we had given a forecast of about 28% to 30%. So compared to that, we are slightly short".
30. GBS to reach 250 people by end of FY25 Missed - At the Q4 FY24 call, management said GBS, then 70 people, was expected to grow to 250 by the end of FY25. At Q4 FY25, GBS had \~120 dedicated people, unchanged at 120 in Q1 FY26.
31. GenAI division with 100+ people Delivered - At the Q1 FY24 call, management said a GenAI division was being set up with an initial team of 100+ people, expected "to scale further shortly". Q3 FY24 saw GBS created with 100+ people in training; it went on to report $855,000 revenues in Q1 FY25, 120 specialists in Q2 FY25, and \~200 dedicated people by Q4 FY26.
32. Record addition of 1,300 people in FY24 Missed - At the Q4 FY23 call, management planned a record addition of 1,300 people in FY24, including 400+ freshers per the Q1 FY24 update. FY24 headcount was 5,168 organically with net additions of only 251 during the year.
33. FY24 EBITDA margin guidance of 22-24% Delivered - At the Q4 FY23 call, management reiterated FY24 EBITDA margin guidance of 22-24%. FY24 EBITDA margin was 24.6%, beating the upper band, marking the 16th consecutive quarter of beating EBITDA guidance.
34. FY24 revenue growth guidance of 25% (later 12%) Partial - At the Q4 FY23 call, management retained FY24 revenue growth guidance of 25%, to be met with or without an acquisition; the organic guidance was cut from 25% to 12% in Q2 FY24 and reiterated thereafter. FY24 constant-currency revenue growth was 11% against the 12% guided, and management scorekept the miss.
35. ₹1,400 crore capital raise for acquisitions Partial - At the Q2 FY23 call, the Board approved an enabling resolution to raise capital not exceeding ₹1,400 crore, mainly to fund inorganic growth. A ₹500 crore QIP closed in Q1 FY24, ₹135 crore of NCDs were raised, and ₹45 crore of additional NCDs in Q4 FY23 - about ₹680 crore of the authorization, with acquisitions funded partly from internal accruals.
36. FY23 EBITDA margin guidance of 22-24% Delivered - At the Q1 FY23 call, management reiterated sustainable medium-to-long-term EBITDA margins of 22-24%. FY23 EBITDA margin was 26.2%, exceeding the upper band - "we have beaten our guidance of 22% to 24% handsomely".
37. FY23 revenue growth guidance of 25% Partial - At the Q1 FY23 call, management revised upwards FY23 revenue guidance and aspirational targets for five succeeding years, with a 25% consolidated FY23 growth target restated in Q2 FY23. FY23 revenue growth was 23.7% in constant currency, missing the 25% target by 1.3% due to right-shifting of Q4 revenues - "we had guided 25%... delivered 24%".
38. $1 billion revenue by 2031 (10-year vision) Partial - At the Q2 FY22 call, management set a vision of becoming a billion-dollar company in 10 years, clarified in Q4 FY22/Q4 FY24 as $1 billion by 2031, needing 25% compounded growth later revised to a 22% CAGR. FY26 revenue reached ₹2,315 cr (+12.34% YoY) per the snapshot; at Q4 FY25 Ashok Soota signaled a 1-2 year delay - "we'll need a year or 2" - and at Q1 FY26 management said it would relook at the goal.
39. Acquisition strategy - $10-30 million profitable digital assets Delivered - At the Q3 FY21 call, management said it was looking for profitable digital assets in the range of $10-30 million, later revised up to $10-50 million and up to \~$80 million with 20-21% profitability. SMI was acquired in January 2023 (\~$2.4 million revenue in Q4 FY23), PureSoftware and Aureus in May 2024 for ₹779 crore, and GAVS Middle East in February 2025.
40. SG&A stabilization between 9% and 11% Missed - At the Q3 FY21 call, management said SG&A as % of revenue would stabilize somewhere between 9% and 11%. SG&A ran far above that range - 18.3% of revenue in FY24, 18.9% in FY25, 20.2% in FY26 and 19.7% in Q1 FY27.
41. Utilization maintained at 78-82/83% Partial - At the Q3 FY21 call, management committed to maintaining utilization in a range of 78%-82%/83%, revised to 77%-80% in Q4 FY21 and later to a flex range of 78-80% and a goal of above 80%. Utilization ranged from 74.6% (Q4 FY23) to 82.1% (Q1 FY22), with FY26 above 81% and Q1 FY27 at 80.9%; several quarters fell below the 77-80% band.
42. Sustainable EBITDA margin range of 21-23% (later 22-24%, then 20-22%) Delivered - At the Q3 FY21 call, management held sustainable EBITDA margin at 21-23% into the longer term, guided to 22-24% in Q4 FY21, and revised to 20-22% from Q1 FY25, reaffirmed through Q3 FY26. Margins beat the 22-24% band for 16 consecutive quarters through FY24 (FY23 26.2%, FY24 24.6%), then landed within 20-22% in FY25 (21.4%), FY26 (20.3%) and Q1 FY27 (21.7%).
43. Return to 20%+ growth in FY22 Delivered - At the Q3 FY21 call, management committed to returning to past trajectory of 20%+ growth in FY22, later clarified as a medium-to-long-term directional statement and folded into a \~20% organic five-year CAGR aspiration. FY22 revenue grew 40.9% in constant currency and 41.8% in rupee terms, far above the 20% target.