1. 1:1 bonus share issue Delivered - At the Q2 FY26 call, the Board approved a 1:1 bonus share issue, subject to shareholders' approval. Shareholders approved via postal ballot and 21,41,54,246 equity shares of Rs.5 each were allotted on November 27, 2025, with record date November 26, 2025.
2. SIF launch - first product approved, launch in near term On track - At the Q4 FY25 call, management said it was "actively evaluating potential opportunities" in Specialized Investment Funds, with SEBI approval secured by Q1 FY26 and no launch date or AUM target ever given. By Q1 FY27 the Board approved the first SIF offering - H-SIF equity ex top 100 long-short fund - for launch "in the near term", with a senior resource hired and a Category 3 PMS product raising money.
3. TER/BER regulatory impact - contain and largely offset On track - At the Q3 FY26 call, management committed to handling the removal of 5 bps additional exit-load TER, revised expense slabs and brokerage cap changes with "an objective to contain the financial impact, if any", later sizing gross impact at 3-4 bps with "not material" P&L impact targeted. New rules went live April 1, 2026, commission structures were revised across all schemes, and Q1 FY27 operating margin held at 35 bps of AUM with management stating "we have been able to maintain our margins".
4. Revenue yield back to \~47 bps from Q1 FY25 Delivered - At the Q4 FY24 call, management guided that assuming AUM and asset mix constant, revenue yield should return to around 47 basis points from Q1 FY25, on management fees of \~59 bps equity, 27-28 bps debt and 12-13 bps liquid effective April 1, 2024. Actual yield was 46.3 bps in Q1 FY25, 47.1 bps in Q3 FY25, 47.2 bps in Q4 FY25, then 45-46 bps through FY26 and Q1 FY27 on mix changes.
5. Employee cost growth in 10-15% annual range Delivered - At the Q3 FY23 call, the CFO indicated FY24 employee cost would be "in a similar zip code" to \~10% nine-month growth, later refined to "12% to 15%... all including" ESOP and extended to overall costs. Actuals: FY24 +11% ex-ESOP, 9M FY25 +9%, FY26 ex-ESOP +12.5%, five-year CAGR \~13%, with other expenses +12% in FY24 and +7% in FY26.
6. Equity yield dilution to slow, margins to stabilize Delivered - At the Q1 FY23 call, management said active equity yields would continue to dilute though the pace might slow, with volumes "more than compensat[ing] for loss in margins". Equity yields eased from mid-70s bps in Q1 FY23 to 56-58 bps by Q3 FY26 through Q1 FY27, while operating margin held at 35-36 bps throughout.
7. HDFC Bank channel - capitalize on merger distribution Partial - At the Q1 FY23 call, management said the HDFC Bank merger impact could be neutral to positive, and by Q3 FY24 committed to "most definitely capitalize" on bank wallet share "over the next several years". Flow share in the bank's book ran at 25-30%, higher than book share, but the bank's share of overall AUM slipped from \~5.5-6% in FY24 to 5.1% by June 2026, and equity AUM share from 8.4% in FY23 to 6.4%.
8. Regain SIP market share leadership Pending - At the Q1 FY22 call, management called regaining SIP leadership "a very, very critical component of our business growth strategy", hopeful of closing the gap "over the next couple of quarters, couple of years". SIP market share bottomed in Q4 FY22 and improved over the following two quarters; SIP AUM crossed INR2 trillion in Q1 FY26 and the SIP book exceeded 29,000 crore by Q2 FY26, but no cited page confirms leadership was regained.
9. Dividend payout ratio - upward trajectory Delivered - At the Q1 FY23 call, management expected the dividend payout ratio to have an upward trajectory ("the slope should move upward") from FY22's just-under-65% payout. Payout rose from 64% in FY22 to 72% FY23, 77% FY24, 78% FY25 and 81% FY26, with FY25 described as "practically distributed the entire realized post-tax profit".
10. Alternatives platform - Cat II AIF, Cat III, PMS revival Delivered - At the Q3 FY22 call, management said a Category II AIF would launch the next financial year with a Category III application filed, building the platform "over the next several years". The CAT-II fund-of-funds launched in Q2 FY23, commitments grew from a Rs.400 crore first close to \~INR1,200 crore by Q2 FY25, the structured credit fund first-closed at \~INR1,300 crore in Q3 FY26, and alternatives AUM reached 14,800 crore with PMS at INR12,200 crore by Q1 FY27.
11. GIFT City subsidiary - go-live and international funds Delivered - At the Q3 FY22 call, management said the wholly owned IFSC subsidiary was hoped to go live during the upcoming financial year, subject to regulatory approvals, launching multiple funds for international investors. Incorporated May 27, 2022, it had three funds live with AUM above USD 150 million by Q3 FY25 and five funds by FY26, with the business "continues to build steadily" in Q1 FY27.
12. Opex-to-AUM maintained around 12-14 bps Delivered - At the Q2 FY22 call, management guided cost-to-income would stay "more or less the same" (\~24%), with OPEX/AUM at \~12 bps "probably remain[ing] at this level for some time" and a best-efforts target of "around 12-13 basis points". Actuals ran 13-14 bps in FY23, 12 bps FY24, \~10 bps FY25 and 11 bps in Q2 FY26, while operating margin held at 35-36 bps within the 33-36 bps corridor.
13. ESOP cost - three-year vesting, front-loaded charges Delivered - At the Q1 FY22 call, CFO Piyush Surana laid out the ESOP cost trajectory: the Q1 FY22 charge repeating two quarters, dipping in the last, with lower cost over the following two years per the three-year vesting schedule. Actuals tracked the schedule across scheme generations: FY22 63.3 cr, FY23 40.1 cr, FY24 47.1 cr, FY25 22.5 cr, FY26 69.2 cr and Q1 FY27 22.7 cr, with \~180 cr recognized over five years.
14. Fill product-gap categories over next several quarters Delivered - At the Q1 FY22 call, management committed to launching "some more products over the next several quarters" to fill gaps in sector/thematic, passive, international and fund-of-funds categories. Launches followed - multicap and NIFTY Next 50 in Q3 FY22, six ETFs in Q2 FY23, the Defence Fund in Q1 FY24 - with the range declared "more or less full" by Q3 FY23 and 100 schemes by Q1 FY25 versus 43 in March 2021.