1. Own website and mobile app revenue - double from last year in FY27 Pending - At the Q4 FY26 call, management guided that the company's own website and mobile app revenue, currently ₹2.5-3 cr annually, will double from last year in FY27. FY27 has just begun; no read yet.
2. EBITDA margins - maintain at 15-16%, try to provide even more Pending - At the Q4 FY26 call, management guided that the company will maintain EBITDA margins at 15% to 16% and will try to provide even more. FY26 full-year EBITDA margin was 14.48%; FY27 has just begun with no read yet.
3. Badi segment revenue contribution - increase from 3% to 10-11% in FY27 Pending - At the Q4 FY26 call, management guided that the Badi segment's revenue contribution will increase from 3% to 10% to 11% this year, FY27. FY27 has just begun; no read yet.
4. 15-20 new marginal products in FY27 - focus on ready-to-eat Pending - At the Q4 FY26 call, management guided that the company will launch 15 to 20 new marginal products in FY27, focusing on ready-to-eat. FY27 has just begun; no read yet.
5. Cold-pressed mustard oil capacity upgrade - 200 to 1,000 litres/day, revenue from ₹2 cr to \~₹8 cr annually Pending - In an announcement dated 10 Feb 2025, management stated cold-pressed mustard oil production capacity is being upgraded from 200 litres/day to 1,000 litres/day, with anticipated revenue growth from ₹2 cr annually to approximately ₹8 cr annually. As of 31 Jan 2026, the upgrade was described as ongoing; no completion filing in our record.
6. New product launch - Almond Oil, Mungfali Oil, Pasta, Macaroni; edible oil revenue contribution to rise from 10% to 13-15% Pending - In an announcement dated 27 Jan 2026, management stated that with the combined introduction of Almond Oil, Mungfali Oil, Pasta and Macaroni, the overall revenue contribution of the edible oil category is expected to increase from \~10% to approximately 13%-15%. Products were launched on 27 Jan 2026; no read yet on the revenue contribution shift.
7. Vidisha mega manufacturing plant - atta segment setup complete by \~Feb 2026 Pending - At the Q2 FY26 call, management guided that the Vidisha mega manufacturing plant will have its atta segment installed and factory setup complete in almost two and a half to three months, by \~Feb 2026. At the Q4 FY26 call, management revised completion to approximately 1.5 months, by \~May 2026, with the plant almost 75% built; no completion read in our record as of 14 Jul 2026.
8. 1,400 kirana store count to 5,000 stores - planning for next year Pending - At the Q2 FY26 call, management guided that the 1,400 kirana store count will be taken to 5,000 stores, planning for next year, FY27. FY27 has just begun; no read yet.
9. B2B EBITDA margin - maintained at 8-9% Pending - At the Q2 FY26 call, management guided that B2B EBITDA margin, currently 6%-7%, will be maintained at 8%-9% as the number of stores increases. At the Q4 FY26 call, B2B gross margin was stated at 20%-22% and B2B branded net margin at \~11%-12%; no explicit B2B EBITDA margin disclosed in our record.
10. FY27 revenue growth - 75-80% Pending - At the Q2 FY26 call, management guided expected revenue growth of 75%-80% next year, FY27. FY27 has just begun; no read yet.
11. 7-8 new stores every year / 10-11 outlets every year for long-term growth Pending - At the Q2 FY26 call, management guided a target of opening 7-8 new stores every year and 10-11 outlets every year for long-term growth. At the Q4 FY26 call, management guided opening nine to 10 stores this year, FY27, and said it might even be more; FY27 has just begun with no read yet.
12. First container to USA - shipped by end of November 2025 Delivered - At the Q2 FY26 call, management guided that the first container to the USA will be shipped by the end of this month, November 2025. At the Q4 FY26 call, management confirmed containers were shipped to the UK and US with smooth payments.
13. QIP fundraising - for expansion, working capital, and factory setup Delivered - At the Q4 FY25 call, management committed to a QIP fundraising round this year for expansion, including working capital and factory setup. QIP completed on 3 Jul 2025, raising ₹9.99 cr at ₹201/share; net proceeds of ₹922.77 lakh were partially deployed with ₹275 lakh for working capital and ₹137.77 lakh for general corporate purposes as of 31 Mar 2026.
14. Trade receivables - show good numbers in the next 6 months Delivered - At the Q4 FY25 call, management stated trade receivables will show good numbers in the next 6 months. At the Q4 FY26 call, credit period improved from 112 days to 62 days.
15. Spices and Oil machines capacity - increase by 110% Pending - At the Q4 FY25 call, management stated capacity for Spices and Oil machines has increased and will increase by 110%. The edible oils business expanded capacity multifold; cold-pressed mustard oil capacity upgrade from 200 to 1,000 litres/day was initiated; no explicit confirmation of the 110% figure across both categories in our record.
16. SKUs - 100+ by FY26-end Delivered - In the Q4 FY25 PPT, management guided 100+ SKUs by FY26-end. At the Q2 FY26 call, 200+ SKUs were confirmed with 135+ manufactured in-house, exceeding the 100+ target.
17. Manufacturing capacity - 10+ lakh MT total, 5+ lakh MT Atta, 3+ lakh MT Spices, 2+ lakh MT Rice & Pulses, 1+ lakh MT each Oil/Namkeen/Sugar/Others by FY26-end Missed - In the Q4 FY25 PPT, management guided FY26-end manufacturing capacity targets across categories totalling 10+ lakh MT. At the Q4 FY26 call, existing factory capacity was 20 tons/day, approximately 7,300 MT/year, with the Vidisha plant planned at 45-50 tons/day Atta alone; disclosed capacity is orders of magnitude below the 10+ lakh MT target.
18. Own retail outlets - 50+ by FY26-end Missed - In the Q4 FY25 PPT, management guided 50+ own retail outlets by FY26-end. At the Q4 FY26 call, management stated the company slowed company-owned stores to focus on franchise; own outlets of \~7-10 were well below the 50+ target.
19. Revenue target - ₹100 cr in 3 to 5 years On track - At the Q4 FY25 call, management stated a target of reaching ₹100 cr in the next 3 to 5 years. FY26 revenue was ₹50.11 cr (SQL), representing \~50% of the target with 2-4 years remaining in the window ending Mar 2028-Mar 2030.
20. Monthly export projection - 6 to 7 containers, margins 15-16% Missed - At the Q4 FY25 call, management guided monthly export projection of 6 to 7 containers, with margins of 15% to 16%. Ten containers were exported to the UK in the first 6 months, a run-rate of \~1.7 containers/month; no evidence of acceleration to the guided 6-7 container/month level.
21. Onboarding on Amazon and Blinkit - to be seen soon Partial - At the Q4 FY25 call, management stated they are in the process of onboarding Amazon and Blinkit, to be seen soon. At the Q2 FY26 call, management guided all products will be onboarded on Blinkit within two, two and a half months, by \~Jan-Feb 2026. Amazon India listing was completed; Blinkit presence expanded from a single SKU in Haryana to Delhi and Noida by 31 Jan 2026, but full product range onboarding was not confirmed.
22. D2C mobile app revenue - ₹1.5 cr in FY26, ₹5-6 cr in FY26-FY27 Delivered - At the Q4 FY25 call, management guided that D2C mobile app revenue will reach up to ₹1.5 cr in FY26 and ₹5-6 cr in FY26-FY27. At the Q4 FY26 call, own website and mobile app revenue was ₹2.5-3 cr annually, exceeding the FY26 target of ₹1.5 cr.
23. 10 B2C stores opened in FY26 - potential to increase to 15-20 Delivered - At the Q4 FY25 call, management guided a target of opening 10 B2C stores this year, with potential to increase to 15 to 20 stores. At the Q2 FY26 call, the target was revised down to 5 stores for FY26; eight new stores were opened in FY26, exceeding the revised target.
24. EBITDA margin - around 16% for FY26 Missed - At the Q4 FY25 call, management guided EBITDA margin of around 16% for FY26. FY26 full-year EBITDA margin was 14.48%, a shortfall of \~150 bps.
25. B2B revenue - ₹12-15 cr starting Delivered - At the Q4 FY25 call, management guided B2B revenue expectation of around ₹12 cr to ₹15 cr starting. FY26 B2B sales contributed 52.34% of total income ₹50.49 cr, approximately ₹26.4 cr, exceeding the guided range.
26. B2C revenue - ₹37-40 cr in the coming period Missed - At the Q4 FY25 call, management guided B2C revenue expectation of around ₹37 cr to ₹40 cr for the coming period. FY26 revenue from company-owned and franchise-owned outlets combined was approximately ₹20.4 cr; implied full-year B2C revenue of \~₹27 cr was well below the ₹37-40 cr guided range.
27. FY26 revenue - around ₹55 cr (lower side) Missed - At the Q4 FY25 call, management guided FY26 revenue of around ₹55 cr on the lower side, reiterated at the Q2 FY26 call with no changes. FY26 total income was ₹50.49 cr and revenue from operations was ₹50.11 cr, a shortfall of \~8-10%.