1. Revenue of ₹100 cr by main board eligibility in January 2027 On track - At the Q3 FY26 call, management guided the company expects to reach ₹100 cr revenue by the time it becomes eligible to apply for the main board on January 3rd, 2027, later adding an inorganic path to supplement the natural run rate of ₹75-80 cr. FY26 revenue was ₹68.16 cr with 17.84% growth, and management reiterated "we are sticking to that, 100%" at Q4 FY26.
2. PAT margin of 10-12% from 2027 onwards On track - At the Q3 FY26 call, management guided a long-term vision of PAT margin over 10-12% by 2027, later refined to "around 10-12% mark" with a ceiling of 15% for this business. FY26 PAT margin was 7.14%, up from 5.43% in FY25, moving toward the target as the 2027 horizon approaches.
3. AI division contributing 50% of revenue in about 3 years Pending - At the Q4 FY26 call, management guided that in about 3 years, at least 50% of revenue should come from the new AI division. FY26 AI and digital revenue was ₹7 cr, approximately 10% of total revenue, with the FY29 horizon not yet reached.
4. Capex plan of ₹3-3.5 cr per centre for two centres plus ₹5-6 cr for AI in FY27 Pending - At the Q4 FY26 call, management guided they are looking at making at least two centres in FY27 at ₹3-3.5 cr per centre, with another ₹5-6 cr going into AI development. FY27 had not yet begun as of the record date, with FY26 intangible asset under development at ₹16.36 cr primarily towards AI.
5. AINA delivering 1-2% EBITDA margin improvement Delivered - Management expected AINA to improve EBITDA margin by 1-2%, later revised upward to 3-4% at the Q4 FY26 PPT. FY26 EBITDA margin was 18.57%, up 2.69 percentage points from 15.88% in FY25, exceeding the original 1-2% target.
6. AINA adding 5 regional languages in Year 1 Pending - Management guided that AINA would add 5 new regional languages to tap Tier-2 and Tier-3 markets in Year 1. The Q4 FY26 transcript confirms the company supports 11 languages but does not disclose whether the 5 additional languages were added by the end of FY26.
7. Seat expansion of 200 or 250 seats unlocking \~₹5M annual revenue Partial - At the Q2 FY26 PPT, management guided that adding 200 seats, stated as 250 seats expanded, in high-potential sectors would unlock around ₹5M annual revenue potential. The 250 seats were expanded and FY26 revenue grew by \~₹10.32 cr, but no separate disclosure isolates the ₹5M contribution from these specific seats.
8. Gig workforce of 300 workers enabling 30-40% faster deployment Partial - At the Q2 FY26 PPT, management guided that onboarding 300 gig workers across all locations would enable 30-40% faster deployment during surge volumes and reduce fixed manpower cost. The 300 gig workers were onboarded, but no disclosure quantifies the achieved deployment speed improvement or cost reduction from this initiative.
9. Preferential issue proceeds of ₹1,279.68 lakhs for working capital Partial - The company proposed to raise ₹1,599.60 lakhs via a preferential issue, allocating ₹1,279.68 lakhs for working capital. As of January 2025, ₹444.9 lakhs of the working capital allocation had been utilised, with ₹834.78 lakhs remaining unutilised.
10. IPO proceeds of ₹91.82 lakhs for working capital requirements Delivered - The company committed to use IPO proceeds of ₹91.82 lakhs for working capital requirements. As of November 2025, the full ₹91.82 lakhs was utilised with nil unutilised.
11. IPO proceeds of ₹429.87 lakhs for purchase of computer systems Delivered - The company committed to use IPO proceeds of ₹429.87 lakhs for capital expenditure towards purchase of computer systems. As of November 2025, the full ₹429.87 lakhs was utilised with nil unutilised.
12. IPO proceeds of ₹135.19 lakhs for launching 2 call centres Delivered - The company committed to use IPO proceeds of ₹135.19 lakhs for expansion of service by launching 2 call centres. As of November 2025, the full ₹135.19 lakhs was utilised with nil unutilised.
13. Preferential issue of ₹15.99 cr with allotment within 15 days Missed - The company proposed a preferential issue of up to ₹15.99 cr via 39,99,000 equity shares at ₹40 per share, with allotment to be completed within 15 days of the special resolution. As of the FY25 annual report, no preferential allotment had been made during FY25, and no subsequent disclosure confirms completion.
14. 200-300 bps bottom-line improvement through AI Partial - At the Q4 FY25 call, management stated they expect at least 200 to 300 basis point improvement in bottom lines due to advanced use of AI. FY26 PAT margin was 7.14%, up 171 bps from 5.43% in FY25, below the 200 bps minimum of the guided range.
15. Positive cash flow from Q2 FY26 and coming quarters Partial - At the Q4 FY25 call, management stated they expect positive cash flow in Q2 and for the coming quarters by 2026. At Q3 FY26, management confirmed H2 FY26 cash flow "is going to be positive," but no full FY26 cash flow statement is available in our record to verify.
16. Agent efficiency improvement of 20-25% by end of 2025 through AI Partial - At the Q4 FY25 call, management estimated agent efficiency of close to 20-25% could be achieved by the end of 2025. By June 2026, the Q4 FY26 PPT reported associates handle 25% more queries as a current outcome, indicating the target was met after the original horizon.
17. AI-first rebranded website within one month Missed - At the Q2 FY26 call, management guided the company will "talk only AI first" in a rebranded website expected "in the next one month". No disclosure confirms the website launch or rebranding by the October 2025 deadline.
18. Main board eligibility preparing for 2027 On track - At the Q2 FY26 call, management stated the company is preparing for main board eligibility in 2027 and increased authorised share capital accordingly, with Q4 FY26 adding they hope to reach qualification criteria "very, very soon". The company remains on the NSE SME platform, with FY26 PAT at ₹4.86 cr and active preparation cited.
19. Middle East revenue by FY27 Pending - At the Q2 FY26 call, management guided that revenue from the Middle East expansion is expected by FY27, stating "FY27, 100%, definitely". No Middle East revenue was disclosed in FY26 results, and the FY27 horizon has not yet been reached.
20. EBITDA margin improvement of 2-3% conservatively Delivered - At the Q2 FY26 call, management guided that EBITDA margins will see a 2-3% improvement conservatively, with potential for substantial expansion once large clients deploy AI tools. FY26 EBITDA margin was 18.57%, up 2.69 percentage points from 15.88% in FY25, within the 2-3% guided range.
21. AINA substantially improving margins from 2027 Pending - At the Q2 FY26 call, management guided that "2027 I'm pretty sure that a lot of it will start pouring in from AINA which would substantially improve the margins". FY26 EBITDA margin improved to 18.57% and PAT margin to 7.14%, but the 2027 horizon for substantial AINA-driven margin improvement has not yet been reached.
22. H2 FY26 results substantially better than H1 FY26 Delivered - At the Q2 FY26 call, management guided that H2 FY26 results "will be substantially better" than H1 FY26. H2 FY26 delivered revenue of ₹35.92 cr, EBITDA of ₹6.82 cr, and PAT of ₹2.78 cr, all higher than H1 FY26 figures of ₹32.24 cr, ₹5.84 cr, and ₹2.08 cr respectively.
23. Revenue growth of 20-25% for FY26 Missed - At the Q2 FY26 call, management guided the company is "definitely going to beat last year's figures by a good range of anywhere between 20-25%" for FY26. FY26 revenue was ₹68.16 cr, up 17.84% YoY from ₹57.84 cr in FY25, falling short of the 20-25% guided range.