1. Mainboard migration when criteria are met Pending - At the Q4 FY26 call, management stated they would like to move to the mainboard whenever they clear all the criteria. No timeline was specified and the condition of clearing criteria has no disclosed status in our record.
2. Inorganic growth / M&A - active exploration On track - At the Q2 FY25 call, management stated the company is "open to something inorganic" and has been "scouting a bit now" for potential acquisitions; by Q4 FY26, exploration was active in the US but management was more inclined towards build. The company filed its M&A policy in H1 FY26 and has evaluated 2-3 potential targets, though no acquisition has been completed as of FY26.
3. Pex-Panel / Huksa corporate L&D initiative - launch and scale Partial - At the Q4 FY24 call, management guided they would spend more effort on the "Pex-Panel" initiative in FY25, and at the Q2 FY25 call set a target to curate the first 1,000 modules in-house. Huksa crossed its first ₹1 cr in annual revenue in FY26, delivered over 100 L&D projects, and added 40 new client logos, but no disclosure on the 1,000-module curation target exists in our record.
4. US expansion - meaningful revenue in 1-2 years Partial - At the Q4 FY24 call, management guided that US expansion would take "one to 2 years to get a meaningful revenue", a window ending around March 2026. The company crossed ₹1 cr in revenue from US clients in FY26, but management itself characterised US revenue as "pretty small right now" and "not material enough" at the two-year mark.
5. EBITDA margin - maintain 19-20% range Partial - At the Q4 FY24 call, management guided that EBITDA margin would remain in a similar range of 19-20%, with the intention to invest any excess into increasing panel size. FY25 EBITDA margin was 18.96%, within the range, but FY26 EBITDA margin fell to 14.68% as management had signalled margin depression during the expansion phase (SQL; D2 p.23).