1. Overall revenue growth of 20-25% for FY27 Pending - At the Q4 FY26 call, management guided overall revenue growth of 20-25% for FY27, noting 30-35% would be challenging. The FY27 horizon has not been reached; FY26 growth was 26.83% (SQL).
2. Blended EBITDA margin of 20-25% for FY27, 30%+ for FY28 Pending - At the Q4 FY26 call, management guided blended EBITDA margin of 20-25% for FY27 and 30%+ for FY28. The FY27-FY28 horizons have not been reached; FY26 EBITDA margin excluding other income was 18.28% (SQL).
3. Izmomicro revenue of ₹45-50 cr for FY27 Pending - At the Q4 FY26 call, management discussed izmomicro’s growth-phase cost structure and margin trajectory but did not provide a quantified FY27 revenue target. The FY27 horizon has not been reached; izmomicro FY26 revenue was \~₹18-19 cr.
4. First silicon photonics data center customer breakthrough in next 3 months (by \~Sep 2026) Pending - At the Q4 FY26 call, management guided the first silicon photonics data center customer breakthrough should come in the next 3 months, implying a \~Sep 2026 horizon. That horizon has not been reached as of 14 Jul 2026; izmomicro achieved a silicon photonics breakthrough in August 2025 and signed MoUs with CCRAFT SA and Alcyon Photonics SL.
5. Izmomicro revenue of ₹1,200-1,500 cr after 5 years (by \~FY31) Pending - At the Q4 FY26 call, management guided izmomicro revenue of ₹1,200-1,500 cr after 5 years, an aspirational target implying \~FY31. The FY31 horizon has not been reached; izmomicro FY26 revenue was \~₹18-19 cr.
6. Fab facility - capex ₹130-140 cr, total project ₹150-200 cr, finalized by Nov 2025 Pending - At the Q2 FY26 call, management guided the fab facility capex would be ₹130-140 cr, total project ₹150-200 cr, to be finalized by end of November 2025. No disclosure of fab facility finalization appears in our record through Q4 FY26; subsequent discussion focused on the packaging facility, not a fab.
7. Izmo Micro - 50-50 revenue contribution with rest of business in 3 years (by \~FY29) On track - At the Q2 FY26 call, management guided izmoMicro would contribute 50-50 with the rest of the business in the next 3 years, implying \~FY29. Izmomicro FY26 revenue was \~₹18-19 cr, roughly 7% of total, with FY27 guided at ₹45-50 cr.
8. First Photonic Chip product (quantum random number generator) - Q3 FY26 Missed - At the Q4 FY25 call, management guided the first photonic chip product, a quantum random number generator, should be out in Q3 FY26. As of Q4 FY26, the chip was still awaited from the fab that IIT Madras has contracted with; no Q3 FY26 launch was disclosed.
9. FrogData revenue of ₹100 cr for FY26 (internal target) Missed - At the Q4 FY25 call, management guided an internal target for FrogData revenue of ₹100 cr for FY26. FY26 FrogData revenue was 22% of ₹284.88 cr, or \~₹62.7 cr, far below the ₹100 cr target.
10. EBITDA margin for FY26 of 35-40% Missed - At the Q4 FY25 call, management guided EBITDA margin for FY26 of 35% to 40%, on a basis including other income. FY26 EBITDA margin including other income was \~20.5%, and excluding other income was 18.28%, both far short of the 35-40% range.
11. Overall consolidated growth of 25-30% for FY26 Delivered - At the Q4 FY25 call, management guided overall consolidated growth of 25% to 30% for FY26. FY26 full-year revenue was ₹284.88 cr, a 26.83% YoY rise, within the 25-30% guided range.
12. Izmo Micro semiconductor business - at least ₹200 cr revenue in 3 years (by \~FY28) On track - At the Q4 FY25 call, management guided the semiconductor business should achieve at least ₹200 cr in revenue in three years, implying \~FY28. In the Q4 FY26 call, management confirmed Izmomicro is in a growth phase, scaling revenue and adding clients, with margins expected to improve as the business scales.
13. Izmo Micro to break even in FY26; PAT and EBITDA contributions from Q3 FY26 Pending - At the Q4 FY25 call, management guided Izmo Micro would break even in FY26, with PAT and EBITDA contributions starting from Q3 FY26. The FY26 horizon has lapsed; no segment-level PAT or EBITDA disclosure for Izmo Micro appears in our record to confirm or refute breakeven.
14. FrogData growth of 50-75% YoY for FY26 and FY27 Missed - At the Q2 FY25 call, management guided FrogData growth of 50% to 75% year-on-year for FY26 and FY27. FY26 FrogData revenue was \~₹62.7 cr; implied growth over FY24 was \~29%, far below the 50-75% target range.
15. Overall company growth of 25-30% YoY average for next 2-3 years (from FY25) On track - At the Q2 FY25 call, management guided overall company growth of 25-30% year-on-year average for the next 2-3 years, implying FY26-FY28. FY26 revenue growth was 26.83%, within the 25-30% range (SQL).
16. Geronimo revenue of \~₹30-35 cr in next 12 months (by \~Q2 FY26) Missed - At the Q2 FY25 call, management guided Geronimo revenue of ₹30-35 cr in the next 12 months, implying a \~Sep 2025 horizon. The target was revised down to EUR0.3 cr (\~₹2.7 cr) for FY26 at the Q4 FY25 call; no FY26 Geronimo revenue is disclosed in our record.
17. FrogData to be taken to Europe "probably next year" (FY26) Pending - At the Q4 FY24 call, management stated FrogData had not yet been taken to Europe and that it would "probably" happen next year (FY26). No disclosure of FrogData entering the European market through FY26 appears in our record; the cited transcript and SQL snapshot do not confirm entry or formal withdrawal of the plan.
18. Effective tax rate \~15% for FY25 and FY26, normalizing to \~25% in FY27 On track - At the Q4 FY24 call, management guided the effective tax rate of \~15% would continue for FY25 and FY26, normalizing to \~25% in FY27. FY26 PAT was ₹47.56 cr on PBT of \~₹57 cr, implying a tax rate of \~16.5%, confirming the low-tax window through FY26 (SQL).
19. Internal aspirational target of \~₹500 crore turnover by FY27-FY28 On track - At the Q4 FY24 call, management set an internal aspirational target of \~₹500 cr turnover by FY27-FY28, requiring 30-40% CAGR. FY26 revenue was ₹284.88 cr with 26.83% growth; the trajectory is below the 30-40% CAGR needed but the target remains aspirational with active progress (SQL).
20. Costs to remain "quite flat" in FY25; margins to improve or remain same vs FY24 Missed - At the Q4 FY24 call, management stated costs would remain quite flat in FY25, so margins should improve or remain the same versus FY24. FY25 EBITDA margin excluding other income was 17.05%, a decline of 431 bps from FY24's 21.36%, as investments in workforce, marketing, and Izmo Micro impacted margins.
21. Consolidated revenue growth of 30-40% for FY25 Missed - At the Q4 FY24 call, management guided consolidated revenue growth of 30% to 40% for FY25. FY25 full-year revenue was ₹224.61 cr, a 20.27% YoY rise, falling short of the 30-40% guided range.
22. Quarterly run rate of ₹60-70 crore by FY24-25 Partial - At the Q2 FY24 call, management guided the company expected a quarterly run rate of ₹60-70 cr by FY24-25. Quarterly revenue reached ₹58-60 cr by late FY25, just below the ₹60 cr lower bound; the ₹60 cr threshold was crossed in Q4 FY26 at ₹109.16 cr, roughly one year late.
23. Stellantis CRM - major expansion across all brands in all countries in coming two years Delivered - At the Q2 FY24 call, management guided the Stellantis CRM product would have major expansion across all brands in all countries in the coming two years, implying FY25-FY26. By Q4 FY26, the Stellantis rollout was completed across the entire European aftersales network, with a multi-year annual recurring contract in place.
24. Spanish language portal (autogozo.com) - launch with advertising blitz in December 2023 Delivered - At the Q2 FY24 call, management guided the Spanish language portal would launch with an advertising blitz in December 2023. The Spanish portal launched in FY24 with more than 2,000 dealers signed up.
25. IzmoEmporio revenue to become double-digit in FY24 Pending - At the Q4 FY23 call, management stated izmoEmporio revenue was in single digits and they hoped to make it double-digit in FY24. By Q2 FY24, \~45 clients had signed up, but no FY24 revenue share disclosure appears in our record to confirm the outcome.
26. FrogData to contribute \~15-18% of overall revenue in FY24, \~30% in FY25 Partial - At the Q4 FY23 call, management guided FrogData would contribute 15-18% of overall revenue in FY24 and \~30% in FY25. FrogData contributed 26% in FY24, exceeding the target; the FY25 target of \~30% is unconfirmed in our record, and FY26 share was 22%.
27. EBITDA margin of 23-25% as a rough range going forward Pending - At the Q4 FY23 call, management indicated an EBITDA margin of 23-25% was quite achievable as a rough range going forward. The SQL snapshot reports annual OPM, not EBITDA margin, so the outcome on the guided metric cannot be determined from the provided data (SQL).
28. Overall company growth of 25-30% for FY24 Missed - At the Q4 FY23 call, management guided around 25% to 30% overall growth for FY24. FY24 full-year revenue was ₹186.75 cr, a 21.4% YoY rise, falling short of the 25-30% guided range.
29. FrogData valuation target - $80M to $120M Pending - At the Q4 FY23 call, management guided the valuation target for FrogData was $80 million to $120 million, later revised down to $60M-$80M at Q4 FY24. No fundraise closed and no valuation event occurred through FY26; the promise is contingent on a fundraise that has not closed.
30. FrogData fundraise - close in next 90 days (by \~June 2023) Partial - At the Q4 FY23 call, management guided the FrogData fundraise would close in the next 90 days, implying \~June 2023. The timeline was subsequently extended to March 2024, then December 2024, then end-2025, and the latest Q4 FY26 statement indicates the separate listing is deferred to a later point pending milestone achievement.
31. FrogData - at least 100% YoY growth (FY24) Partial - At the Q4 FY23 call, management guided FrogData was looking at at least 100% year-on-year growth, implied for FY24. The target was revised to 50-70% at Q2 FY24; actual FY24 growth was 50%, hitting the bottom of the revised range.
32. Large language model with generative analytics for FrogData - Q4 FY24 Missed - At the Q4 FY23 call, management guided the large language model with generative analytics for FrogData was slated for Q4 FY24. No disclosure of an LLM with generative analytics for FrogData being released in FY24 or later appears in our record.
33. VR-based solution (virtual test drive) - release in FY24 Missed - At the Q4 FY23 call, management guided the VR-based virtual test drive solution would be released in FY24, later revised to FY25 at Q4 FY24. No VR product launch or market release is disclosed in our record through FY26; the product remained in the focus list in FY25 and FY26 PPTs.
34. Improve operating margin vs FY22; return to FY21 levels or better Partial - At the Q4 FY22 call, management stated they would definitely improve operating margin versus FY22 and return to FY21 levels or better. Margins improved to 18.94% in FY23 and 21.36% in FY24 from FY22's 17.84%, but declined to 17.05% in FY25 and 18.28% in FY26, never reaching the FY21 benchmark (SQL).
35. \~500 installs of IzmoEmporio in FY23 at \~$5,000/year (\~$2.5M revenue) Missed - At the Q4 FY22 call, management guided \~500 installs of IzmoEmporio in FY23, at \~$5,000 per year, implying \~$2.5 million in revenue. By Q2 FY24, only \~45 clients had signed up; no FY23 install count or revenue is disclosed in our record.
36. 30-40% revenue growth for FY23 Missed - At the Q4 FY22 call, management guided 30-40% revenue growth for FY23, driven primarily by new products. FY23 full-year revenue was ₹153.83 cr, a 16.16% YoY rise, falling short of the 30-40% guided range.
37. Debt-free by March 2022 Delivered - In the Q3 FY21 result filing, the company stated it hoped to be debt-free by March 2022. The company's high-cost debt in India was totally paid off in FY22; at Q4 FY22, the company had no long-term debt in India, and debt at FY26-end was ₹3.57 cr with D/E of 0.01.