1. Working capital - stay best-in-class at \~11 days Delivered - At the Q4 FY26 call, management intended to stay best-in-class on working capital management, currently \~11 days net working capital cycle. Q4 FY26 closed at close to 11 days, working capital days were 11 in March '26, and NWC stood at ₹120 Mn at 30-Jun-26.
2. Volume and price growth - match or better pharma industry Delivered - At the Q4 FY26 call, management committed to ensuring volume and price growth matches or betters the pharma industry. FY26 Pharmarack breakdown showed Jagsonpal volume growth of 2% vs IPM \~1% and price growth of 6-7% vs IPM \~4.8% - both exceeded industry.
3. New product contribution - upward of 3% growth Delivered - At the Q4 FY26 call, management targeted new product contribution of "upward of 3%" growth from new product launches. FY26 Pharmarack growth breakdown showed new product contribution of 3.2%; no specific figure was disclosed for Q1 FY27.
4. 1.5x IPM growth - reiterated for quarters to come On track - At the Q1 FY27 call, management reiterated guidance that JPL will grow at 1.5x the Indian pharma industry growth rate "in the quarters to come", first stated at Q4 FY26. Q1 FY27 Pharmarack growth was 18.9% vs IPM 11.6% - 1.63x; Q4 FY26 was 14.2% vs 10.5% - 1.35x.
5. Open offer - ₹235 per share Delivered - In the 2022 open offer documents, the acquirer offered ₹235 per equity share, subject to possible upward revision. Maximum offer consideration assuming full acceptance was ₹160,06,97,800 with escrow of ₹40,01,74,450 deposited; no price revision appears in the record.
6. Yash Pharma acquisition - conclude within three months from May 2024 Delivered - In the May 2024 announcement, management focused on concluding the Yash Pharma acquisition within the next three months. The acquisition was completed w.e.f. June 01, 2024, within the three-month window.
7. Yash Pharma margin alignment - ahead of schedule Delivered - In the Q1 FY25 PPT, management stated Yash Pharma acquired business margins would be aligned with Jagsonpal's margins "ahead of schedule". Yash Pharma profitability was "very close to overall corporate margins" by Q3 FY25, turned close to corporate margins by Q1 FY26 from 12.5% at acquisition, and was aligned by Q3 FY26.
8. FY25 revenue growth - 30%+ with 20%+ operating margin Partial - In the Q1 FY25 PPT, the MD committed to delivering 30%+ revenue growth with 20%+ operating margin for full year FY25. FY25 revenue grew 28.8% to ₹268.7 crore - below the growth target - while operating EBITDA margin was 21.5%, above the margin target.
9. Aequitas hospital formulary entry - core JPL brands in 1-2 years Pending - At the Q1 FY27 PPT, management stated potential for core JPL brands to enter hospital formulary in 1-2 years via the Aequitas channel. Cross-sell of JPL brands to Aequitas hospitals has been initiated with supply chain integration areas identified; no formulary entry is confirmed yet.
10. Aequitas revenue - ₹100 crore within two and a half years (FY28-FY29) Pending - At the Q1 FY27 call, management targeted Aequitas revenue of around ₹100 crore within two and a half years, i.e., FY28-FY29. Aequitas FY26 revenue was ₹53 crore; no post-acquisition revenue has been disclosed yet.
11. Aequitas EBITDA - ₹10 crore by year two post-integration Pending - At the Q1 FY27 call, management targeted ₹10 crore EBITDA from Aequitas by year two post-integration, starting from FY26 EBITDA of ₹50 lakhs, reiterated in the Q1 FY27 PPT. Aequitas was acquired in Q1 FY27 with FY26 EBITDA of ₹50 lakhs; no post-acquisition EBITDA has been disclosed yet.
12. Acquisition capacity - up to ₹400 crore with own balance sheet Delivered - At the Q4 FY26 call, management stated the company has wherewithal to undertake an acquisition of up to ₹400 crore with its own balance sheet. In Q1 FY27, Aequitas was acquired for ₹20.8 crore from internal accruals, with cash at ₹170 crore post-buyback; no larger acquisition has been announced.
13. Cash recoup - buyback and dividend payout recouped within 12 months On track - At the Q4 FY26 call, management expected cash paid out via buyback and enhanced dividend to be fully recouped within the next 12 months. In Q1 FY27, closing cash was ₹170 crore, with half of the buyback payout already added back within the quarter.
14. Buyback impact - ROCE from 22% to 25.7%, ROE from 16.2% to 18.9% Delivered - At the Q4 FY26 PPT, management expected the buyback to improve ROCE from 22.0% to 25.7% and ROE from 16.2% to 18.9%. Q1 FY27 saw ROCE improve \~340 bps and ROE \~250 bps; the FY26 annual report states post-buyback ROCE improved from 22% to nearly 25% and ROE from 16% to 18%.
15. Buyback - ₹40 crore at ₹250/share Delivered - At the Q4 FY26 call and PPT, management announced a ₹40 crore buyback of up to 16 lakh equity shares at ₹250 per share. The buyback was completed, subscribed 3.67x at \~40% premium to market price, with ROCE up 340 bps and almost 50% of the payout recouped within Q1 FY27.
16. Ortho franchise build-out - independent division over next couple of quarters On track - At the Q4 FY26 call, management expected the Ortho franchise build-out as an independent division to happen "as the quarter progresses over next couple of quarters". The Ortho franchise was described as "still work in progress" at Q4 FY26; no specific update appears in the Q1 FY27 record.
17. Breakthrough molecule announcements - by May end / June first week 2026 Missed - At the Q4 FY26 call, management expected to announce new breakthrough molecules, including first-in-India products, mostly by May end or June first week, with molecules to be revealed "in a month's time". Q1 FY27 launched one first-wave product, but when asked about the hinted first-in-India pipeline, management said "No, we never mentioned this. I do not recall this in the earlier call".
18. FY27 new product launches - 9-10 launches/brand extensions On track - At the Q4 FY26 call, management planned approximately 9-10 new product launches/brand extensions in FY27, about half rejuvenation/brand extensions and close to 5-6 new products. Q1 FY27 launched one first-wave product, and the Q1 FY27 PPT reiterates 1-2 new product launches every quarter.
19. No salesforce rationalization due to new labour code Delivered - At the Q3 FY26 call, management committed there will be no salesforce rationalization, neither field nor HO, on account of the new labour code. Q3 FY26 saw field recalibration with very small SKUs rationalized worth \~1.5%-2% of top-line, and Q4 FY26 MR count was unchanged - no headcount reduction due to the labour code.
20. New product launches in high-growth territory - by end of H1 FY27 On track - At the Q3 FY26 call, Amrut Medhekar said new product launches into high-growth territory with better yield per patient should happen "somewhere at the end of H1 in the coming financial year". Q1 FY27 launched one first-wave product with one more first-wave opportunity expected in the current quarter; no confirmation of the specific high-growth territory launches yet.
21. Q4 FY26 growth - upward of 10% Partial - At the Q3 FY26 call, Amrut Medhekar guided Q4 FY26 growth "upward of 10%". Q4 FY26 revenue grew 9.6% YoY to ₹642 Mn - marginally below the target - while Pharmarack Q4 growth was 14.2%.
22. Field force - no headcount increase, focus on skilling Delivered - At the Q1 FY26 call, management stated it is not scaling up field force numbers but "skilling up", with numbers to stay roughly unchanged, reiterated at Q4 FY26. MR count remained \~1,000 through FY26 and Q1 FY27; Aequitas added 49 hospital sales executives via acquisition.
23. No Semaglutide / large-volume competitive markets Delivered - At the Q1 FY26 call, management stated it will not launch Semaglutide or enter large-volume competitive markets, staying focused on smaller niche molecules, reiterated at Q2 FY26. Q1 FY27 launched Ventrixa (Aztreonam + Avibactam) targeting the ₹1,452 Cr Meropenem market - a hospital niche product; no Semaglutide launch appears in the record.
24. Acquisition return hurdle - better than 7% in year one Missed - At the Q1 FY26 call, management stated any acquisition must give better than 7% return in year one, versus the 7% bank deposit opportunity cost, with better returns thereafter via synergies. Aequitas was acquired in Q1 FY27 at EV of \~₹25 crore for 85% stake with FY26 EBITDA of ₹50 lakhs - year-one return on ₹20.8 crore consideration would be \~2%, with management targeting ₹10 crore EBITDA only by year two.
25. Cash deployment - inorganic only, else return to shareholders Delivered - At the Q1 FY26 call, management committed that \~₹161 crores cash will be used only for inorganic strategy, else returned to shareholders in an appropriate form, reiterated at Q3 FY26. FY26 saw a ₹40 crore buyback and 200% dividend including 75% special recommended, over ₹65 crore distributed, and Aequitas was acquired for ₹20.8 crore in Q1 FY27.
26. PCPM - ₹3-3.5 lakhs per month over next 3-4 years On track - At the Q4 FY25 call, management aspired to raise PCPM from \~₹2-2.1 lakh to ₹3-3.5 lakhs over the next 3-4 years, reiterated at Q1 FY26; the Q1 FY27 restated target is "upward of 2,50,000" PCPM. Q1 FY26 productivity improved \~10%, but Q2 FY26 admitted no outcomes displayed and Q3 FY26 productivity remained below peers; no absolute PCPM figure was disclosed later.
27. ROE - maintain 18-19% over next 2 years On track - At the Q1 FY26 call, management endorsed maintaining ROE in the 18-19% range over the next 2 years. FY26 ROE was 19%, and Q1 FY27 ROE expanded \~250 bps post-buyback, thoughshows 17% for FY26 on a different basis; the window extends through FY27.
28. FY26 EBITDA margin expansion - 100-150 bps Missed - At the Q1 FY26 call, management reiterated guidance of 100-150 bps EBITDA margin expansion for FY26, after the Q4 FY25 PPT guided 20%+ operating EBITDA improvement for FY26. FY26 operating EBITDA margin (pre-ESOP) was 21.2%, down 30 bps YoY from 21.5%, with operating EBITDA up 5.2% to ₹609 Mn.
29. FY26 revenue growth - 15%+ organic Missed - At the Q4 FY25 call, management guided 15%+ revenue growth for FY26, organic only, reiterated at Q1 FY26; rest-of-FY26 growth was later guided down to \~10% / low double-digit at Q2 FY26. FY26 revenue grew 6.9% to ₹2,872 Mn, with Pharmarack MAT growth of 12.2%.
30. Yash Pharma revenue share - 18-22% of overall revenues Delivered - At the Q3 FY25 call, management expected Yash Pharma to stay in the region of 18%-22% of overall revenues, absent another acquisition. Yash Pharma contributed \~₹14 crores per quarter in Q2 and Q3 FY25, roughly 20% of revenues, and \~₹12 crores in Q1 FY26; no explicit FY26 full-year share is disclosed.
31. Gross margin improvement - 50-75 bps YoY Partial - At the Q3 FY25 call, management expected 50-75 bps gross margin improvement year on year, saying 80% gross margin "is going to be challenging". Q1 FY26 gross margin improved 80 bps to 64.4%, but FY26 gross margin was 63.7%, down \~40 bps from FY25's 64.1%; Q1 FY27 improved to 65.2%.
32. Cash balance - ₹150 crores by end of FY25 Delivered - At the Q3 FY25 call, management said the company is "well on track" to get fairly close to ₹150 crores cash by end of FY25, first stated in the Q1 FY25 PPT as cash back at ₹150+ crores by end of year. Year-end FY25 cash was ₹145 crores, ₹145.6 crore as of Mar 31, 2025, within management's own "give or take ₹1-2 crores" tolerance.
33. New product launches - 8-10 per year (two per division) Partial - At the Q3 FY25 call, management committed to launching 8-10 new products each year, about two in every division, after stating at Q2 FY25 that each division would see "two to three new launches every year"; later plans were 4-6 annually, 9-10 for FY27, and 1-2 per quarter. FY25 saw 7 launches and FY26 saw 6 new products plus 3 SKUs/brand extensions; Q1 FY27 launched one first-wave product.
34. FY25 organic growth - higher than 14% Missed - At the Q2 FY25 call, management stated FY25 full-year organic growth "will be higher than 14%", above the 12-14% guidance, citing a weak H2 FY24 base. FY25 organic growth was 8%, with H1 at 1% and H2 at 15%; total FY25 revenue grew 28.8%, with the balance from the Yash Pharma acquisition.
35. Revenue growth - 12-14% organic medium-term Partial - At the Q2 FY25 call, management guided 12%-14% pure organic growth with inorganic additional, reiterated at Q3 FY25; FY26 was later raised to 15%+, cut to \~10% at Q2 FY26, and reframed at Q4 FY26 as 1.5x IPM translating to 12%-15%. FY25 organic growth was 8% and FY26 reported growth 6.9%, but Pharmarack MAT growth was 12.2% vs IPM 8.6% and Q1 FY27 Pharmarack growth 18.9% vs IPM 11.6%.
36. Annual margin expansion - 100-150 bps YoY over next 3-4 years Partial - At the Q2 FY25 call, management guided "100 bps to 150 bps, if not more, margin expansion year on year over the next three years", confirmed for "at least the next 3-4 years" and reiterated as 120-150 bps at Q3 FY25. FY25 EBITDA margin expanded 410 bps, but FY26 margin was 21.2%, down 30 bps YoY from 21.5%; Q1 FY27 expanded 241 bps to 23.2%.
37. FY25 EBITDA margin - 22%+ for FY25 Missed - At the Q2 FY25 call, management raised FY25 EBITDA margin guidance to "22% plus for sure" for the current year, up from earlier 20%+ guidance. FY25 operating EBITDA margin (pre-ESOP) closed at 21.5%, up 410 bps from 17.4% in FY24 - the 22%+ target was not reached.