1. Online shopping initiative - flavour in Q1 FY26 Missed - At the Q4 FY25 call, management stated they were thinking of an online shopping initiative and that next quarter (Q1 FY26) you would get a flavor of it, a pure online shopping site with free listings initially and sponsored ones on priority. Our record holds no disclosure of an online shopping site launch, a "flavour" reveal, or any related initiative in Q1 FY26 or subsequent quarters through Q1 FY27.
2. Capital allocation policy / dividend - finalised most likely by Q1 FY26 Missed - At the Q4 FY25 call, management stated the agenda on returning cash via dividend had not been taken up but they expected it to be taken up sooner, most likely by next quarter (Q1 FY26), and they should be freezing on a proper capital allocation policy via most likely by dividend. Our record holds no disclosure of a capital allocation policy being finalised, a dividend being declared, or any shareholder return being approved through Q1 FY27, while cash and investments grew to ₹6,022 cr by Q1 FY27.
3. Third-party sales assist (resellers) - pilot in a couple of cities in next few months Pending - At the Q3 FY24 call, management stated they were working on a plan to pilot third-party sales assist in a couple of cities, and in next few months they should be possibly piloting the same. The SQL snapshot, with the latest reported quarter as Q4 FY24, contains no disclosure confirming a pilot launch or operationalisation of the initiative.
4. EBITDA growth - at least 25-30% YoY Delivered - At the Q3 FY24 call, management stated the endeavor is to grow EBITDA at at least 25%-30% year-on-year basis. FY24 EBITDA grew 151.9% YoY, FY25 EBITDA grew 54.9% YoY, and FY26 EBITDA grew 6.6% YoY; the target was exceeded in FY24 and FY25, with FY26 falling below but the commitment being an annual endeavor without a multi-year lock.
5. Volume growth - steady 10-12% from current levels over next 2-3 years Partial - At the Q2 FY24 call, management stated a target of a steady 10%, 12% volume growth from current levels over the next 2-3 years, later revised at the Q4 FY24 call to an endeavor to grow campaigns by 8% to 9% on an overall annual basis. Campaign growth started at 11.3% YoY in Q2 FY24 but decelerated to 8.4% in Q4 FY24, 5.1% in Q4 FY25, and 3.0% in Q4 FY26; the revised 8-9% target was met in FY24 but missed in FY25 and FY26.
6. Traffic growth - from 17 crore to 25 crore users Partial - At the Q2 FY24 call, management stated a focus to take traffic from 17 crore to 25 crore users, and at the Q4 FY24 call guided they would want traffic to grow at least 12% to 15% on a year-on-year basis. Traffic grew from 17.2 cr in Q2 FY24 to 19.29 cr in Q1 FY27, representing meaningful progress but well short of the 25 cr aspiration; the 12-15% YoY growth target was met in some quarters but not sustained, with Q4 FY26 at -4.7% YoY.
7. Cash deployment / shareholder return - decision in future quarters Missed - At the Q1 FY24 call, management stated they would take a call on what best to do about the cash on books (₹4,159 cr) in future quarters, including possibly returning it to shareholders, with the Q4 FY25 call setting an expectation of a capital allocation policy most likely by next quarter. Cash and investments grew from ₹4,159 cr to ₹6,022 cr by Q1 FY27, and our record holds no disclosure of any dividend, buyback, or formal capital allocation policy being approved or executed through Q1 FY27.
8. MyJio app integration - go live soon Missed - At the Q1 FY24 call, management stated the MyJio app integration was likely to go live soon, with subsequent calls narrowing the timeline to the next couple of weeks and then Q4 FY24. The end-consumer go-live did not happen within the stated timelines; by Q4 FY25, management stated the initiative to integrate Just Dial on the MyJio platform had been deprioritized.
9. B2B revenue growth - higher than B2C over next 2-3 years On track - At the Q1 FY24 call, management stated that in the next 2 to 3 years, the B2B side of revenue should possibly have higher growth versus the B2C side. As of Q4 FY25, B2B revenue share stood at 26.5% with B2B traffic gaining share, while management noted in Q4 FY24 that B2C strength had kept the B2B share at \~26%.
10. Core business EBITDA margin - 25%+ sustainable Delivered - At the Q1 FY24 call, management guided 25% plus EBITDA margins on a sustainable basis for the core business and stated that by the end of FY24 the target could definitely be met. The target was met by Q4 FY24 at 26.1%, with FY25 at 29.4%, FY26 at 29.5%, and Q1 FY27 at 26.7%, sustaining above 25% through the period.
11. Core business top-line growth - 20%+ sustainable long-term Partial - At the Q1 FY24 call, management guided the core business to grow at 20% to 25% on a sustainable long-term basis on the top line, later revised at the Q4 FY24 call to a 15% plus run rate and at the Q1 FY25 call to mid-teens plus. FY24 revenue grew 23.5% YoY, meeting the original target, but FY25 grew 9.5% and FY26 grew 6.3%, falling below even the revised mid-teens target.