1. FY26 financial services growth 75-80% (if things go well) Delivered - At the Q2 FY26 call, management said "if things go well, we will do upwards of 75%, 80% of year-on-year growth" for financial services in FY26. FY26 financial services grew 93% YoY or 84% YoY, exceeding the 75-80% target.
2. FY26 technology vertical growth of 7-8% seen, hoping for low double digits Partial - At the Q2 FY26 call, management stated current visibility of about 7-8% growth for the technology vertical, hoping to go past 10% and reach low double digits for the year. No explicit full-year technology growth rate was disclosed for FY26; technology returned to growth in Q3 FY26, and total FY26 revenue of $119.8Mn grew 19.4% YoY.
3. GenAI/agentic AI revenue $6M confirmed + $8M pipeline in FY26 Delivered - At the Q1 FY26 call, management stated $6 million of GenAI/agentic AI work confirmed and another $8 million in pipeline expected to close for FY26. By Q2 FY26, $5.5 million was already clocked with $7 million in pipeline, and FY26 closed with 28% of revenue as primary AI (\~$33.5M).
4. FY27 BFSI growth \~40% On track - At the Q4 FY26 call, management indicated BFSI should grow at about 40% in FY27. Q1 FY27 financial services revenue grew 110% YoY and 24% QoQ, well above the target with the full-year horizon not yet reached.
5. FY27 Consumer (CPG/retail) growth 18-22% On track - At the Q4 FY26 call, management guided FY27 Consumer vertical growth of 18% to 22%. Q1 FY27 retail and CPG revenue declined 32% QoQ, with management expecting a return to 25%+ QoQ growth in Q2 FY27.
6. FY27 technology vertical growth 5-8% On track - At the Q4 FY26 call, management guided FY27 technology vertical revenue growth of about 5% to 8% YoY. Q1 FY27 technology grew close to 4% QoQ, with full-year guidance to be provided at the end of Q2 FY27.
7. FY27 EBITDA margin 21-22% On track - At the Q4 FY26 call, management guided FY27 EBITDA between 21% and 22%, reiterated at Q1 FY27. Q1 FY27 adjusted EBITDA margin was 20.4%, below the guided range with the full-year horizon not yet reached.
8. FY27 revenue growth 12-13% (organic USD) On track - At the Q4 FY26 call, management said high-visibility pipeline supports \~12-13% organic USD revenue growth in FY27, reiterated as 12% at Q1 FY27. Q1 FY27 revenue grew 9.9% YoY in USD terms, below the guided rate with the year not yet reached.
9. Financial services $10 million business in Q4 FY25 Delivered - At the Q3 FY25 call, management said the financial services practice was on its way to "deliver a $10 million sort of a business... in the following quarter" (Q4 FY25). The Q4 FY25 call confirmed the practice grew in excess of 60% year-on-year and exited FY25 with revenues close to about $10 million.
10. $200-220 million revenue in 3 years (by FY28) On track - At the Q3 FY25 call, management reiterated the Analyst Day target of $200-220 million revenue over the next 3 years, reaffirmed through Q1 FY27. FY26 revenue was $119.8 million and Q1 FY27 LTM revenue $122.6 million, with management acknowledging FY26's 19-20% growth fell short of the \~26-27% CAGR needed.
11. Databricks revenue $50 million in 3 years On track - At the Q4 FY25 call, management expected more than $50 million of revenue from the Databricks partnership when at the $200 million mark in 3 years, reiterated through Q3 FY26. Databricks revenue rose from \~$11 million in FY25 to \~$17.5 million in FY26, with Q1 FY27 run rate \~$7.8 million per quarter.
12. FY26 EBITDA margin 23-24% Delivered - At the Q4 FY25 call, management guided FY26 margins at 23% EBITDA for the full year, later set at 23-24%, lowered to 22-23% at Q2 FY26, then raised back to \~24% at Q3 FY26. FY26 adjusted EBITDA margin was 23.0%, within the revised range.
13. FY26 revenue growth 18-19% (later 19-20%) Delivered - At the Q4 FY25 call, management guided FY26 revenue growth of 18-19% with intention to get to 25%+, raised to "potentially 19% to 20%" at Q2 FY26. FY26 revenue grew 19.4% in USD terms, reaching $119.8 million, within the revised range.
14. CPG practice to \~20% of revenue in 2 years Delivered - At the Q4 FY24 call, the CEO expected the CPG practice to reach \~20% of revenue in a two-year timeframe on the back of the Decision Point acquisition. CPG + retail was \~15% in Q4 FY25 and reached 22% of FY26 revenue, within the two-year window ending \~March 2026.
15. FY25 EBITDA margin 23-24% Delivered - At the Q1 FY25 call, the CFO guided EBITDA margins back to "23% odd levels by Q3" of FY25, with the full-year adjusted EBITDA margin guided at 23-24%. FY25 adjusted EBITDA margin was 23.7%, within the guided range.
16. FY25 revenue growth 18-20% Delivered - At the Q4 FY24 call, the CFO guided FY25 growth of 18-20%, later softened at Q1 FY25 to "definitely close to what we did last year, which is in the 16% to 18% range". FY25 revenue grew 32.3% in rupee terms, crossing $100 million and beating both ranges.
17. FY24 EBITDA margin recovery to 25% by year-end Partial - At the Q1 FY24 call, management expected to be back on the 25% EBITDA margin trajectory by the end of FY24, assuming an H2 macro turnaround, with Q4 later guided at 22.5-23.5%. Q4 FY24 EBITDA margin was 23.5% and the FY24 full-year margin 21.2%, close to but below the 25% target.
18. FY24 growth 25-30% (organic) Partial - At the Q2 FY24 call, management committed to "at least a 30% growth is what we should achieve or deliver as a business on an organic basis", then revised at Q3 FY24 to "between 16% to 18% on an annualized basis". FY24 revenue grew 18.9%, meeting the revised range but not the original commitment.
19. M&A investment - first acquisition in coming quarters Partial - At the Q4 FY22 call, the CFO hoped to "make an M&A investment in the coming quarters", with repeated re-estimates through Q4 FY24, when the Decision Point acquisition was expected to conclude in 3-4 weeks. Decision Point closed effective July 1, 2024, roughly two years after the initial commitment.
20. EBITDA margin band 25-28% sustained Partial - At the Q1 FY23 call, management reiterated the planned EBITDA margin range of 26% to 28%, maintained through Q3 FY23. FY23 EBITDA margin was 26.9%, but FY24 fell to 21.2%, FY26 adjusted EBITDA was 23.0%, and FY27 was guided to 21-22%.
21. Organic growth 25-30% for FY23 Delivered - At the Q2 FY23 call, the CFO stated "overall growth between 25% and 30% is what we have set out to achieve on an organic basis" for FY23. FY23 revenue grew 32.1% in rupee terms, exceeding the guided floor.
22. Europe revenue share - 15-20% in 3-4 years Missed - At the Q1 FY23 call, management expected Europe to contribute about 15% to 20% of revenues over a three-year to four-year period, with a near-term 5-8% target by end of FY24 set at Q4 FY23. Europe was 1.4% of FY24 revenue and 3% in FY26, and in Q1 FY26 management said "we haven't cracked the code on Europe yet".