1. Bizdent Devices merger with Laxmi Dental approved during FY26 Pending - At the Q1 FY27 result (Aug 2026), the Board approved a Scheme of Merger of Bizdent Devices Private Limited with Laxmi Dental Limited during FY26. The scheme is awaiting approval from authorities, and no merger effect is given in consolidated results yet.
2. Aligner business growth beyond \~30% industry CAGR over next 3-5 years On track - At the Q1 FY27 call, management stated a goal to grow the aligner business beyond the \~30% industry CAGR and build a strong aligner brand over the next 3-5 years. Q1 FY27 aligner solutions grew 28.6% YoY, while FY26 aligner revenue was ₹732 mn, +7% YoY.
3. Palghar owned facility \~3x current size, eliminating \~₹2 cr/year rent On track - At the Q1 FY27 call, management announced a unified owned facility in Palghar \~3x the current rented premises, eliminating \~₹2 cr/year rent, with an LOI executed to acquire land. August 2026's proposed IPO proceeds variation allocates ₹268.96 mn to land/building for utilization in FY27-FY28; no construction is disclosed yet.
4. Scanner deployment 800-1,000 units in FY27 On track - At the Q1 FY27 call, management guided scanner deployment of 800-1,000 units in FY27, saying they are "still on track," reiterating the FY26 target of \~1,000 units. Q1 FY27 scanner sales were ₹22 mn, -62% YoY, a slow start to the FY27 target.
5. FY27 revenue growth 15-20% and EBITDA margin 18-20% On track - At the Q1 FY27 call, management reiterated FY27 guidance of 15-20% revenue growth and 18-20% EBITDA margin, a lowering from the earlier 20-25% CAGR and a formalization of the margin target. Q1 FY27 revenue grew 13.9% YoY, below the 15% floor, with EBITDA margin at 19.2%, within the band.
6. International business growth 20-25% CAGR over next 2-3 years On track - At the Q3 FY26 call, management guided international business growth of 20-25% CAGR over the next 2-3 years. Q1 FY27 international business grew 37.4% YoY, Q4 FY26 international lab grew 40.9% YoY, and FY26 international lab revenue was ₹784 mn, +25% YoY.
7. Domestic lab business growth 20-25% Missed - At the Q1 FY26 call, management was "extremely confident" domestic lab would grow 20-25%, later guiding a scale-up from \~₹20-21 cr/quarter to \~₹24 cr in Q4 FY26. FY26 domestic lab revenue was ₹884 mn, with Q4 FY26 up 16.3% YoY to ₹23.7 cr and Q1 FY27 up \~12% ex-scanners - the 20-25% target was not achieved.
8. Gross margin recovery to 75-80% mid-to-long term Delivered - At the Q2 FY26 call, management expected gross margin to return to the original 75-80% range "mid-term to long-term" after scanner-mix dilution, reiterated at the Q3 FY26 call for FY27 absent external surprises. Q1 FY27 gross margin reached 78.6%, after Q4 FY26 at 70.5% and core dental ex-scanner at \~76%.
9. EBITDA margin 20% as first benchmark mid-to-long term On track - At the Q2 FY26 call, management called a 20% EBITDA margin "at least the target or first benchmark" mid-to-long term, later an internal aspiration for next year and formalized as FY27 guidance of 18-20%. Q1 FY27 EBITDA margin was 19.2%, after Q4 FY26 at 18.3% and FY26 at 15.6%.
10. Scanner installed base to 5,000 in next couple of years On track - At the Q2 FY26 call, management expected the scanner installed base to grow from \~1,000-1,500 to 5,000 "in the next couple of years". FY26 deployment was 1,009 units, and FY27 targets 800-1,000 units, though Q1 FY27 scanner sales were ₹22 mn, -62% YoY.
11. Diversification away from US concentration by end of FY26 Partial - At the Q1 FY26 call, management expected diversification away from US concentration via APAC, Middle East and Europe to show results "by end of the Financial Year". US remained \~20% of revenue through FY26, though international lab reached 47% of lab revenue in FY26 and Q1 FY27 international grew 37.4% YoY.
12. AI product launch in FY26 Partial - At the Q1 FY26 call, management expected the AI product from the IDBG AI Dent investment to launch in the current financial year (FY26), with inputs promised at the next earnings call at Q3 FY26. iScope 360, an AI-connected remote dental platform, launched in Q4 FY26; the IDBG AI Dent product itself is not separately disclosed as launched.
13. Kids-e-Dental growth 20-25% once regulatory approvals achieved Partial - At the Q1 FY26 call, management guided 20-25% growth for Kids-e-Dental once regulatory approvals expected in Q3 or Q4 FY26 are achieved, with CE clearance then seen opening \~40 countries; later, timelines were declined as "completely out of our control". Kids-e-Dental FY26 revenue was ₹21.1 cr, down from ₹26.3 cr, though Q1 FY27 grew 54.4% YoY to ₹6.8 cr.
14. US tariff impact contained to 0.5-1% margin Delivered - At the Q1 FY26 call, management estimated the 25% US tariff margin impact at "0.5% or 1%... at max," expecting to pass on the majority, later refined to \~90 bps, \~150 bps and 72 bps full-year. FY26 tariff impact was 72 bps on EBITDA, within the guided range despite quarterly spikes.
15. FY26 PAT margin 13-15% Missed - At the Q2 FY26 call, management reiterated FY26 PAT margin guidance of 13%-15%, carried forward from FY25 guidance, and scorekept \~12.1% pre-exceptionals at Q3 FY26. FY26 PAT margin was 10.4%, with Q4 FY26 at 13.6% - the full-year target was not met.
16. FY26 revenue growth 20-25% Missed - At the Q1 FY26 call, management guided FY26 revenue growth of 20%-25%, reiterated at Q2 FY26 and in the Q1 FY26 PPT. FY26 revenue grew 16.2% to ₹278 cr, with the shortfall attributed to tariffs, labor code, and ESOP costs.
17. Digital penetration to 90-95% of impressions On track - At the Q4 FY25 call, management stated the long-term goal is 90%-95%, "hopefully 100%" digitization, with the goal tracked across quarters from over 90% of dentists to pushing from 79% toward 90%. Penetration rose from 64% in FY25 to 79% in Q3 FY26, \~80% in Q4 FY26, and \~75-80% in Q1 FY27.
18. IPO proceeds deployment - ₹68 cr capex over next 2 years Missed - At the Q4 FY25 call, management planned IPO-proceeds-funded capex of close to ₹68 crores over the next two years, against original objects of ₹43.5 cr company and ₹25 cr Bizdent machinery capex. FY26 capex was ₹18.4 cr; as of August 2026, ₹177.81 mn and ₹26.27 mn respectively were utilised, and the two machinery objects were proposed reduced to NIL with funds reallocated.
19. Debt-free by FY26 Delivered - At the Q3 FY25 call, the CFO stated the goal was to pay off debt from IPO proceeds and "we will be a debt-free company in FY26," with debt at marginal levels by end of FY25. Debt was repaid in full during Q1 FY26, borrowings were nil at 31-Mar-26, and the company remained debt-free through Q1 FY27 with finance cost of ₹0.3 cr.
20. 20-25% revenue CAGR over next 3-5 years Partial - At the Q3 FY25 call, management guided 20%-25% revenue CAGR over the next 3 to 5 years, later "more bullish" for 2-3 years and carried into FY26-specific 20-25% guidance before FY27 guidance was set at 15-20%. FY25 revenue grew 23.5%, FY26 grew 16.2% to ₹278 cr, and Q1 FY27 grew 13.9% YoY.
21. FY25 revenue \~₹240 cr and PAT margin 13-15% Delivered - At the Q3 FY25 call, management guided closing FY25 with revenue of around ₹240 crores and PAT margin "to the tune of 13% to 15%". FY25 audited revenue was ₹239.1 cr (+23.5% YoY) with stated PAT margin 13.3%, and management said full-year targets were achieved.