1. Export country presence - 60 by 2025 Partial - At the Q4 FY24 PPT, management guided a targeted country-presence of 60 by 2025. The count reached 60+ countries in Q3 FY26, after the 2025 deadline, and the Q4 FY26 PPT disclosed a reversion to 46+ countries.
2. Near-term production investment - ₹40 cr through internal accrual Pending - At the Q4 FY24 PPT, management guided a near-term investment of ₹40 crores to augment production through internal accrual. The target was raised to ₹70+ crores in the Q4 FY26 PPT, and no disclosure in our record confirms deployment of either figure.
3. Women's wear segment - cross ₹600 Cr by FY25 Pending - At the Q4 FY24 PPT, management guided that the women's wear segment is expected to cross ₹600 Crore by FY25. The FY25 horizon has passed, and our record holds no standalone women's wear segment revenue disclosure to confirm or contradict the target.
4. Working capital - stabilize by end of Q3 FY23 Missed - At the Q1 FY23 call, management stated the working capital cycle should get stabilized towards the end of Q3 FY23. Working capital days were 202 at H1 FY23 and 176 at FY23 year-end, and the cycle subsequently deteriorated to 197 days in FY26.
5. Premium segment - ₹500+ crore, 15-20% contribution in 3-4 years Pending - At the Q1 FY23 call, management stated the premium segment should reach ₹500-plus crore and 15-20% contribution in 3 to 4 years. The inferred horizon extends to around FY27, and no aggregate premium-segment revenue figure is disclosed in our record to assess progress.
6. Online sales - ₹100 cr revenue in 3 years (from Q4 FY22) Missed - At the Q4 FY22 call, management guided they intend to achieve Rs. 100 crores in online sales revenue over the next 3 years. The deadline elapsed with FY25, and the SQL snapshot reports total FY26 revenue of ₹2,929 cr with no separate online revenue line, leaving the target unconfirmed and the window closed.
7. Ad spend - 7-8% of revenue for FY23-24 Partial - At the Q4 FY22 call, management stated a plan to "progressively restore our ad spending" after FY22's 6.6% level. Ad spend was 8% of revenues in H1 FY23, but the FY24 presentation reported an 8% average over FY18-FY24 rather than a confirmed FY23-24 figure.
8. Greenfield expansion - ₹110 cr, completed in 12-18 months Partial - In the FY21 annual report, the company approved a greenfield expansion of ₹110 crores to be completed in 12-18 months. The factory became operational only in FY24, missing the explicit deadline by roughly a year, and the 4x asset turnover target has no disclosed read.
9. Export growth - 25-30% YoY Delivered - In the FY25 annual report, the company aimed to achieve around 25% to 30% year-on-year growth in exports. Exports increased by ₹36 crore year-on-year in FY25, implying \~25.5% growth on the prior-year base, within the stated range.
10. JMHL & EFPL merger - complete soon Delivered - In the February 2021 announcement, the proposed scheme to merge JMHL and EFPL with Lux Industries was expected to be complete soon. The merger was completed on May 8, 2021, with 48,18,681 equity shares allotted to the shareholders of the merging entities.
11. CozyWorld EBOs - 150+ stores in 2 years (from FY21) Missed - In the FY21 annual report, the company aimed to increase standalone CozyWorld stores from 4 to 150+ in the next two years. The EBO count peaked at 18 in FY22 and has never exceeded 16, far short of the 150+ target by the March 2023 deadline.