1. Parasnath Healthcare acquisition - 100% shares for ₹6 cr Delivered - At the Q4 FY26 PPT, management guided the proposed acquisition of 100% shares of Parasnath Healthcare (OPC) Private Limited for ₹6.0 cr, subject to regulatory approvals. The same presentation subsequently lists the acquisition of 100% shares of Parasnath Healthcare (OPC) Private Limited as a completed milestone under the 2026 column of the journey timeline.
2. Preferential issue - ₹102.48 cr proceeds utilization within 24 months Pending - The company announced a preferential allotment of convertible warrants with issue proceeds of ₹102.48 cr to be utilized for Working Capital, General Corporate Purposes, and CAPEX within 24 months from receipt of funds, later revised to ₹73.20 cr upon removal of one allottee. As of Q4 FY26, 25% of warrant funds had been received and held in FD with zero utilization, and NSE approval was still pending.
3. Aaharshastra Foodz Private Limited - 100% acquisition Delivered - The company agreed to acquire 100% shares of Aaharshastra Foodz Private Limited. At Q4 FY26, Aaharshastra Foodz Pvt. Ltd. was listed as a 100% subsidiary, confirming the acquisition was complete.
4. Dubai entity - Madhavbaug Health Food Supplements Trading Co. LLC Pending - The company announced plans to launch an entity in Dubai named Madhavbaug Health Food Supplements Trading Co. LLC to trade in food supplements, and at Q4 FY26 guided the first franchise clinic in Dubai would start in about a month or two, by \~July 2026. As of Q4 FY26, government permissions for the Dubai franchise were secured, but our record holds no disclosure of the entity launch or clinic opening.
5. FY27 EBITDA margin growing from 15% towards 20% Pending - At the Q2 FY26 call, management guided for FY27 a steady increase in total EBITDA margins, and at Q4 FY26 expected EBITDA margin to grow from 15% towards 20% in FY27 itself, with a variant of about 15% and 18-19% at ₹180 cr revenue. FY26 EBITDA margin was 14.42%, and FY27 is not yet reported.
6. FY27 revenue \~₹180 cr Pending - At the Q2 FY26 call, management guided FY27 revenue would be around ₹180 cr, with hospitals contributing \~₹50-55 cr and clinics \~₹125-135 cr, later revised at Q4 FY26 to a target of approximately ₹170-180 cr with a lower variant of \~₹160-170 cr. FY26 revenue was ₹106.91 cr, implying \~60% YoY growth is needed to reach the target.
7. FY28 revenue potential \~₹250 cr (50:50 clinics/hospitals) On track - At the Q2 FY26 call, management guided FY28 total revenue potential at about ₹250 cr split roughly 50-50 between clinics and hospitals, later revised upward to about ₹280 cr and then set as a ₹250-300 cr range at Q4 FY26. FY26 revenue was ₹106.91 cr, requiring a \~33% CAGR to reach ₹250 cr by FY28.
8. PAT margin 10-12% by FY28 On track - At the Q2 FY26 call, management guided PAT margins of about 10% to 12% by FY28. FY26 PAT margin was 8.41%, improving from 7.96% in FY25, trending toward the 10% lower band.
9. 2 lakh new patients annually by FY28 On track - At the Q2 FY26 call, management guided a medium-term target to reach about 2 lakh new patients annually by about FY28, reiterated at Q4 FY26. FY26 new patients were 1,18,223, up from 82,049 in FY25, trending toward the 2 lakh target.
10. Urja Neuro Care - pilot launch with ₹1.8 cr investment Delivered - At the Q2 FY26 call, management guided launching a new initiative, Urja Neuro Care, with an estimated cost of about ₹1.8 cr, and the Q4 FY26 PPT confirmed the pilot launch in FY26. At Q4 FY26, the Urja Neuro Care pilot was launched and investments were initiated, though no operational or financial performance metrics were disclosed.
11. Malaysia MOU - 70:30 profit-sharing JV with Maxura Healthcare Pending - At the Q2 FY26 call, management guided that under the Malaysia MOU with Maxura Healthcare, profits would be shared in a 70:30 ratio between Maxura Healthcare and Madhavbaug respectively. As of Q4 FY26, the Board had approved the MOU and the initiative was listed as ongoing, but our record holds no disclosure of operational commencement or profit share.
12. FY26 revenue to cross ₹115-120 cr Missed - At the Q2 FY26 call, management guided FY26 revenue to cross about ₹115 cr to ₹120 cr. FY26 revenue from operations was ₹106.91 cr, falling short of the guided range.
13. Madhavprash - scale to 1 lakh units/month online in 24 months On track - At the Q2 FY26 call, management guided planning to scale Madhavprash to about 1 lakh units per month online in the next about 24 months, by \~November 2027. At Q4 FY26, Madhavprash was selling \~15,000-20,000 units per month through quick commerce and \~6,000-7,000 through clinics, for a total run-rate of \~21,000-27,000 per month against the 1 lakh target.
14. Main board migration - ready in 6-7 months Pending - At the Q4 FY25 call, management guided they were planning to upscale towards the main board, and at Q2 FY26 stated they should be absolutely ready in the next about 6 to 7 months, by \~May 2026, later revised at Q4 FY26 to a decision expected in the next couple of months, by \~July 2026. As of Q4 FY26, NSE approval for preferential warrants was still pending and our record holds no disclosure of main board migration filing or approval.
15. 30 additional new clinics in FY26 Missed - At the Q4 FY25 call, management guided they would have 30 more additional new clinics in FY26, and the FY25 annual report also guided 30+ new clinics planned. FY26 ended with \~320 clinics, down from 333 at end of FY25, with management noting an experiment with non-medical franchise owners did not work and clinic count came back to 320.
16. PAT margin \~11-12% for FY26 Missed - At the Q4 FY25 call, management guided PAT margin for FY26 would be around 11% to 12%, later revised at Q2 FY26 to near about 10% to 11% for the full year. FY26 PAT margin was 8.41%, below even the revised 10-11% target.
17. Consolidated EBITDA margin \~16% for FY26 Missed - At the Q4 FY25 call, management guided consolidated EBITDA margin for FY26 should reach about 16% or so, later revised upward at Q2 FY26 to a target of around 17% to 18%. FY26 consolidated EBITDA margin was 14.42%, missing both the original 16% and the revised 17-18% targets.
18. 1,000+ hospital beds in 2-3 years On track - At the Q4 FY25 call, management guided over the next 2-3 years they have planned more than about 1,000 beds, with the horizon later extended at Q4 FY26 to a long-term vision of 1,000 beds in 4-5 years. As of Q4 FY26, total operational beds were \~134, with Khopoli expansion under construction and Nagpur expansion planned, though no new facilities were disclosed as operational.
19. Vadodara Hospital - scale from 30 to \~100 beds in 12-15 months Pending - At the Q4 FY25 call, management guided the new 30-bedded Vadodara hospital, operational in April, is scalable to about 100 beds in the next 12 to 15 months, by \~July-October 2026. As of Q4 FY26, Vadodara hospital had 35 beds with \~30-40% occupancy, and our record holds no disclosure of construction or bed additions.
20. Sustainable EBITDA margin 15-20% in 3-5 years On track - At the Q4 FY24 call, management guided a sustainable EBITDA margin target of 15% to 20% for the long run over the next 3-5 years, later refined at Q4 FY26 to a medium-term target above 20% by FY28. FY25 EBITDA margin was 15.03%, hitting the lower band, while FY26 slipped slightly to 14.42%, but the trajectory toward 20% by FY28 remains active.
21. Train 10,000 physicians through Institute of Preventive Cardiology Pending - At the Q2 FY25 call, management committed through the Institute of Preventive Cardiology to train about 10,000 Ayurvedic physicians who will contribute to the growing network, reiterated through Q4 FY26. As of Q4 FY26, the ecosystem had 450+ Ayurvedic physicians across 14 states, but our record holds no disclosed cumulative physician training count.
22. Nagpur Hospital - add 20 beds in 12-18 months On track - At the Q2 FY25 call, management stated the plan for the Nagpur hospital to see an addition of 20 beds in the next 12-18 months, later expanded to 80 beds with a target of 40-50 operational beds by March 2027. As of Q4 FY26, Nagpur hospital had 30 beds, and our record holds no disclosure of construction commencement but the target remains active.
23. Khopoli Hospital - add 100 beds in 12-18 months On track - At the Q4 FY24 call, management guided a plan to add 100 more beds at the Mumbai Khopoli Hospital in the next 12 to 18 months, with the timeline later revised at Q4 FY26 to 100 operational beds by March 2027. As of Q4 FY26, Khopoli was 50-bedded with construction having reached the third slab out of seven, and the first brick was laid on 7 November 2025.
24. 50-60 franchise clinics to be added in FY25 Missed - At the Q4 FY24 call, management guided adding 50 to 60 franchise clinics in FY25. FY25 ended with 333 clinics, down from 353 at end of FY24, with franchise clinics going from 249 to 266 - a net addition of 17, well short of the 50-60 target.
25. Mission 2025 - 1,000 clinics and 10 hospitals, reset to \~FY28 On track - At the Q4 FY24 call, management stated the Mission 2025 target of 1,000 clinics and 10 hospitals would be delayed and is now expected to be reached in the next 3 to 4 years, by \~FY28, with the horizon later extended to 2030 in the Q4 FY25 PPT and stated as Mission 2028/2030 at Q4 FY26. As of Q4 FY26, the network spanned \~320 clinics and 6 hospitals with \~134 beds, far from the targets but with active expansion underway including Khopoli and Nagpur construction and the Parasnath acquisition adding \~70 franchise clinics.
26. EBITDA margin of more than 10% for FY25 Delivered - At the Q4 FY24 call, management guided EBITDA margin of more than 10% for FY25, with a target of 10% EBITDA. FY25 EBITDA margin was 15.03%, exceeding the 10% floor.
27. 15-20% topline growth for FY25 Missed - At the Q4 FY24 call, management guided 15% to 20% topline growth for FY25. FY25 revenue from operations was ₹89.85 cr, a YoY decrease of 9.55% from ₹99.33 cr in FY24.
28. Employee benefits cost not above 22% of sales from FY25 onwards Delivered - At the Q4 FY24 PPT, management guided that Employee Benefits cost will not outrun above 22% of Sales of the company, effective from FY25 onwards. FY25 employee cost was ₹18 cr on revenue of ₹89.85 cr, equating to 20.0%, and FY26 appears comfortably within the cap based on guided employee cost of \~₹18 cr against revenue of ₹106.91 cr.
29. Swasthya Parivaar Community Platform - 1 lakh paid members in first year, 10 lakh in 5 years Pending - The FY25 annual report states the Swasthya Parivaar Community Platform targets 1 lakh members in the first year and 10 lakh members over the next five years, with the FY24 annual report setting Phase 1 of 1 lakh paid members in FY25. The platform was launched during FY25, but our record holds no disclosed membership count against the first-year deadline that has already passed.
30. '25by25' - 25% reduction in NCDs by 2025 Missed - The FY22 annual report states the Company aims to achieve its target of 25by25, a 25% reduction in NCDs by 2025. Our record holds no disclosure of a measured 25% reduction in NCDs by 2025, with the company reporting different metrics such as disease reversal rates of 80-85% for key diseases.