1. Surplus capital of \~₹200 crore fully deployed in FY27 Pending - At the Q1 FY27 call, management said the surplus capital of approximately ₹200 crore will most likely be fully deployed in new projects in FY27. As of Q1 FY27, \~₹200 crore of acquisition capital remained available, with no deployment disclosed in Q1 FY27.
2. Monte South Tower D and commercial tower launch in next 12-18 months Pending - At the Q4 FY26 call, management said Monte South Tower D is yet to be launched and the commercial tower "can also come up for launch in the next 12 to 18 months". Monte South Commercial (GDV ₹3,400 crore) and Tower D (GDV ₹1,600 crore) were announced as future launches, but not launched as of Q1 FY27.
3. Panvel plotted development in FY27 or FY28 Pending - At the Q4 FY26 call, management said it may launch a plotted-development project in Panvel "in FY27 or FY28". No Panvel plotted development launch is disclosed as of Q1 FY27.
4. Kanjurmarg launches of ₹225+ crore in next 12 months On track - At the Q4 FY26 call, management expected more than ₹225 crore worth of Kanjurmarg launches in the next 12 months. One Kanjurmarg project was already under construction with 5 slabs cast as of Q4 FY26; no launch of ₹225+ crore is yet disclosed as of Q1 FY27.
5. Marathon Nextown (Dombivli) presales of 7-8 lakh sq ft in forthcoming year Pending - At the Q3 FY26 call, management expected around 7-8 lakh sq ft of presales from Marathon Nextown "in the forthcoming year". Nextown presales were 1,511 sq ft in Q4 FY26 and 4,695 sq ft in Q1 FY27 - far below the target with the FY27 window still in progress.
6. Bhandup Neo series as major presales contributor for next year On track - At the Q3 FY26 call, management said the Bhandup Neo series (₹170 crore GDV already launched) and Panvel would be the two major presales contributors for next year. Neo series (Bhandup) recorded presales of about ₹65 crore in FY26, and Q1 FY27 Bhandup sales were ₹14 crore, an early contribution within the promised FY27 horizon.
7. Nexzone Phase 3 launch with GDV of \~₹600 crore Delivered - At the Q3 FY26 call, management announced a Nexzone Phase 3 launch with GDV of around ₹600 crore. Nexzone Phase 3 was launched with carpet area of \~4.9 lakh sq ft and estimated GDV of ₹600 crore, completing the launch as announced.
8. Futurex FY26 sales value at least 10% increase vs FY25 Delivered - At the Q3 FY26 call, management expected Futurex FY26 sales value to show at least a 10% increase versus last year, conditioned on Q4 transactions completing. Futurex presales grew 15% YoY to ₹466 crore in FY26, exceeding the guided 10%.
9. Monte South Tower C OC up to 30 floors in 1.5 years and full OC in \~3 years On track - At the Q3 FY26 call, management expected Tower C OC up to 30 floors in the next 1.5 years and full 65-floor OC in about 3 years. Tower C RCC work was completed up to the 28th floor by Q1 FY27, progressing toward the 30-floor OC milestone.
10. Nexzone Phase 2 OC for 2 of 4 towers by end of FY26 Delivered - At the Q3 FY26 call, management stated OC for 2 of the 4 Nexzone Phase 2 towers was expected by the end of FY26. Nexzone Phase 2 towers Antilia, Triton and Atria all received full OCs during FY26, one more than the two-tower target.
11. H2 FY25 sales of \~₹286 crore Delivered - At the Q2 FY25 call, management said H2 FY25 sales should meet a similar target to H1 FY25 (\~₹286 crore). H1 FY25 booking value was \~₹286 crore and FY25 full-year booking value was ₹605 crore, implying H2 FY25 bookings of \~₹319 crore - above the target.
12. Monte South commercial project launch in next 3-4 quarters Partial - At the Q1 FY25 call, management expected to launch the Monte South commercial project (\~7 lakh sq ft carpet) in the next three to four quarters; at Q1 FY27 it announced the project (GDV ₹3,400 crore) with good confidence in launching it. Monte South Commercial was announced as a future launch with GDV ₹3,400 crore, but not yet launched as of Q1 FY27.
13. Merger of private/unlisted company assets into listed entity On track - At the Q1 FY25 call, management said the merger process was ongoing and "we will come back with all those announcements very soon", with updates at Q2 FY25 ("next 2, 3 quarters"), Board approval of the composite scheme at Q4 FY25 and the final SEBI stage at Q3 FY26. The Board approved the amalgamation on 31 March 2025, BSE and NSE no-adverse observations were received, and NCLT approval remained pending as of Q1 FY27.
14. ₹500 crore fundraising via QIP or other routes Delivered - At the Q1 FY25 call, management announced an enabling resolution of ₹500 crore for fundraising, later raised to ₹1,000 crore at Q2 FY25. A QIP of ₹900 crore was completed in June 2025, exceeding the original ₹500 crore resolution.
15. Bhandup price increases of at least 5% year-on-year On track - At the Q1 FY25 call, management said Bhandup price increases were \~5% year-on-year and "we want to continue at least that pace". Bhandup realizations were ₹17,668/sq ft in Q1 FY27 vs ₹16,870/sq ft in FY25, a \~4.7% increase at close to the targeted pace; no explicit FY26 Bhandup price increase is disclosed.
16. Futurex inventory to be leased or sold during FY25 Partial - At the Q4 FY24 call, management said most Futurex inventory should be either leased or sold during FY25. Futurex unsold inventory was 59,317 sq ft as of March 2025 and \~2.24 lakh sq ft post-merger as of Q3 FY26, though Futurex presales grew 15% YoY to ₹466 crore in FY26.
17. Monte South Tower B completion by December 2027 On track - At the Q4 FY24 call, management said Monte South Tower B (deadline December 27) is very much in line to complete within the timeline, with revisions at Q3 FY26 (full-tower OC expected by December '26), Q4 FY26 (floors 45-65 by December 2026) and Q1 FY27 (remaining OC during FY27). Tower B RCC is completed up to the 65th floor with part OC up to the 45th floor; full OC is not yet received as of Q1 FY27.
18. Monte South \~₹6,000 crore inventory to be sold/launched over 3-4 years On track - At the Q4 FY24 call, management said around ₹6,000 crore-plus of Monte South inventory is yet to be sold/launched and will come in launches over the next three to four years. Monte South unsold GDV was ₹3,022 crore (100% basis) / ₹1,209 crore (MNRL share) as of Q1 FY27, and Monte South presales were ₹391 crore in FY26.
19. Panvel Phase 3 launch in Q3 or Q4 FY25 Missed - At the Q4 FY24 call, management said the Panvel Phase 3 launch was expected probably in Q3 or Q4 of FY25. Nexzone Phase 3 ("Nirvana Collection") was launched in FY26, not FY25.
20. FY25 launches of \~12 lakh sq ft with GDV of ₹1,400-1,500 crore Missed - At the Q4 FY24 call, management guided FY25 launches totaling around 12 lakh square feet with GDV of around ₹1,400-1,500 crore; at Q1 FY25 the pipeline was restated as \~5.8 lakh sq ft carpet and \~₹1,300 crore GDV over the next four quarters. FY25 area sold was 2.65 lakh sq ft and Nexzone Phase 3 (4.9 lakh sq ft, ₹600 crore GDV) was launched only in FY26.
21. FY25 booking value target of ₹1,000-1,200 crore Missed - At the Q4 FY24 call, management set an FY25 booking value target of more than ₹1,000 crore and less than ₹1,200 crore. FY25 booking value was ₹605 crore on MNRL share basis, below the stated range.
22. Monte South contribution for almost five years On track - At the Q4 FY23 call, management said Monte South will continue contributing for almost five years hence, with a full project timeline between five and eight years. Monte South presales were ₹391 crore in FY26 and ₹125 crore in Q1 FY27, with Towers B, C, D and the commercial tower still to be launched/completed.
23. Debt-to-equity maintained at about 0.5 Delivered - At the Q4 FY23 call, management stated it will try to keep debt-to-equity at about 0.5, restated as 0.5-0.75 at Q3 FY24 and back to 0.5 at Q2 FY25. Net debt-to-equity reached 0.46 by Q4 FY25 and net cash by FY26.
24. Thane and Dombivli land banks not to launch in next two years Delivered - At the Q4 FY23 call, management stated the Thane (100 acres) and Dombivli (50 acres) land banks would not come to the listed entity/launches "in next two years". Dombivli land (83 acres) was included in the amalgamation scheme approved in March 2025 and Nextown presales began in FY26; Thane was not mentioned in the merger.
25. Dombivli revenue generation to start in another year or so Partial - At the Q4 FY23 call, management expected revenue generation from the Dombivli project to start "another year or so" from now. Dombivli (Nextown) presales of ₹2 crore in Q4 FY26 and ₹4 crore in Q1 FY27 were recorded post-merger, with revenue recognition not yet begun at scale - roughly two years later than the stated horizon.
26. Monte South Tower C launch of \~3 lakh sq ft in next 12 months Delivered - At the Q4 FY23 call, management committed to launching about 3 lakh square feet in Monte South Tower C in the next 12 months. Monte South Tower C (Monte South Zermatt) was already launched by Q3 FY24, within the 12-month window.
27. Launch of \~7.5 lakh sq ft in FY24 Partial - At the Q4 FY23 call, management intended to launch around 7.5 lakh square feet in FY24 across Monte South, Bhandup, Neo Park and Panvel, and the FY23 Annual Report stated concrete plans for \~7.5 lakh sq ft with a value of approximately ₹1,000 crore; the pipeline was revised to \~5.5 lakh sq ft/\~₹850 crore at Q1 FY24 and \~9 lakh sq ft/\~₹1,200 crore at Q2 FY24. FY24 area sold was 5.61 lakh sq ft; Bhandup (\~3.5 lakh sq ft launched), Monte South Tower C and Nexzone phases were launched, but the full 7.5 lakh sq ft / ₹1,000 crore within FY24 is not confirmed.
28. Monte South Tower A completion and revenue recognition in FY24 Partial - At the Q4 FY23 call, management expected Tower A of Monte South to be completed almost 100% in FY24, with all of Tower A's revenues recognized during FY24. Monte South Tower A received OC up to the 51st floor in FY24 and full OC up to the 64th/65th floor in July 2024, with full completion slipping into early FY25.
29. Marathon Millennium possible merger with listed entity Delivered - At the Q3 FY23 call, management said Marathon Millennium (now a subsidiary) has "a possibility of it merging with the listed entity". Millennium's projects were reported within the listed entity's portfolio and the broader promoter-entity amalgamation included Millennium assets, with no separate Millennium merger disclosed.
30. New projects to be in the listed entity Delivered - At the Q3 FY23 call, Chetan Shah said new projects will "mostly if not all" happen in the listed entity, reiterated at Q1 FY25 with no new projects in the private space. Kanjurmarg acquisitions, Sunset Spaces, Versova and Sewri projects were all added to the listed entity, and the promoter merger into MNRL was approved and progressing through NCLT.
31. Redevelopment projects in South Mumbai / Lower Parel-Worli Partial - At the Q3 FY23 call, management targeted redevelopment of societies in high-value locations (Lower Parel, Worli, South Bombay), with "maybe in years' time or so a couple of projects", later pushing news out two quarters at Q2 FY24 and three-to-four quarters at Q3 FY24. Two redevelopment opportunities - Versova (\~₹450 crore GDV) and Sewri (\~₹450 crore GDV) - were added in Q1 FY27, but in different geographies than originally targeted.
32. Bhandup land bank to contribute 30% of turnover over the years Pending - At the Q3 FY23 call, management stated the Bhandup land bank is expected to "contribute to 30% of our turnover over the years". Bhandup (Neo series) contributed ₹65 crore of FY26 presales out of ₹576 crore MNRL-share presales, roughly 11%; no 30% turnover contribution is disclosed in the record.
33. Bhandup projects launch in festive season next Dussehra/Diwali Delivered - At the Q3 FY23 call, management planned to launch some Bhandup projects in the festive season next Dussehra/Diwali. The Bhandup 14-acre land was acquired in Q2 FY24, the first project had already been launched in October 2022 by the previous company, and NeoValley Kaveri and Narmada were launched subsequently.
34. Project-level margin of 15% and EBITDA margins of 35-45% Partial - At the Q3 FY23 call, management targeted project-level margin of 15% and EBITDA margins between 35% and 45% depending on project type, later guiding 30%-45% at Q1 FY24 and reiterating 30-35% for acquiring projects at Q1 FY27. Statement-basis OPM was FY23 33.40%, FY24 33.05%, FY25 29.83% and FY26 24.41%, while EBITDA margins on total income basis were 40-41% in FY24-FY26 and 15% project-level PAT was reiterated.
35. \~20% top-line growth in FY2024 Missed - At the Q3 FY23 call, management guided \~20% growth in top line in FY2024. FY24 revenue was ₹705 crore, down 1.66% from ₹717 crore in FY23.
36. 20% debt reduction every year for four years Partial - At the Q3 FY23 call, management guided a 20% reduction in debt every year over the next four years. Net debt fell from ₹838 crore (FY23) to ₹751 crore (FY24), a 10.4% reduction, to ₹542 crore in FY25, a 27.8% reduction, and to net cash/zero in FY26 - the FY24 pace missed, but cumulative deleveraging exceeded the plan.
37. 15-20% annual revenue growth from already-launched projects Missed - At the Q3 FY23 call, management guided "healthy growth of 15% to 20%" in revenue in the years to come from already-launched projects, excluding new projects, reiterated at Q1 FY25 as growth "at least 20%" annually. FY24 revenue fell 1.66% to ₹705 crore, FY25 fell 17.67% to ₹580 crore, FY26 fell 14.48% to ₹496 crore and TTM revenue fell 1.06%, with the FY25 decline attributed to Futurex inventory reclassification.
38. FY2023 bookings of about ₹600 crore Delivered - At the Q3 FY23 call, management guided FY2023 annual bookings of "about 600 Crore" based on ₹454 crore booked in nine months. FY23 booking value was ₹601 crore, in line with the guided figure.
39. Net debt-to-equity below 1.0 - within two quarters Partial - At the Q3 FY23 call, management stated net debt to equity, then 1.15, is "targeted to be reduced to less than 1 in next two quarters". The cited pages disclose net debt falling to ₹851 crore by September 2023 and ₹733 crore by December 2023, with the ratio itself reported only later at 0.46 in FY25 and net cash achieved by FY26 - whether the sub-1.0 threshold was crossed within the stated two quarters is not evidenced in the sources.