1. IPO proceeds - ₹162.44 lakhs redirected to working capital Delivered - In the January 2026 announcement, unutilized IPO proceeds of ₹162.44 lakhs (15.41% of IPO proceeds), originally earmarked for product registration in international markets, were proposed for redirection to working capital. A special resolution passed on February 26, 2026 approved the revised object, and cumulative IPO funds of ₹1054,00,000 stood fully utilised as on March 31, 2026.
2. Povidone Iodine order - ₹6.28 crore, substantial revenue contribution Missed - In the November 2024 announcement, the company disclosed a ₹6.28 Cr order for 739,000 units of Povidone Iodine 10% Solution, "expected to substantially contribute to the company's revenue in the upcoming quarters", with fulfillment "within the stipulated timelines". No fulfillment or revenue contribution is disclosed in our record, and FY26 revenue declined 40.74% to ₹22.63 crore.
3. LOIRE (Grande Etoile) - expand to 20 new countries in 2 years On track - In the FY25 annual report, the LOIRE (Grande Etoile) outlook was to expand to at least 20 new countries in the next two years across Asia, Middle East, Africa and Latin America. Grande Etoile launched in Nepal as a first step; no expansion to 20 new countries is disclosed in our record.
4. Chairman's 40% per annum sales growth Partial - In the FY24 annual report, the Chairman expressed confidence in an increase of 40% per annum (sales growth) leading to improvement in margins. FY25 revenue grew 51.11% to ₹38.19 crore, exceeding the target, but FY26 revenue declined 40.74% to ₹22.63 crore.
5. Cosmetics/skincare commercial rollout - this year or this month Delivered - At the Q4 FY25 call, management stated commercial rollout of cosmetics/skincare products "this year or this month", with the Q4 FY25 PPT showing GEPL launching its first product line in Q1 FY 2025-26. A trial launch of the beauty brand made in Nepal was completed, and Grande Etoile announced full-scale commercial launch on 08.07.2025 after its pilot phase.
6. No dividend - expansion mode Delivered - At the Q4 FY25 call, management stated there would be no dividend payouts currently, as the company is in expansion mode. No dividend was recommended on equity share capital for FY 2024-25, and no FY26 dividend is disclosed in our record.
7. No further fundraising - expansion via internal accruals Delivered - At the Q4 FY25 call, management stated there were no plans for further fundraising, with expansion funded through internal accruals. No fundraising is disclosed in our record; FY26 PAT was -₹4.02 crore, indicating no internal accruals were available.
8. Nepal facility - revenue start \~15 months, first-year ₹50 crores On track - At the Q4 FY25 call, management stated Nepal facility revenues would start around 15 months from now, with a first-year revenue plan of around INR50 crores and optimum potential above INR400 crores, backed by an investment of INR9 crores for a 30% stake in Medi Hub Organic Limited. The Medi Hub partnership was announced December 30, 2024; no revenue commencement is disclosed, with no Nepal revenue expected in FY26 and the facility to come into force in FY27.
9. EBITDA margin - around 24% Missed - At the Q4 FY25 call, management expected an EBITDA margin of around 24%, with 10% PAT. FY26 OPM was -16.57% and Q4 FY26 OPM was -150%.
10. PAT margin - 10% benchmark Missed - At the Q4 FY25 call, management benchmarked 10% PAT on top line as the industry norm and stated PAT would be maintained above or around 10%. FY26 PAT was -₹4.02 crore on revenue of ₹22.63 crore, a negative margin of -17.76%, with Q4 FY26 PAT at -₹6.06 crore on revenue of ₹4.78 crore.
11. 60% CAGR - next three years Missed - At the Q4 FY25 call, management planned a 60% CAGR for the next three years. FY26 revenue declined 40.74% to ₹22.63 crore versus FY25's ₹38.19 crore, so the first year of the three-year window shows a decline, not 60% growth.
12. FY26 revenue guidance - ₹60-65 crores Missed - At the Q4 FY25 call, management planned revenue of around INR60-65 crores for FY26. FY26 consolidated revenue was ₹22.63 crore, down 40.74% from FY25's ₹38.19 crore.
13. African country presence - 13 to 14 countries within 2-3 years On track - At the Q2 FY25 call, management planned to be present in around 13 to 14 African countries within the next 2 to 3 years. International presence stood at 12 countries (not all African) as of the Q2 FY25 PPT, with no disclosed expansion to 13-14 African countries in our record.
14. Revenue mix - 75% exports / 25% domestic On track - At the Q2 FY25 call, management targeted a revenue mix of 75% from exports and 25% from domestic markets in the coming years, reiterated at Q4 FY25 as "we aim for" 75% export / 25% domestic and in the Q2 FY25 PPT. At Q4 FY25, \~70% of current sales came from export markets; no FY26 revenue mix disclosure is in our record.
15. Haridwar capacity enhancement - 20% increase at Unit 1 Delivered - At the Q2 FY25 call, management planned to enhance production capacity at the Haridwar facilities by 20% to meet growing demand, with the Q2 FY25 PPT specifying a Unit 1 increase of 20%, around additional 21.6 crore tablets. At Q4 FY25 the 20% expansion and GMP upgrade were "almost done", IPO funds of ₹225 lakhs for the purpose were fully utilized, and CWIP at March 31, 2025 showed Haridwar projects of ₹206.96 lakhs.
16. Francophone Africa revenue - commencing FY26 Missed - At the Q2 FY25 call, management stated the Grand Etolia/Francophone Africa initiative was expected to generate good revenue starting next financial year (FY26), reiterated in the Q2 FY25 PPT with African country entries contributing to revenue growth commencing FY26. FY26 consolidated revenue was ₹22.63 crore, down 40.74% from FY25's ₹38.19 crore, with no Francophone Africa contribution disclosed.
17. Grand Etolia / Francophone Africa - 120 product registrations within 2 years Missed - At the Q2 FY25 call, management set a target of 120 product registrations within the next 2 years for Grand Etolia Pharmaceuticals Limited, the JV for Francophone/West Africa, reiterated at Q4 FY25; revisions included around 120 registrations expected in FY26 within two to three months, and the Rwanda subsidiary planning around 100 products by December 2025. Only ₹137.56 lakhs of ₹300 lakhs allocated for international product registration was utilized as of 30 September 2025, with the remaining ₹162.44 lakhs redirected to working capital on 26 February 2026, and no registration count against the 120 target is disclosed.
18. Rwanda partnership revenue - commence December 2024 Partial - At the Q2 FY25 call, management expected revenues from the Rwanda partnership (Depot Pharmacy Yego Limited) to commence in December 2024. The first East Africa shipment was scheduled for June 2025 with orders of around $125,000 in hand and a $50,000 advance received, and a Rwanda subsidiary sales projection of USD 1.5 million was set for FY26; no December 2024 revenue commencement is disclosed.