1. No exports or stores outside India - immediate near future Pending - At the Q4 FY25 call, management said that in the immediate near future it was not looking to export or open stores outside India, seeing enough headroom for domestic growth. No outcome can be verified yet: the latest reported period is Q4 FY25, and no subsequent disclosures through the promised horizon are available.
2. Q4 FY26 revenue - no further decline from Q4 Delivered - At the Q3 FY26 call, management guided that revenue won't further go down from Q4. Q4 FY26 revenue grew 6% YoY to ₹162 crores, an improvement from Q3's decline.
3. Benefits of premiumization/digital initiatives - materializing from FY28 Pending - At the Q1 FY26 call, management guided that benefits of premiumization and digital initiatives would begin materializing from FY28 onwards, with Q2 FY26 adding that MUFTI 2.0 changes would reflect positively in about 1.5 years. No read is available yet as FY28 has not been reached.
4. Online mix - \~11-13% in FY26, higher in FY27 Partial - At the Q1 FY26 call, management guided online mix to be similar or slightly higher in FY26 (\~11%, 12%, 13%) and "certainly much higher" in FY27. FY26 online mix was 10.7%, at the lower end of the range; Q1 FY27 was 11.6%, tracking higher.
5. Q3 FY26 revenue higher than Q3 FY25 Missed - At the Q2 FY26 call, management expected Q3 FY26 revenue to be higher than last year's Q3. Q3 FY26 revenue came in at ₹146.1 crores vs ₹156 crores in Q3 FY25, a decline of \~6%.
6. Q2 FY26 revenue flattish - similar to last year Missed - At the Q1 FY26 call, management guided Q2 FY26 to be flattish, similar to last year. Q2 FY26 revenue was ₹164 crores vs ₹186 crores in Q2 FY25, a decline of \~12%.
7. Product selling prices unchanged under premiumization Pending - At the Q1 FY26 call, management committed that product selling prices will not change under premiumization, with only brand experience and perception premiumized. Average revenue per product sold rose from ₹1,301 in FY25 to ₹1,323 in FY26, a \~2% increase, with no disclosure on whether this reflects price or mix.
8. No debt for store transformation - funded from internal accruals Delivered - At the Q1 FY26 call, management said no debt would be raised for the store transformation, funding it from internal accruals, reiterated at Q2 FY26. The company stayed debt-free through FY26 and Q1 FY27, with store additions funded from internal accruals.
9. No economy or value brand launch - immediate future Delivered - At the Q1 FY26 call, management stated it was not looking to launch any economy or value brand in the immediate future. No such launch was disclosed in the notes through Q1 FY27.
10. No entry into women's or kids' wear - medium term Delivered - At the Q2 FY25 call, management had no plans to enter kids' or women's fashion in the immediate future, extended at Q3 FY25 to no new categories for 2-3 years and at Q2 FY26 to no entry in the medium term. No entry into women's or kids' wear was disclosed through Q1 FY27.
11. Dividend continuation Delivered - At the Q1 FY25 call, management said the company will continue to pay dividends, with payout decided annually, reiterated at Q3 FY25. FY24 carried a final dividend of ₹0.50 per share and a FY26 dividend of ₹2 for the year was announced.
12. FY27 inventory days reduction Pending - At the Q1 FY27 call, the CFO said "there should be some reduction in the inventory days" going forward, that being "always the endeavour". Q1 FY27 inventory days stood at 74, up from 65 at March 2026; the full-year outcome is not yet due.
13. FY27 gross margin - 56-58% On track - At the Q4 FY26 call, the CFO said gross margins should remain stable at 56% to 58% going forward, though cotton prices could push them down to 55%. Q1 FY27 gross margin was 61.6%, above the guided range; the full year is not yet due.
14. MUFTI 2.0 network transition - entire network in 2-3 years On track - At the Q4 FY26 call, management said the entire network will transition to the new Mufti 2.0 identity gradually over the next 2 to 3 years, dependent on lease expiries. As of Q4 FY26, 31 stores carried the new identity, with the rollout continuing into Q1 FY27.
15. FY27 same-store sales growth - mid-single-digit Pending - At the Q4 FY26 call, management said they would be happy with mid-single-digit growth at the same-store level for FY27, reiterated at Q1 FY27. No FY27 SSSG read is available yet in the notes; the full-year outcome is not due.
16. FY27 revenue growth - mid-single-digit On track - At the Q4 FY26 call, management said "We'll be happy if we see mid-single-digit growth in the coming year" for FY27. Q1 FY27 revenue grew \~5% YoY to ₹125.3 crores, consistent with that guidance; the full year is not yet due.
17. FY27 store actions - close \~20, open \~20 On track - At the Q3 FY26 call, management guided FY27 to close about 20-25 stores and open 25-30, refined at Q4 FY26 to roughly 20-odd closures and 20-odd openings with a flat store count. Q1 FY27 saw 5 openings and 7 closures, taking the total to 427.
18. FY27 EBITDA margin - \~23-24% On track - At the Q4 FY26 call, the CFO guided FY27 EBITDA margin to be slightly lower at around 23%, 24% because marketing spend is going up. Q1 FY27 EBITDA margin was 21.2%, below the guided range; the full year is not yet due.
19. FY27 advertising spend - 8-10% of revenue On track - At the Q3 FY26 call, management committed to spending 8% to 10% of revenue on brand investment for FY27, later tightened to 9% to 10% for the forthcoming year and reiterated at Q1 FY27. Q1 FY27 marketing spend was 8.5% of revenue, within the guided range.
20. FY26 store closures - \~20 tail-end stores Delivered - At the Q1 FY26 call, management intended to close roughly 20 tail-end stores in FY26, raised to about 23 by year-end at Q2 FY26. FY26 saw 24 stores closed in Q4 alone, meeting or exceeding the target.
21. FY26 own-website business - double Partial - At the Q1 FY26 call, management committed to doubling the business on its own website in FY26. Own-website sales grew \~74-75% in FY26, substantial growth but short of the doubling target.
22. FY26 store renovations - \~30 stores (later 15-20 in March) Partial - At the Q4 FY25 call, management aimed to renovate "may be 30-odd stores" during FY26, flagged as premature, later committing to roughly 15 to 20 renovations in March. As of Q4 FY26, 14 of the 31 Mufti 2.0 stores were renovated, short of both targets.
23. FY26 capex - ₹12-15 crores Partial - At the Q4 FY25 call, the CFO guided FY26 capex at around ₹12 crores to ₹15 crores. FY26 investing cash flow was ₹-35.5 crores with capex per new store at ₹43.3 lakhs average, suggesting the plan was exceeded, though exact capex is not cleanly disclosed.
24. FY26 gross margin - 56-58% Delivered - At the Q4 FY25 call, the CFO guided gross margins sustainable at around 56% to 58% on an annualized basis. FY26 gross margin came in at 58.4%, at or slightly above the top of the guided range.
25. FY26 working capital days - 175-185 Missed - At the Q4 FY25 call, the CFO guided working capital days to "pretty much remain around 175 to 185" for FY26. Working capital days were 217 in H1 FY26, 179 in Q3 FY26 and 196 at March 2026, above the range at year-end.
26. FY26 advertising spend - 6-7% of revenue Delivered - At the Q1 FY26 call, management guided advertising and marketing spend to increase to 6% to 7% in FY26, reiterated at Q2 FY26. FY26 actual ad spend was 6% of revenue, landing at the bottom of the range.
27. FY26 EBO additions - 20-25 stores (later flattish, then net minus 10) Partial - At the Q3 FY25 call, management intended to open 20-25 stores in FY26, ready to open 40-50 depending on the market, reaffirmed at Q4 FY25, then progressively revised to a net minus 10, i.e. 431-odd stores. FY26 ended with 429 EBOs after 7 openings and 24 closures in Q4; the latest \~431 guidance was approximately met, the original 20-25 additions abandoned.
28. FY26 EBITDA margin - 27-30% (later \~25% by Q4) Partial - At the Q3 FY25 call, the CFO guided FY26 EBITDA margin in the range of 27% to 30%, maintained at Q4 FY25 and Q2 FY26, then revised at Q3 FY26 to around 25%-odd by end of Q4. FY26 EBITDA margin was 26.0% and Q4 was 25.6%; the latest guidance was met, the original full-year range missed.
29. FY26 revenue growth - mid-teens (later flattish/small single-digit, then 5-6% lower) Delivered - At the Q3 FY25 call, management aimed for mid-teens revenue growth for FY26, reiterated at Q4 FY25, then revised to flattish or very small single-digit growth and finally to 5% to 6% lower than last year. FY26 revenue was ₹592.1 crores, down 4% from FY25's ₹618.2 crores, slightly better than the guided floor.
30. Sustainable EBITDA margin - 30-33% Missed - At the Q3 FY24 call, the CFO said sustainable EBITDA margin ranges around 30%, "it will range between 30 to 32%, 33%", normally higher than 30%. FY24 EBITDA margin was 28.3%, FY25 29.1% and FY26 26.0% - the range was not achieved in any subsequent year.
31. Same-store sales growth - 3-5% annually Missed - At the Q3 FY24 call, management said 3% to 5% same-store growth is what it "would be happy with" and endeavours to achieve, including for FY25-26. FY24 SSSG was 0.6%, FY25 was 1.8% and FY26 was flattish for Q4 and lower for the full year - below the 3% floor in each year.
32. Double the business in 4-5 years - from FY23 base On track - At the Q3 FY24 call, management reiterated intent to double the business in "five-odd years, four to five years", reiterated through Q1 FY25 and Q3 FY25 with a possible year more or less. FY23 revenue of ₹498 crores implies \~₹1,000 crores at doubling; FY25 was ₹618 crores and FY26 ₹592 crores, roughly 60% of target with the window still open.
33. Inventory days reduction - by end of FY25 Delivered - At the Q4 FY24 call, management said by the end of FY25 the company should bring down inventory levels, reiterated as a short-term target at Q1 FY25. Inventory days fell from 77 at March 2024 to 67 at March 2025, a 10-day reduction, scorekept as achieved.
34. Working capital days reduction - \~5 days in FY25 Missed - At the Q1 FY25 call, management flagged working capital reduction of "maybe another five-odd days", qualified as "give or take five, seven days here or there". Working capital days rose from 166 at March 2024 to 184 at March 2025 - no reduction was achieved.
35. FY25 EBO additions - 25-30 stores (later 20-25 H2, then 18-20 net) Partial - At the Q1 FY25 call, management aimed to open 25-30 new stores in FY25, softened to 20-25 gross in H2 and then to about 18 to 20 net new stores by year-end. FY25 ended with 35 gross openings, 19 closures and a net addition of 16, taking the total to 441 - short of both the latest and original targets.
36. FY25 EBITDA margin - 28-30% Delivered - At the Q4 FY24 call, management affirmed operating margin should be back in the 28% to 30% range, reiterated by the CFO at Q1 FY25. FY25 EBITDA margin was 29.1%, within the guided range.
37. FY25 revenue growth - mid-teens Delivered - At the Q4 FY24 call, management aspired to mid-teens revenue growth for FY25, backed by new store openings and subject to demand recovery, reiterated at Q1 FY25, moderated to 10-12% at Q2 FY25 and then to higher single-digit (\~8-9%) at Q3 FY25. FY25 revenue grew 9% to ₹618.2 crores, at the top of the latest range but short of the original mid-teens.
38. Branding and advertising spend - 4-5% of revenue going forward Partial - At the Q3 FY24 call, management planned to spend 4% to 5% of revenues on branding and advertising going forward, later revised through \~5% for FY25 and FY26 to 6-7% in FY26 and 8-10% in FY27. FY24 spend was roughly 5.5% combined, FY25 \~5%, FY26 6% and Q1 FY27 8.5% - the original band was breached and then formally raised.
39. FY24 net EBO additions - 50-55 stores Delivered - At the Q3 FY24 call, management aimed to add 50-55 new EBOs on a net basis for the full year 2024. FY24 ended with 52 EBO stores added, a net addition of 52 taking the EBO count to 425, within the guided range.
40. FY24 revenue growth 18-20%, EBITDA margin 28-30%, PAT flat - FY24 Partial - At the Q3 FY24 call, management guided FY24 revenue growth of 18% to 20-odd-percent, EBITDA margin in the range of 28% to 30%, and PAT remaining relatively flat for the current year due to higher advertising expenditure. FY24 revenue grew 14% to ₹567 crores, EBITDA margin was 28.3% and PAT fell 24% to ₹59.2 crores - margin delivered, revenue and PAT missed.