1. International e-commerce - extend online footprint to US, Canada, and UK Pending - In the FY25 annual report, the company stated it plans to extend its online footprint to international markets, including the US, Canada, and the UK. Online revenue grew from ₹4.17 cr in FY19 to ₹36.48 cr in FY25, but our record holds no disclosure of international e-commerce launch or revenue.
2. Cash flow from operations - to remain positive in FY26 Pending - In the ICRA rating rationale dated 7th July 2025, the company expected cash flow from operations to remain positive in FY2026. Cash flow from operations turned negative in FY2025 at (₹666.70) million, and our record holds no FY26 cash-flow data.
3. Fund flow from operations - to increase beyond ₹100 cr in FY26 Pending - In the ICRA rating rationale dated 7th July 2025, the company expected fund flow from operations to increase beyond ₹100 cr in FY2026. The company generated fund flow from operations of more than ₹90 cr in FY2025, and our record holds no FY26 fund-flow data.
4. FY26 SSG - at least 12% for the coming year Pending - At the Q4 FY25 call, management targeted same-store sales growth of at least 12% for the coming year, driven by annualizing the 6 stores opened in FY25. Our record holds no FY26 SSG data.
5. 10 silver jewellery showrooms - opening in FY26 Missed - At the Q4 FY25 call, management stated an intent to open close to 10 silver jewellery showrooms this year, with 5 to 6 locations finalized and agreements in place. As of 14 July 2026, the FY26 horizon has lapsed and the cited record contains no evidence of these showrooms becoming operational.
6. Franchise expansion - exploring options, speaking with 3-4 families Pending - At the Q3 FY25 call, management guided they are looking for options in franchise expansion and speaking with 3-4 different families, with concrete numbers to follow once a decision is reached. As of FY25, the company had 20 company-owned showrooms and 1 franchisee showroom, with no further franchise numbers or concrete decisions disclosed in our record.
7. Inventory turnover improvement - targeting 2.5x from a medium-term perspective Pending - At the Q3 FY25 call, management expressed positivity about reaching a 2.5x inventory turnover target from a medium-term perspective, later specifying 2.5x in 3 years for silver showrooms and 2x in 2 to 2.5 years for the Visesha showroom. Inventory days increased to 201 days as of March 31, 2025 from 183 days a year earlier, and the cash conversion cycle on sales rose to 196 days from 178 days.
8. Q4 FY25 growth - double-digit, higher double-digit YoY Delivered - At the Q3 FY25 call, management guided that Q4 FY25 growth will be in double digit, higher double digit year-on-year. Q4 FY25 turnover was ₹705.10 cr with Q-o-Q growth of 41.7%, and FY25 full-year growth was 10.9%.
9. Related-party transactions - reduced to nil from next year onwards Pending - At the Q3 FY25 call, management guided that related party transactions will almost be nil and nothing from the next year onwards, stating this will be the last year. Our record holds no disclosure on related-party transaction levels for FY26.
10. Same-store sales growth - 6-7% conservative annual target for existing stores Delivered - At the Q3 FY25 call, management guided confidence in achieving around 6% to 7% conservative same-store sales growth per year for existing stores. Full-year SSG for pre-IPO stores was 6.65% in FY25, landing within the 6-7% conservative band.
11. 5-year district coverage - accessible to every district in AP, Telangana, and parts of southern Orissa and Karnataka Pending - At the Q3 FY25 call, management guided a 5-year target to be accessible to every district in Andhra and Telangana and parts of southern Orissa and Karnataka, noting presence in \~15-18 districts out of \~50-55. As of FY25, the company had 21 showrooms across 19 towns in Andhra Pradesh and Telangana, with a single state accounting for \~95% of revenue and no disclosed progress on Orissa or Karnataka entry.
12. New-format stores (Visesha & MYRA) - post-March 2025 launch in Hyderabad, Bangalore, Bhubaneswar Partial - At the Q3 FY25 call, management guided an immediate plan post-March 2025 to open Visesha and MYRA brand stores, with first target cities being Hyderabad, Bangalore, and Bhubaneswar. The Visesha showroom in Visakhapatnam progressed to interiors stage with a September 2025 target, but the MYRA brand and the originally named cities of Hyderabad, Bangalore, and Bhubaneswar were absent from subsequent disclosures.
13. 3 new showrooms by March 2025 - IPO-proceeds store rollout Delivered - At the Q3 FY25 call, management guided that 3 more showrooms of the 8 planned from IPO proceeds will be open by March 2025, stating all are in the pipeline. By the Q4 FY25 call, the company had increased from 15 to 21 showrooms with 6 new showrooms opened in FY25, and IPO proceeds were fully utilized as of March 31, 2025.
14. 15% annual growth - sustained top-line growth target from IPO Partial - At the Q3 FY25 call, management reiterated the 15% growth guidance from the IPO, stating confidence in achieving it further. FY24 revenue growth was 6.03% and FY25 revenue growth was 10.9%, both falling short of the 15% target, with management tacitly revising the near-term expectation to \~10.9% in the Q4 FY25 call.