1. Busana Apparel Group partnership - augment manufacturing capabilities On track - At the Q1 FY27 PPT, management announced a partnership with Busana Apparel Group to augment and scale manufacturing capabilities, especially customer portfolio and management. The partnership was signed in Q1 FY27, with a manufacturing margin upgrade expected from the present \~6.5% EBIT margin.
2. Sourcing-as-a-service economics - \~2.5% of GMV to revenue, \~25% of revenue to PBT over 2-3 years On track - At the Q1 FY27 call, Sanjay Jain guided that SaaS GMV converts to revenue at \~2.5% and revenue to PBT at \~25% on average over coming 2-3 years. Q1 FY27 actuals: \~₹1,700 cr GMV translating to \~₹42 cr revenue (\~2.5%) and \~₹10 cr PBT (\~25%), in line with guidance.
3. Large sourcing-as-a-service contracts signed in next 2-3 months Delivered - At the Q4 FY26 call, Pallak Seth expected some large sourcing-as-a-service contracts to be signed in the next two-three months. In Q1 FY27, new mandates from marquee customers were signed with \~US$330mn annual business potential over a 3-4 year horizon, including a contract with the largest French retailer carrying an option to $300-400mn GMV within 2 years.
4. EBITDA margin - 50-75 bps improvement in FY27 On track - At the Q4 FY26 call, management targeted 50-75 bps improvement in EBITDA margins for FY27. Q1 FY27 EBITDA margin was 2.8% vs 1.7% in Q1 FY26, a 111 bps YoY improvement, above the target.
5. FY27 revenue growth mid-single-digit, \~10% profit growth On track - At the Q4 FY26 call, management guided mid-single-digit revenue growth for FY27 with "close to about 10% or so plus" profit growth; in Q1 FY27 it said Q2 should reflect similar strong revenue and PAT growth as Q1, with full-year guidance to be revisited post mid-year. Q1 FY27 revenue was ₹3,444 cr, +15% YoY, and PAT ₹28.59 cr, +42.74% YoY, above the guided range.
6. Brand initiatives shut down except 1-2 in next financial year Delivered - At the Q3 FY26 call, management said brand initiatives except 1-2 turnaround candidates would be shut down in the next financial year to cut costs. In Q4 FY26, the Brand Management vertical exited three loss-making businesses - Design Arc Brands, Moda & Beyond and Vivere - and merged two more into a large vertical; Brand Management investment was down 38% YoY in Q1 FY27.
7. PBT margin trajectory - \~2% inching to \~3.5%, visible in FY27-FY28 On track - At the Q2 FY26 call, management set a PBT margin trajectory of inching up from current \~2% (2.1%) to \~3.5%, visible "in FY27 and in FY28", as the first set of goals over 12-18 months. FY26 PBT margin was 2.0% (₹268.5 cr on ₹13,110 cr) and Q1 FY27 was 0.8% (₹28.59 cr on ₹3,444 cr).
8. US topline - \~₹2,500 cr in FY26 Delivered - At the Q2 FY26 call, management guided that top line sold to the US "should touch about 2,500 crores this year" (FY26). FY26 Americas revenue was 20% of ₹13,110 cr, \~₹2,622 cr, approximately meeting the target; Q1 FY27 Americas was 25% of ₹3,444 cr, \~₹861 cr.
9. New-vertical losses - minimum 25-30% reduction in FY26 Delivered - At the Q4 FY25 call, management committed to a minimum 25-30% reduction in new-vertical P&L losses from ₹162 cr in FY25, reiterated at Q2 FY26 as \~₹40 cr. FY26 new verticals EBITDA losses were ₹124.2 cr vs ₹162.5 cr, down \~24%, with investment reduced by approximately 27%.
10. FY26 growth - mid-teens Missed - At the Q4 FY25 call, management guided FY26 growth of mid-teens, walking in with 14% order book growth in dollar terms. FY26 revenue was ₹13,110 cr, +4% YoY, and FY26 GMV ₹19,666 cr, +5% YoY.
11. "333" interim milestone - \~$2.2bn turnover with 3% PAT by FY27 On track - At the Q3 FY25 call, management set an interim milestone of close to US$2.2bn turnover with 3% PAT in about 2 years, i.e. FY27; it was reiterated in Q4 FY25 and Q3 FY26 as "still very much" on, a timing issue. FY26 delivered ₹13,110 cr (\~$1.5bn) with \~1.4% PAT margin; the FY27 horizon lapses only in March 2027, and on the Q1 FY27 call management still believed in it while flagging "a trailing of a few quarters".
12. Knit Gallery acquisition - 55% stake, close by May 2025 Delivered - At the Q3 FY25 call, management announced plans to acquire 55% of Knit Gallery India, with the transaction expected to close by May 2025. The acquisition completed in Q4 FY25 with ₹24 cr deployed in May, and Tirupur manufacturing operations were onboarded towards end of Q1 FY26.
13. Sourcing-as-a-service - 30-40% sustainable growth over 2 years On track - At the Q2 FY25 call, management guided a sourcing-as-a-service sustainable growth rate of 30-40% over the next 2-year horizon. FY25 SaaS GMV was $730mn with revenue close to $18mn, and Q1 FY27 SaaS GMV under execution was \~₹1,700 cr with revenue \~₹42 cr.
14. FY25 guidance revision - 25-30% PAT growth Missed - At the Q2 FY25 call, management revised FY25 guidance to inching towards 25-30% PAT growth, with topline almost double the original guidance in growth terms. FY25 PAT was ₹241 cr, +19% YoY, below the revised target.
15. Fashion Nova - $200mn potential in 2 years Pending - At the Q2 FY25 call (Sep 2024), management said the Fashion Nova apparel business could reach $200mn potential in the next 2 years, having booked over ₹150 crores in the first two months. By the Q2 FY26 call (Sep 2025), the order book was "almost up to $30-35 million", with FY27 projected between $50 to $70 million; the two-year horizon only closes around Sep 2026 and no stated outcome beyond this appears in the sources.
16. Ted Baker - profitable in FY25, highly profitable from FY26 Missed - At the Q1 FY25 call, management said Ted Baker would be "a little bit restructuring but still will be profitable" in FY25 and on track to be "highly profitable and growing" from the next year; Q2 FY25 added 10%+ growth and continued profitability. FY25 Ted Baker revenue was \~$61mn vs $63mn, with no agency revenue for 6-7 months after the retail partner's bankruptcy, and Q1 FY27 showed a \~$2mn PBT loss in one quarter.
17. FY25 cost optimization - $15mn annual savings largely from procurement Partial - At the Q1 FY25 call, management identified cost synergies from an EBITDA base of \~US$55-60mn that could lead to $15mn annual savings, largely from procurement; later guidance firmed around BCG-led savings of ₹40-50 cr annually in procurement plus similar in opex, "well on track". BCG initiatives in Poeticgem and Simple Approach were implemented in H2 FY26 with net manpower reduction, but no specific figure confirming $15mn of annual savings was disclosed.
18. US business - picking up by H2 FY25, real impact in FY26 Delivered - At the Q4 FY24 call, management expected the US business to start picking up by H2 FY25, with real impact coming in FY26. US sales grew 50% YoY in Q1 FY25, 62% in Q2 FY25 and 70% in Q3 FY25; FY25 Americas grew 39%, FY26 was 20% share, +11% YoY, and Q1 FY27 +48% YoY.
19. New-vertical investment - sequentially down in FY25 Missed - At the Q4 FY24 call, management anticipated the ₹100 cr new-vertical gestation spend to sequentially come down in FY25. FY25 new verticals P&L investment was ₹162.4 cr, +57% vs ₹103.7 cr in FY24.
20. FY25 normalized EBITDA margin - 5% baseline Delivered - At the Q4 FY24 call, management targeted the FY24 normalized EBITDA margin (5%) to be achieved as EBITDA from normal operations in FY25. FY25 EBITDA prior to new vertical investments was ₹619.5 cr, a 5.2% margin, against a reported FY25 EBITDA margin of 3.6%.
21. FY25 guidance - 10% revenue growth, 15% PAT growth Delivered - At the Q4 FY24 call, management guided FY25 revenue growth of 10% YoY and PAT growth of 15%, with the PPT planning GMV +20%; Q1 FY25 raised this to "nearly double the original growth rate" and Q2 FY25 to 25-30% PAT growth. FY25 revenue was ₹12,578 cr, +21% YoY, and PAT ₹241 cr, +19% YoY.
22. Gerry Weber - ₹700 cr-plus annual sourcing within 12 months Missed - At the Q2 FY24 call, management guided Gerry Weber potential to ₹700 cr-plus of annual sourcing billed through PDS from effective H2 FY24; Q1 FY25 called it "shaping up very well into annualized ₹700 cr plus account" and Q2 FY25 targeted \~$70mn for the year, scaling to $100mn. Actuals were US$22mn in Q1 FY25 and $33mn in H1 FY25; Gerry Weber went bankrupt, ending \~$70mn of annual business, with PDS recovering 100% of payments.
23. Sourcing-as-a-service - ₹7,000 cr annual GMV, ₹350-400 cr topline in FY24 Missed - At the Q2 FY24 call, management guided sourcing-as-a-service from \~₹7,000 cr annual GMV of orders to add \~₹350-400 cr to topline for FY24. FY24 SaaS GMV was \~$440mn (\~₹3,600 cr) with 125% topline growth and commission/agency income of ₹215 cr vs ₹66 cr in FY23.
24. Ted Baker - \~₹475-500 cr topline in FY24, 7-9% PAT margin, 30%+ ROCE Partial - At the Q1 FY24 call, management guided Ted Baker design business annualized turnover of \~₹475-500 cr with 7-9% profit margin and 30%+ ROCE, raised at Q2 FY24 to \~₹500 cr over nine months at \~10% PBT margin and \~₹700 cr at \~11% for FY25. FY24 Ted Baker topline was ₹507 cr but PBT was \~₹28 cr (<6% margin); FY25 revenue was \~$61mn vs $63mn and Q1 FY27 showed a \~$2mn PBT loss.
25. FY24 profit growth - 15-25% Missed - At the Q1 FY24 call, management set a full-year FY24 profit growth target of 15-25%. FY24 PAT was ₹203 cr vs FY23 ₹327 cr, a 38% decline; PAT to owners was ₹144 cr vs ₹265 cr.
26. FY24 revenue growth - low single digit Missed - At the Q4 FY23 call, management guided FY24 revenue growth of low single digit, described as cautious and prudent, reiterated as single-digit growth in Q1 FY24 and low single digit "if global situation remains stable" in Q2 FY24. FY24 revenue was ₹10,373 cr, -1.9% YoY.
27. New business investments - no EBITDA loss in FY23 Missed - At the Q4 FY22 call, the CEO said investments made in new businesses should not have any EBITDA loss incurrence in FY23. FY23 new verticals recorded a PBT loss of ₹51 cr, after Q1 FY23 losses of 8.6% of new-business topline; new verticals carried ₹124.2 cr of EBITDA losses through FY26.
28. LDP business - not more than 10-15% of US business Missed - At the Q4 FY22 call, the CEO said LDP business should not be more than 10-15% of business done in the US, when LDP was \~₹1,120 cr, \~12%+ of total sales, and the US \~25% of business. By Q2 FY26, US business of \~$200-225mn per year was split 60% FOB and 40% LDP-DDP.
29. Real estate - no meaningful investment, monetize during FY23 Partial - At the Q4 FY22 call, management said it did not intend to make any meaningful investment into real estate and would look at monetization opportunities during FY23. The Milton Keynes UK property was sold in Q2 FY23 with a ₹36 cr gain, but in FY24 the company invested \~$10mn (\~₹85-86 cr) in UK property for Poeticgem/Design Arc/Ted Baker offices.
30. Venture tech investments - down to 6-7% of gross capital employed in 2-3 years Missed - At the Q4 FY22 call, the CEO said venture tech investments should come down to about 6-7% of gross capital employed over the next two-three years from \~9%, down from \~17% (\~₹214 cr) at Q1 FY22. In Q1 FY27 the investment portfolio was ₹522 cr, 18% of capital employed, with PDS Ventures at ₹262 cr, 50% of the portfolio.
31. PAT margin - 50-75 bps YoY improvement toward ₹20,000 cr topline with ₹900-1,000 cr PAT in \~5 years Missed - At the Q4 FY22 call, the CEO said that with 50-75 bps PAT margin improvement YoY, reaching ₹20,000 cr topline in about five years implies potential annual PAT of ₹900-1,000 cr - "it is possible". FY26 revenue was ₹13,110 cr with PAT ₹178 cr; PAT margin declined from 3.3% in FY22 to 1.4% in FY26.
32. $2.5bn annual business volume - about five years from Q4 FY22 Missed - At the Q4 FY22 call, the CEO aspired to achieve closer to $2.5bn of annual business volume in about five years, \~15% average annual growth; this was escalated to "more than $2.5bn of top line in the next couple of years" at Q4 FY23, framed as the 333/555 milestones, and the time horizon was softened at Q1 FY27. FY26 revenue was ₹13,110 cr (\~$1.5bn) with FY26 GMV ₹19,666 cr (\~$2.2bn).
33. Blended EBITDA margin - \~50 bps improvement in next 2-3 quarters Missed - At the Q3 FY22 call, management guided blended EBITDA margin potential of closer to 50 bps improvement in the next two-three quarters from \~4.5% in Q3. Q4 FY22 EBITDA margin was 3.7%, Q1 FY23 3.1% and Q2 FY23 4.1%.
34. FY23 revenue growth - 12-15% Delivered - At the Q3 FY22 call, management guided FY23 consolidated revenue growth of 12-15%, reiterated by the CEO at Q1 FY23. FY23 revenue was ₹10,577 cr, +20% YoY, above the guided floor.
35. Strategic sourcing - 20-25% of consolidated topline in 3-4 years Missed - At the Q3 FY22 call, management ballparked that in three-four years 20-25% of consolidated topline could come from strategic sourcing, later framed with \~$1bn SaaS orders in hand at 5-6% revenue accrual and SaaS plus brand management each at 8-10% of revenue. SaaS revenue stood at \~2.5% of GMV in Q1 FY27, well below 20-25% of topline.
36. Hanes Brands arrangement - $400mn opportunity over 5 years Missed - At the Q3 FY22 call, management guided the Hanes Brands arrangement had potential to translate into a $400mn opportunity over 5 years, with $50mn-plus from Hanes and $20mn-plus from s.Oliver in FY23. By Q3 FY23 the contract ran at $150mn annual merchandise value, close to 40% of potential, but in Q2 FY25 the Bangladesh SaaS business was discontinued after Hanes sold Champion; the contract was approximately $33mn in FY24.
37. s.Oliver sourcing arrangement - $50mn annualized revenue in \~3 years Partial - At the Q3 FY22 call, management guided the s.Oliver/Techno Design arrangement had potential to translate into annualized revenue of about $50mn (₹375 cr), targeting $7-8mn before March 2022 then scaling over about three years; Q1 FY23 reframed this as $30mn first-year volume on a journey to $60mn. s.Oliver contributed \~$10mn in FY22 and \~$10mn in the four months to Q1 FY23; no separate s.Oliver figure was disclosed later, and Techno Design revenue was $86.8mn in FY26, -37% YoY on the Gerry Weber bankruptcy.
38. New verticals - $300mn annualized topline, 4%+ PBT, \~60% ROCE in \~3 years Missed - At the Q3 FY22 call, management guided new verticals had potential of $300mn annualized topline run-rate at end of three years, 4%+ PBT margin and ROCE of about 60% at full potential, from \~$3mn invested in 9M FY22 plus another $1.5-2mn over the next year; this was reiterated at Q4 FY22 and Q1 FY23, with 30% of the $300mn targeted in FY23. New verticals revenue was ₹614 cr in FY23, ₹226 cr in FY24 and ₹665.7 cr in FY25, i.e. $78mn topline in FY25 against $21mn of P&L investments, with ₹124.2 cr of EBITDA losses still in FY26.
39. Manufacturing - less than 10% of overall topline Delivered - At the Q2 FY22 call, management said manufacturing would continue to be less than 10% of overall topline. Manufacturing share was 6.6% in FY23, 5.8% in FY24, 6.3% in FY25, 7.9% in FY26 and 6.6% in Q1 FY27.
40. Capex - not beyond ₹20-25 cr per annum Missed - At the Q2 FY22 call, management guided capex not to go beyond ₹20-25 cr per annum (plus \~$1mn/year for technology), with no further manufacturing expansion "for the foreseeable future"; Q1 FY25 budgeted FY25 routine capex within $4-5mn excluding London property. FY24 capex was \~₹167 cr including \~$9-10mn for the sampling unit and Sri Lanka and FY25 capex ₹143.8 cr including UK property, before FY26 came down to ₹62.9 cr.
41. Bangladesh manufacturing - $80-100mn topline at full capacity Delivered - At the Q2 FY22 call, management guided that at full capacity and full efficiency the two Bangladesh factories should generate $80-100mn (\~₹600-700 cr) of topline from a ₹450-500 cr run-rate; Q1 FY23 added an expectation of $200mn-plus from manufacturing in four-five years. By Q3 FY26 the two factories had an average annualized turnover of about $100mn (₹900 cr), and Q1 FY27 manufacturing revenue was ₹227 cr at 6.5% EBIT margin.
42. Dividend policy - 25% payout of profits Delivered - At the Q1 FY22 call, the Board adopted a dividend policy to endeavor a 25% payout of profits of a given year. Payouts were 25% in FY22 (₹23.85/share) and FY23 (₹5.10/share), 43% in FY24 (₹4.75/share), 30% in FY25 (₹3.35/share) and 42% in FY26 (₹3.30/share).
43. Working capital - 0 days, then negative Delivered - At the Q1 FY22 call, management set a goal of 0 working capital days and thereafter negative working capital, later kept at "plus/minus two-three days", with Q3 FY26 targeting a cut from 17 to 7 days and Q1 FY27 pointing to lower single-digit days structurally. Working capital moved from 2 days at June 2021 to -2 days at December 2021 and -3 days at March 2022, then 17 days at March 2025 before 4 days at March 2026 and 1 day at June 2026.
44. Asia and Middle East - 5-7% of topline in about three years Delivered - At the Q1 FY22 call, management expected the Asia and Middle East share of topline to rise from \~3% to closer to 5-7% in about three years. The share reached \~7% in 9M FY26 and 6% in FY26, before Q1 FY27 printed 3% share, -14% YoY.
45. North America - \~20% of topline in about three years Delivered - At the Q1 FY22 call, management aimed for North America sales to reach approximately 20% of overall topline in about three years, "well on track" by Q2 FY22 and later extended toward 50% over three-four years. The share moved from \~11% at Q1 FY22 and \~16% in FY22 to 20% in FY26, +11% YoY, and 25% in Q1 FY27, +48% YoY.
46. Margin improvement - 50-60 bps YoY on average Partial - At the Q1 FY22 call, management targeted continued margin improvement of \~50-60 bps year-over-year on average, later restated as 40-50 bps minimum, 50 bps per year gross margin, and 40-50 bps per year over the next 1-2 years at Q4 FY26. Gross margin improved 48 bps in FY26 to 20.6%, but EBITDA margin declined from 4.3% in FY23 to 2.9% in FY26.
47. Manufacturing turnaround - PBT positive Q4 FY22, then 5% PBT margin in \~2 years Delivered - At the Q1 FY22 call, management targeted both Bangladesh factories PBT positive from Q4 FY22, cutting losses to \~₹50 cr in FY22, then 5% PBT-to-sales over roughly two years from Q4 FY22, with the Q2 FY23 call aspiring to 3% exiting FY23 and 5-7% in about two years. Manufacturing turned profitable in Q4 FY22 at 3.1% PBT margin with FY22 losses down 80% to ₹19 cr; FY26 revenue was ₹1,034 cr at 5.5% EBIT margin and Q1 FY27 6.5%.
48. New senior-leader initiatives - topline from Q3 FY22, cash self-sustained in 12-18 months, returns in \~3 years Partial - At the Q1 FY22 call, management set three milestones for new senior-leader initiatives (Gaurav Pandey, Eric Leddel, Russell Wyeth): contribution to topline starting Q3 FY22, cash self-sustenance within 12-18 months, and sourcing-vertical return metrics within \~3 years. New verticals contributed ₹141 cr topline in Q1 FY23 and ₹665.7 cr in FY25, but still carried ₹124.2 cr of EBITDA losses in FY26; of \~20 verticals started, 12 or 13 had become profitable by Q4 FY26.
49. Maintainable average growth - \~15% over next five years Partial - At the Q1 FY22 call, management affirmed a maintainable average growth rate of \~15% over the next five years, reiterated through doubling to ₹18,000 cr over 5 years, the "triple 5 target" and the 555 vision of $5bn GMV with 5% PAT, before the time horizon was softened at Q1 FY27 by "a trailing of a few quarters". Revenue moved from ₹8,828 cr in FY22 to ₹13,110 cr in FY26, with TTM Q1 FY27 revenue ₹13,554 cr and 5-year growth 16.11%, short of the FY27 doubling goal.
50. FY22 revenue growth - 10-12%, then 12-15%, and $1bn topline Delivered - At the Q1 FY22 call, management guided cautious revenue growth of \~10-12% for FY22; Q2 FY22 restated 12-15% and said the company was "geared towards" a billion-dollar topline, with Q3 FY22 expecting to surpass $1bn. FY22 revenue was ₹8,828 cr, +42% YoY, crossing the $1bn topline, with Q4 FY22 topline ₹2,775 cr, +57% YoY.