1. IPO capex object of ₹10.12 cr deployment Partial - The original offer document specified capital expenditure of ₹10.12 crore as an IPO object. The object was revised to ₹3.78 crore via Special Resolution on November 21, 2025. Actual capex completed October 17, 2025 vs the offer-document date of March 31, 2025 - a 200-day delay - with only ₹3.77 cr incurred against the original ₹10.12 cr plan; the revised ₹3.78 cr object was fully utilized.
2. AI-driven cost efficiencies visible in 18 to 24 months On track - At the Q4 FY26 call, management said AI-driven cost efficiencies (lower cost per dollar of revenue) would be visible over the next 18 to 24 months. At Q1 FY27 this was revised to visibility "in numbers in the next financial year" - FY28. Q1 FY27 EBITDA margin was 20.21%, down from 23.66% in Q1 FY26, with no AI-driven efficiency yet visible.
3. Top-10 customer concentration to fall to \~20-25% in three to four years Pending - At the Q4 FY26 call, management expected top-10 customer revenue concentration to fall from \~60% to \~20%-25% over the next three to four years. Top five customers were \~39%-40% of revenue and top 10 \~60% in FY26, and no updated concentration figure has been disclosed for Q1 FY27.
4. Product penetration - from \~1.3 to 2-2.5 products per telco in four to five years Pending - At the Q4 FY26 call, management's objective was to raise product penetration from \~1.3 products per telco to two or two and a half products per telco over the next four or five years. As of Q1 FY27, average penetration remains at 1.3 products per customer, with no increase disclosed.
5. Market penetration - reach 20-25% of \~450 telcos in four to five years Pending - At the Q4 FY26 call, management expected penetration (then 10%, 46 of 450 telcos) to reach \~20%-25% over the next four or five years, servicing more than 100 telcos with at least one product. As of Q1 FY27 the company serves \~46 telcos across 35 countries at 10% penetration, with no increase disclosed.
6. AI module/platform announcement at MWC Barcelona, first week of March 2026 Delivered - At the Q3 FY26 call, management said the company was "about to launch a very strong AI module or platform… in the next one month", announced at Mobile World Congress Barcelona - "You will hear about it in the first week of March". In March 2026, Pelatro launched the mViva Revenue Acceleration Platform™ with Agentic AI, matching the March 2026 commitment.
7. EBITDA margin - 26-29% or maybe 30% in next couple of years On track - At the Q3 FY26 call, management targeted EBITDA margin of "26% to 29% or maybe 30%" in the next couple of years, sustainable even with 25-30% growth. This was later refined to a \~30% long-term target. FY26 EBITDA margin was 22.77% and Q1 FY27 was 20.21%, below FY26 levels.
8. No new products - expand existing eight products Delivered - At the Q2 FY26 call, management stated no new products were planned - five on the CVM side, three on Estel - with intent to expand existing products. The portfolio remains at eight products through Q1 FY27; the March 2026 mViva Revenue Acceleration Platform™ is framed as an AI-driven enhancement, not a new product line.
9. Estel division margins to improve to CVM levels; positive change in FY27 On track - At the Q2 FY26 call, management committed that Estel margins would reach CVM levels "in short term", with the drag "changing positively next year" (FY27). This was later revised to FY28. Estel's EBITDA margin was 15.6% in FY26 and 8.72% in Q1 FY27, against CVM's 24.1% and 22.56% - the gap remains wide.
10. Cash flow - swing to positive in coming quarters; full-year FCF in FY27 On track - At the Q2 FY26 call, management committed that cash flow would swing positive in coming quarters and that FY27 would have free cash flow for the full year. Average quarterly cash flow was minus ₹1 cr in H1 FY26, improved from minus ₹4 cr per quarter in FY25; cash stood at ₹15.19 cr at FY26 end and ₹16.17 cr at Q1 FY27, with no FY27 FCF figure yet disclosed.
11. Estel product relaunch - new versions of all acquired products by March 2026 Partial - At the Q2 FY26 call, management committed to launching brand new versions of ALL products acquired via Estel by March 2026, "over the next three, four months". In March 2026, the mViva Revenue Acceleration Platform™ with Agentic AI launched, but no disclosure confirms that all Estel products (eTopUp, Sales & Distribution, Voucher Management, Mobile Money) individually received new versions by the deadline.
12. FY26 effective tax rate - 20-22% Delivered - At the Q2 FY26 call, the CFO guided an FY26 effective tax rate "in the range of 20% to 22%", revised at Q3 FY26 to "somewhere around 9% to 10%", with \~10% called workable at Q4 FY26. FY26 effective tax rate came in around 7% to 8%, with 9M FY26 at \~7% - below the revised guided ceiling.
13. FY26 EBITDA margin around 24%; PAT margin around 14% Missed - At the Q2 FY26 call, the CFO guided FY26 EBITDA margin of "somewhere around 24%" and PAT of "somewhere around 14%", including other income. FY26 EBITDA margin was 22.77% and PAT margin 13.10%, both below the guides; Q4 FY26 EBITDA margin of 23.26% and PAT margin of 15.62% improved from H1 but did not lift the full year to the guided levels.
14. Revenue CAGR - 25-30% over FY26-FY28 On track - At the Q2 FY26 call, management guided a revenue CAGR of 25% to 30% over FY26-FY28, organic only, with inorganic on top. This was later restated as at least 15% annual organic growth over five years. FY26 revenue grew 61.2% to ₹138.23 cr and Q1 FY27 grew 50.69% YoY to ₹40.22 cr - above the 25-30% band, with the window open.
15. No diversification beyond telcos Delivered - At the Q4 FY25 call, management stated no plans to diversify into sectors other than telcos, reiterated at Q2 FY26 as unchanged "for the near future at least". Through Q1 FY27, all disclosed customers and products remain telecom, serving 46 networks across 35 countries, with no non-telco diversification disclosed.
16. Revenue mix - focus on increasing recurring revenue Delivered - At the Q4 FY25 call, management committed to increasing recurring revenue for predictability, without a number; by Q3 FY26 an internal floor of "at least about 70%" recurring plus re-occurring revenue was stated, raised to "anywhere above 75%" by Q4 FY26. FY26 repeat revenue was 82% and Q1 FY27 was 97%, above the floor and expectation in every reported period.
17. No fundraising needed for organic growth Delivered - At the Q4 FY25 call, management stated no fundraising is needed for organic growth - "our cash flow will be adequate" - with any raise only for inorganic growth, reiterated as "absolutely no" raise at Q4 FY26. No equity or debt raise for organic purposes has occurred through Q1 FY27; debt-equity fell from 0.52 (FY25) to 0.13 (Q1 FY27) with cash of ₹16.17 cr.
18. DSO - stabilize at 100-120 days longer term On track - At the Q4 FY25 call, the CFO expected DSO to stabilize at "around 100 to 110 days or 100 to 120 days in the longer term", noting 85 days may not be consistently achieved. FY25 consolidated DSO was 85 days, H1 FY26 was 100 days, and Q1 FY27 improved to 124 days from 127 days - marginally above the guided range at the latest read.
19. Estel acquisition - value accretive, adding \~22% revenue and \~19% PAT in FY26 Delivered - In the Q4 FY25 PPT, management stated the Estel acquisition was expected to be value accretive, adding about 22% to revenue and about 19% to PAT in FY25-26 over FY24-25. FY26 delivered well above guidance: revenue rose 61.16% to ₹138.23 Cr and PAT rose 52.22% to ₹18.10 Cr versus FY25, with the Estel Division contributing ₹21.66 Cr of revenue.