1. EU FTA implementation expected 2027 - UK FTA targeted operational within FY26 Partial - At the Q3 FY26 call, management said the EU FTA would be implemented in 2027, the UK FTA operational within FY26 (around March or April), and the US bilateral agreement already operational. The India-UK FTA became effective only 15th July 2026, missing the FY26 target, while the EU FTA implementation is still awaited by beginning of 2027; the US deal cut tariffs from 50% to 18%.
2. Growth rate at least better than client brands' \~7-8% - via wallet share gains Delivered - At the Q4 FY26 call, management expected growth "at least to be better than" the \~7-8% growth of its client brands, via wallet share gains and vendor consolidation. FY26 revenue grew 11.5% and Q1 FY27 revenue grew 24.5%, both above the 7-8% benchmark.
3. Muji to remain in top 6 clients - discussions to grow further Delivered - At the Q4 FY26 call, management expected Muji to continue growing and remain in the top 6 clients, with discussions ongoing to grow further in India and Bangladesh plus potentially other origins. Muji turnover had already crossed about $65 million and sat in the top 6 clients at Q4 FY26; at Q1 FY27 the company supplies MUJI and is trying to add more Japanese clients.
4. Indonesia additional 10% stake acquisition - $1.4 million, 99.92% holding Delivered - At the Q4 FY26 call, the Board approved acquiring an additional 10% stake in PT Pinnacle Apparels Indonesia for $1.4 million, taking the holding to 99.92%. The FY26 annual report records the acquisition of an additional 9.92% stake for $1.4 million, with post-acquisition holding at 99.92%.
5. India standalone double-digit EBITDA in Q4 FY27 - high single-digit for full year FY27 On track - At the Q4 FY26 call, management guided India standalone to generate double-digit EBITDA in Q4 FY27 specifically, with effort toward high single-digit EBITDA for full year FY27; at Q1 FY27 the target was restated as high single-digit and double-digit in subsequent quarters. Q1 FY27 standalone EBITDA margin was 6.6%, down from 7.3% in Q1 FY26 on higher wage costs, while Q4 FY26 standalone was 7.9% reported and 9.6% ex-tariff.
6. FY27 capex commitment of ₹200-250 crore - across geographies Pending - At the Q4 FY26 call, management guided a capex commitment of ₹200-250 crore for FY27 across geographies, reiterated at Q1 FY27 with a detailed plan to be updated. No detailed FY27 capex plan has been disclosed yet; the Q1 FY27 call stated the plan was being outlined.
7. FY27 EBITDA margin of 10% - full-year guidance On track - At the Q4 FY26 call, management guided a 10% EBITDA margin for full year FY27, "pretty confident at this stage to really maintain 10% EBITDA for the full year as we start FY27"; at Q1 FY27 it reaffirmed double-digit for the full year and said the business should generate 11% to 12% with all levers kicking in. Q1 FY27 adjusted EBITDA margin was 10.7%, above the 10% target; full-year FY27 is not complete.
8. Capacity in excess of 10 crore pieces by mid-FY27 - 11-11.5 crore by end FY27 Delivered - At the Q2 FY26 call, the CFO guided capacity in excess of 10 crore pieces by mid of next financial year (H1 FY27) and 11-11.5 crore by end of FY27. FY26 installed capacity reached 10.1 crore pieces, "significantly ahead of our earlier target of H1 FY27", with 10.8 crore pieces expected by September-October 2026.
9. FY26 EBITDA margin at same level or slightly better vs FY25 Delivered - At the Q2 FY26 call, management guided full-year FY26 EBITDA margin "either at the same level or... slightly better" versus FY25. FY26 adjusted EBITDA margin was 9.3% versus 9.1% in FY25, and 10.3% excluding tariff and ramp-up costs.
10. Tariff burden-share recoupment over next 3-4 quarters - \~0.9% Q1 impact Partial - At the Q1 FY26 call, management said the burden-share effect "will start going down from here" and agreed "to a certain extent" it could be recouped progressively over the next 3 or 4 quarters. The Q1 FY26 tariff impact was ₹11.75 crore (\~0.9% of revenue), rising to ₹21 crore in H1, ₹31 crore in 9M and ₹36 crore for FY26, before Q1 FY27 had no tariff impact on EBITDA.
11. FY26 average realization assumption of \~₹625-650 - full-year Delivered - At the Q1 FY26 call, management held its full-year average realization assumption at \~₹625-650; at Q2 FY26 it flagged possible improvement toward ₹700 or ₹675/680/705, and at Q4 FY26 said realization should sustain at ₹635-640 per garment. FY26 full-year average realization was ₹643 per piece, within the guided range; Q1 FY27 realization was ₹735 per piece.
12. FY26 volume growth of 12%-14% - full-year guidance Missed - At the Q4 FY25 call, the CFO guided 12%-14% volume growth in FY26, "pretty confident" of achieving it, reiterated at Q1 FY26. FY26 shipments were 7.81 crore pieces versus 7.43 crore in FY25, growth of \~5.1%, with H1 FY26 volume growth of \~3%.
13. Vietnam revenue crossing $100 million - comfortably On track - At the Q4 FY25 call, management said Vietnam "should be comfortably crossing" the $100 million mark. Q1 FY26 Vietnam sales grew 75% YoY at almost 95% utilization, Q3 FY26 segment revenue grew \~66% YoY, and FY26 utilization was 80%+ with growth above Bangladesh's, but no explicit disclosure of the $100 million milestone appears in the notes.
14. Indonesia full-year revenue potential of $30-35 million - next 2 years On track - At the Q4 FY25 call, management said Indonesia's full-year revenue potential was "we should be able to cross $30 million, $35 million easily. It might go up a little bit more over the next 2 years"; at Q1 FY26 it said at 90-95% utilization Indonesia "should be achieving a sale of $32 million to $35 million" annualized. FY26 Indonesia utilization was 47%, up from \~39% last year, with capacity of 0.48 crore pieces; no disclosure of revenue reaching $30-35 million.
15. Guatemala cash breakeven within coming year - productivity 70-75% very soon Missed - At the Q4 FY25 call, management said it was confident of achieving cash breakeven in Guatemala within the coming year (FY26) and aiming for productivity of about 70%-75% "very soon" from current 45%-47%; the breakeven timeline was later pushed, with Q4 FY26 guiding "definitely achieve a breakeven in this year" (FY27) and Q1 FY27 reiterating breakeven during FY27. FY26 Guatemala utilization was 90% with capacity of 0.33 crore pieces, but losses continued through FY26 and breakeven was not achieved.
16. In-house laundry capacity expansion - ROCE of 18%-20% On track - At the Q4 FY25 call, management said the in-house laundry capacity expansion will generate ROCE of 18%-20%; the Bangladesh laundry capex of \~₹90 crore was later detailed with commercialization in H2 FY26 and FY27-28 as the first full year of benefit. At Q4 FY26, 95% of laundry capex was committed with construction expected to end in Q1 FY27, and sustainable laundry operations start in September 2026; the ROCE outcome is not yet measurable.
17. FY26 capacity expansion of 0.8 crore pieces - 0.5-0.6 crore Bangladesh, 0.25-0.35 crore India Partial - At the Q4 FY25 call, management said FY26 capacity expansion capex would enhance capacity by approximately 0.8 crore pieces: 0.5-0.6 crore in Bangladesh and 0.25-0.35 crore in India. FY26 installed capacity reached 10.1 crore pieces from 9.3 crore, but India added only 0.14 crore pieces and the 0.6 crore Bangladesh addition was still under construction with completion expected in H1 FY27.
18. FY26 capex plan of ₹250 crore - Bangladesh ₹110 crore, laundry ₹90 crore, India ₹20 crore, solar ₹5 crore On track - At the Q4 FY25 call, management set an FY26 capex plan of ₹250 crore: ₹130 crore capacity expansion (Bangladesh ₹110 crore, India ₹20 crore), ₹90 crore sustainable laundry, ₹5 crore solar, remainder replacement/efficiency. By Q2 FY26 ₹134 crore was utilized of ₹250 crore committed; by Q4 FY26 Bangladesh had 87% of building capex committed, laundry 95% committed, and other ₹17 crore of ₹25 crore committed.
19. Strategic opportunity in H2 FY25 - additional capex of ₹20-25 crore Delivered - At the Q2 FY25 call, management said a strategic opportunity may effectify in H2 FY25 entailing additional capex of ₹20-25 crore. By Q3 FY25, ₹21 crore had been committed for an Indonesia stake acquisition with incremental earnings impact, and at Q4 FY26 the Board approved acquiring an additional 10% stake in PT Pinnacle Apparels Indonesia for $1.4 million.
20. Bihar capex of ₹30-35 crore in two phases - committed in H2 FY25 Delivered - At the Q2 FY25 call, management guided Bihar (Muzaffarpur) total capex commitment of ₹30-35 crore in two phases, to be committed in H2 of FY25; at Q3 FY25 the total was detailed at \~₹35 crore with \~₹22 crore Phase-1 capitalized by March-April. By Q2 FY26 the ₹20 crore Bihar allocation was fully completed with the project in commercialization, and by Q3 FY26 the expansion was completed with the entire allocated capex committed/incurred.
21. FY25 capex commitment of \~₹125 crore - across geographies Delivered - At the Q2 FY25 call, management set an FY25 capex commitment plan of approximately ₹125 crore across geographies. FY25 capex incurred was ₹135 crore, against the ₹125 crore plan.
22. Blended utilization to exceed 80% - from 68-69% last year Delivered - At the Q1 FY25 call, management said blended utilization should move to "in excess of 80%" with current growth, versus 68%-69% blended last year. H1 FY25 blended utilization was around 80%, Q4 FY25 group utilization was 88%, and FY25 full-year blended utilization was 79.6%; FY26 blended utilization was 77.0%.
23. Bangladesh production loss recovery - over next few weeks Delivered - At the Q1 FY25 call, management said it planned to recover the Bangladesh production loss (6 days) "over the next few weeks" via additional overtime and holiday working. By Q2 FY25 the Bangladesh facilities were running at full capacity since restart, with the highest shipment volumes ever in August and zero delivery delays, and Q3 FY25 again saw record volumes with zero delays.
24. Double-digit adjusted EBITDA by end of FY25 Missed - At the Q1 FY25 call, the CFO said the company is "optimistic about hitting a double digit EBITDA, adjusted EBITDA... by the end of this year" (FY25). FY25 adjusted EBITDA margin was 9.1%, though Q4 FY25 adjusted EBITDA margin was 9.7% reported and 10.5% excluding losses at new facilities.
25. FY25 revenue growth of at least 12%-14% - with better bottom line, double-digit Delivered - At the Q1 FY25 call, management guided FY25 growth of "at least minimum of 12% to 14% year-on-year and with a better bottom line, double-digit". FY25 revenue grew 31.1% to ₹4,506 crore and PAT after minority interest grew 42% to ₹248 crore.
26. ESOP expense guidance of ₹4.5-5 crore for FY25 Missed - At the Q4 FY24 call, the CFO guided ESOP expense for next year (FY25) in the range of ₹4.5-5 crore. Quarterly ESOP expense ran ₹2.1 crore in Q1, ₹2 crore in Q2 and ₹1.3 crore in Q3 FY25, taking 9M FY25 to ₹5.4 crore, already above the full-year guided ceiling.
27. Net working capital days FY28 target 35-40 days Pending - At the Q4 FY24 call, the CFO guided net working capital days of around 35 steady-state, with an FY28 target of 35-40 days and debtor days around 30; at Q2 FY25 the steady-state band was restated as around 35-45 days. Working capital days ran 30 in FY24, 38 in FY25, 43 in FY26 and 43-44 in Q1 FY27, with debtor days of 28 in FY24 and 30 in FY26; the FY28 target remains live and unmet so far.
28. Four-year capex plan of ₹500-550 crore - FY25-FY28 On track - At the Q4 FY24 call, management set a four-year capex plan of ₹500-550 crore over the next four years; the FY24 annual report framed it as ₹450-550 crore from 2023-24 to 2027-28, and Q2 FY25 reiterated \~₹500 crore total investment toward the 2028 target. FY24 capex was ₹115 crore, FY25 ₹135 crore, and FY26 ₹250 crore committed with ₹134 crore utilized by Q2 FY26, cumulatively \~₹500 crore committed/planned with the four-year window not complete.
29. FY28 capacity of 12-14 crore pieces - from 8.4 crore now On track - At the Q4 FY24 call, management set a capacity target from 8-8.4 crore pieces now toward "12 crore to 14 crore kind of capacity" for 2028; revisions took it to 13 crore by FY28 (Q3-Q4 FY25), 13-13.5 crore (Q2 FY26), then 12.5-13 crore by FY28 at Q4 FY26 and Q1 FY27. FY26 installed capacity was 10.1 crore pieces, with 10.8 crore expected by September-October 2026; the FY28 horizon is not reached.
30. FY28 revenue target of ₹6,000-6,200 crore - organic only On track - At the Q4 FY24 call, management reiterated its FY28 target of ₹6,000-6,200 crore consolidated top line, "solidly on track", with the plan organic only and no acquisition assumed; later revisions consolidated around ₹6,000 crore by 2028, with Q4 FY26 saying it is achievable even with modest 9% growth and Q1 FY27 noting the current run-rate is "very close to our target". FY26 revenue was ₹5,025 crore and Q1 FY27 revenue ₹1,528 crore, annualizing above ₹6,000 crore; the FY28 horizon is not yet reached.
31. Capacity expansion from \~6 crore to 8-8.4 crore pieces with minimal capex - may start additional factories Delivered - At the Q3 FY24 call, the MD said with minimal capex, current infrastructure can grow from \~6 crore pieces to about 8-8.4 crore pieces annually, and the company "may start a couple of additional factories over this year or so". Capacity was enhanced from 8 crore to about 8.4 crore pieces by Q4 FY24, reaching 9.3 crore by Q4 FY25 and 10.1 crore in FY26.
32. Bangladesh wage impact mitigated - no adverse earnings impact in coming quarter Delivered - At the Q3 FY24 call, management said there will be no adverse impact on earnings in the coming quarter from the Bangladesh wage increase, given mitigation measures. Q4 FY24 adjusted EBITDA was ₹83.9 crore, up 30.8% YoY, with margin of 9.6% versus 8.8% in Q4 FY23; the wage impact was restated as 12-15% of wage bill, \~1-1.5% of top line, offset via automation and efficiency.
33. Net debt/EBITDA improvement to 0.04x next year - from 0.21x in FY23 Partial - At the Q2 FY24 call, management expected net debt/EBITDA to improve to 0.04 times next year from 0.21 times as on FY23. The guided FY24 deadline passed with net debt/EBITDA at 0.25x, though it subsequently reached -0.04x in FY25 and 0.11x in FY26.
34. Dividend policy - at least 20% of consolidated PAT annually Delivered - At the Q2 FY24 call, management finalized a dividend policy to declare at least 20% of consolidated PAT in a given year, reiterated at Q4 FY24, Q4 FY25 and in the Q4 FY26 PPT. FY24 dividend was ₹38.1 crore (22.5% of consolidated PAT), FY25 ₹52.7 crore (22.8% payout) and FY26 ₹67 crore (24.7% payout), all above the 20% floor.
35. FY24 capex plan of \~₹120 crore - 50% capacity, 40% upgradation, 10% maintenance Delivered - At the Q2 FY24 call, management set an FY24 capex plan of approximately ₹120 crore: 50% capacity enhancement, 40% upgradation, 10% maintenance. FY24 capex incurred was ₹115 crore PPE plus \~₹1.25 crore IT capex, split India ₹42 crore, Bangladesh ₹40 crore, Indonesia ₹16 crore, Vietnam ₹13 crore and Guatemala ₹4 crore; ₹90 crore had been incurred by Q3 FY24.
36. Consolidated effective tax rate 16%-18% - blended guidance Delivered - At the Q1 FY24 call, management guided the consolidated effective tax rate at 16% to 18%, restated as steady-state at Q3 FY24, then revised to a blended 13%-15% at Q2 FY25 and 15% at Q1 FY26. Actual effective tax rates were 13.7% in FY24, 13.7% in FY25 and 12.7% in FY26, with 9M FY26 at 11.8%.
37. Guatemala expansion - capex up to US$2 million, 12 lines, US$20 million annual revenue in two-three years Partial - At the Q1 FY24 call, management said Pearl GT Holdco will incur capex of up to US$2 million to expand capacity up to 12 lines generating annual revenue of US$20 million, expected "post our complete capex is done in the next two years to three years"; the $20-25 million potential was reiterated at Q2 FY24 as "on course", but by Q4 FY25 the potential was revised to about $10-15 million maximum. Guatemala expanded from 3 to 12 production lines with capitalization completed 31st March 2024, reached 90% utilization in FY26, and breakeven is guided for FY27, but no disclosure of revenue reaching US$20 million.
38. FY24 EBITDA margin maintained at last year's level - full-year guidance Delivered - At the Q1 FY24 call, management reiterated guidance to maintain last year's EBITDA margin in FY24 despite challenges; at Q2 FY24 it committed to maintain at least 8.1% and improve on it, ending the year "more than +8.1%". FY24 adjusted EBITDA margin was 9.2%, up 100 bps from 8.2% in FY23.
39. FY24 revenue flat or slight growth - full-year guidance Delivered - At the Q1 FY24 call, management guided FY24 consolidated revenue to be "flat or slight growth" versus last year, reiterated in Q&A; at Q2 FY24 this was raised to 5%-10% growth, with a full-year forecast of "similar number to last year's total with very minor upward, maybe 5% to 7%". FY24 consolidated revenue was ₹3,436.2 crore, up 8.8% YoY.
40. Top-line growth of 20% for next three years within existing capacity Partial - At the Q3 FY23 call, management said top-line can easily grow at 20% for the next three years within the existing capacity; revisions moved the framing to 15%-20% CAGR over three-four years (Q4 FY23 through Q3 FY24), then 15-18% CAGR to an FY28 target of ₹6,000-6,200 crore, then 12%-14% CAGR from Q1 FY25 onward, with Q3 FY25 guiding cumulative growth of at least 15% plus and Q1 FY27 reiterating 12%-14%. FY24 revenue grew 8.8%, FY25 31.1% and FY26 11.5%, a FY23-FY26 CAGR of \~16.7% - the original 20% was missed in two of three years, though the revised 12-14% CAGR was met.
41. Alpha acquisition ROCE 15-20% first year, 18-20% in two-three years - revenue and EBITDA accretive from year one Delivered - At the Q3 FY23 call, management reiterated that at the time of the Alpha acquisition it targeted ROCE of 15% to 20% in the first year, stabilizing around 18% to 20% in the next two-three years, with Alpha revenue and EBITDA accretive from the first year itself. Alpha achieved ROCE of 18% to 20% in the first year itself, and by Q4 FY23 integration was seamless with increased revenues, profitability and positive, growing ROCE.
42. Geographic mix return to \~65:35 US:non-US - next few seasons Delivered - At the Q2 FY23 call, management said the geographic mix wish list was to return to \~65:35 US:non-US (or even 60:40), with Europe \~15% expected to go up "in the next few seasons". The Q1 FY25 order book mix was 67% US / 33% non-US, Q3 FY25 was trending toward 65:35 versus 85:15 three years back, and FY25 US share of top line was 64%; by Q2 FY26 US exposure was \~48-49% of goods shipping into the US.
43. Q3 FY23 revenue run rate of ₹750-800 crore - quarterly guidance Missed - At the Q2 FY23 call, management guided Q3 FY23 to show a similar number to last year, with quarterly revenue run rate of roughly ₹750-800 crore. Q3 FY23 consolidated revenue was ₹717 crore, up 2% YoY, below the guided floor.
44. Double-digit EBITDA margin target - \~10% in coming quarters, FY25 or mid-FY25 Partial - At the Q2 FY23 call, management set a goal of reaching double-digit EBITDA margin, targeting \~10%, "in coming quarters… whether it is FY25 or mid of FY25", dependent on product mix and macro stabilization; the horizon was repeatedly pushed - "can happen in this year, it can happen in the next year" (Q4 FY23), FY24-25 (Q2 FY24), 10-12% by 2028 (Q4 FY24, Q3 FY25), 12% maintained (Q2 FY26), 10% for FY27 (Q4 FY26) and 10-12% by FY28 reiterated at Q1 FY27. Reported adjusted EBITDA margins were 9.2% in FY24, 9.1% in FY25 and 9.3% in FY26 (10.3% ex-tariff and ramp-up costs), with Q4 FY26 at 10.3% - the highest ever quarterly - and Q1 FY27 at 10.7%.
45. US customer buy-drop impact limited to next two quarters - near-term outlook Delivered - At the Q1 FY23 call, management said the US customer buy-drop (10-30% cuts) is an impact "for the next two quarters", with the Q2 orderbook already in hand and Q3 "almost like confirmed". Q2 FY23 revenue grew 26% YoY to ₹860.3 crore and Q3 FY23 grew 2% to ₹717 crore, before Q4 FY23 revenue declined 18.5% YoY to ₹730 crore.
46. No major capex needed for FY23 growth - existing capacity sufficient Delivered - At the Q1 FY23 call, management said FY23 revenue growth needs no major capex - only maintenance and specialized machines, with no Greenfield or Brownfield capacity additions. FY23 total capex was ₹48 crore, and revenue grew 16.4% to ₹3,158 crore.
47. Incremental partnership ROCE threshold of at least 15%+ - ongoing benchmark Delivered - At the Q1 FY23 call, management set an internal benchmark of \~20% ROCE for any incremental partnership arrangement, with a threshold hurdle of "at least 15% plus" to start; at Q4 FY23 the CFO said all new projects/capex must target ROCE close to 20% within two-three years, Q2 FY25 added a fixed asset turnover target of \~3.5-4 with an 18%-20% ROCE threshold, and the FY26 annual report cites targeted ROCE thresholds of \~20%. Group ROCE was 24.2% in FY23, 28.2% in FY24, 30.5% in FY25 and 28% in FY26, with Alpha achieving 18-20% ROCE in its first year; no partnership-level disclosure against the 15%+ hurdle.
48. Capacity utilization to 75% in FY23 - from \~65% Partial - At the Q1 FY23 call, management guided capacity utilization to rise from \~65% to 75% for FY23. H1 FY23 utilization was "90% plus" and Q3 FY23 ran at roughly 75-80 lakh units per quarter, but Q4 FY23 blended utilization was back at \~65% including partnership factories, and no clean full-year FY23 utilization figure was disclosed.
49. FY23 EBITDA margin maintained at \~7.8-8% - full-year FY23 Delivered - At the Q1 FY23 call, management indicated the \~7.8-8% EBITDA margin level should be maintained for the whole of FY23, conditional on macro risks not going "too much out of control". FY23 consolidated EBITDA margin was 8.1%, up 290 bps from 5.2% in FY22, with Q3 FY23 at 10% and Q4 FY23 at 8.6%.
50. FY23 revenue crossing ₹3,000 crore - FY23 target Delivered - At the Q1 FY23 call, management said crossing ₹3,000 crore revenue in FY23 was "in our target line", responding to an analyst's \~₹3,100 crore suggestion, with wording hopeful rather than firm. FY23 consolidated revenue was ₹3,158.4 crore, up 16.4% YoY, and management later noted revenue doubled from ₹1,490.9 crore in FY21 to ₹3,158.4 crore in FY23, "surpassing the growth guidance".