1. Preferential issue of CCDs - ₹115.7 crore for overseas investments, debt repayment, working capital Pending - In announcements dated 8 May 2026 and 11 May 2026, the company proposed to utilise the net proceeds from the preferential issue of CCDs aggregating to ₹115.7 crore for funding overseas investments, repayment of financial creditors, working capital, and general corporate purposes, with a utilisation timeline of 12 months from the date of allotment. The preferential issue was proposed and Zee Entertainment was named as the allottee, but our record holds no disclosure of allotment or utilisation as of 14 July 2026.
2. Debt fundraise of up to ₹35 crore for Milk VFX acquisition Pending - In an announcement dated 22 January 2026, the Board approved raising of debt funds up to an aggregate amount of ₹35 crore for funding, as part of the consideration value, of Milk Visual Effects Limited. Our record holds no disclosure confirming the raising of this ₹35 crore debt; the preferential issue of CCDs for ₹115.7 crore appears to be an alternative or supplementary funding route.
3. QIP Round 1 - utilisation for capex, UK subsidiary investment, working capital Partial - In the Q2 FY26 Result filing, the company disclosed the proposed schedule of utilisation of net proceeds from QIP Round 1: funding capital expenditure ₹5,900.60 lakh, investment in UK subsidiary ₹613.65 lakh, working capital ₹1,285.75 lakh, and general corporate purposes ₹150.00 lakh. As of 30 September 2025, actual utilisation was capex ₹4,701.63 lakh, UK subsidiary investment ₹0, working capital ₹1,285.75 lakh fully utilised, and general corporate purposes ₹150.00 lakh fully utilised, leaving ₹1,812.62 lakh unutilised.
4. Gaming division launch - by February 2026 Missed - At the Q2 FY26 call, management guided that a small gaming division within Phantom will be started before February, i.e., by February 2026. Our record holds no disclosure confirming the launch of a gaming division by February 2026 or at any point thereafter.
5. Main board migration - by early January 2026 Missed - At the Q2 FY26 call, management guided that the company will migrate from SME to main board on NSE, expecting completion by December or last week or first week of January, i.e., by early January 2026. Our record holds no disclosure of main board migration completion as of 14 July 2026.
6. Remaining \~₹13 crore Tippett payment - phased by December 2025, June 2026, December 2026 Pending - At the Q2 FY26 call, management guided that the remaining \~₹13 crores payment for Tippett acquisition will be released in 3 phases: by December 2025, June 2026, and December 2026. Our record holds no disclosure confirming the December 2025 tranche payment; the June 2026 and December 2026 tranches are not yet due.
7. Deferred payment for Milk acquisition - first tranche by December 2025 Delivered - At the Q2 FY26 call, management guided that the deferred payment for Milk acquisition will be closed in 3 tranches, with the first tranche by December 2025. The first tranche under the Share Sale and Purchase Cum Investment Agreement was paid, and the company received the share certificate confirming its shareholding, with the acquisition completed and announced by November 2025.
8. Consolidated EBITDA margin of 44% and PAT margin of 25% for FY27 Pending - At the Q2 FY26 call, management guided consolidated EBITDA margin of 44% and PAT margin of 25% for FY27 once fully integrated. The FY27 horizon is not yet reached; no read yet.
9. FY27 revenue of ₹300-350 crore Pending - At the Q2 FY26 call, management guided consolidated revenue of ₹300-350 crores for FY27. The FY27 horizon is not yet reached; no read yet.
10. Milk VFX acquisition - completion within 3 months from August 2025 Delivered - In an announcement dated 12 August 2025, the company stated it had entered into a term sheet to acquire Milk VFX and Lola Post, with the acquisition expected to be completed within the next 3 months. The acquisition of Milk Visual Effects Limited was completed, with the first tranche paid and share certificates issued, as reported in the Q2 FY26 PPT, within the 3-month window by approximately November 2025.
11. QIP proceeds utilisation - ₹59.99 crore for international expansion, AI, and Tippett integration Pending - In the Q2 FY26 PPT, management guided that the proceeds from the ₹59.99 crore QIP are being utilised for international expansion, AI-enabled workflow development, and integration of Tippett Studio. Our record holds no detailed utilisation statement for this specific July 2025 QIP; the stated purposes are broad and ongoing with no explicit completion horizon.
12. Preferential issue of convertible warrants - ₹59.95 crore utilisation by 30 September 2026 Pending - In an announcement dated 4 March 2025, the company stated that proceeds of the preferential issue of convertible warrants amounting to ₹59.9469 Crore are intended to be utilised towards working capital and issue expenses, with tentative timelines for utilisation from 1 April 2025 to 30 September 2026. Our record holds no disclosure of the receipt or utilisation of these warrant proceeds; the Q4 FY25 call mentioned that approximately ₹10 crore of convertible warrants had been raised, out of which ₹2.5 crore had been received.
13. Revenue of more than ₹750 crore in the next three years Pending - At the Q4 FY25 call, management guided that they are expecting more than ₹750 crores in revenue in the next three years, but stated they need to verify those numbers. The three-year horizon is not yet reached; no read yet.
14. CAPEX investments of ₹10-15 crore in foreign countries for assets Pending - At the Q4 FY25 call, management guided that CAPEX investments of around ₹10 crores to ₹15 crores might be made in foreign countries for assets. Our record holds no disclosure of foreign CAPEX investments of this scale; QIP proceeds utilisation for capex of ₹4,701.63 lakh was directed to new studios and infra in Chennai, Mumbai, and Hyderabad, not foreign countries, and investment in the UK subsidiary was ₹0.
15. Chinese operations profitable from first year; ₹0.5-0.8 crore revenue from China in FY26 On track - At the Q4 FY25 call, management guided that Chinese operations are expected to be profitable from the first year and that they expect around ₹0.5 crore to ₹0.8 crore from China alone as revenue in FY26. At the Q2 FY26 call, the China subsidiary had secured orders of approximately $17 million with some contracts already being executed, consistent with the revenue target, though the explicit FY26 deadline is not reached.
16. Collection of FY24-25 outstanding receivables of ₹36 crore in Q2 FY26 Partial - At the Q4 FY25 call, management guided that total outstanding receivables from FY24-25 of ₹36 crores are expected to be collected in Q2 FY26, with potential spillover into Q3. At the Q2 FY26 call, management reported that from outstanding receivables of ₹42.09 crore as of 31 March 2025, ₹27.54 crore had been collected as of September 2025, representing a 65% collection rate.
17. EBITDA margins of 38-45% on the ₹200 crore revenue target On track - At the Q4 FY25 call, management guided that they are expecting EBITDA margins of 38% to 45% for the ₹200 crore revenue target, with a later revision at the Q2 FY26 call guiding consolidated EBITDA margin of 44% for FY27 and 30-32% in two years' time. H1 FY26 consolidated EBITDA margin was 32.42%, below the 38-45% range, but the full-year FY26 outcome is not yet due.
18. Phantom standalone 30% growth over FY25 in FY26 On track - At the Q4 FY25 call, management guided that PhantomFX standalone operations will achieve 30% growth over FY25 performance. H1 FY26 standalone total income was ₹57.42 crore, representing approximately 59.7% growth over H1 FY25 standalone total income of ₹35.96 crore, consistent with the full-year target though the explicit deadline is not reached.
19. Tippett ₹30 crore project billed in H2 FY25 Missed - At the Q2 FY25 call, management guided that the ₹30 crore Tippett project will be billed in H2 FY25, stating the ₹44 crore WIP plus ₹30 crore Tippett billing will 100% be done in H2. At the Q4 FY25 call, Tippett's revenue was not consolidated in FY25 because the court order came on 27 March 2025 and there was not enough time to get FEMA approval; the ₹30 crore billing in H2 FY25 did not occur as guided.
20. ESOP policy for Phantom employees - implementation around August 2025 Missed - At the Q2 FY25 call, management guided that an ESOP policy for Phantom employees will be framed, with implementation planned for the next financial year around August 2025. Our record holds no disclosure of an ESOP policy being framed or implemented by August 2025 or thereafter.
21. FY26 PAT margin of 35% On track - At the Q2 FY25 call, management guided FY26 PAT margin of 35%, with a later revision at the Q2 FY26 call guiding consolidated PAT margin of 25% for FY27. H1 FY26 consolidated PAT margin was 23.43%, below the 35% target, but the full-year FY26 outcome is not yet due.
22. FY26 revenue of ₹130-150 crore (with possibility of ₹200 crore) On track - At the Q2 FY25 call, management guided FY26 revenue of ₹130-150 crore, with a possibility of ₹200 crore if Chinese and Tippett projects materialize, later revised at the Q2 FY26 call to consolidated revenue of approximately ₹240 crores for FY26. H1 FY26 consolidated total income was ₹88.29 crore, consistent with the revised full-year target, though the explicit deadline is not yet reached.
23. Collection of 60% of remaining \~₹56 crore receivables by end of FY25 Partial - At the Q2 FY25 call, management guided that the company will collect 60% of the remaining approximately ₹56 crore receivables by the end of FY25. At the Q4 FY25 call, management reported that from the H1 FY25 outstanding receivables of ₹60.09 crore, ₹38.77 crore or 58% had been collected from October 2024 to May 2025, slightly below the 60% target.
24. No capital raise or promoter dilution in FY25 Delivered - At the Q4 FY24 call, management guided that the company does not have any plans to raise additional capital or dilute promoter holding in FY25, but decisions may vary in FY26 depending on opportunities. Our record holds no evidence of equity capital raised or promoter dilution during FY25 itself; a QIP of ₹59.99 crore was raised in July 2025 in FY26.
25. EBITDA margins of 43-48% for FY25 Missed - At the Q4 FY24 call, management guided EBITDA margins of 43% to 48% for FY25, stating they would try to maintain the EBITDA margin declared in March 2024 and if everything comes through, try for actually much higher than that. FY25 EBITDA margin was 38%, below the 43-48% guided range.
26. Workforce expansion of 250-300 employees across India, US, and Canada Pending - At the Q4 FY24 call, management guided workforce expansion of 250 to 300 employees across India, US, and Canada as a direct result of the Tippett Studio acquisition, reiterated in the Q4 FY24 PPT and again at the Q4 FY25 call. As of the Q2 FY26 PPT, the company reported 650+ artists, with the acquisition having completed only on July 1, 2025, and the revenue growth trajectory that was to enable the expansion still in its early stages.
27. Tippett Studio acquisition closing - 30 to 45 days from 30 May 2024 Partial - At the Q4 FY24 call, management guided that the Tippett Studio acquisition was expected to close in 30 to 45 days. The acquisition received final court approval on 26 March 2025 and was formally completed in June 2025, with consolidation from 1 July 2025, approximately 12 months after the guided window.
28. Revenue growth of 20-25% for FY25 Partial - At the Q4 FY24 call, management guided revenue growth of 20% to 25% for FY25 on a conservative basis, with a separate statement on the same call guiding 50% revenue growth, later revised at the Q2 FY25 call to full-year FY25 consolidated revenue of ₹100-110 crore. FY25 total income was ₹104.37 crore, representing approximately 15.4% growth over FY24 total income of ₹90.43 crore, hitting the ₹100-110 crore range but missing the original 20-25% growth target.
29. Talent pool increase from 500+ to 700 by end of FY24 Partial - In the FY23 Annual Report, the company stated a plan to increase the talent pool from 500+ to 700 by the end of FY24. At the Q4 FY24 call, the company had over 650 professionals, falling short of the explicit 700 target by end of FY24.
30. Maintain sustainable operational margins consistent with FY24 performance Missed - In an announcement dated 13 November 2024, management stated that the company aims to maintain sustainable operational margins, consistent with performance in FY24 when EBITDA margin was 43.15%. FY25 EBITDA margin was 38%, below the FY24 level of approximately 43%.