1. FY26 commercial completion - 0.2 crore sq ft OC during FY26 Delivered - At the Q4 FY25 call, management expected \~0.2 crore sq ft of commercial development to receive OC during FY26, with Q2 FY26 confirming both assets would get OC on or before March 31. Aerocity and Zentech - \~0.2 crore sq ft total - were both delivered by FY26-end, with Aerocity OC in hand by Q1 FY27 and Zentech OC expected March 2026.
2. FY26 revenue recognition - \~₹3,000 crore from OC-bound projects Delivered - At the Q4 FY25 call, Deepak Rastogi confirmed close to ₹3,000 crore of revenue recognition expected in FY26 from OC-bound projects where \~₹2,600 crore of sales had already happened. FY26 revenue from projects was ₹3,740 crore, exceeding the ₹3,000 crore target.
3. KVN JV (Hardware Park) launch - within six months Partial - At the Q4 FY25 call, management expected the KVN JV (North Bengaluru, \~25 acres, GDV ₹3,300 crore) to launch within six months, with the six-month guidance repeated at Q1 FY26 and a January-February window set at Q2 FY26. Purva Northern Lights launched on the KVN JDA land in Q4 FY26, \~11 months after the May 2025 announcement - about 5 months past the target.
4. FY27 EBITDA margin - 25-30% range On track - At the Q1 FY27 call, management guided EBITDA margins of 25-30% at the overall portfolio level for FY27. Q1 FY27 EBITDA margin came in at 25%, at the lower end of the range; the full-year target is not yet due.
5. FY27 collections - double-digit growth On track - At the Q4 FY26 call, management said it is "reasonable to expect" collection growth in double digits for FY27. Q1 FY27 collections were ₹1,199 crore, up 40% YoY, well above the double-digit bar; the full-year target is not yet due.
6. FY27 launch pipeline - 20.48 msft planned, \~₹27,300 crore GDV On track - At the Q1 FY27 PPT, management planned 20.48 msft of launches across South and West India with approximate GDV of ₹27,300 crore, later adding \~₹10,000 crore of sustenance. Q1 FY27 saw only one new phase (Emerald Bay Tower B12, Pune, 0.13 msft); the full-year target is not yet due and the pipeline is weighted to Q2-Q4.
7. ICICI Prudential AMC Zentech transaction - targeted for completion by August 2026 Missed - At the Q1 FY27 call, management said a definitive agreement with ICICI Prudential AMC was signed during the quarter at \~₹625 crore enterprise value, subject to customary adjustments and closing conditions, with completion expected "during this month" (August 2026). As of 2 September 2026, no completion disclosure is on record and the stated August window has lapsed.
8. FY27 Mumbai launches - five launches with GDV of ₹10,600 crore On track - At the Q1 FY27 PPT, management planned five Mumbai launches during FY27 with GDV of ₹10,600 crore and developable area of 0.38 crore sq ft, with all four projects (Miami, Pali Hill, Apna Ghar, Deonar Baug) "absolutely on track" for Q3-Q4 FY27. Purva Miami (Breach Candy) received RERA in June 2026 and is on sale in Q1 FY27; Pali Hill is targeted Q3 FY27 and Apna Ghar and Deonar Baug Q4 FY27.
9. FY27 land acquisition deployment - ₹1,500-2,000 crore On track - At the Q1 FY27 PPT, management planned to deploy about ₹1,500-2,000 crore in FY27 to accelerate land acquisitions and project launches. Q1 FY27 land payments including advances and deposits were ₹574 crore, consistent with the annual target; the full-year figure is not yet due.
10. Commercial pipeline - 12 msft over 7 years Pending - The FY20 Annual Report stated a 12 msft commercial real estate pipeline to be executed over the next 7 years, a window running to FY27. As of Q4 FY26, OCs had been received for Aerocity (leasing underway) and Zentech, but the transcript cites no completed area and the window remains open until March 2027.
11. Dividend policy - 33.33% of PAT each year Missed - The FY20 Annual Report stated the Company shall endeavour to pay 33.33% of PAT each financial year, subject to business exigencies. FY24 PAT of ₹42 crore, FY26 PAT of ₹57 crore and an FY25 loss of ₹183 crore were all accompanied by no disclosed dividend, and none was recommended at Q1 FY24.
12. NCR entry - results in next financial year (FY26) Missed - At the Q1 FY25 call, management expected NCR entry results "in the next financial year" via an asset-light model, later qualifying that NCR contribution would take 12-24 months. No NCR project launch or land acquisition was disclosed through Q1 FY27, by which point management was still evaluating an entry focused on Noida.
13. FY25 presales - beat FY24's ₹5,914 crore Missed - At the Q4 FY24 call, management said the presales goal is to beat last year's number and beat average market growth. FY25 presales came in at ₹5,006 crore, down 15% from FY24's ₹5,914 crore.
14. Mumbai redevelopment EBITDA margin - \~30% Partial - At the Q3 FY24 call, management targeted EBITDA margin of about 30% for Mumbai redevelopment projects; the guidance was subsequently revised to \~23-24% (Q2 FY25), 20-25% (Q1 FY26) and close to around 20% (Q4 FY26). Purva Estrella (Lokhandwala) margins came in close to 20%, slightly upwards of 20%.
15. Debt per sq ft - under ₹1,000 Delivered - At the Q3 FY24 call, management targeted debt per sq ft of ₹1,000 or less, a cap reiterated across Q4 FY24 to Q4 FY25 for the residential business. Reported debt per sq ft ran ₹791 (Q3 FY24) to ₹928 (Q2 FY25), with a Q4 FY25 breach at ₹1,131 total before residential debt of ₹859/sq ft at Q2 FY26; the residential figure stayed within the target.
16. Land acquisition-to-launch turnaround - 6-9 months Partial - At the Q3 FY23 call, management said every new acquisition should be launched within 6-9 months from deployment, later stretched to 9-12 months, \~8-10 months, and 12-15 months in the FY25 AR. KVN JV (announced May 2025) launched as Purva Northern Lights in Q4 FY26 within \~10 months, but FY25 launches slipped 2-3 quarters on approvals and Mumbai projects (Thane, Andheri, Pali Hill) faced NGT delays.
17. FY26 presales - beat FY25's ₹5,006 crore Delivered - At the Q1 FY26 call, Ashish Puravankara said "definitely, there will be a growth" versus last year, driven by Q3/Q4 launches. FY26 presales were ₹7,407 crore, up 55% YoY from FY25's ₹5,006 crore - a record high.
18. Aerocity commercial - OC by December 2025, leasing to start Q3-Q4 FY26 Partial - At the Q1 FY26 call, management expected Aerocity OC by December 2025 for both towers (\~0.13 crore sq ft), with leasing hoped to start in Q3 and Q4; the target was later pushed to January and then end of March. Aerocity OC was received by Q1 FY27 - \~4-5 months late - with RFPs filled for \~0.25 crore sq ft but no leases signed yet.
19. Zentech commercial asset - OC by March 2026, substantial sales by FY26-end Partial - At the Q2 FY26 call, management guided Zentech OC by February 2026 and substantial sales by end of FY26, later confirming both assets to get OC by end of March. Zentech was \~44% leased or sold before OC - \~127,000 sq ft sold and \~90,000 sq ft leased to IKEA - and an ICICI Prudential AMC transaction at \~₹625 crore enterprise value was signed by Q1 FY27, but our record holds no explicit OC confirmation.
20. Mumbai project launches - Thane, Andheri, Pali Hill, Miami by Q4 FY26 Partial - At the Q2 FY26 call, management guided Andheri in January, Miami in March-May, Thane and Bandra in Q4 FY26, with 3 of 4 Mumbai projects launching in Q4. Purva Estrella (Andheri) launched in Q4 FY26 with >₹800 crore sales, but Thane's launch was not confirmed, Pali Hill slipped to Q3 FY27, Bandra to FY27, and Miami began selling only in Q1 FY27.
21. HDFC platform capital - deploy balance ₹700 crore by June 2025 Partial - At the Q3 FY25 call, management expected to deploy the balance of HDFC fund capital - a little over ₹700 crore - before June 2025. ₹700 crore of ₹1,150 crore had been deployed by Q2 FY26, with the remaining ₹450 crore pushed out 3-6 months and \~₹110 crore repaid; no disclosure of full deployment by June 2025 was found.
22. Land bank expansion - to 4.5 crore sq ft over 2-3 years On track - At the Q2 FY25 call, management intended to grow the land bank from 2.8 crore sq ft to 4.5 crore sq ft over a 2-3 year time frame, reiterated at Q3 FY25. The land bank stood at 3.8 crore sq ft as of June 2026, still short of the target, though management expects significant near-term expansion from ongoing acquisitions and signed MOUs.
23. Commercial rental income - ₹150 crore by FY26, ₹200 crore by October 2026 Pending - At the Q2 FY25 call, management expected \~0.22-0.23 crore sq ft of commercial space to be completed in FY26 generating rental income of about ₹150 crore, and ₹200 crore by approximately October 2026. Aerocity OC was received by Q1 FY27 and Zentech OC was expected March 2026, with \~44% pre-leased or sold, but no rental income figure has been disclosed.
24. FY27 debt reduction - ₹700-750 crore On track - At the Q4 FY26 call, management targeted debt reduction of approximately ₹750 crore for FY27, excluding incremental borrowing for strategic BD, reaffirmed at ₹700 crore in Q1 FY27. Q1 FY27 gross debt declined ₹74 crore, consistent with the annual pace, though net debt rose ₹515 crore on land acquisitions.
25. FY27 presales guidance - ₹11,200 crore On track - At the Q4 FY26 call, management targeted FY27 presales of approximately ₹11,200 crore, with \~48% from sustenance and \~52% from new launches, reiterated in Q1 FY27. Q1 FY27 presales were ₹1,439 crore, up 28% YoY - about 13% of the annual target; the full-year figure is not yet due.
26. FY26 launch target - 1.23 crore sq ft planned Missed - At the Q1 FY26 call, management planned \~1.23 crore sq ft of launches for FY26 (0.92 crore sq ft new project launches plus 0.31 crore sq ft new phases), with H2 FY26 pipeline later restated at 1.55 crore sq ft. FY26 launches totalled 6.39 msft across 10 launches, roughly half the target.
27. FY25 launch target - 1.73 crore sq ft Missed - At the Q1 FY25 call, management expected to launch 1.73 crore sq ft in FY25: 1.27 crore sq ft new launches plus 0.46 crore sq ft new phases, later restated to \~1.57 crore sq ft. FY25 saw only \~0.3 crore sq ft opened for sale (7.38 msft developable launched, 3.6 msft opened at launch), missing the target by a wide margin.
28. FY24 launch target - 1.6 crore sq ft developable / 1.37-1.4 crore sq ft saleable Missed - At the Q4 FY23 call, management targeted FY24 launches of 1.6 crore sq ft developable and 1.37-1.4 crore sq ft saleable, trimmed to \~1.5 crore sq ft pipeline with \~0.6-0.7 crore sq ft opened at Q1 FY24. FY24 launches covered 12 projects with total saleable area of 0.95 crore sq ft (10.76 msft developable), \~30% short of the saleable target.
29. Mumbai/Pune presales share - 30-40% within 3-5 years On track - At the Q3 FY23 call, management set a goal of 30-40% of presales from Mumbai and Pune over the next 3-5 years, later raised to 50% of business (Q1 FY24) and at least 40% from Mumbai (Q4 FY24). The Mumbai+Pune share rose from \~6% in FY24 to 15% in FY25, 20% in FY26 and 24% in Q1 FY26, still below target with the window open to Dec 2025-2027.
30. Cash collections - ₹5,000 crore over next 2 years (FY24-FY25) Delivered - At the Q4 FY23 call, management stated it will definitely collect ₹5,000 crore over the next 2 years, maintaining the current residential run-rate. FY24 collections were ₹3,609 crore and FY25 collections ₹3,937 crore - a two-year total of ₹7,546 crore, well above the target.
31. Revenue recognition - 70-80% of presales in P&L within 2-3 years Missed - At the Q3 FY23 call, management said P&L revenue recognition should reach \~70-80% of presales in 2-3 years, so that by FY26 the P&L would more or less reflect operating profits. FY26 project revenue of ₹3,740 crore against FY26 presales of ₹7,407 crore is a ratio of \~50%, below the target; FY24 and FY25 ratios were \~37% and \~40%.
32. AIF deployment - fully deployed within 6-9 months Missed - At the Q3 FY23 call (Dec 2022), management said the \~₹700 crore Purva Real Estate Fund should be fully deployed in the next 6-9 months, with the second deployment in final stages after the first tranche. Only the ₹93 crore first tranche was disclosed as deployed, and our record holds no confirmation of the remaining deployment - the deadline lapsed well before Sep 2026.
33. FY26 delivery target - 4,500+ units Partial - At the Q1 FY26 call, management said the company was on track for planned delivery of more than 4,500 units during FY26, later reframing the plan as delivering 3,000-plus units "absolutely on track". FY26 handovers were 3,747 homes aggregating 0.43 crore sq ft - short of 4,500 but above the revised 3,000-plus.
34. FY25 delivery target - 3,500-4,000 units Missed - At the Q4 FY24 call, management set an FY25 delivery target of approximately 3,500 to 4,000 units, including at least 1,700 units from OC already received. FY25 deliveries were 2,510 units, below the target range.
35. FY24 delivery target - 3,000+ units, roughly double FY23 Partial - At the Q4 FY23 call, management targeted delivering in excess of 3,000 units in FY24, roughly double the 1,600+ units delivered in FY23. FY24 deliveries were 2,614 units - about 13% short of the target, but a meaningful step up from FY23's 1,600.
36. FY23 delivery target - over 3,000 units / 0.3 crore sq ft Missed - At the Q4 FY22 call, management targeted FY23 delivery of over 3,000 units, above pre-COVID levels, in excess of about 0.3 crore sq ft, with Q1 FY23 reaffirming about 3,000 homes minimum. FY23 deliveries were in excess of 1,600 units totaling 0.17 crore sq ft - roughly half the target.
37. Cost of debt - reduce by 100 bps within 3-4 months Delivered - At the Q2 FY22 call, management said additional transactions would bring the average cost of debt down by not less than 100 bps within three to four months, possibly to \~10% by end of calendar 2021. The cost fell from 11.78% (Q1 FY22) to 10.51% (Q3 FY22) within two quarters, exceeding the 100 bps reduction.
38. Launch pipeline - 1.4 crore sq ft over next 12-15 months (Q1 FY22) Missed - At the Q1 FY22 call, management planned 1.4 crore sq ft of launches over the next 12-15 months across Provident, Puravankara and Purva Land, with the pipeline restated at 1.8 crore sq ft developable and rolled forward into each subsequent year's guidance. Actual launches were FY22 \~0.6 crore sq ft, FY23 0.6, FY24 0.95 saleable, FY25 \~0.3 opened and FY26 0.64 developable - every year's target missed, often by 50% or more.
39. Commercial office portfolio - 0.7 crore sq ft retained, construction start timing Partial - At the Q4 FY21 call, Abhishek Kapoor said the long-term strategy is to continue building the commercial portfolio - about 0.7 crore sq ft to launch - with 0.65 crore sq ft at Q3 FY22 to go into production over the next 18 months. Purva Aerocity (0.2 crore sq ft) commenced construction in FY23 and Zentech was introduced, with both assets (\~0.2 crore sq ft total) delivered by FY26 - but only \~0.3 crore sq ft was under construction by FY23, short of the full portfolio.
40. EBITDA margins - 30%+ overall going forward Partial - At the Q4 FY21 call, Neeraj Gautam guided average EBITDA margin of 30% plus going forward in FY22-23 - Puravankara close to 30%, Provident 20-25%, plotted +35% - a floor reiterated across subsequent calls before the Q1 FY27 reset to 25-30%. Reported EBITDA margins were FY22 48% (one-time boost), FY23 36%, FY24 24%, FY25 14%, FY26 18% and Q1 FY27 22% - met in FY22-FY23, missed in FY24-FY26.
41. Purva Land plotted development - 0.55 crore sq ft launch over 5-12 months, \~₹2,500 crore value Partial - At the Q4 FY21 call, management identified an additional 0.55 crore sq ft of plotted development for launch over the next 5-12 months across Bangalore, Chennai and Coimbatore, with full value of about ₹2,500 crore. Six projects launched in FY22 including Tivoli Hills, South Bay and Tree Haven, with South Bay 99-100% sold by March 2022 and 9 projects across \~0.7 crore sq ft by Q4 FY23 - but no disclosure confirms the full 0.55 crore sq ft launched within the window.
42. Net debt reduction - to ₹1,800-1,900 crore within 12 months Delivered - At the Q4 FY21 call, Ashish Puravankara said debt of ₹1,800-1,900 crore is a comfortable number the company was "hoping to achieve in the next 12 months", with Neeraj Gautam targeting ₹1,900 crore by end of FY22. Net debt at Q4 FY22 was ₹1,857 crore, within the original band; it subsequently rose to ₹2,949 crore by Q4 FY25 before the latest FY27 reduction target of ₹700-750 crore, which is not yet due.
43. Annual sales run-rate - 1.5 crore sq ft "should not be difficult" to achieve Missed - At the Q4 FY21 call, MD Ashish Puravankara said annual sales of 1.5 crore sq ft "should not be difficult" to achieve and the company should be able to "even cross that". Across the five subsequent fiscal years, annual volume peaked at 0.74 crore sq ft in FY24 (FY22 0.35, FY23 0.4, FY25 0.57, FY26 0.73), roughly half the guided run-rate.