1. Pen Pencil - ₹4,000 M capital infusion for K-12 platform expansion Delivered - Management announced a ₹4,000 M capital infusion into subsidiary Pen Pencil to support strategic expansion into the K-12 platform. ₹400 cr was invested in the wholly owned school management company, and Tender Heart School was acquired; K-12 initiatives contribute less than 1% of top line.
2. Foundation, CBSE/ICSE Boards and Commerce - continue double-digit EBITDA margin On track - Management said Foundation (Grades 6-10), CBSE/ICSE Boards and Commerce, already double-digit EBITDA margin businesses last year, are expected to continue that trend. Foundation, Commerce, Boards and CUET enrolments grew 49% YoY in FY26, and Q1 FY27 Commerce and Curious Jr. enrolments grew more than 50% YoY; the FY27 horizon is not reached.
3. State Boards - double-digit EBITDA margin this year On track - Management said State Boards, profitable on a full-year basis last year, are expected to become a double-digit EBITDA margin business this year. State Boards and vernacular scaled to 393k enrolments in FY26 with EBITDA positive in the first year, and Q1 FY27 state board enrolments and revenue doubled; the FY27 horizon is not reached.
4. Southern states online portfolio - 50% enrolment growth in FY27 On track - Management targeted 50% enrolment growth in FY27 by expanding the online portfolio with localised, language-led courses across southern states. South India enrolment growth exceeded 30% in FY26 with Andhra Pradesh and Telangana above 50%, and vernacular categories saw a 1.7x jump in enrolments and revenue in Q1 FY27; the FY27 horizon is not reached.
5. Online margins - improve within FY27 as new categories break even On track - At the Q1 FY27 call, management said online margins will improve within this fiscal year as NEET PG, vernacular and Curious Junior categories break even and contribute to EBITDA margins. Q1 FY27 online EBITDA margin was 12%, +621 bps YoY, with online Pre-Ind AS EBITDA of ₹67 cr, +171% YoY; the FY27 horizon is not reached.
6. Curious Junior online - break-even this year (FY27) On track - At the Q1 FY27 call, management guided the Curious Junior online business to become break-even "this year" (FY27). Q1 FY27 Curious Junior enrolments grew 67% YoY with collections up 150%, and online early learning and K-12 revenue grew 88% YoY; the FY27 horizon is not reached.
7. NBFC - wholly owned with ₹120 cr equity infusion, short-duration loans On track - At the Q4 FY26 call, management described a wholly owned NBFC with ₹120 cr equity infusion, loans 99% short-duration (under one year), 70% for PW students, with AI-powered ML underwriting. The FinZ initiative did nearly ₹200 cr of disbursements with less than 1% NPA over two years; the strategy was revised to regulated NBFC partnerships in June 2026, with a term sheet signed and completion expected within 3 months.
8. Socratic AI Tutor - launch this year (FY27) On track - At the Q4 FY26 call, management planned to launch the Socratic AI Tutor this year (FY27), with Aryabhatta 2.0 being trained on 2,000 crore parameters; by Q1 FY27 the AI tutor was in beta with rollout promised "by next quarter". The AI Tutor POC was tested with 300+ students and 1,000+ queries, voice-to-voice at \~$0.20 per hour, with rollout expected by Q2 FY27.
9. AI-led revenues - first consumer internet company in India with AI-led revenue stream this year On track - At the Q4 FY26 call, management was "very committed to produce AI-led revenues this year" (FY27) and aims to become the first consumer internet company in India with an AI-led revenue stream. The Q1 FY27 AI Tutor POC showed 95% lesson-level accuracy and <1% hallucination rate, and Ask AI solved the majority of doubts; no AI-led revenue figure is disclosed yet.
10. FY27 EBITDA - upwards of 100% improvement vs FY26 On track - At the Q4 FY26 call, management guided upwards of 100% improvement in EBITDA in FY27 versus FY26, reiterated at Q1 FY27. Q1 FY27 pre-Ind AS EBITDA was -₹44 cr vs -₹88 cr in Q1 FY26, a 50% improvement, and Ind AS EBITDA was ₹52 cr vs -₹21 cr; the FY27 horizon is not reached.
11. FY27 revenue growth - more than 30% YoY On track - At the Q4 FY26 call, management guided FY27 revenue growth of more than 30% year-over-year, with online growing faster and offline a couple of percentage lower, reiterated at Q1 FY27. Q1 FY27 revenue was ₹1,054 cr, up 24.42% YoY, which management called "largely in line to deliver the annual operating plan"; the FY27 horizon is not reached.
12. Large online asset M&As - a couple this year, PAT-positive Pending - At the Q4 FY26 call, management said it will announce a couple of large online asset M&As this year, PAT-positive assets to be grown as independent brands like Saarthi. The record holds no disclosure of large online asset M&A announcements in FY27, and Q1 FY27 noted no new capital allocations planned; the FY27 horizon is not reached.
13. 100% asset-light K-12 - no capex, no M&A capital allocation On track - At the Q4 FY26 call, management committed to going 100% asset-light in K-12, with no capital allocation for M&A in the K-12 domain and no capex in the K-12 strategy. Q1 FY27 School Integrated Program partnerships grew from 15 to more than 50 schools last year on an asset-light model; the ₹400 cr Pen Pencil infusion predates this commitment.
14. Marketing cost - reduce by at least 20% over next three years On track - At the Q4 FY26 call, management set an ambition of reducing marketing cost by at least 20% over the next three years, from FY26 spend of ₹353 cr, \~9% of revenues. Q1 FY27 marketing spend was ₹128 cr vs ₹117 cr in Q1 FY26, a 172 bps improvement as percentage of revenue; the three-year horizon is not reached.
15. Steady-state offline margin - 13-15% medium term On track - At the Q4 FY26 call, management targeted a steady-state offline margin of 13% to 15% in the medium term, with some older centres upwards of 20%, reiterated at Q1 FY27. FY26 offline margin was a little less than -10%, but '23-'24 centres already deliver a 13-15% margin profile and mature centres are entering a 12-15% steady state; the horizon is not reached.
16. Offline business - full-year profitability in FY27 On track - At the Q4 FY26 call, management guided that the net offline business will become profitable on a full-year basis in FY27, after improving from -19% in FY25 to a little less than -10% in FY26, reiterated at Q1 FY27 as "near profitability this year". Q1 FY27 offline Pre-Ind AS EBITDA was -₹106 cr vs -₹113 cr in Q1 FY26, with offline revenue up 14% YoY to ₹490 cr; the FY27 horizon is not reached.
17. Online business - 55% of overall revenues over next three years On track - At the Q4 FY26 call, management's endeavour was for the online business to contribute 55% of overall revenues over the next three years, versus 50.1% in FY26. Q1 FY27 online revenue was ₹549 cr of ₹1,054 cr total, \~52%, with online growing 33% YoY against offline's 14%; the three-year horizon is not reached.
18. Full-year PAT profitability - FY27 On track - At the Q4 FY26 call, management committed to full-year PAT profitability for FY27, reiterating the commitment made in the last quarter's shareholder letter. Q1 FY27 PAT was -₹88.28 cr, an improvement of 30.49% YoY, with PBT of -₹84 cr vs -₹152 cr last year; the FY27 horizon is not reached.
19. 8 more K-12 schools - 4 brownfield, 4 greenfield Pending - At the Q3 FY26 call, management said they are starting 8 more schools within the K-12 schools business - 4 brownfield and 4 greenfield, the latter build-to-suit with PW leasing for nine years. The record holds no disclosure of the 8 schools being opened; Tender Heart School, Ranchi was acquired and School Integrated Program partnerships expanded from 38 to 80 schools.
20. K-12 - noticeable significant EBITDA by FY29-30 On track - At the Q3 FY26 call, management said K-12 will become "a noticeable significant EBITDA by FY '29-'30", within three to five years. K-12 initiatives contribute less than 1% of the overall ₹4,000 cr top line in FY26, and Q1 FY27 online early learning and K-12 revenue grew 88% YoY to ₹105 cr; the FY29-30 horizon is not reached.
21. 70 new offline centres next year - ₹200 cr outlay On track - At the Q3 FY26 call, management guided to opening 70 offline centres next year with an outlay of ₹200 cr. Later guidance took a disciplined expansion view with planning "probably get decided over the next 2 quarters", while 75+ new centres across 24 states were identified for FY27; Q1 FY27 centres increased to 366 from 303, with no read yet on the ₹200 cr outlay.
22. Online/offline segmental reporting - from 1st April Delivered - At the Q2 FY26 call, management committed that from the 1st of April the online and offline businesses will be reported completely separately, reiterated at the Q3 FY26 call with schools under "others". Q1 FY27 reported segment-level revenues and EBITDA separately for online and offline for the first time, with Q1 FY26 numbers restated.
23. Offline seat multiplier - \~2.5 with \~15% centre profitability On track - At the Q2 FY26 call, management said the seat multiplier will go to \~2.5, at which point centre profitability is around \~15%; later guidance built in a steady-state utilisation of 2.25 for the VP cohort, improving from current \~2x. Seat utilisation improved historically from 1.77 to 1.99 with 5-7% average annual improvement, and management expects slightly more improvement as expansion slows; no read yet on reaching 2.5.
24. Offline growth - \~25-30% with online surpassing offline Delivered - At the Q2 FY26 call, management guided offline growth at \~25%-30%, "that is what we have been assuming since last one year", with online growth surpassing offline. FY26 offline revenue grew 31% YoY to ₹1,774 cr while online grew 39%, both landing on the guided path.
25. Full-year marketing spend - \~8-9% of revenue, never double-digit Delivered - At the Q2 FY26 call, management guided full-year marketing/advertising spend at \~8%-9% of revenue, committing PW has "never spent a double-digit percentage of marketing historically" and is "not going to do this in the years to come"; at Q3 FY26 this was refined to "significantly lower than the 9.6%" spent the prior year. FY26 marketing spend was ₹353 cr, \~9% of revenues, and Q1 FY27 spend of ₹128 cr improved 172 bps YoY as a percentage of revenue.
26. Sarrthi IAS - stake to reach 85% by FY28, growth more than \~30% On track - At the Q2 FY26 call, management said PW has taken a 40% stake in Sarrthi IAS and will have 85% stake till FY28, with growth "quite strong. You will get to see more than \~30%". Sarrthi doubled revenue on a like-to-like basis for 9M FY26 with Q3 FY26 consolidated revenue of ₹22 cr and EBITDA of ₹15 cr, and a Q1 FY27 one-time non-cash charge was taken on an additional stake purchase; no current stake percentage is disclosed.
27. Q3 FY26 - highest top line and highest EBITDA margin quarter, upwards of 20% EBITDA Delivered - At the Q2 FY26 call, management guided Q3 FY26 as the strongest quarter with "upwards of 20% EBITDA". Q3 FY26 revenue was ₹1,082 cr, the highest quarter of FY26, with pre-Ind AS EBITDA of ₹219 cr at a 20.2% margin - the highest revenue and highest pre-Ind AS EBITDA margin quarter of FY26.
28. Online ACPU - full-year FY26 in same region as \~8% Q2 increase Delivered - At the Q2 FY26 call, management expected the full-year online ACPU number to be "in the same region" as the \~8% increase seen in Q2, depending on enrolments. FY26 online ACPU expanded 11.4% YoY to ₹4,104, with 9M FY26 ACPU up 10% to ₹3,810 - exceeding the guided \~8% region.