1. NBFC entry over next three years Pending - In a December 2025 Times of India interview, chairman David Devasahayam said the group will look at the NBFC vertical over the next three years, exploring acquisitions and funding via internal accruals. No progress beyond the announcement has been disclosed in our record as of September 2026.
2. FY28 guidance - 12-13% revenue growth, 19-20% EBITDA margin Pending - At the Q1 FY27 call, management guided FY28 top-line growth of 12%-13% and consolidated EBITDA margins of about 19%-20%. No FY28 actuals are available yet.
3. Payment aggregator licence - approval by early 2027, business in FY28 Pending - At the Q1 FY27 call, management guided that the payment aggregator licence application would be resubmitted by end of August/early September 2026, with approval expected by January/February 2027 and business to start at least in FY28. As of Q1 FY27 the revised application had not yet been filed, RBI having sought clarifications about two months earlier.
4. Acemoney - 50,000+ Soundbox deployments in FY27 On track - At the Q1 FY27 call, Acemoney set a target to deploy over 50,000 Soundboxes in FY27, with \~60-70% already in the order book. Cumulative deployment had crossed 58,000 Soundboxes as of Q1 FY27, with the incremental FY27 target still open.
5. Acemoney - ₹50-75 cr revenue in \~2 years Pending - At the Q4 FY26 call, Muthuraman said Acemoney can grow to ₹50-75 cr in revenues in roughly two years. Acemoney revenue was ₹28.78 cr in FY26 and only \~₹70 lakh in Q1 FY27; the two-year window (FY28) remains open.
6. FY27 revenue - ₹500 cr and 11-12% PAT margin On track - At the Q4 FY26 call, Muthuraman reiterated the objective of reaching ₹500 cr revenue and 11%-12% PAT margins for FY27; at Q1 FY27 this was framed as standalone revenue growth crossing double digits with standalone EBITDA margin of 17%-18% for FY27. Q1 FY27 consolidated revenue was ₹108 cr, +5.8% YoY, with consolidated PAT margin of 4.8%, leaving three quarters to run.
7. IDBI Bank mandate - \~₹20 cr additional revenue in FY27 On track - At the Q3 FY26 call, management confirmed the IDBI/PSU bank contract's additional regions would give \~₹20 cr additional revenue in FY27, taking the bank's total to \~₹35 cr, with deployment starting 1 April 2026. The mandate commenced in Q1 FY27, driving standalone revenue growth of 7% YoY and retail cash management growth of 5.5% YoY; the full-year figure is not yet available.
8. Cost reduction - ₹5 cr annualized from Q3 FY26 Partial - At the Q2 FY26 call, management committed to cost measures reducing costs "to the tune of 5 crore on an annualized basis at current level of operations from the third quarter onwards". Q3 FY26 consolidated EBITDA margin improved to 13.9% from 13.1%, and Q4 FY26 standalone EBITDA margin improved to 15% from 13.6%, "driven by cost reduction measures", though no explicit ₹5 cr annualized confirmation appears in the record.
9. Dividend payout - 40-60% of profits maintained On track - At the Q4 FY24 call, management said the historical payout ratio of 40%-60% would be maintained and "we'll hope to continue to do so in future as well". A FY24 dividend of 250% of face value was proposed, FY25 and FY26 dividends continued, with intention to keep paying strong dividends noted at Q4 FY26; no explicit payout-ratio disclosure for FY25/FY26 appears in the record.
10. Revenue growth - 18%+ for FY25 Missed - At the Q4 FY24 call, the CMD guided "healthy growth of (+18%) in revenues for the current financial year" (FY25), later refined to 15%-18% at Q1 FY25 and reaffirmed as an \~18% CAGR "still on track" at Q2 FY25. FY25 consolidated revenue grew 10.6%, below the guided range.
11. Acemoney - 10% of total revenue in 2 years Missed - At the Q4 FY24 call, management said Acemoney would be "10% plus or minus" of total revenue in the next 2 years. Acemoney revenue was ₹21.9 cr in FY25 (\~5% of consolidated ₹427 cr) and ₹28.78 cr in FY26 (\~6.5% of ₹440 cr), below 10% at the end of the two-year window.
12. Acemoney - PoS machine rollout and breakeven Partial - At the Q4 FY24 call, management reiterated a target to distribute over 1 lakh PoS machines over the next 2 years, a figure subsequently re-set several times - 65,000 for FY25, 90,000 for FY26, over 1 lakh for FY26 - before shifting to Soundbox and breakeven framing by Q4 FY26 and Q1 FY27. Acemoney installed 64,228 POS machines in FY25, over 1 lakh in FY26 and \~1.5 lakh merchants by Q4 FY26, while remaining loss-making at PAT level (\~₹10 cr loss in FY26).
13. DBJ (valuables logistics) - revenue from Q3 FY24, breakeven Missed - At the Q1 FY24 call, management expected the DBJ business, launched July 2023, to start generating revenues and scale from Q3 FY24 onwards, with breakeven expectations beginning at end-FY24 and repeatedly pushed out - by Q4 FY25 to March 2026, Q4 FY26 to H1 FY27, and Q1 FY27 to Q2 FY27. DBJ revenue stayed small - ₹2 cr in Q3 FY26, ₹6.07 cr for FY26, ₹2.21 cr in Q1 FY27 - and the segment remained loss-making through FY26 (₹6 cr) and Q1 FY27.
14. Petroleum segment - recovery to near normal Delivered - At the Q4 FY23 call, management expected petroleum throughput to stabilize and "come back to near normal" over the coming year, later pointing to recovery in the next 2-3 quarters and higher-than-average growth. Petroleum revenue moved from an \~₹8 cr FY23 loss in throughput terms to 54% growth in FY24, reaching \~80-85% of FY22 level by FY24 and growing 24% YoY by Q2 FY26.
15. Employee cost - 10-12% growth, \~15.5% of revenue in FY24 Missed - At the Q4 FY23 call, management guided FY24 employee cost growth of 10-12% and employee cost as a percentage of revenue to come down to \~15.5% from 16.9% in FY23, later expecting a return to 22-23 levels in FY25. FY24 employee costs came in at ₹731 mn, 18.7% of sales, and Q4 FY25 employee costs were 20.9% of total income - the 15.5% target was never achieved.
16. Touch point additions - \~1,000-1,200 per month Missed - At the Q3 FY23 call, management guided touch point additions higher than 11-12% growth, possibly closer to 20%, with \~1,000-1,200 outlets added per month, a pace reiterated through Q4 FY24 as \~1,000 gross additions per month "in the coming years". Touch points grew from 59,750 (Dec 2022) to 77,982 (FY25) but monthly additions fell to \~700 by Q4 FY24 and FY26 saw a net drop of 2,634 points in 9 months, with the count at 77,014 in Q1 FY27.
17. Direct clients share - increase from 2-3% of revenues Delivered - At the Q3 FY23 call, management said direct clients' share of revenues was "likely to increase in the future" from the current 2%-3%, later setting a 10%-of-revenue direct sales target and a \~30% "reasonable target" within two years at Q4 FY26. Direct client share rose from 2.9% in FY23 to 15% in FY25, 18% in FY26 and 18.4% in Q1 FY27; the 30% target remains open.
18. Capex - FY23 ₹8-9 cr, FY24 \~₹25 cr Delivered - At the Q3 FY23 call, the CFO guided FY23 capex of ₹8-9 cr and FY24 capex of about ₹25 cr, also stated as ₹20 cr in one answer, reaffirmed at Q4 FY23 as ₹25-26 cr mainly for cash vans. FY23 capex was about ₹3 cr, and FY24 cash van investment of ₹24 cr landed within the guided FY24 range.
19. Cash van fleet expansion - \~200 vans from IPO proceeds Delivered - At the Q3 FY23 call, management guided \~200 cash vans to be purchased from IPO fresh issue proceeds, with 40 vehicles ordered and another 160 orders likely in the coming financial year, later tracked as 220 vans total for ₹22 cr. All 220 specially fabricated armoured vans were purchased for ₹23.53 cr against the ₹25.48 cr prospectus allocation, a saving of ₹1.95 cr, with deployment completed by Q1 FY25; cash van operations rose from \~7% of revenue in FY24 to 15.8% in Q1 FY27.
20. EBITDA margin - sustain \~26%, restore historical levels Missed - At the Q3 FY23 call, management said they would like to sustain \~26% EBITDA margin, "a good number to target, but we hope to improve upon it in the midterm", later guiding a reversion to FY23's \~25% by Q3/Q4 FY25, then \~15%+ consolidated and FY27 standalone 17%-18% with FY28 consolidated 19%-20%. FY23 OPM was 24.55%, FY24 16.28%, FY26 10.58%, and Q1 FY27 standalone OPM 8.95% with consolidated EBITDA margin 11.0% - margins roughly halved rather than restored.
21. Revenue growth - 22-24% YoY medium term (till FY25) Missed - At the Q3 FY23 call, management guided 22%-24% YoY revenue growth in the medium term (till FY25), calling it "our endeavour" and saying they were "on track"; the target was repeatedly lowered - to 17%-19% at Q3 FY24, 15%-18% for FY25, 15%-18% CAGR over three years at Q4 FY25, and 12%-13% for FY28 at Q1 FY27. Revenue grew 25% in FY23 (₹355 cr), then 8.85% in FY24, 10.57% in FY25 and 0.55% in FY26, with TTM growth at 1.83% - well short of the original range.