1. Espee Global Clinical Trial Services subsidiary - operational in FY27 Pending - At the Q4 FY26 call, management guided the Espee Global Clinical Trial Services subsidiary is expected to become operational in FY27. The subsidiary was being set up as of Q2 FY26, and no operational status has been disclosed yet.
2. B2B segment - grow revenue at 25-30% in FY27 Pending - At the Q4 FY26 call, management guided B2B segment revenue will grow at 25-30% in FY27. FY26 B2B revenue was ₹830 Mn, up \~11% from ₹748 Mn in FY25, and FY27 has not commenced in our record.
3. B2C segment - grow to at least 30% of total revenue in FY27 Pending - At the Q4 FY26 call, management guided the B2C segment will grow to at least 30% of total revenue in FY27. FY26 B2C share was 14%, and FY27 has not commenced in our record.
4. Consolidated PAT margin - improve to 8-10% Pending - At the Q2 FY26 call, management guided consolidated PAT margin will improve from \~5% to 8-10% moving ahead. FY26 consolidated PAT margin was 5.41%, down from 6.19% in FY25, and H2 FY26 PAT margin was 5.43%.
5. Emerging market share - increase to 25-30% of consolidated revenue Pending - At the Q2 FY26 call, management guided emerging market share of consolidated revenue will increase, with US share declining from \~80% to 25-30%. FY26 business distribution was 86% B2B and 14% B2C, with no explicit emerging-market vs US revenue split disclosed in our record.
6. B2C EBITDA margin - improve from 35%+ as we move ahead Pending - At the Q2 FY26 call, management guided B2C EBITDA margin was 35% plus and they were looking to improve it further moving ahead. B2C segment-level EBITDA margin is not separately disclosed in our record; consolidated EBITDA margin declined from 7.37% in FY25 to 6.64% in FY26.
7. B2B EBITDA margin - maintain 32-33% going forward Pending - At the Q2 FY26 call, management guided B2B EBITDA margin will remain in the 32-33% range going forward. Standalone EBITDA margin was 31.56% in H1 FY26 and 31.85% in H2 FY26, but B2B segment-level EBITDA margin is not separately disclosed in our record.
8. 200+ B2C launches Pending - In the Q2 FY26 PPT, management targeted 200+ B2C launches, reiterated in the Q4 FY26 PPT. FY26 B2C products numbered 41, up from 14 in FY25, with 600+ products in development as of Nov 2025 and no explicit horizon stated for the 200+ figure.
9. Expansion into 5+ new territories On track - In the Q4 FY25 PPT, management guided expansion in 5+ new territories, reiterated in the Q4 FY26 PPT targeting Eastern Europe, Africa, and ASEAN regions. In FY26, the company expanded commercial presence into four new markets - Myanmar, Nicaragua, North Macedonia, and Madagascar - with active entries underway.
10. 2,000 new filings - in the next 3 years On track - In the Q4 FY25 PPT, management aimed for 2,000 new filings in the next 3 years, reiterated as 2,000+ and 2,100+ in subsequent PPTs. As of FY26, total dossier registrations stood at 2,243+, with 850+ dossiers ready-to-file and 50+ dossiers submitted monthly.
11. Semaglutide and Mounjaro products - commercialization in H2 FY26 Missed - At the Q4 FY25 call, management guided sales from semaglutide and Mounjaro products in non-patent markets would come in H2 FY26, later revised to commercialization in 3-4 countries in FY27. As of Q4 FY26, only filings were initiated across non-patented emerging markets, with no commercialization or revenue reported in FY26.
12. B2C products - around 250 products within a year Missed - At the Q4 FY25 call, management guided the company was looking at around 250 B2C products within a year from May 2025. As of FY26, B2C products numbered 41, up from 14 in FY25, with no disclosure of 250 products being achieved by May 2026.
13. B2C share of total revenue - reach 25-30% by end of CY2025 Missed - At the Q4 FY25 call, management guided B2C share would reach 25-30% by end of CY2025, later revised to 18-20% by end of FY26 and then to at least 30% in FY27. FY26 B2C share was 14%, and management acknowledged the FY26 target of 18-20% was missed due to product launch delays.
14. R&D costs - remain at 2-3% of turnover Partial - At the Q4 FY25 call, management guided R&D costs will remain at around 2% to 3% of turnover in the future. FY26 R&D investment was around ₹3-4 crores, which on consolidated revenue of ₹854 Cr is \~0.35-0.47% of turnover, below the guided range.
15. Dedicated in-house R&D center in Ahmedabad Pending - In the FY24 Annual Report and Aug 2024 announcement, the company stated it is setting up a dedicated in-house R&D center in Ahmedabad. Our record holds no disclosure on the completion or operational status of this R&D center through Q4 FY26.