1. Rights Issue - raise up to ₹50 cr Partial - The Rights Issue Committee approved an issue for an amount aggregating up to ₹50.00 cr, structured as 28,29,500 Rights Equity Shares at ₹160 per share. The issue was completed with 26,40,000 partly paid-up equity shares listed on NSE from 28 Nov 2025, but the Monitoring Agency Report referenced an issue size of ₹21.12 cr, and our record holds no disclosure confirming receipt of the full ₹50 cr.
2. Revenue of ₹400-500 cr by FY27 with PAT margin of 10-15% Pending - In Dec 2024 and Jan 2025, management guided revenue of ₹400-500 cr by FY27 with PAT margins of 10-15%, expecting to invest ₹100 cr over the next 12 months to achieve this. The expansion plan was postponed and the preferential issue to fund it was withdrawn in Mar 2025, with the company stating it "shall revisit the same at a right point of time"; FY26 revenue was ₹120 cr, and the FY27 target period remains live.
3. Phase 1 e-waste recycling facility - commence operations in H1 FY26 Missed - In the Dec 2024 expansion announcement, management stated Phase 1 of the e-waste recycling facility in Faridabad (₹8 crore, 1 metric ton per day capacity) was expected to commence operations in H1 FY26. As of Sep 2025, expenses incurred for the E-Waste project were Nil, and the May 2026 Monitoring Agency Report stated the project is "ongoing" with no commencement disclosure through Jul 2026.
4. E-waste management licence - by end of FY25 Missed - At the Q2 FY25 call, management stated they had applied for the e-waste management licence and it "should be with us very, very soon," with a Jan 2025 update giving an explicit deadline of "by the end of FY25". Our record holds no disclosure of the licence being received; as of Sep 2025, expenses for the E-Waste Management and Recycling unit were Nil, and the project remained "ongoing" in May 2026.
5. Dubai international expansion - H2 FY25 launch Partial - At the Q4 FY24 and Q2 FY25 calls, management stated they were "starting with Dubai" and "setting up a company" there, with the Dec 2024 expansion announcement giving an explicit H2 FY25 launch schedule. Rocking Deals General Trading LLC was established and signed a strategic agreement with Amazon, reported in Nov 2025, making the entity operational by H1 FY26 - a delay of at least one quarter past the H2 FY25 window.
6. 100 stores overall throughout the country - within 2 years (by \~Sep 2026) Pending - At the Q2 FY25 call in Sep 2024, management stated the plan was "to open about 100 stores in the next 2 years overall throughout the country". The expansion plan was postponed in Mar 2025 and the associated preferential issue was withdrawn, with the company stating it "shall revisit the same at a right point of time"; the deadline has not yet elapsed as of 14 Jul 2026.
7. Minimum EBITDA margin of 10% - FY25 and ongoing Delivered - At the Q2 FY25 call, management stated minimum EBITDA margin "10%, if you're looking at the worst case scenario" as a floor for ongoing operations. Every reported quarter through FY26 remained above 10%: FY25 EBITDA margin was 18.76% and FY26 was 13.60%, with quarterly margins ranging from 11.65% to 24.30% (SQL).
8. PAT margin of \~10% - FY25 Delivered - At the Q2 FY25 call, management stated "we're confident that we could do about 10%" on PAT level, in the context of FY25 performance. FY25 consolidated PAT margin was 9.63% and standalone net profit ratio was 9.82%, both within a rounding band of "about 10%".
9. 100% CAGR revenue growth - FY25 and ongoing Partial - At the Q2 FY25 call in Sep 2024, management stated they were "looking at 100% CAGR for sure" and "it's going to be at least 100% for sure" for FY25 revenue growth. FY25 consolidated revenue was ₹55.44 cr, growth of 11.85% YoY - far below 100%; FY26 revenue was ₹120 cr, growth of 116%, exceeding 100% but one year after the explicit FY25 deadline (SQL).
10. Guwahati operations turnover contribution - at least 30-35% of overall turnover in FY25 Pending - At the Q4 FY24 call in Mar 2024, management stated "at least 30% to 35% of my overall turnover in this year should come from Guwahati operations". The Guwahati warehouse was opened in Jun 2024, but no disclosure of Guwahati-specific revenue contribution for FY25 or FY26 has been identified in the record to confirm or refute the target.
11. Merger margin and top-line uplift - at least 1-2% bottom-line margin increase and 15-20% top-line increase Partial - At the Q4 FY24 call, management stated the merger of Rockingdeals India Private Limited should increase bottom-line margins "at least by 1% or 2%" and top line "by 15% to 20%". FY25 revenue growth was 11.85%, missing the 15-20% range, and PAT margin declined to 9.63% from FY24's 10.51%; FY26 revenue growth of 116% exceeded the target, but PAT margin of \~8.44% remained below the FY24 baseline and the promised uplift (SQL; D12 p.71, p.163; D13 p.64, p.156).