1. Revenue ambition - INR500 crores company in 4 years (\~FY30), INR700-750 crores with M&A Pending - At the Q4 FY26 call, management guided that with 20% growth ROX should be "easily around INR500 crores company" in four years and INR700-750 crores with M&A. FY26 revenue was ₹210.63 Cr and the \~FY30 horizon is not reached.
2. NOC and SOC business - reach \~100 customers and \~15% of revenue in 3 years Pending - At the Q4 FY26 call, management guided the NOC and SOC business should reach \~100 customers and contribute \~15% of revenue "in another 3 years' time" from a base of \~25 customers. The business is operational with \~25 customers onboarded as of Mar 2026 and the \~Mar 2029 horizon is not reached.
3. Double capacities in key skill areas - within two years Pending - At the Q2 FY26 call, management guided the company aims to "double capacities in the next two years' time" in SAP, IBM, and NOC/SOC, with approximately 60 SAP consultants and 22 IBM consultants at the time. No subsequent capacity metrics have been disclosed and the Sep 2027 horizon is not reached.
4. Move from SME to main board - within 18-24 months, contingent on ₹250 crore revenue Pending - At the Q2 FY26 call, management guided a move from SME to the main board "in the next 18 months to 24 months" contingent on reaching Rs. 250 crore revenue. FY26 revenue was ₹210.63 Cr, below the threshold, and the Mar-Sep 2027 window is not reached.
5. Trade receivables reduction - work towards reducing debtors Delivered - At the Q4 FY25 call, management stated the company will "work towards reducing" trade receivables, which stood at approximately Rs. 74 crores against sales of Rs. 190 crores. Receivable days improved to 76 days in FY26 from 144 days in FY25, and the net working capital cycle improved from 170 days to 151 days.
6. EPS uptick - improvement by 2027 Pending - At the Q4 FY25 call, management stated the company expects an uptick in EPS "maybe in a year or so, I think by 2027". FY25 standalone EPS was ₹8.46, down from ₹9.30 in FY24, and FY26 EPS declined further to ₹7.72, with the 2027 horizon not yet reached.
7. Revenue growth ambition - sustain and grow over 20% for next 3-5 years On track - At the Q4 FY25 call, management set a minimum growth target of over 20% for the next three to five years, and at Q4 FY26 reiterated 20% growth for FY27. FY26 revenue growth was \~11.33%, below the floor, but the multi-year window runs to FY28-FY30 and the FY27 target remains active.
8. FY26 revenue growth - around 20% growth Missed - At the Q4 FY25 call, management guided revenue growth of "around 20% kind of a number" for FY26, and at Q2 FY26 reiterated the Rs. 220 crore topline guidance. FY26 total revenue was ₹210.63 Cr, representing \~11.33% YoY growth, below both the \~20% growth target and the ₹220 Cr topline.
9. Headcount expansion - add 50 people in 18 months from March 2025 Partial - At the Q4 FY25 call, management planned to expand headcount by "another 50 in 18 months from now," setting a deadline around September 2026. Headcount reached \~175 by Sep 2025 and nearly 190 professionals by Q4 FY26, with the September 2026 deadline now passed.
10. Medical automation platform - commercial rollout by end of H1 FY26 (September 2025) Missed - At the Q4 FY25 call, management stated the medical automation platform commercial rollout would be announced "in the end of H1 results" and a technology alliance partner identified by then, with business projections by September. As of Q4 FY26, the platform remained in final development with beta release awaiting AI partner integration, and no commercial rollout, partner, or projections were disclosed.
11. Cisco partnership tier - become top-tier partner "very soon" Pending - At the Q2 FY25 call, management stated the company is "on the verge of becoming the top tier" Cisco partner "very soon," with a roadmap from Premier to Gold outlined in Q4 FY24. The latest disclosure shows a Cisco APJC award and no confirmation of Gold or top-tier status, leaving the forward-looking statement unresolved.
12. Growth predictions - maintain similar growth for next year Partial - At the Q4 FY24 call, management stated the company would "like to keep a similar, what we call, you know, growth predictions" for FY25, with FY24 total income growth at \~31.73% YoY. FY25 standalone total income reached ₹189.19 Cr, an increase of ₹7.19 Cr over FY24, representing growth but at a materially slower rate than the prior year.
13. EBITDA margin sustainability - sustain margins at current levels Missed - At the Q4 FY24 call, management stated "we are expecting sustainability" of EBITDA margins, with FY24 standalone EBITDA margin at 18.30%, later revising to a return to 15%-17% by Q4 FY26. FY25 EBITDA margin fell to 16.73% and FY26 to 14.48%, with H2 FY26 at 13.86%, declining each year rather than sustaining.
14. FPO - come out with an FPO "pretty shortly" Pending - At the Q4 FY24 call, management stated the company "will come out with an FPO pretty shortly about the plans what we have in mind". As of Q2 FY26, no FPO has been launched; a warrant issuance was approved in Sep 2025 with proceeds utilization planned by Sep 2027.
15. Healthcare automation project - progress by September 2024 Partial - At the Q4 FY24 call, management stated the healthcare automation project "should see some progress by September," with subsequent revisions pushing the commercial rollout to Sep 2025 and then indefinitely pending AI partner selection. The beta version is ready but rollout was avoided due to AI alliances, and as of Q4 FY26 the platform remained in final development with no commercial launch.
16. Revenue mix - shift from 60:40 to 50:50 by next year Missed - At the Q4 FY24 call, management stated the company is "trying to work currently 60:40" in software services versus data center/infrastructure/network security and "our pursuit is to become 50:50 by next year". No revenue mix ratio has been disclosed for FY25 or FY26, and the FY25 deadline has passed with no evidence of the 50:50 target being achieved or tracked.
17. SAP partnership tier - become a platinum partner by 2026 Missed - At the Q4 FY24 call, management stated the aspiration is "to become a platinum partner by 2026" for SAP, with a roadmap from Gold to Platinum outlined in Q4 FY24. The company reported approximately 60 certified SAP consultants and secured multiple SAP implementation projects, but no platinum-tier achievement has been disclosed by the 2026 deadline.