1. Satcom Infotech acquisition - 70% stake in cyber-security company Missed - At the Q3 FY25 call, management announced acquisition of a 70% stake in a cyber-security focused company with the transaction under execution. By the Q4 FY25 call the Satcom acquisition had been terminated and the strategy redrawn; no replacement cyber-security acquisition is disclosed through Q1 FY27.
2. IPO GCP proceeds of up to ₹8.14 crore deployed by FY24 Partial - Per the IPO offer document, General Corporate Purpose proceeds of up to ₹8.14 crore were to be deployed "By FY24". Board resolutions of April 2025 and February 2026 extended utilisation; ₹7.70 crore was utilised by March 31, 2026 and the full ₹8.14 crore by June 30, 2026.
3. IPO working capital funding of ₹220.00 crore completed by FY24 Delivered - Per the IPO offer document, the ₹220.00 crore allocation for working capital funding was targeted for completion "By FY24". ₹220.00 crore was utilised between 15/02/2024 and 31/03/2024 and stood fully utilised by Q4 FY26.
4. IPO prepayment of borrowings of ₹326.00 crore by FY24 Delivered - Per the IPO offer document, prepayment of certain outstanding borrowings (₹326.00 crore allocation) was targeted for completion "By FY24". ₹325.53 crore was utilised between 15/03/2024 and 31/03/2024, with ₹0.47 crore delayed and fully utilised at ₹326.00 crore by Q4 FY26.
5. Large AI data center deals possible in the JAS quarter Pending - At the Q1 FY27 call, Rajesh Goenka said some large AI data center deals could materialize as early as the JAS quarter: "if we decide, we can always take it in JAS quarter itself". Q1 FY27 saw such deals deliberately not prioritized, with ₹20-70 crore component supply in most deals; Q2 FY27 is not yet reported.
6. Integrated services and value-added solutions - around 5% of revenue portfolio Pending - At the Q1 FY27 call, Kapal Pansari said approximately 5% of the revenue portfolio will come from integrated services and value-added solutions via the acquisition(s), with a precise outlook deferred to Q2. No revenue contribution from integrated services has been disclosed yet.
7. VDA - stakeholder value creation in 2-3 years; substantial FY27 growth plan Pending - At the Q1 FY27 call, Rajesh Goenka said VDA will bring value creation "in next 2 to 3 years' time" with a substantial FY27 growth plan. The 67% VDA acquisition completed in Q1 FY27, with VDA having done ₹850 crore revenue the previous financial year.
8. Restar JV - revenue of more than US$100 million within three years Pending - At the Q1 FY27 call, Rajesh Goenka targeted revenue of more than US$100 million from the Restar JV "in next three years maximum", calling $100 million "only minimum guidance". The JV, Rashi Restar Semiconductor Solutions Private Limited (74% Rashi / 26% Restar), is newly formed with existing embedded business moving in.
9. Q2 FY27 growth - similar trend to Q1's \~60% YoY Pending - At the Q1 FY27 call, Rajesh Goenka guided Q2 FY27 growth to show a similar trend to Q1's \~60% year-on-year growth, with the speed of price increase "should be half". Q2 FY27 results are not yet reported as of 2nd September 2026.
10. FY27 working capital days - around same range as Q4 FY26 On track - At the Q4 FY26 call, management said FY27 working capital days would be "around same range" as the current Q4 FY26 level. Q4 FY26 working capital days were 58; Q1 FY27 came in at 56.
11. PES price increases - another 20% on average expected On track - At the Q4 FY26 call, management said PES category price increases were "expected on an average should be another 20%" going forward. In Q1 FY27, management said the price uptrend continues and is expected to continue through the financial year, though with a possible slowdown in trajectory.
12. Dell - close to double-digit share of top line in FY27 On track - At the Q4 FY26 call, management said the Dell partnership, at a low single digit share of full-year top line, would reach "close to double-digit share" of overall top line in FY27. Q1 FY27 Dell commercial contributed roughly 5% of business, with management stating "We are above the target as far as numbers are concerned".
13. FY27 revenue growth - maintain 20% CAGR On track - At the Q4 FY26 call, management said it was "very confident to maintain our trajectory of 20% CAGR in the coming year as well". Q1 FY27 revenue of ₹5,102 crore grew 62% YoY, well above the 20% CAGR path.
14. Base business growth - always 15% to 20% Delivered - At the Q3 FY26 call, Rajesh Goenka reiterated base business (excluding large deals) guidance of "always 15% to 20%", and at Q4 FY26 the "regular run rate growth of 20% Y-o-Y". Base business grew about 24% for 9M FY26 and FY26 growth excluding the prior-year Yotta deal was 31% YoY.
15. Debt-to-equity - maintain around 0.5x Delivered - At the Q3 FY26 call, Himanshu Shah said debt-to-equity is 0.5x and expected to be maintained around that level given business growth. FY26 net debt-to-equity was 0.43x and the Q1 FY27 debt ratio was around 0.5.
16. Large projects - win and execute in Q3 and Q4 FY26 Missed - At the Q2 FY26 call, Rajesh Goenka said the company was "open for large projects once again" with a strong funnel for Q3 and Q4, expecting "good results in Q3 and Q4, both". Q3 FY26 large project orders were nil and FY26 deals were small at ₹5-15 crore, with the pipeline pushed to FY27.
17. Dell Commercial Technologies - substantial revenue from Q3 FY26 Partial - At the Q2 FY26 call, Rajesh Goenka guided: "This Q3, we are expecting substantial revenue in this and going forward also," sizing the India opportunity at "about $3 billion". Q3 FY26 Dell revenue was "pretty small, insignificant"; by Q1 FY27 Dell contributed about 5% of business, above the FY27 target.
18. PAT margin - 1.5% long-run benchmark Delivered - At the Q2 FY26 call, Himanshu Shah said 1.5% is "a safer PAT margin which can be considered for long run", refined at Q4 FY26 to a range of 1.5% to 1.75%. FY25 PAT margin was 1.52%, FY26 1.78% and Q1 FY27 2.05%, all at or above the benchmark.
19. Surveillance vertical - a 3-digit crore figure yearly Pending - At the Q1 FY26 call, management indicated the surveillance vertical will be "a 3-digit figure in crores" on a yearly basis, "much more than the 3-digit figure". The vertical was then running "at 50% of what we can do"; no FY26 surveillance revenue figure is disclosed in our record.
20. Festival debt of \~₹800 crore normalized by FY25 year-end Missed - At the Q2 FY25 call, the CFO said the \~800 crore debt increase from festival volumes "will get normalized as we approach to the financial year end", a hope reiterated at Q3 FY25. Gross debt was ₹900 crore at Q4 FY25 and ₹1,190 crore at Q1 FY26, remaining elevated.
21. Working capital days - return to the normal 30-45 day range Missed - At the Q2 FY25 call, the CFO said working capital would "return to the normal fee of 30 to 45 days receivables and payables, which we normally operate at the long run". Actuals were FY25 54, FY26 58 and Q1 FY27 56 days, and management reset the comfortable range to 50-60 days.
22. Metro vs non-metro split - return to around 60:40 Missed - At the Q1 FY25 call, Rajesh Goenka said the metro vs non-metro split will "come back to around 60:40" in Q2 FY25, with the CFO adding it would be 60:40 annualized. Trailing mixes stayed at 66% metro through FY25 and 62% then 61% metro in Q1 and Q2 FY26.
23. ROCE/ROE - return to pre-IPO levels On track - At the Q1 FY25 call, Himanshu Shah indicated ROCE/ROE would look like FY24's delivered range, later setting a 15% ROE base target in 1-2 years with a 17%-20% long-run target. FY26 ROE was 13.94%; Q1 FY27 annualized ROE reached about 19.8% and ROCE about 19.5%.
24. Double-digit growth commitment Delivered - At the Q4 FY24 call, Himanshu Shah said "we continue to grow by double digit as promised", later framed as 15% to 20% growth and a 20% CAGR trajectory for FY27. Revenue growth was FY25 24.14%, FY26 14.92% and Q1 FY27 61.85% YoY - double digit in every period.
25. Roadshows in towns 51-100 - expand beyond 700 towns and 9,500 customers Delivered - At the Q4 FY24 call, management committed to roadshows/seminars/training in towns 51-100 during FY25 to expand beyond 700 towns and 9,500 customers. Reach went from 705 locations/9,915 customers at FY24 to 721 towns/10,700+ customers by Q3 FY25, with a 42-city Channel Business Forum.
26. Visual display vertical - set up Delivered - At the Q4 FY24 call, management said a separate visual display vertical was being set up, with business already started with LG, ViewSonic and other brands. The large format display business was picking up well at Q2 FY25, and the Q4 FY25 call noted the strategic expansion as completed.
27. LOEM Make in India vertical - set up in FY25 Delivered - At the Q4 FY24 call, management committed to set up a separate "LOEM Make in India" vertical in FY25. By Q1 FY25, a separate LOEM vertical had been started, targeting local manufacturers.
28. Embedded lab in Bangalore - set up in FY25 Delivered - At the Q4 FY24 call, management committed to set up its first-ever-in-India laboratory for live demos in Bangalore in FY25. The Embedded Laboratory was inaugurated "as committed on time" in Q1 FY25 with 18 live demos, and was completed as an advanced lab by Q4 FY25.
29. Enterprise business - maintain \~70% growth momentum in FY25 Partial - At the Q4 FY24 call, management said enterprise business grew \~70% last year and "in the coming year, we continue to maintain that momentum". Q3 FY25 enterprise growth was \~30%-35%, and by Q2 FY26 the segment was growing "in the excess of 30% to 50%" YoY.
30. Gross margin outlook - around 5% Delivered - At the Q4 FY24 call, management reiterated a gross margin outlook of "around 5% margins, which prevails in the industry". Q1 FY25 overall gross margin was "just about 5%"; Q4 FY26 saw slight deterioration from a prudent inventory charge and Q1 FY27's dip was explained by product mix.
31. FY25 capex - minimal Delivered - At the Q4 FY24 call, management guided FY25 capex as minimal - "we don't see any much of capital investment", only possibly some leasehold developments. CWIP was 0.00 in FY25 and no material capex was disclosed in FY25.
32. NMDC/Yotta order of \~₹1,500 crore executed within FY25 Delivered - At the Q4 FY24 call, management said the \~1,500 crore Yotta data center order "will get executed within this FY25". The order was executed in FY25, and by Q2 FY26 the \~₹1,800 crore project was fully executed with the \~₹280 crore Yotta receivable collected.
33. Inventory days - 10% improvement from existing level Missed - At the Q1 FY25 call, Himanshu Shah guided inventory days had "a scope of improvement of around 10% from the existing level", with 90% of current the long-run optimum, implying \~49-50 days from 54-55. Actuals were FY25 54, FY26 56 and Q1 FY27 55 days, flat or slightly worse.
34. CRM rollout - SAP CRM across all regions Delivered - At the Q3 FY24 call, Rajesh Goenka said SAP CRM was implemented across West India covering 150+ salespeople and would expand to other regions in the next few quarters, with all \~450 salespeople to be covered in FY25. The FY25 Annual Report confirms 450+ active CRM users.
35. Optimal debt-equity ratio of 1:1 as business increases Missed - At the Q3 FY24 call, Himanshu Shah stated an internal aspiration for a 1:1 debt-equity ratio "as and when the business increases". Actual debt-to-equity stayed around 0.43-0.5x, and at Q3 FY26 management declined to assign any number to the target.
36. Long-run EBITDA margin - around 2.5% to 2.7% Delivered - At the Q3 FY24 call, Himanshu Shah guided EBITDA margin of "around 2.5% to 2.7%" in a longer run perspective, a range reiterated through FY26. FY24 EBITDA margin was 2.64%, FY25 2.18%, FY26 2.90% and Q1 FY27 3.04%, with the latest trend at or above the guided range.