1. FY27 plotted development pre-sales - ₹500-750 crore Pending - At the Q1 FY27 call, management guided plotted development segment pre-sales of ₹500-750 crore year-on-year with margins above ₹150-200 crore as "the minimum". Q1 FY27 pre-sales were ₹617 crore in total, with no plotted development segment breakdown disclosed.
2. Dindoshi cluster - launch in FY27 On track - At the Q1 FY26 call, management guided the Dindoshi launch in the early quarters of FY27; at Q1 FY27 they said it would happen "in this financial year for sure and maybe latest in the next quarter itself". Q1 FY27: Dindoshi is up for approvals with a hearing at the next HPC meeting, and no launch was disclosed.
3. GTB Nagar cluster - launch in Q1 FY27 Missed - At the Q2 FY26 call, management guided the GTB Nagar cluster launch "definitely, in the first quarter of the next financial year", and at Q1 FY27 said "more likely in this quarter itself". Q1 FY27: GTB Nagar cleared HPC and is out for final signatures, with no launch disclosed.
4. POCM transition - 100% from FY28 On track - At the Q4 FY26 call, the CFO guided FY27 at \~40% completion-method and \~60% POCM revenue, moving to 100% POCM from FY28, reiterated at Q1 FY27. Q1 FY27 revenue split was 91% current projects (₹4,269 mn) and 9% legacy (₹434 mn), against FY26's 38%/62%.
5. Commercial annuity income - \~₹100 crore by 2030 On track - At the Q4 FY26 call, management aspired to commercial annuity income of about ₹100 crore by 2030. FY26 commercial pre-sales were ₹152 crore, with \~₹835 crore ongoing and ₹6,500 crore forthcoming unsold commercial inventory; no annuity income figure disclosed yet.
6. FY30 pre-sales - ₹10,000 crore On track - At the Q4 FY26 call, management committed to reaching the ₹10,000 crore pre-sales club by FY30, formalized in the Q4 FY26 and Q1 FY27 PPTs and reiterated at Q1 FY27. FY26 pre-sales were ₹4,022 crore and Q1 FY27 was ₹617 crore, with no further read yet.
7. FY27 collection efficiency - 75% to 80% On track - At the Q3 FY26 call, management guided collection efficiency of 75-80% of pre-sales "definitely, for sure, in the next year", reiterated at Q4 FY26 as "from this year onwards". Q1 FY27 collection efficiency was 97%, above the guided range.
8. FY27 operating cash flow - \~₹1,000 crore On track - At the Q4 FY26 call, the CFO guided FY27 operating cash flow at close to ₹1,000 crore, reiterated at Q1 FY27. Q1 FY27 OCF was ₹68 crore, and the CFO confirmed the ₹1,000 crore guidance "remains intact".
9. FY27 business development - ₹8,000 crore GDV On track - At the Q4 FY26 call, management guided FY27 acquisitions/business development at roughly ₹8,000-plus crore, formalized in the Q4 FY26 and Q1 FY27 PPTs. Q1 FY27 saw 2 projects added with combined estimated GDV of \~₹547 crore, about 7% of the target.
10. FY27 launches - ₹8,000 crore GDV On track - At the Q4 FY26 call, management guided FY27 project launches of about ₹8,000 crore GDV, formalized in the Q4 FY26 and Q1 FY27 PPTs. Q1 FY27 had NIL projects launched, with management reiterating the full-year launch pipeline of \~₹8,000 crore plus.
11. FY27 pre-sales - ₹5,000 crore (25% growth) On track - At the Q4 FY26 call, management set FY27 pre-sales guidance at ₹5,000 crore, approximately 25% growth over FY26, formalized in the Q4 FY26 and Q1 FY27 PPTs. Q1 FY27 pre-sales were ₹617 crore, about 12% of full-year guidance.
12. Legacy project drag - over by FY26 Partial - At the Q2 FY26 call, management said FY26 "should be last of the year where the color of the legacy projects should go out"; by Q4 FY26 legacy projects were expected to end in FY27, with FY27 revenue guided at 12% legacy/88% current and Q1 FY27 guided at 15%/85%. FY26 revenue was 62% legacy, falling to 9% legacy in Q1 FY27.
13. FY26 new project investment - \~₹600 crore Delivered - At the Q2 FY26 call, management guided new-project investment of about ₹600-odd crore for FY26. FY26 business development deployment was about ₹650 crore, above the guided amount.
14. FY26 operating cash flow - in line with FY25 (\~₹580 crore) Delivered - At the Q4 FY25 call, the CFO guided FY26 OCF "more or less closer to what we have done" in FY25, at ₹580 crore. FY26 OCF came in at ₹715 crore, exceeding the guidance.
15. FY26 business development - ₹6,000 crore GDV Delivered - At Q4 FY25, management guided FY26 business development of ₹6,000 crore, reaffirmed at Q2 FY26. FY26 added 5 projects with total estimated GDV of ₹10,420 crore - 1.74x the guidance.
16. FY26 launches - ₹7,000 crore GDV Delivered - At the Q4 FY25 call, the CFO guided FY26 launches of ₹7,000 crore GDV, a 40% jump over FY25, and the Q4 FY25 PPT formalized the same ₹7,000 crore figure. FY26 saw 7 projects launched with combined estimated GDV of ₹9,813 crore - 1.4x the guidance.
17. FY26 pre-sales - ₹4,000 crore Delivered - At Q1 FY26, management maintained FY26 pre-sales guidance of ₹4,000 crore, reiterated at Q2 FY26 without an upward revision despite strong H1, and formalized in the Q4 FY25 PPT. FY26 pre-sales were ₹4,022 crore, up \~33% over FY25 - "bang on in line with our guidance".
18. Nagpur initial launch - around November 2025 Missed - At the Q4 FY25 call, management guided the Nagpur initial launch "should be sometime around November this year". No Nagpur launch in November 2025 or FY26 is disclosed; the project appears in FY25 additions but not in FY26 launches.
19. Ajmera JV (Bandra) - launch in June 2025 Missed - At the Q3 FY25 call, management stated the Ajmera JV project should be launched "in June or thereabouts". No Ajmera JV launch in June 2025 or FY26 is disclosed, and the project is not listed in FY26 launch details.
20. Urbania Thane two towers - launch in August 2024 Delivered - At the Q1 FY25 call, management committed to launching two towers at Urbania, Thane (GDV \~₹1,700 crore) in August 2024. Verdant Vistas A&B Wings at Urbania, Thane were launched in Q2 FY25, with the Q2 FY25 call confirming the launch in the quarter.
21. Kasara plotted development - launch in Q2 FY25 Delivered - At the Q1 FY25 call, management committed to launching the Kasara plotted development in Q2 FY25. Kasara (Belle Vie) was acquired in Q2 FY25 and launched within 15 days of acquisition, with RERA registration received.
22. FY25 new project investment - \~₹600 crore Delivered - At the Q1 FY25 call, management guided land/new-project investment of about ₹150 crore per quarter, i.e., about ₹600 crore for FY25. FY25 investment in new projects was ₹682 crore, above the guided amount.
23. FY25 business development - \~₹4,000 crore GDV additions Delivered - At the Q2 FY25 call, management implied FY25 BD guidance of \~₹4,000 crore, noting ₹2,317 crore added in H1 was "about 58% of our guideline for FY25", with the Q4 FY25 PPT showing >₹4,000 crore GDV. FY25 additions were nine projects totaling estimated GDV of ₹4,783 crore, surpassing the guidance.
24. FY25 launches - two projects per quarter, \~₹6,000 crore GDV Partial - At the Q4 FY24 call, management guided FY25 launches "more close to about two projects every quarter", reaffirmed at Q1 FY25 and formalized as ₹6,000 crore GDV in the Q4 FY25 PPT; at Q3 FY25 this was framed as ₹6,000 crore across 8 launches. FY25 saw seven projects launched with total estimated GDV of ₹5,019 crore - "Almost achieved the guidance of FY25".
25. FY25 pre-sales - ₹3,000 crore (33% growth) Delivered - At the Q2 FY25 call, management expressed confidence in meeting FY25 pre-sales guidance of ₹3,000 crore and "rather comfortably cross[ing]" it, formalized at ₹3,000 crore in the Q4 FY25 PPT. FY25 pre-sales reached ₹3,028 crore, a 34% increase over FY24, surpassing the guidance.
26. Crown inventory liquidation - within 1.5-2 years (from Q4 FY24) On track - At the Q4 FY24 call, management set a target to liquidate all remaining Crown inventory "within the next year and a half or two"; at Q4 FY26 the CFO guided \~₹180 crore residual to be sold over the next 2 quarters with complete exit by December 2026. Crown inventory was \~₹276 crore at Q3 FY26, \~₹180 crore at Q4 FY26, and 0.04 mn sq ft of 1.44 mn sq ft at Q1 FY27.
27. Kandivali redevelopment project - launch within 12-15 months of LOI Missed - At the Q1 FY24 call, management guided the Kandivali redevelopment project would take 12-15 months from LOI to launch. No Kandivali launch is disclosed in FY24 or FY25, and the project is not listed in either year's launch details.
28. Dombivli affordable housing project - launch in FY24 Missed - At the Q3 FY23 call, management committed to launching the Dombivli 0.2 crore sq ft affordable housing project "in the new financial year". No FY24 launch is recorded; the project sat in the forthcoming pipeline at Q4 FY24 and Q4 FY25, and a Dombivli project (Urban Woods Phase-I) launched in Q4 FY25.
29. Debt-to-equity - maximum 1:1 Delivered - At the Q3 FY23 call, management said D/E "would be 1:1" going forward, reiterated at Q4 FY23, Q3 FY24 and Q4 FY24; by Q2 FY26 the CFO reiterated a tighter 0.75:1 limit, confirmed at Q4 FY26, with FY27 guided at <0.75:1. Gross D/E was 0.27:1 at FY23, 0.43:1 at FY24, 0.12:1 at FY25, 0.26:1 at FY26 and 0.30:1 at Q1 FY27, consistently "well within" guidance.
30. FY24 operating cash flow - in line with FY23 (\~₹460 crore) Delivered - At the Q2 FY24 call, CFO Sajal Gupta guided FY24 OCF "more or less in line with the last year," around ₹460 crore. FY24 OCF was ₹643 crore, 40% YoY growth over FY23's ₹459 crore, exceeding the guidance.
31. FY24 business development - add \~1.5x of sales, >₹1,000 crore deployment capacity Delivered - At the Q4 FY23 call, management reaffirmed adding \~1.5x sales via business development, stating "firepower of the ability to tie up projects with more than 1,000 crores this year", and to more than double FY23's ₹173 crore investment. FY24 added 10 projects with GDV of \~₹8,035 crore - "a three-fold increase" over FY23 - with investment doubled to ₹389 crore.
32. FY24 project launches - one project every quarter, \~₹4,000 crore GDV Partial - At the Q4 FY23 call, management planned a project launch every quarter in FY24, with the CFO guiding total launch GDV around ₹4,000 crore, reiterated at Q1 and Q2 FY24 with "at least one or two projects every quarter". Six projects launched in FY24 with estimated GDV of \~₹3,000 crore - the cadence "surpassed our guidance of one launch every quarter" but the ₹4,000 crore GDV was not met.
33. FY24 pre-sales growth - 25% YoY Delivered - At the Q4 FY23 call, management guided "presales growth of 25% year-on-year over the next few years", firmly guided at 25% for FY24 at Q1 FY24 and reiterated at Q2 and Q3 FY24. FY24 pre-sales were ₹2,266 crore, growth of over 41% YoY - "well ahead of our guidance of 25%".