1. Diabetes focus - accelerate performance for at least 1.5 years Delivered - At the Q2 FY26 call, management said for at least 1.5 years the focus would be on accelerating diabetes performance (Toujeo and Soliqua), reiterated at Q1 FY27 as growing the unit double-digit and above market. Diabetes grew 11% in Q4 2025, close to 14% in Q2 2026 and 17% in H1'26, above market.
2. OPEX trend - will not increase, continued optimization Delivered - At the Q2 FY26 call, management said OPEX "will not increase for sure," with continued optimization year over year, reiterated at Q1 FY27. Operating expenses fell 17% in Q4 2025 and full year 2025, and were minus 5% in Q2/26 (₹972 Mio vs ₹1,027 Mio) and minus 15% in H1/26.
3. Partnership portfolio - not expecting double-digit growth Delivered - At the Q2 FY26 call, management said "we are not expecting double-digit growth from this portfolio," aiming to continue the net 2% growth, with stabilization expected by end of 2026. Partnership sales grew 2% in Q2 2026 (₹1,457 Mio, 41% of domestic) after declining 2% for full year 2025.
4. South Africa and Russia exports - in projection, full year for Russia On track - At the Q2 FY26 call, management said South Africa exports were "in our projection" and Russia exports, started end of last year, would run "a full year for the export for certain products". At the Q1 FY27 call, Goa is exporting to Russia and South Africa tenders are awaited.
5. Export revenue - will not cover 100% of lost export revenue Delivered - At the Q2 FY26 call, management stated they would not cover 100% of what was lost in exports, with no numeric target or horizon. Exports dropped significantly in 2025 and H1/26 sales were ₹1,162 Mio vs ₹1,243 Mio H1/25, with losses offset by France, Italy, Turkey and Russia.
6. No new product launches in 2026 On track - At the Q2 FY26 call, management said "for 2026, we are not expecting launching new products," reiterated at Q3 FY26, with only Soliqua and Toujeo public-sector expansion and new publications planned for 2026. At the Q1 FY27 call, business cases were still under evaluation and no 2026 launches are disclosed.
7. Soliqua premix leadership - significant share, potential leadership of ₹1,000 cr segment On track - At the Q4 FY24 call, management expected Soliqua to "quickly gain a significant share" and, over time, "achieve leadership in that segment of premix, that segment of INR1,000 crores today". Soliqua grew 90% in 2025 and 16% quarter-by-quarter, with public-sector accounts accelerating 70%.
8. AllegraM and AllegraD launches - 2025 and beyond On track - At the Q2 FY24 call, management stated AllegraM and AllegraD were planned for 2025 and beyond, with C&C well planned for the Allegra introduction by 2025. Allegra-M delivered 2X value and 5X volume growth in the systemic nasal category in FY24; no AllegraD launch is confirmed in our record.
9. Soliqua, Insutage and Cetapine launches - beginning of 2024 Delivered - At the Q2 FY24 call, management stated Soliqua, Insutage and Cetapine were planned for the beginning of 2024, with Soliqua by end of Q1/beginning of Q2. Soliqua reached market in April/May 2024 and Insutage and Cetapin S launched in May 2024.
10. Sanoxaban and Carmada launches - December 2023 Delivered - At the Q2 FY24 call, management stated Sanoxaban and Carmada launches were planned for December 2023. Both were launched in December 2023 as confirmed at the Q3 FY24 call, under the 'India for India' strategy - Sanoxaban (Apixaban) and Carmada (Sacubitril + Valsartan).
11. Dividend payout ratio - maintain going forward Partial - At the Q4 FY23 call, management said it would maintain its dividend payout ratios going forward, with the last payout at 85%. Payout was revised to 65% for FY24 on working capital build; FY25 dividends totalled ₹123 per share, and at Q1 FY27 management said payout "will not be lower than" past levels, without committing.
12. Consumer healthcare demerger - listing expected mid-2024 Delivered - At the Q4 FY23 call, management announced the consumer healthcare demerger with 1:1 share entitlement and listing on BSE and NSE expected mid-2024, later softened to "in the next few months". The business was separated into a distinct entity in 2024, with net assets of ₹1,902 mn adjusted in reserves as at 31 May 2024.
13. Lantus NLEM margin protection - maintain operating profit percentage on Lantus Delivered - At the Q3 FY23 call, management committed that if Lantus came under NLEM price control, the group purchase price would be reduced so the operating profit percentage remained constant, with the parent absorbing the cut. By Q2 FY24 the price-reduction impact had been taken up by Sanofi SA, and Lantus showed steady volume growth thereafter.