1. Fire at Noida Customer Support Centre - operations restored within 24 hours Delivered - In the May 2025 announcement, the company reported a fire at its leased Customer Support Centre in Noida on May 17, 2025, with operations to be fully restored within 24 hours and relocation within two weeks. Operations were restored as stated, with damage financially immaterial and no insurance claim filed.
2. Plantomed acquisition - 76% for \~₹90 lakh Delivered - In the June 2025 announcement, the company completed the acquisition of 76% of Plantomed Neutraceuticals Private Limited, increased from an initial 19% stake, for approximately ₹90,00,000 using IPO proceeds. The acquisition was completed as stated in May 2025, and an additional 24% later made it 100% owned.
3. Revised IPO fund utilisation - 50% in FY26, balance in FY27 Partial - In the May 2026 announcement, revised IPO fund utilisation timelines under the shareholders' approval dated December 4, 2025 set 50% of the unutilized amount for FY26 and the balance for FY27. FY26 saw Marketing & Advertisement at ₹14.98 cr of ₹17 cr, but Technology at ₹0.78 cr of ₹3 cr and Unidentified Acquisition at ₹0.57 cr of ₹3 cr.
4. RBI approval for US subsidiary - \~30 days Missed - At the Q4 FY26 call, management said RBI approval for the US subsidiary could take another \~30 days, with operations able to start before approval. Our record holds no disclosure of RBI approval being received, and USA operations are now expected to commence revenue contribution during Q3 FY27.
5. VedaBay nutraceuticals - daily-use products for retention Delivered - In the Q2 FY26 PPT, management set out product diversification through nutraceuticals under VedaBay, targeting daily-use products for improved customer retention. VedaBay launched with products including Vitili-Go, Lungs Detox and Testo Build, and is described as the focus low-ticket/nutraceutical brand.
6. Outpace industry growth by more than 2x by FY28 On track - In the Q2 FY26 PPT, management aimed to outpace industry growth by more than 2x the sector's growth rate by FY28, reiterated in the Q4 FY26 PPT. Industry growth is cited at 12% CAGR for Ayurveda, making 2x roughly 24%+; FY26 revenue grew 23.19%, with the FY28 horizon not reached.
7. Call centres - four new centres commissioned Delivered - In the Q4 FY26 PPT, the company stated it commissioned 4 new call centres across Tamil Nadu, Karnataka, and NCR. January 2026 saw four new call centres commissioned - one in Tamil Nadu, one in Karnataka, two in NCR - following two in Tamil Nadu and one in Hyderabad in December 2025.
8. ESOP 2025 scheme - approval and launch Delivered - At the Q2 FY26 call, management said the ESOP 2025 scheme was approved by the Board, with tenure-based eligibility and no distinction by employee level. The postal ballot of December 4, 2025 passed all resolutions including ESOP 2025, the scheme was launched, and NSE approval was received in February 2026.
9. Name change to Sat Kartar Life Ltd Delivered - In the February 2026 announcement, the company said it was in process of changing its name to Sat Kartar Life Limited, subject to statutory and regulatory approvals. The company was renamed from Sat Kartar Shopping Limited to Sat Kartar Life Limited, with the Q4 FY26 PPT showing rebranding completed.
10. US product launch - April 2026 Missed - In the February 2026 announcement, the company said the first product launch in the US market was expected by April 2026, with US subsidiary formalities completed and a dedicated team constituted. Our record holds no disclosure of an April 2026 launch; at the Q4 FY26 call RBI approval was still pending, and US revenue is now expected in Q3 FY27.
11. Ajooni facility - investment of ₹1 cr Delivered - In the June 2025 announcement, the company committed an investment of ₹1 cr for the new facility, structured to preserve the asset-light model and ROE/ROCE metrics. The factory was built with capex of less than ₹1 cr, with the Q4 FY26 call citing around ₹1 cr or ₹1.25 cr including gestation.
12. Ajooni facility - commence operations from Q3 FY26 Delivered - In the June 2025 announcement, the company said the new Ayurvedic capsule facility under Ajooni Life Sciences would commence operations from Q3 FY26. The facility was commissioned and commercial production started October 1, 2025, which falls in Q3 FY26.
13. IPO proceeds - unidentified acquisition Partial - The original IPO objects allocated ₹5 cr for Unidentified Acquisition in Fiscal 2026, revised to ₹3 cr per the shareholders' approval of December 4, 2025. FY26 spend was ₹0.57 cr against ₹1.78 cr scheduled, leaving ₹2.43 cr unutilised as of March 31, 2026; the Plantomed 76% acquisition in May 2025 used IPO proceeds.
14. IPO proceeds - technology investment Partial - The original IPO objects allocated ₹5 cr for Investment in Technology, revised to ₹3 cr per the shareholders' approval of December 4, 2025, with the balance of ₹3.50 cr expected to be utilised in FY26. FY26 spend was ₹0.78 cr against ₹1.72 cr scheduled, leaving ₹2.22 cr unutilised as of March 31, 2026.
15. IPO proceeds - capital expenditure for Ayurveda hospitals Partial - In the November 2025 variation, ₹6 cr was reallocated from call-centre building capex to Ayurveda hospitals capex. FY26 spend under Capital Expenditure (Ayurveda Hospital) was ₹1.25 cr against ₹3 cr scheduled, with delay in implementation noted.
16. IPO proceeds - marketing and advertisement spend Delivered - In the Q4 FY25 PPT, the ₹33.8 cr raised via IPO was earmarked for brand visibility through marketing, targeted acquisitions, infrastructure and portfolio diversification; the November 2025 variation moved ₹2 cr each from three objects into Marketing & Advertisement, revised to ₹17 cr. FY26 utilisation was ₹22.33 cr of proceeds with Marketing & Advertisement at ₹14.98 cr of ₹17 cr.
17. CAGR 40-50% over next three years On track - In the Q4 FY25 PPT (May 2025), management said it remained "firmly on track" to deliver a CAGR of 40-50% over the next three years. Only FY26 has elapsed: consolidated revenue grew 23.19% to ₹200.70 cr, below the target range but within the three-year horizon, which remains unreached.
18. 3-year strategic MoU with Jeena Sikho - April 2026 Delivered - In the Q4 FY26 PPT, the company announced a 3-year strategic MOU with Jeena Sikho Lifecare Limited to build a technology-enabled Ayurveda healthcare ecosystem, integrating JSL's hospital network with SKL's digital engagement, with revenue sharing linked to patient outcomes. The MoU was signed in April 2026 and is in implementation phase with joint sales team training underway.
19. Additional 24% stake in Plantomed - 100% ownership Delivered - In the Q4 FY26 PPT, the company announced acquiring an additional 24% stake in Plantomed Neutraceuticals for ₹1.21 cr to make it a 100% wholly owned subsidiary. The additional 24% was acquired and the Q4 FY26 call confirmed the 100% Plantomed subsidiary acquisition complete.
20. Preferential issue - ₹48.58 cr at ₹172 per share Delivered - In the Q4 FY26 PPT, the company announced a preferential issue fundraise of ₹48.58 cr approved at ₹172 per equity share/warrant, led by institutional investors and HNIs, supporting healthcare expansion. Trading approval was granted for the equity shares allotted to Non-Promoters, admitted to dealings from July 7, 2026.
21. AI-led operations - 15-20% conversion uplift Partial - In the Q4 FY26 PPT, management stated AI delivers a 15-20% conversion uplift and lower cost-per-lead. At the Q4 FY26 call, AI was delivering ROI improvement of 4-5% at small scale, expected to improve with scale, and an AI-powered customer service agent launched in 2026.
22. Hospitals revenue - ₹100+ cr by FY28 On track - In the Q4 FY26 PPT, management expected hospitals to contribute ₹100+ cr revenue by FY28, reiterated in the May 2026 announcement. Hospital revenue is not separately disclosed in FY26, with the 30-bed hospital at daily revenue \~₹50,000 in early operations; the FY28 horizon is not reached.
23. Plantomed scale-up - ₹40-60 cr revenue by FY28 On track - In the Q4 FY26 PPT, management set a Plantomed scale-up target of ₹40-60 cr revenue by FY28. At Q2 FY26, Plantomed was "almost to touch a turnover of ₹1 cr" but "that got delayed", with no further revenue disclosure in our record; the FY28 horizon is not reached.
24. US operations - revenue contribution during Q3 FY27 On track - At the Q4 FY26 call, management said the US subsidiary was awaiting RBI approval with operations able to start before it, and the July 2026 announcement set USA operations to commence revenue contribution during Q3 FY27. Plantomed US operations are underway with marketplace accounts being set up, but no US revenue was disclosed as of Q4 FY26; Q3 FY27 is not yet reached.
25. No plan for another manufacturing facility Delivered - At the Q4 FY26 call, management said there was no plan for another manufacturing facility, with the existing facility possibly upgraded. Our record holds no disclosure of another facility being planned or built, and the existing facility fulfills 50% of capsule requirements.
26. Subsidiaries' FY27 revenue - ₹25-30 cr On track - At the Q4 FY26 call, management set subsidiaries' FY27 revenue target between 25 to 30 crores, building from \~22 cr subsidiary revenue, US at least 10-15 cr and Ajooni Life Sciences nutraceuticals another 20 cr. Revenue from subsidiaries was ₹1.2 cr as of March 2026; FY27 is not yet reported.
27. Hospital locations - Tamil Nadu and Visakhapatnam site finalization by June 2026 Pending - At the Q4 FY26 call (May 7, 2026), management said the company had identified Tamil Nadu and Vishakhapatnam but not yet finalized a place, "not even the district," and hoped to be ready with the place "by next month, June" 2026. With Q4 FY26 still the latest reported period, no cited source discloses whether the sites were finalized by June 2026, so the outcome remains unknown.
28. Hospital capacity - 1000 beds by FY28 On track - At the Q4 FY26 call, management targeted 1000 beds subsequently, with the Q4 FY26 PPT laying out a roadmap of 30 beds FY26 → 300 beds FY27E → 1000 beds FY28E, echoed in the FY26 Annual Report. 30 beds were operational as of FY26, with no further bed additions disclosed as of August 2026.
29. PAT margin 18-20% - exit run-rate by closing of 2028 On track - At the Q2 FY26 call, management guided a PAT margin of 18-20% "touching in the closing of 2028" as an exit run-rate, later refined at the Q4 FY26 call to a blended margin expected "in the first half of 2028". FY26 PAT margin was 8.52%, improving from 6.00% in FY25; the FY28 horizon is not reached.
30. FY27 PAT margin - 14-15% possible On track - At the Q2 FY26 call, management said a FY27 PAT margin of 14-15% was "possible. Not at all aggressive", revised at the Q4 FY26 call to a target of 11-12%. FY26 PAT margin was 8.52%; FY27 is not yet reported.
31. ₹300 cr FY27 revenue - no hospital contribution On track - At the Q2 FY26 call, management said the ₹300 cr FY27 revenue projection builds in no hospital contribution, with the ₹500 cr FY28 aspiration likewise on the Ayurveda product side, reiterated at the Q4 FY26 call and in the Q4 FY26 PPT roadmap. FY26 revenue was ₹200.70 cr with a current run rate of ₹225 cr; FY27 is not yet reported.
32. No factory output outside Sat Kartar Delivered - At the Q2 FY26 call, management said there was no thought of supplying factory output outside Sat Kartar, though possible in future. The November 2025 announcement confirms capsules manufactured in-house will currently be only for own use, not supplied outside.
33. Hospital gestation period - breakeven in 6-8 months On track - At the Q2 FY26 call, management said the hospital gestation period to breakeven is 6 to 7, maximum 8 months. The hospital became operational March 5, 2026; at the Q4 FY26 call, \~40 days in, daily revenue was \~₹50,000 against breakeven \~₹1L, with breakeven expected by end of May/June 2026, roughly 3 months from launch.
34. Advertisement cost - remain same or come down 100-200 bps Delivered - At the Q2 FY26 call, management said advertisement cost would "either remain the same, or can come down 100-200 basis points", refined at the Q4 FY26 call to around 40% of revenue with a best benchmark of 38%. FY26 advertising was 40% of revenue expensed, at the lower end of the 40-42% range stated at the Q4 FY25 call.
35. Factory capsule manufacturing - 50% of capsule intake by Q1 next year Delivered - At the Q2 FY26 call, management committed the factory would make not more than 50% of capsule intake, starting at least 50% of capsules "maybe by the first quarter of next year". Commercial production started October 1, 2025, the facility was operating at full capacity by Q2 FY26 PPT, and by Q4 FY26 it directly fulfills 50% of capsule procurement requirements.
36. Hospital expansion funded by internal accruals - no equity raise Missed - At the Q2 FY26 call, management said hospital expansion would be funded entirely through internal accruals with no plan to raise equity right now, reiterated at the Q4 FY26 call with working-capital shortfall to be funded from debt. A preferential issue of ₹48.58 cr at ₹172 per share was approved and shares admitted to dealings from July 7, 2026.
37. Government empanelment and insurance tie-ups - by end of May 2026 Partial - At the Q4 FY26 call, management said government empanelment and insurance tie-ups for the Delhi hospital were expected "by end of this month, end of May" 2026. The Q1 FY27 update records health insurance empanelment established with the General Insurance Council for existing operational beds, with no government empanelment disclosure in our record.
38. Hospital economics - ₹10,000 revenue per bed, 25-30% margins, ₹100 cr potential from 300 beds On track - At the Q2 FY26 call, management guided hospital economics of \~₹10,000 revenue per operational bed at 90% utilization, implying \~₹100 cr potential from 300 beds with 25-30% margins, refined at Q4 FY26 to ARPOB of "₹10,000 plus per bed per day" and 30-35% margins at 60% occupancy. Actual bed utilization was below 10% in the second month with daily revenue \~₹50,000 against breakeven \~₹1L, the hospital being only \~40 days old.
39. Hospital first phase - 30 beds by Q1 FY27, capex ₹2-2.5 cr Delivered - At the Q2 FY26 call, management committed to a first phase of 30 hospital beds by the first quarter of 2027 with capex of ₹2-2.5 cr, later advanced by the February 2026 announcement to operational by last week of February 2026. The first 30-bed hospital launched operational w.e.f. March 5, 2026 with ₹2 cr investment, ahead of the original Q1 FY27 target.
40. Hospital rollout - 300 beds by last quarter of FY27 On track - At the Q2 FY26 call, management committed to at least 300 hospital beds operational by the last quarter of FY2027, starting with 70-100 beds around NCR, reiterated at Q4 FY26 with 150-200 beds in collaboration with Jeena Sikho. The first 30-bed hospital has been operational in Delhi since March 5, 2026, the Jeena Sikho MoU was signed April 2026, and no further bed additions are disclosed as of August 2026.
41. ₹500 cr top line - three-year aspiration On track - At the Q4 FY25 call, management laid out a path to ₹500 cr top line - first ₹250 cr from current segments, then other SKUs and new markets - reiterated at Q2 FY26 as a "very steep target" and at Q4 FY26 as a firm FY28 benchmark. FY26 revenue was ₹200.70 cr with a current run rate of ₹225 cr; FY27 and FY28 horizons are not reached.
42. Monthly revenue updates / quarterly results Missed - At the Q4 FY25 call, management agreed, responding to an investor request, to give monthly revenue updates or quarterly results if possible. Our record holds no monthly revenue updates, with quarterly results continuing via standard filings through August 2026.
43. No expansion from 16 to 32 remedies; develop balance remedies and sub-SKUs Delivered - At the Q4 FY25 call, management said there was no plan to expand from 16 remedies to 32, and the balance remedies and sub-SKUs would be developed instead. The Q4 FY26 PPT shows 16+ remedial solutions and 160+ SKUs, up from 60+ SKUs in FY25.
44. No price changes; new higher-priced products instead Delivered - At the Q4 FY25 call, management said there was no strategy to lower prices of current products and no plan to increase prices, with new products in a higher price range to be brought in instead. Average ticket size rose \~5% from \~3,000 to \~3,300 by Q2 FY26 and crossed 3,250 by Q4 FY26, with new VedaBay products launched and no price cuts disclosed.
45. No export strategy for six months; planning by end of FY26 Delivered - At the Q4 FY25 call, management said there was no export strategy for at least the next six months or two quarters, with export planning possibly starting at the end of the financial year. International territories were opened and the US subsidiary prepared by Q2 FY26, with RBI approval still pending at Q4 FY26 and a US launch expected April 2026.
46. Repeat customer ratio - quarter-on-quarter increase Partial - At the Q4 FY25 call, management said the repeat customer ratio, currently 25%, was expected to go up on a quarter-on-quarter basis. At Q2 FY26 management admitted the increase "didn't happen" and recalibrated the metric; by Q4 FY26 the repeat patient rate was 25-26%, up marginally \~1%, with the PPT still showing 25%.
47. IPO-funded performance marketing - revenue growth visible in H1 FY26, far more in H2 Delivered - At the Q4 FY25 call, management said revenue growth from IPO-funded performance marketing spend would be visible in H1 FY26, with "far more growth in H2 and further years". H1 FY26 revenue grew 16.57% YoY standalone and H2 FY26 grew 26.96% YoY, confirming the stronger-H2 pattern.
48. EBITDA margin - 15-20% plan On track - At the Q4 FY25 call, management confirmed a plan of EBITDA margins of 15% to 20%, refined at the Q2 FY26 call to \~15% in FY27 moving toward 18-20% thereafter. FY26 EBITDA margin was 12.30%, up from 8.73% in FY25, with no FY27 read yet.