1. Net profitable from H1 FY26 Delivered - At the Q4 FY25 call, management guided the effort is to "be net profitable from H1 itself" (i.e., H1 FY26). H1 FY26 PAT was ₹0.13 Cr, positive versus a loss of ₹(0.53) Cr in H1 FY25.
2. No manufacturing capex - for next 1-2 years Delivered - At the Q2 FY25 call, management guided that "for next one or two years" they have "no plans" for any CAPEX for manufacturing. Our record holds no disclosure of manufacturing capex through 14 Jul 2026, and IPO utilisation statements show capex only for EBOs and working capital.
3. Main-board migration - within 3-5 years Pending - At the Q2 FY25 call, management guided they are "aiming to transit to the main board," in response to a question about "next three to five years". Our record holds no disclosure of a main-board migration application, approval, or timeline update through 14 Jul 2026.
4. Debtor days improvement - reduce by 10 days every year Pending - At the Q2 FY25 call, management guided a target to improve debtor days: "our target is to improve by 10 days every year," with debtor days "current around 200 days" at Sep 2024. Our record holds no disclosure of debtor days for FY25 or FY26 across the annual report, quarterly calls, or filings.
5. EBO share of topline - 50% within 5 years On track - At the Q2 FY25 call, management guided their "aim is to reach about 50% of our topline coming out of EBOs over the next 5 years"; Q2 FY26 call guided EBO contribution to reduce to "close to 20% by the year end (FY26)". FY25 EBO share was 12.74% and FY26 EBO share reached 24%, a \~11pp gain in one year ahead of the 6pp/year pace needed.
6. Double-digit EBITDA margin - within 3-5 years On track - At the Q2 FY25 call, management guided they "aim to get into double digit EBITDA in next 3 to 5 years"; Q2 FY26 call guided marginal differences "may be visible in the second half of next year (H2 FY27)". FY26 full-year EBITDA margin was 8.43%, while H2 FY26 EBITDA margin reached 12.2%, demonstrating double-digit capability at the half-year level.
7. Revenue growth - 15-20% annual growth Partial - At the Q2 FY25 call, management guided the company will "easily" grow revenue "anywhere between 15% to 20% annually," in response to a "5 to 10 years" question. FY25 revenue grew 6.45% YoY to ₹173.04 Cr and FY26 revenue grew 13.2% YoY to ₹195.97 Cr, both below the 15% floor though the trajectory is upward.
8. EBO expansion - 90 new EBOs across next 2-3 years On track - At the Q2 FY25 call, management guided plans to open "65 more EBOs in COCO model and probably 25 more in COFO model" over "next 2-3 years"; Q2 FY26 call refined the target to 36 EBOs in FY26. FY26 closed at 75 EBOs, a net addition of 24 stores in FY26 and 41 cumulative stores since Sep 2024, broadly consistent with the 30-36/year run rate needed.