1. More liberal payouts via dividends Delivered - At the Q1 FY26 call, management said it will be "more liberal in giving payouts, dividends or any such things", and at Q3 FY26 said it is looking into increasing the dividend payout. FY26 total dividend was ₹15 per share (interim ₹6 + final ₹9), up from ₹6 per share in FY25.
2. FY27 capex of ₹450-500 crores, later \~₹500 crores On track - At the Q3 FY26 call, management guided FY27 capex of ₹450-500 crores, reiterated at Q1 FY27 as \~₹500 crores with flexibility, and said registration investment "is going to go up" from the \~450-500 crores of previous years. Q1 FY27 capex was ₹273 crores, including heavy one-off data-compensation spend.
3. FY27 volume growth of 15%, later 5% to 10% On track - At the Q3 FY26 call, management said 15% volume growth is achievable for FY27, "very confident", and at Q4 FY26 projected "around 15%". At Q1 FY27 the guidance was revised to "almost 5% to 10%"; Q1 FY27 volume growth was -1.6%.
4. FY27 gross margin of \~35%, later 35% to 37% On track - At the Q4 FY26 call, management guided FY27 gross margins of "around 35% plus or minus a few%", reiterated at Q1 FY27 as "in the range of 35%" and revised upward to "between 35% to 37%". Q1 FY27 gross margin was 36.7%, within the revised range.
5. FY27 EBITDA margin of 18% to 20% On track - At the Q3 FY26 call, management raised EBITDA margin guidance to 18% to 20% and stated it is valid for FY27 also, reiterated at Q4 FY26 and Q1 FY27. Q1 FY27 EBITDA margin was 16.6%, below the guided range.
6. FY27 revenue growth of 15% to 20%, later 10% to 15% On track - At the Q3 FY26 call, management guided FY27 total revenue growth of around 15% to 20%, lowered to 10% to 15% at Q4 FY26 and reiterated at Q1 FY27. Q1 FY27 revenue grew 9% YoY to ₹1,074 crores.
7. FY26 capex of ₹400-450 crores, later ₹450-500 crores Delivered - At the Q4 FY25 call, management guided FY26 capex of ₹400-450 crores, reiterated at Q1 FY26, raised to ₹450-500 crores at Q2 FY26 and reiterated at ₹500 crores at Q3 FY26. FY26 capex stood at ₹505 crores.
8. FY26 gross margin in the \~35% range Delivered - At the Q1 FY26 call, management guided FY26 gross margins in the similar range of 35.5%, an upward revision versus prior \~30-31% guidance, reiterated at Q2 FY26 at \~34.5% and Q3 FY26 at \~34.9%. FY26 gross margin was 35.9%, up 600 bps YoY, with Q4 FY26 at 37.3%.
9. FY26 EBITDA margin of 15% to 18% Delivered - At the Q4 FY25 call, management guided FY26 EBITDA margins in the range of 15% to 18%, reiterated at Q1 FY26 and Q2 FY26, then raised to 18% to 20% at Q3 FY26 and extended to FY27. FY26 EBITDA margin was 19.7%, with Q4 FY26 at 24.8%.
10. FY26 revenue growth of 15%+ Delivered - At the Q4 FY25 call, management guided FY26 revenue growth of "more than 15%", later narrowing to "about 10% to 15%", reiterated as 15% at Q1 FY26 and as 20% at Q3 FY26 ("we maintain 20% growth"). FY26 revenue was ₹5,268 crores, up 22% YoY.