1. FY27 revenue growth - in excess of 15% Pending - At the Q3 FY26 call, management guided that the company expects "growth in excess of 15% in revenue overall as a conservative estimate" for FY27, contingent on the EU-India FTA crystallising and optimal conditions in the US market. FY27 has not yet commenced as of the record date; FY26 revenue was ₹524.72 Cr (SQL).
2. EBITDA - up to 10% in the next 24 months (by \~Feb 2028) On track - At the Q3 FY26 call, management guided that "if all conditions remain ideal or optimal in the upcoming 24 months, we do see hope to increase our overall EBITDA to the region of up to 10% in the next 24 months". FY26 EBITDA margin was 6.87% (SQL), and Q4 FY26 OPM was 2.84% (SQL), providing a base but no evident trajectory toward 10% yet.
3. West Coast Frozen Foods partnership - add \~₹100 Cr in revenue Pending - At the Q3 FY26 call, management guided that the partnership with West Coast Frozen Foods is expected to add approximately ₹100 crore in revenue. The partnership had been in place for a little over six months as of the Q3 FY26 call date, but no revenue contribution figure has been disclosed in our record.
4. Value-added product contribution - double as a percentage of export volume in FY26-27 Pending - At the Q4 FY26 call, management stated the company intends to double the contribution of value-added products as a percentage of export volume in FY26-27, assuming export factors remain fairly normal. Value-added products made up roughly 7-10% of overall export volume for FY26, and no update on progress against this target has been reported since the start of FY27.
5. Export revenue target - ₹1,000 Cr by FY28 On track - In the Q1 FY26 PPT, management guided target export revenue growth to ₹1,000 crore by FY28, reiterated through Q4 FY26 as a medium-term roadmap to FY27-28 targeting annual export revenues of up to ₹1,000 crore. FY26 export revenue grew \~23% YoY against total revenue of ₹524.72 Cr (SQL), though the absolute export revenue figure is not separately stated in our record.
6. Domestic market foray - ₹100 Cr revenue target by FY28 via Xanadu Foods stake On track - In the Q1 FY26 PPT, management guided a domestic market foray via Xanadu Foods stake with a ₹100 Cr revenue target by FY28, backed by new value-added, ready-to-cook product launches by Dec 2026. The company commenced sales to Hyperpure in Q4 FY26, with the initial plan involving selling base products such as raw frozen shrimp.
7. Merchant export operations - launch from new facility in July/August 2025 Delivered - In the Q1 FY26 PPT, management guided launching merchant export operations from a new facility in July 2025, later revised to August 2025 in the Q3 FY26 PPT. The company launched merchant export operations from a new facility in August 2025.
8. U.S. export share - dip closer towards the 60s (%) in FY24 Pending - At the Q4 FY23 call, management guided that the U.S. export share, at 75-80% in FY23, could dip closer towards the 60s in FY24. FY24 U.S. export share is not disclosed in our record; FY26 U.S. share was 22.03%, but no FY24-specific figure is available to confirm or refute the target.
9. Russia export share - more than 20% in FY24 Pending - At the Q4 FY23 call, management guided that more than 20% of overall exports will be to Russia in FY24, stating "so far, we are on track to that". FY24 export split by geography is not disclosed in our record; FY26 Russia & Others combined was 59.27% of export sales, but no FY24-specific Russia share is available.
10. Own/contract farm contribution - 25-33% of export requirements Partial - At the Q4 FY23 call, management stated intention to get to a point where own farms or contract farms contribute 25% to 30% of overall export requirements over the next few years, and to have a series of satellite farms to increase own farm contribution to exports to between 25% to 33%. As of Q3 FY26, own farms contributed \~12% of overall export quantums at \~50% farm-level capacity utilisation, far short of the 25-33% target.
11. RAS farm - cater up to 50% of overall processing demand Pending - In the Q4 FY23 PPT, management guided collaborating to set up a RAS farm which will help cater up to 50% of overall demand at its processing systems, reiterated through Q4 FY24 PPT. No disclosure of a RAS farm being commissioned or operational appears in any subsequent filing or transcript in our record, and own farms contributed \~12% of export quantums as of Q3 FY26.
12. Overall margins improvement - 200 bps via capacity utilisation + 200 bps via forward integration + 150 bps via strategic partnerships over 3-5 years (from FY23) Pending - In the Q4 FY23 PPT, management guided improving overall margins by 200 bps, 200 bps, and 150 bps respectively over the next 3-5 years, reiterated through Q4 FY24 PPT. FY23 EBITDA margin was 6.5% and FY26 EBITDA margin was 6.87% (SQL), with the 3-5 year horizon from FY23 extending to FY26-FY28 and the deadline not yet passed as of July 2026.
13. Export sales CAGR - 15-20% over the next 5 years (from FY23) On track - In the Q4 FY23 PPT, management guided export sales to grow at 15-20% CAGR over the next 5 years, reiterated in Q4 FY24 PPT. FY26 export revenue grew \~23% YoY, above the 15-20% band, though the FY23 export revenue base is not separately quantified in our record.
14. Capacity utilisation - 90% across all divisions by \~FY27 Partial - At the Q4 FY23 call, management committed to scaling average capacity utilisation across all divisions from \~50% to \~90% over the next four years, later revised at the Q3 FY26 call to "confident of reaching a figure of closer to 90% over the next 24 months". As of Q3 FY26, current utilisation levels across all divisions stood at an average of 65%, well short of the 90% target.