1. FY27 sales value of ₹3,300-3,500 crore On track - At the Q4 FY26 call, management guided FY27 sales value of ₹3,300-3,500 crore, reiterated at the Q1 FY27 call. Q1 FY27 sales value was ₹484 crore; the horizon is not reached.
2. FY27 sales volume of 0.5-0.55 crore sq ft On track - At the Q4 FY26 call, management guided FY27 sales volume of 0.5-0.55 crore square feet, reiterated unchanged at the Q1 FY27 call. Q1 FY27 sales volume was 0.09 crore sq ft; the horizon is not reached.
3. Kolkata land monetization: ₹1,500 crore cash flows in five years On track - At the Q3 FY26 call, management said the Kolkata site could unlock cash flows in excess of ₹1,500 crore over the next five years; at Q1 FY27 this was framed as ₹1,200-1,400 crore of free cash over five-odd years. The land matter was resolved in FY26 via conveyance of 42.37 acres to GoWB, and Q1 FY27 villa/plot launches are delivering ₹6.5-7.5 crore net contribution per acre.
4. FY26 revenue of ₹1,300-1,500 crore and earnings of ₹90-100 crore Delivered - At the Q3 FY26 call, management guided FY26 revenue of ₹1,300-1,500 crore and earnings of ₹90-100 crore. FY26 revenue was ₹1,357 crore, within the range, and FY26 PAT was ₹101 crore, above the ₹90-100 crore target.
5. Mission 1-2-3-4: FY28 sales value ₹5,000 crore, revenue ₹2,500-3,000 crore, PBT ₹250-280 crore On track - At the Q4 FY25 call, management set sales value of about ₹5,000 crore, revenues of ₹2,500-3,000 crore and earnings of ₹250-280 crore by FY28; targets were reaffirmed at the Q4 FY26 and Q1 FY27 calls. FY26 actuals were sales value ₹2,354 crore, revenue ₹1,357 crore and PBT \~₹80 crore, with Q1 FY27 sales value of ₹484 crore; the FY28 horizon is not reached.
6. FY26 pipeline addition of 0.7-0.8 crore sq ft with GDV of \~₹5,000 crore Missed - At the Q4 FY25 call, management set an FY26 pipeline addition target of about 0.7 to 0.8 crore sq ft with GDV of \~₹5,000 crore, later framed as ₹4,500-5,000 crore of GDV at the Q3 FY26 call. FY26 added 7 projects aggregating \~3.5 msf (0.35 crore sq ft) with estimated GDV of ₹3,500 crore.
7. FY26 completions of 0.4 crore sq ft Delivered - At the Q4 FY25 call, management said FY26 completions would deliver another 0.4 crore sq ft. FY26 completed 8 projects totaling \~0.4 crore sq ft (4.00 msf), meeting the target.
8. FY26 handovers of 3,300-plus units Delivered - At the Q4 FY25 call, management set an FY26 handover target of 3,300-plus units, refined during the year to 3,000-3,500 units and then 3,200 to 3,300 homes. FY26 actual handovers were 3,465 units, exceeding the target.
9. FY26 collections of \~₹1,800 crore Missed - At the Q4 FY25 call, management set an FY26 collections target of roughly ₹1,800-odd crore, trimmed at the Q3 FY26 call to expectations of crossing ₹1,700 crore. FY26 actual collections were ₹1,661 crore, below the target.
10. FY26 sales value of ₹3,000-3,300 crore Missed - At the Q4 FY25 call, management set an FY26 sales value target of ₹3,000-3,300 crore; at the Q3 FY26 call revenue of around ₹2,600 crore was expected. FY26 actual sales value was ₹2,354 crore, below the revised target.
11. FY26 sales volume of 0.5-0.55 crore sq ft Missed - At the Q4 FY25 call, management set an FY26 sales target of 0.5 to 0.55 crore sq ft, revised down at the Q3 FY26 call to "upwards of 0.45 crore sq ft". FY26 actual sales volume was 0.42 crore sq ft, below even the revised target.
12. FY25 PAT of ₹100 crore Missed - At the Q1 FY25 call, management said it was on track for over ₹100 crore of PAT in FY25, reaffirmed at the Q2 FY25 call. FY25 PAT was ₹77.3 crore, below the ₹100 crore target.
13. FY25 revenue of over ₹1,200 crore Missed - At the Q2 FY25 call, management reiterated an FY25 revenue recognition target of over ₹1,200 crore, with around ₹1,100 crore also indicated at the same call. FY25 revenue was ₹973 crore, below both targets.
14. FY25 cost of debt assumption of 11.25%-11.5% Delivered - At the Q4 FY24 call, management assumed a cost of debt of 11.25%-11.5% for FY25. FY25 cost of debt was 11.3%, within the guided range.
15. FY25 debt-equity target of 0.25-0.28 Delivered - At the Q4 FY24 call, management gave an FY25 debt-equity target of 0.25-0.28, framed at the Q1 FY25 call as 0.25-0.3 by end of year. FY25 debt-equity was 0.24x, below the target range.
16. 10,000 homes delivered over FY25-FY27 On track - At the Q4 FY24 call, management targeted roughly 10,000 homes delivered over FY25-FY27, revised at the Q1 FY25 call to \~12,000 over the next three years. FY25 handovers were 3,150 units and FY26 3,465 units, with Q1 FY27 at 690 units and an FY27 target of 3,750-3,800 units; the horizon is not reached.
17. FY25 handover target of 3,300-3,500 homes Partial - At the Q4 FY24 call, management set an FY25 handover target of 3,300-3,500 homes, held near 3,300 through the year. FY25 actual handovers were 3,150 units, a \~5% shortfall against the 3,300 floor.
18. FY25 collections of ₹1,700-1,800 crore Missed - At the Q4 FY24 call, management set an FY25 collection target of ₹1,700-1,800 crore, trimmed "only marginally" at the Q3 FY25 call. FY25 actual collections were ₹1,484 crore, below the target.
19. FY25 sales value of ₹2,750-3,000 crore Missed - At the Q4 FY24 call, management set an FY25 sales value target of ₹2,750-3,000 crore, trimmed at the Q3 FY25 call to ₹2,400-2,700 crore. FY25 actual sales value was ₹2,288 crore, below even the revised target.
20. FY25 sales volume of 0.52-0.55 crore sq ft Missed - At the Q4 FY24 call, management set an FY25 target of 0.52-0.55 crore square feet of sales volume, reiterated at the Q1 FY25 call and trimmed at the Q3 FY25 call to 0.46-0.48 crore sq ft. FY25 actual sales volume was 0.43 crore sq ft, below even the revised target.
21. Mitsubishi exit from Park 63 via three tranches by December 2024 Delivered - At the Q2 FY24 call, management outlined the Mitsubishi exit from Shriram Park 63 via three tranches in September 2023, December 2023 and December 2024, saying "in next 12 to 15 months, this debt will go away". Two tranches were paid by December 2023, and Q1 FY25 noted the smooth exits of Mitsubishi and ASK from one project completed recently; the exit was completed within the December 2024 deadline.
22. FY24 ROCE of \~12% Partial - At the Q2 FY24 call, management said it "hopefully will end the year with about 12% ROCE". FY24 ROCE was \~11%+, below the 12% level indicated.
23. FY24 EPS of ₹4 to ₹4.3 per share Delivered - At the Q2 FY24 call, management said EPS would be about ₹4 to ₹4.3 per share for the full year. FY24 EPS was ₹4.44, exceeding the guided range.
24. FY24 revenue of ₹1,000 crore plus Partial - At the Q1 FY24 call, management guided revenue "upwards of ₹1,100 crore or thereabouts", later reiterated at the Q2 FY24 call as "₹1,000 crore plus for the full year". FY24 revenue was ₹987 crore, missing the ₹1,000 crore mark by ₹13 crore.
25. FY24 gross debt of \~₹450 crore and net debt of \~₹250 crore Missed - At the Q4 FY23 call, management expected FY24 gross debt of about ₹450 crore and net debt of around ₹250 crore; by the Q2 FY24 call gross debt was framed at \~₹300 crore by end of FY24. FY24 gross debt was ₹631 crore and net debt ₹441 crore, both substantially above the targets.
26. Enter at least one new market (Hyderabad or Pune) in FY24 Partial - At the Q4 FY23 call, management expected to enter at least one new market (Hyderabad or Pune) during FY24, with a Pune launch targeted before FY24 year-end and later by end March / early April 2024. The Pune entry was executed via a DM Agreement at Undri in FY24, but the formal launch slipped to Q1 FY26 in May 2025.
27. FY24 launch plan: 11-12 launches targeting 0.7 crore sq ft Missed - At the Q4 FY23 call, management set an FY24 launch plan of 11 to 12 launches targeting 0.7 crore sq ft of saleable area, with nearly 50% in H1 FY24; at the Q1 FY24 call the launched area was framed at 0.57 crore sq ft for FY24. FY24 saw six launches, with \~0.28 crore sq ft in the first four projects.
28. FY24 collections of \~₹1,600 crore Missed - At the Q4 FY23 call, management targeted FY24 collections of about ₹1,600 crore, later framed at about ₹1,500-1,600 crore at the Q2 FY24 call. FY24 actual collections were ₹1,390 crore, with the drop attributed to delayed launches.
29. FY24 sales value of \~₹2,300 crore Delivered - At the Q4 FY23 call, management targeted FY24 sales value of around ₹2,300 crore of pre-sales, later framed at ₹2,330 crore at the Q2 FY24 call. FY24 actual sales value was ₹2,362 crore, exceeding the target.
30. FY24 sales volume of 0.55 crore sq ft (later trimmed to \~0.48) Partial - At the Q2 FY23 call, management targeted sales volume of 0.55 crore square feet for FY24, trimmed at the Q4 FY23 call to \~0.48 crore sq ft, called a "high-confidence number", and reiterated at the Q1 FY24 and Q2 FY24 calls. FY24 actual sales volume was 0.46 crore sq ft, a \~4% shortfall against the revised target.
31. FY23 cost of debt of \~12% or lower Delivered - At the Q1 FY23 call, management expected to end FY23 with a cost of debt of about 12% or lower. FY23 cost of debt was 11.8%, below the 12% level.
32. FY23 sales value to exceed \~₹2,000 crore; ₹3,000 crore by FY24/FY25 Missed - At the Q1 FY23 call, management said FY23 sales value should exceed the \~₹2,000 crore current level and that FY24 and FY25 would "surely be in excess of ₹3,000 crore sales value". FY23 sales value was ₹1,846 crore, FY24 ₹2,362 crore, FY25 ₹2,288 crore and FY26 ₹2,354 crore - the ₹3,000 crore mark was never reached, peaking at ₹2,362 crore in FY24.
33. Chennai mall (Gateway Mall) monetization Partial - At the Q4 FY22 call, management indicated the Chennai mall monetization would lock 83% of targeted FY23 revenue; by the Q4 FY24 call it was to be consummated "sometime during this quarter or early next quarter", with cashflow realization in FY25. The monetization missed its March 2024 close, and Q3 FY25 saw Chennai land monetization completed with \~₹93 crore cash flows received; the record holds no separate closing disclosure for the Gateway Mall transaction itself.
34. Cost of debt to drop at least 200 bps below prior year Delivered - At the Q4 FY22 call, the CFO expected cost of debt to drop "at least 200 basis points below compared to where we were earlier last year", with FY22 average at 13.7%. Cost of debt fell to 11.8% in FY23 and 11.4% by Q2 FY24, a reduction of \~190 to \~230 bps.
35. 17 project launches in FY23 Missed - At the Q4 FY22 call, management planned close to about 17 projects for FY23 - about 11 new projects and six new phases - trimmed to 12 at the Q1 FY23 call and to "about 9 or 10 launches" at the Q3 FY23 call. FY23 saw 7 launches, below the latest 9-10 target.
36. Hyderabad market entry in FY23 Missed - At the Q4 FY22 call, management planned a cautious entry into Hyderabad in FY23, "more so during the initial part of the year", with a formal announcement "over the next couple of weeks"; by the Q4 FY23 call the new-market entry was framed as Hyderabad or Pune in FY24. No Hyderabad entry occurred; the company entered Pune instead.
37. Kolkata LOGOS land transaction closure Missed - At the Q4 FY22 call, management expected the Kolkata LOGOS land transaction to conclude "within next three months' time", with the timeline pushed repeatedly through FY23, FY24 and FY25 until no new timeline was offered at the Q4 FY25 call. The original LOGOS sale never closed; instead the matter was resolved in FY26 via conveyance of 42.37 acres to GoWB in February 2026, discharging \~₹259 crore of liability with no cash outflow.
38. FY23 net collections of \~₹1,600 crore Missed - At the Q4 FY22 call, the CFO guided FY23 net collections of about ₹1,600 crore excluding Chennai mall monetization and Bengal FSI sale, with the CMD adding collections "could hit ₹2,000 crore" if the Kolkata land sale, Xander money and Chennai FSI sale all happened; the ₹1,600 crore figure was reiterated at the Q1 FY23 call. FY23 collections were \~₹1,200 crore, well below the ₹1,600 crore target.
39. Unlock ₹300 crore of free cash flow over next couple of years Delivered - At the Q4 FY22 call, management looked to unlock ₹300 crore of free cash flow over the next couple of years, a target held at \~₹300 crore through successive calls and raised at the Q4 FY24 call to ₹350-400 crore over the next 12 to 18 months. Free cash flow before new project investments was ₹116 crore in FY23, ₹156 crore in FY24 and ₹273 crore in FY25 - cumulative ₹545 crore, exceeding the ₹300 crore target.
40. Average annual revenue recognition of \~₹1,500 crore over next three years Missed - At the Q4 FY22 call, management indicated average annual revenue recognition potential of about ₹1,500 crore over the next three years, with own-books revenue "somewhere within ₹1,000 crore, ₹1,200 crore"; the \~₹1,500 crore figure was reiterated at the Q1 FY23 and Q3 FY23 calls. Revenue was ₹813-814 crore in FY23, ₹987 crore in FY24 and ₹973 crore in FY25 - an average of \~₹925 crore, well below the ₹1,500 crore annual target.
41. Handover of at least 1.07 crore sq ft over next three years (FY23-FY25) Delivered - At the Q4 FY22 call, management targeted handing over at least 1.07 crore square feet over the next three years with 0.3 crore plus annually, restated along the way as 1 crore sq ft over FY23-FY25 and 10,000 units. Handovers were \~0.24 crore sq ft in FY23, \~0.4 crore sq ft in FY24 and 0.42/0.43 crore sq ft in FY25 - a three-year total of \~1.06 crore sq ft against the 1.07 crore sq ft target.
42. DM fee stabilization at ₹100 crore annual income Missed - At the Q4 FY22 call, management expected to stabilize DM fee at the ₹100 crore annual income mark "at least over the next couple of years", was "confident of sustaining DM fee in the billion-rupee mark or ₹100 crore mark over the next three years", and on track per the Q2 FY23 call. DM fee income was ₹62 crore in FY23 and ₹60 crore in FY24 and FY25 - it never reached ₹100 crore annually.
43. Sustainable EBITDA margin in mid-20s Partial - At the Q3 FY22 call, management expected EBITDA margin "in the mid-20s or higher" as the sustainable annual level, reiterated through many calls, framed as 22% to 25% for FY24 and FY26 and last as 22% to 24% by FY28 at the Q1 FY27 call. EBITDA margins were 22% in FY23 and 23% in FY24, but 21% in FY25 and 6.89% OPM in FY26 with Q1 FY27 OPM at -2.17% - the target held in FY23-FY24 but was breached thereafter.
44. 20%+ CAGR in sales volume over next 2-3 years Missed - At the Q4 FY22 call, management targeted 20%+ CAGR in sales volume over the next two to three years, reiterated across calls including a 25% CAGR statement by the Chairman at the Q1 FY25 call and again at the Q4 FY25 call. Sales volumes moved from 0.38 crore sq ft in FY22 to 0.42 crore sq ft in FY26 - a CAGR of \~1.6% from FY23 to FY26, never approaching 20%.
45. Mid-teen ROCE stabilization in 12-18 months / 2-3 years Missed - At the Q4 FY22 call, the CFO guided "targeted level of mid-teen ROCE in the next two to three years" and stabilizing returns "in the mid-teens over the next 12 to 18 months' time", with 14-15% ROCE seen as achievable in about 12 to 18 months at the Q1 FY23 call and the horizon extended through later calls. ROCE was \~10% in FY23, \~11%+ in FY24, 9.57% in FY25 and 7.94% in FY26 - mid-teens were never reached and returns declined.
46. Debt-to-equity to come down close to zero in 12-18 months Missed - At the Q4 FY22 call, management guided debt-to-equity (\~0.3 currently) to come down "close to zero" in the next 12 to 18 months, with zero net debt timelines repeated through FY24 and Q2 FY25 before softening to a 0.5:1 comfort zone and, at the Q1 FY27 call, gearing likely rising during FY27. Net debt was ₹441 crore at FY24, ₹326 crore at FY25 and ₹432 crore at Q1 FY27, with net debt-to-equity of 0.29x at Q1 FY27 - zero net debt was never reached.
47. FY23 PAT to be at least triple or four times FY22 PAT Delivered - At the Q4 FY22 call, management guided FY23 PAT to be "at least more than triple or four times" the FY22 PAT. FY22 PAT was ₹17.7 crore and FY23 PAT was ₹68.25 crore, approximately 3.85x - within the guided range.
48. FY23 sales volume of \~0.45 crore sq ft Partial - At the Q4 FY22 call, management guided FY23 sales volume of about 0.45 crore square feet, trimmed at the Q3 FY23 call to 0.43-0.45 crore sq ft. FY23 actual sales volume was 0.4 crore sq ft, a shortfall of \~7-11% against the revised range.
49. FY22 sales volume growth of 25-30% and closing at \~0.4 crore sq ft Delivered - At the Q3 FY22 call, management targeted 25% to 30% growth in volume for FY22 and closing the year with about 0.4 crore sq ft presales volume "or thereabout". FY22 finished with 0.38 crore sq ft of sales volume, up 25% YoY - growth at the bottom of the guided range and volume within reasonable tolerance of the target.
50. Stabilize quarterly sales volumes at 0.1 crore sq ft plus - quarterly run-rate Partial - At the Q3 FY22 call, management guided to stabilize quarterly sales volumes at 0.1 crore sq ft plus, saying they had "been able to reach that"; annual volume targets were set and trimmed repeatedly through the FY27 guidance of 0.5-0.55 crore sq ft. The 0.1 crore sq ft quarterly run-rate was achieved in most quarters, including Q4 FY24 at 0.16 crore sq ft and Q3 FY25 at 0.13 crore sq ft, but fell below in Q1 FY23, Q1 FY24, Q1 FY25, Q1 FY26, Q3 FY26 and Q1 FY27.