1. FY27 business development spend - ₹1,000-1,500 crore On track - At the Q4 FY26 call, management set BD spend target for FY27 between ₹1,000-1,500 crore, with Q1 FY27 guidance of ₹1,500-1,800 crore for land/business development capex. Q1 FY27 land advance/acquisition was ₹130 crore, against the ₹1,000-1,800 crore target.
2. Tonino Lamborghini branded residence - Sector 71 launch Delivered - At the Q4 FY26 call, management planned the Tonino Lamborghini branded residence in Sector 71 (\~12-plus acres, a little excess of 0.2 crore sq ft) as part of FY27 launches. It launched in Q1 FY27 in May 2026 with GDV of \~₹4,400 crore and 300+ units sold, crossing ₹1,500 crore of sales.
3. RMZ Sector 71 commercial project - activation within FY27 On track - At the Q4 FY26 call, management intended to activate the RMZ Sector 71 commercial project within FY27 itself. The RMZ JV was announced in March 2026 - 50:50 equity in Gurugram Commercity Limited with \~0.4 crore sq ft FSI on \~17 acres and indicative developable value of \~₹14,000-15,000 crore - but no activation milestone has been disclosed as of Q1 FY27.
4. Land-stage inventory launch - \~2.4-2.5 crore sq ft over 2-3 years On track - At the Q4 FY25 call, management indicated dry powder of roughly 2.46 crore sq ft to be launched over the next 2 to 3 years with GDV upwards of ₹40,000 crore; later calls tracked 0.8 crore sq ft over 2 years, 2.1 crore sq ft over 8-10 quarters, and \~2 crore sq ft over 8-12 quarters. As of Q1 FY27, the forthcoming portfolio stood at \~1.7 crore sq ft, with \~2.3 crore sq ft launched over the last 8-9 quarters.
5. Medium-term pre-sales growth - 20%+ per annum Missed - At the Q4 FY25 call, management set a medium-term to long-term target of 20%-plus pre-sales growth, reiterated in the Q4 FY25 PPT; at Q3 FY26 this was reset to \~15% growth at current scale. FY26 pre-sales declined to ₹8,250 crore from ₹10,290 crore in FY25, and Q1 FY27 pre-sales of ₹1,970 crore were below the ₹2,640 crore of Q1 FY26.
6. FY27 collections - ₹5,000 crore target On track - At the Q4 FY26 call, management expected collections to cross ₹5,000 crore in FY27, reiterated at the Q1 FY27 call and in the Q4 FY26 PPT. Q1 FY27 collections were ₹670 crore, against the ₹5,000 crore target.
7. FY27 revenue recognition - ₹5,000 crore target On track - At the Q4 FY26 call, management targeted revenue recognition of ₹5,000 crore for FY27, reiterated at the Q1 FY27 call and in the Q4 FY26 PPT. Q1 FY27 revenue was ₹550 crore, against the ₹5,000 crore target.
8. FY27 launches - ₹15,000 crore GDV On track - At the Q4 FY26 call, management estimated new launches in excess of ₹15,000 crore for FY27, reiterated at the Q1 FY27 call and in the Q4 FY26 PPT. Q1 FY27 saw the Tonino Lamborghini Residences launch with GDV of \~₹4,400 crore, against the ₹15,000 crore target.
9. FY27 pre-sales - ₹10,000 crore target On track - At the Q4 FY26 call, management expected sales nearing ₹10,000 crore in FY27, reiterated at the Q1 FY27 call and in the Q4 FY26 PPT; the Q1 FY27 PPT revised this down to sustaining last-year sales levels of \~₹8,200 crore. Q1 FY27 pre-sales were ₹1,970 crore, \~20% of the ₹10,000 crore target.
10. Net debt to zero - 12-15 months from Q2 FY26 Partial - At the Q2 FY26 call, management stated net debt (then \~₹970 crore) would come down to zero over the coming 12 to 15 months, and at Q3 FY26 was "very confident" of zero within the calendar year. FY26 net debt fell to ₹200 crore but rose to ₹390 crore in Q1 FY27 - near-zero, not absolute zero.
11. FY26 operating surplus - \~40% of collections Delivered - At the Q4 FY25 call, management anticipated FY26 operating cash surplus as a percentage of collections to be close to 40%, with the Q4 FY25 PPT anticipating >40%. FY26 operating cash surplus was ₹2,150 crore on collections of ₹4,010 crore, \~54%, above the \~40% target.
12. FY26 revenue recognition - ₹4,800 crore target Missed - At the Q4 FY25 call, management targeted FY26 completions at 2x the previous year, almost close to ₹4,800 crore-plus of additions, reiterated at Q1 FY26, Q2 FY26 and in the Q4 FY25 PPT. FY26 revenue recognition was \~₹2,600 crore, well short of the ₹4,800 crore target.
13. FY26 collections - ₹6,000 crore target Missed - At the Q4 FY25 call, management guided FY26 collections of around ₹6,000 crore, a 35% growth, reiterated at Q2 FY26 and in the Q4 FY25 PPT. FY26 collections were \~₹4,000 crore, and management acknowledged the shortfall vs the ₹6,000 crore guidance.
14. FY26 launches - ₹17,000 crore GDV Missed - At the Q4 FY25 call, management targeted FY26 fresh launches in excess of ₹17,000 crore GDV, reiterated at Q1 FY26, Q2 FY26 and in the Q4 FY25 PPT; at Q3 FY26 the guidance softened to "definitely exceeding 15,000 crore". FY26 launches were \~0.65 crore sq ft with GDV of \~₹10,700 crore.
15. FY26 pre-sales - ₹12,500 crore target Missed - At the Q4 FY25 call, management targeted FY26 pre-sales growth in excess of 20%, crossing ₹12,500 crore, reiterated at Q1 FY26, Q2 FY26 and in the Q4 FY25 PPT; at Q3 FY26 management acknowledged "we are not saying that we are achieving guidance this year" and reset to \~15% growth. FY26 pre-sales were ₹8,250 crore, a dip vs FY25.
16. Sector 71 launch - \~0.36 crore sq ft in FY25 Missed - At the Q4 FY24 call, management guided a Sector 71 launch of about 0.36 crore sq ft for the coming year. Titanium SPR launched in June 2024 (Q1 FY25) with \~0.21 crore sq ft, but Cloverdale (Phase 2 of Titanium) launched only in June 2025, i.e., FY26, with \~0.17 crore sq ft, leaving FY25 Sector 71 launches at \~0.21 crore sq ft.
17. FY25 land spend - ₹1,200-1,500 crore guided Missed - At the Q4 FY24 call, management guided land spend of about ₹1,200-1,500 odd crores in FY25. FY25 land advance/acquisition was ₹1,060 crore per the FY25 cash-flow notes, below the guided floor, indicating under-execution on the land-spend plan.
18. Net debt ≤ 0.5x operating surplus Delivered - At the Q4 FY24 call, management stated net debt "will never cross 0.5 times the operating surplus", a discipline reiterated at Q2 FY25, Q3 FY25, Q4 FY25 and in the Q4 FY24 PPT. FY24 net debt of ₹1,160 crore vs ₹911 crore surplus was 1.27x, but FY25 came to 0.54x (₹880 cr vs ₹1,630 cr) and FY26 to 0.09x (₹200 cr vs ₹2,150 cr), with Q1 FY27 net debt at ₹390 crore.
19. FY25 embedded EBITDA - 35% on pre-sales Pending - At the Q4 FY24 call, management guided embedded EBITDA profitability of \~35% on FY25 sales, reiterated at Q1 FY25 on \~₹10,000 crore of sales, Q2 FY25 and Q3 FY25. Actual FY25 adjusted EBITDA margin was 14.4%, but embedded EBITDA on FY25 sales is not separately disclosed in our record.
20. FY25 completions / revenue recognition - ₹3,800 crore Missed - At the Q4 FY24 call, management guided completions of about ₹3,800 odd crores in FY25, reiterated at Q1 FY25, Q2 FY25 and Q3 FY25. FY25 revenue from operations was ₹2,500 crore, with completions of \~0.38 crore sq ft at implied ₹6,500-6,600/sq ft, short of the ₹3,800 crore target.
21. FY25 operating surplus - \~45% of collections Missed - At the Q4 FY24 call, management guided operating surplus of about 45% of the ₹6,000-odd crore collections in FY25, with \~45% anticipated at Q1 FY25 and Q2 FY25. FY25 operating cash surplus was ₹1,630 crore, \~37% of collections, below the \~45% target.
22. FY25 collections - ₹6,000 crore target Missed - At the Q4 FY24 call, management guided FY25 collections of "close to about ₹6,000 odd crores", reiterated at Q1 FY25, Q2 FY25 and Q3 FY25. FY25 collections were ₹4,380 crore, +41% YoY, and management acknowledged the guidance was missed due to deferred launches.
23. FY25 launches - ₹16,000 crore GDV Partial - At the Q4 FY24 call, management guided launches of ₹16,000 odd crores within the next 6 months, reiterated at Q1 FY25, Q2 FY25 and Q3 FY25. FY25 launched five new projects with combined GDV of approximately ₹13,810 crore, \~86% of target, with Titanium Phase II and Sector 37D deferred to FY26.
24. FY25 pre-sales - ₹10,000 crore target Delivered - At the Q4 FY24 call, management set an FY25 pre-sales target of "upwards of ₹10,000 crores", reiterated at Q1 FY25, Q2 FY25, Q3 FY25 and in the H1FY25 update. FY25 pre-sales were ₹10,290 crore, +42% YoY, surpassing the guidance.
25. FY24-FY26 EBITDA margin - 30%+ on \~₹11,000 crore revenue Missed - At the Q2 FY24 call, management expected to cross 30% EBITDA margins on \~₹11,000 crores of revenue recognition over FY24-FY26; at Q4 FY24 this was guided as 27-28% on ₹12,000 crore over 3 years. Adjusted EBITDA margins were 10.75% in FY24, 14.4% in FY25 and 9.3% in FY26, far below the guided range.
26. FY24-FY26 collections from ongoing portfolio - \~₹6,000-6,500 crore Delivered - At the Q2 FY24 call, management expected \~₹7,000 odd crores of collections by FY26 from the ongoing portfolio; Q1 FY25 guided \~₹6,500 crore from the \~1.6 crore sq ft advanced-stage portfolio over 7-9 quarters, and the Q4 FY24 PPT estimated \~₹6,000 crore over FY24-FY26. Collections were ₹3,110 crore in FY24, ₹4,380 crore in FY25 and ₹4,010 crore in FY26, cumulatively ≈₹11,500 crore, though the ongoing-portfolio split is not separately disclosed.
27. FY24-FY26 revenue recognition - \~₹11,000 crore Missed - At the Q2 FY24 call, management expected almost close to ₹11,000 crores of revenue recognition over FY24-FY26, with the Q4 FY24 PPT estimating \~₹12,000 crore; later guidance included ₹5,000-6,000 crore for FY26 and \~₹7,000 crore in FY26. Actual revenue was \~₹1,200 crore in FY24, ₹2,500 crore in FY25 and ₹2,600 crore in FY26, cumulatively ≈₹6,300 crore.
28. Ongoing portfolio delivery - \~1.7 crore sq ft by FY26 Partial - At the Q2 FY24 call, management aimed to deliver the entire \~1.7 crore sq ft of ongoing projects by FY26, with completion of the whole portfolio guided by March 2026 at Q3 FY24 and 16.4 mn sq ft saleable by FY26 in the Q4 FY24 PPT; subsequent calls progressively trimmed the pending quantum, most recently 0.9 crore sq ft under construction at Q1 FY27. As of Q1 FY27, \~1.9 crore sq ft had been delivered to date with \~0.9 crore sq ft still under construction.
29. FY24 land spend - ₹500-600 crore in H2 Partial - At the Q2 FY24 call, management estimated land spend of about ₹500-600 odd crores during the second half of FY24, bulk towards Sector 71 acquisitions. FY24 land advance/acquisition was ₹1,366 crore, exceeding the H2 estimate, though the H2-specific split is not disclosed in our record.
30. FY24 operating surplus - 35%+ margin, >₹1,000 crore Missed - At the Q2 FY24 call, management expected the 35%+ operating surplus trend to continue for the full year, creating more than ₹1,000 crores of operating surplus during FY24. FY24 operating cash surplus was ₹911 crore, \~29% of collections, below the >₹1,000 crore target.
31. FY24 collections - ₹2,900 crore target Delivered - At the Q2 FY24 call, management expected collections to cross about ₹2,900 crores during FY24; at Q3 FY24 it guided to \~₹2,000-odd crores annual collections as "fairly comfortable". FY24 collections were ₹3,110 crore, +62% YoY, comfortably surpassing the ₹2,900 crore guidance.
32. FY24 pre-sales - ₹4,500 crore target Delivered - At the Q2 FY24 call, management expected pre-sales of ₹4,500 odd crores during FY24, reiterated at Q3 FY24 as "fairly comfortable in achieving it". FY24 pre-sales were ₹7,270 crore, +112% YoY, significantly exceeding the ₹4,500 crore guidance.