1. ZECODE new geographies - Chennai, Hyderabad, south Maharashtra Pending - At the Q4 FY26 call, management guided new ZECODE geographies this year: expansion from Karnataka to Chennai and Tamil Nadu, Hyderabad, and south of Maharashtra, reiterated at the Q1 FY27 call. Q1 FY27 saw 3 new ZECODE stores opened, but locations were not disclosed and no confirmation of entry into the named markets.
2. FY26 dividend - ₹16 per share Delivered - At the Q4 FY26 call, the Board approved a special interim dividend of ₹4 per share and final dividend of ₹5 per share, taking the total FY25-26 dividend to ₹16 per share. FY26 total dividend of ₹16 per share (800% of FV) was confirmed in the Q4 FY26 PPT and Q1 FY27 PPT.
3. DEVO store format - 2,000-4,000 sq ft Delivered - At the Q4 FY25 call, management stated DEVO will continue opening stores of 2,000-4,000 sq ft; by Q2 FY26 the average was about 2,500-3,000 sq ft. DEVO stores continue to be opened in the 2,000-4,000 sq ft range, with actual average of 2,500-3,000 sq ft.
4. ZECODE store format - focus on larger 7,000-10,000 sq ft Delivered - At the Q4 FY25 call, management stated ZECODE would focus going forward on the larger 7,000-10,000 sq ft box, which performed better, rather than 4,000-6,000 sq ft. Q1 FY26 stores were all in the 6,000-10,000 sq ft range and by Q1 FY27 the format had evolved from \~4,000 sq ft to an average \~7,000 sq ft.
5. FY25 revenue from new retail - ₹10-12 cr Missed - At the Q2 FY25 call, management guided revenue from new ZECODE/DEVO stores in FY25 of approximately ₹10-12 cr. At the Q4 FY25 call, the two new retail formats contributed "very little/minimal" to top line in the last year, with no specific FY25 figure disclosed.
6. Dividend payout policy - 25% plus or minus Delivered - At the Q4 FY24 call, management described the dividend payout policy as "somewhere in the range of 25% plus or minus", a rough guidance rather than a fixed number. FY24 payout was \~27%, FY25 \~27.6% (₹54.4 cr against PAT of ₹197 cr) and FY26 \~31.4% (₹72.5 cr against PAT of ₹231 cr).
7. FY24 buyback - ₹108 cr Delivered - At the Q1 FY24 call, management announced Board approval of a buyback of up to ₹108 cr, representing 3.54% of equity shares, through the tender offer route. The buyback was successfully concluded in October 2023, with completion of the full ₹108 cr confirmed in FY24.
8. FY27 free cash flow - positive Pending - At the Q1 FY27 call, management expected positive free cash flow this year and a positive surplus at end of year even after \~₹100 cr capex and dividends. No FY27 free cash flow actuals exist yet; FY26 operating net cash flow was about ₹150 cr against PAT of ₹228 cr.
9. FY27 EBITDA margin - approximately 14% including retail drag On track - At the Q4 FY26 call, management reiterated guidance of approximately 14% EBITDA margin including a 150 bps drop due to retail for FY27, reiterated at Q1 FY27 with confidence of being "well within that range". Q1 FY27 EBITDA margin was 8.6%, with the full-year outcome not yet available.
10. Working capital cycle - improvement by March FY24 Missed - At the Q2 FY24 call, management expected the working capital cycle to come down by March FY24 without quantifying by how much; at Q3 FY24 the cycle stood at \~145 days with improvement expected "by the end of March". No improvement is evidenced in our record: Q4 FY24 disclosed no cycle number, FY25 trade receivables rose to ₹5,204 Mn from ₹4,677 Mn, and FY26 inventory days of \~135-138 were similar to last year.
11. Indigo Knit capacity utilization - increase from 50-60% Missed - At the Q4 FY23 call, management hoped to increase Indigo Knit capacity utilization in FY24 from the current 50%-60%. At Q4 FY24, the \~200 tons/month capacity was about 25% utilized, and by Q3 FY26 the Indigo business was about 5-6% of revenue, with no utilization rate disclosed for FY25 or FY26.
12. Garment business growth - above average Delivered - At the Q4 FY24 call, management said the garment business "will grow slightly higher than this average" above the 10-12% overall revenue growth guidance. FY26 garments segment revenue of ₹3,893 Mn grew 31.7% (volume +41.5%, value -9.9%), exceeding overall FY26 growth of 15.79%.
13. Legacy fabric business growth - high single-digit to very low double-digit Pending - At the Q4 FY26 call, management projected legacy fabric business growth for FY27 at high single-digit to very low double-digit rates. Q1 FY27 fabric revenue mix was 71% of total income, but no segment growth rate for the quarter was disclosed and the full-year outcome is not yet available.
14. Dombivali residential project - completion within 24 months, ₹80 cr revenue potential On track - At the Q4 FY26 call, management guided the Dombivali residential project (\~77,000 sq ft built-up) to completion within 24 months from a June '26 start, with expense of about ₹60 cr including land and revenue around ₹80 cr, a gain of about ₹20 cr. Approvals were received and tendering partly completed by Q1 FY27, with construction expected to start that quarter and no revenue booked yet.
15. FY27 retail revenue - approximately ₹160 cr On track - At the Q1 FY27 call, management indicated full-year retail revenue expectation of about ₹160 cr versus ₹80 cr last year, reiterated from earlier indication. Q1 FY27 retail revenue was close to ₹30 cr, consistent with the annual target, with the full-year outcome not yet available.
16. FY27 capex - approximately ₹100 cr Pending - At the Q4 FY26 call, management guided FY27 capex of about ₹100 cr - ₹50-60 cr regular maintenance plus about ₹40 cr for additional stores - reiterated at Q1 FY27 with ₹40-50 cr going into the retail project. No FY27 capex actuals exist yet in our record.
17. FY27 revenue growth - approximately 12% On track - At the Q4 FY26 call, management guided FY27 revenue growth of approximately 12%, reiterated at Q1 FY27 with confidence of achieving it. Q1 FY27 revenue was ₹446 cr, up 14.42% YoY, with total income of ₹466 cr up 16.4% YoY.
18. FY27 store expansion - approximately 70 total stores On track - At the Q4 FY26 call, management intended to reach approximately 70 stores across ZECODE and DEVO by end of FY27, from 44 currently, reiterated at Q1 FY27. Store count reached 49 (30 ZECODE + 19 DEVO) after adding 5 stores in the quarter, leaving the 70-store target ahead.
19. Preference shares (CNCRPS) issuance - ₹318 cr bonus issue Delivered - At the Q2 FY25 call, management announced a bonus issue of 9% cumulative, non-convertible redeemable preference shares in two series totalling ₹318 cr - 4 per equity share (Series I) and 3 per equity share (Series II) - with approvals then estimated at 9-12 months. NCLT Mumbai approved the scheme on 21st July 2026, it became effective 30th July 2026, and the record date was fixed as 22nd August 2026.
20. FY26 retail EBITDA drag - 100-150 bps Delivered - At the Q4 FY25 call, management expected EBITDA losses from the new retail business of maybe 100-150 bps in FY26, a level reiterated through FY26 and extended to FY27. The FY26 EBITDA drop from retail came in within the 150-bps budget and better than guidance, with overall FY26 EBITDA margin of 15.6% versus 15.4% in FY25.
21. FY26 store openings - 35 stores Missed - At the Q4 FY25 call, management intended to open about 35 new stores across ZECODE and DEVO during FY26, in addition to the 19 already opened. FY26 ended with 44 total stores (27 ZECODE + 17 DEVO), a net addition of 25-26, with management acknowledging being "short of that target".
22. FY26 revenue growth - 10-12% (later 12-15%) Delivered - At the Q4 FY25 call, management guided FY26 consolidated top line growth of about 10%-12% with EBITDA of approximately 14%; this was upgraded to 12-15% by Q3 FY26. FY26 revenue was ₹2,572 cr, up 15.79% YoY, with total income of ₹2,653 cr up 15.5% YoY.
23. New retail store-level breakeven - 15-18 months On track - At the Q2 FY25 call, management guided store-level breakeven in about 15-18 months, "very estimated numbers", later restated as 12-15 months at Q3 FY25 and 1.5-2 years for ZECODE at Q1 FY27. By Q1 FY27 some ZECODE stores, including some less than a year old, had turned EBITDA-positive, though the sample was only \~10-12 older stores.
24. New retail project - 30 stores by March 2025, ₹50 cr investment Partial - At the Q1 FY25 call, management announced approximately 30 new fast fashion and ethnic wear retail outlets in tier 1, 2 and 3 cities by March 2025 with investment of approximately ₹50 cr, funded through internal accruals under the COCO model. 19 stores were open by March 2025; the balance of the 30 signed stores was completed in H1 FY26, taking the count to 26 by end Q1 FY26.
25. FY25 revenue growth - 10-12% Missed - At the Q4 FY24 call, management guided revenue growth of about 10%-12% for FY25, noting H1 would be challenging with H2 expected better, reiterated through Q2 FY25. FY25 revenue was ₹2,222 cr, up 6.19% YoY, with total income of ₹2,296 cr up 8% YoY, below the guided floor.
26. FY24 capex - maintenance only, ₹40-50 cr Delivered - At the Q4 FY23 call, management said "this year, there is only maintenance capex" of roughly ₹30-40 cr, restated at Q1 FY24 as "normal capex" of around ₹40-50 cr; Q3 FY24 added a board-approved \~₹75 cr largely for Q2 of next year, with no capacity expansion. FY24 capex on PP&E was approximately ₹59 cr with closing CWIP of ₹18.70 cr, within the guided range and without expansion.
27. Siyaram Men's Bazaar launch - franchise retail at taluka level Partial - At the Q1 FY24 call, management planned to launch Siyaram Men's Bazaar in FY24, a franchise retail model at taluka level with minimum investment of approximately ₹23 lakhs, starting in Maharashtra. The first store opened in Q4 FY24, but by the same quarter the format was merged into existing Siyaram stores and separate teams rationalized.
28. Store expansion - \~50 stores per year Missed - At the Q4 FY23 call, management guided to open about 50 stores in FY24 and aspired to maintain this speed in coming years, from \~225 stores. The target was lowered to 30 by Q3 FY24 with only 14-15 opened in 9 months, and FY24 ended with 247 stores, a net addition of \~22; the 50-per-year pace was never achieved.
29. FY24 EBITDA margin - maintain 14-16% Delivered - At the Q4 FY23 call, management said "it is our endeavor to maintain EBITDA margins", reiterated at Q1 FY24 as 14%-16% for the year and long term. On management's reported EBITDA basis, FY25 margin was 15.4% and FY26 margin was 15.6%, within the guided range; FY24 was 13.63% on reported-financials basis.
30. FY24 advertising & marketing spend - 4-5% of sales Delivered - At the Q4 FY23 call, management said ad & marketing spend, cut to \~2% of sales post-COVID, would go back to 4%-5% in FY24 to strengthen brands, later restated as 3%-4% during FY24. FY24 advertising spend was approximately 4% of revenue, and the 4-5% level was maintained through FY25 and FY26.
31. FY24 revenue growth - 12-13% (later 3-5%) YoY Missed - At the Q4 FY23 call, management aspired to grow revenue at around 12%-15% YoY over the next three years starting FY24, reiterated at Q1 FY24 as 12%-13% for FY24. FY24 revenue fell 6.29% YoY to ₹2,092 cr after guidance was revised to \~3-5% at Q2 FY24, and FY25 grew 6.19%; FY26's 15.79% exceeded the original range.