1. FY28 capacity of 9,000-10,000 machines and ₹2,500 crore revenue potential On track - At the Q4 FY26 call, management stated the group would grow to 9,000-10,000 machines fully by FY28, at which point \~₹2,500 crore of revenue should happen. As of Q1 FY27, total capacity was \~10,000 machines, with no FY28 revenue read yet.
2. Geographic mix of 30% US, 35% Europe, 35% UK by FY27 Pending - On the Q4 FY26 call, management targeted moving towards 30% US, 35% Euro and 35% UK exposure, hoping to achieve this by FY27. US exposure was 22%, having fallen to 17% that quarter on tariff issues; Q1 FY27 disclosures give no update on the mix, and the FY27 horizon remains open.
3. UK-India FTA effective by March 2026 Delivered - At the Q1 FY26 call, management expected the India-UK FTA to come into effect by March 2026; at Q2 FY26 it was hoped for before end of March 2026, and at Q4 FY26 both UK and EU FTAs were expected in the next 2-3 months. The UK FTA became effective recently, per the Q1 FY27 call, after the March 2026 deadline.
4. Sri Lanka revenue of ₹150-200 crore by end of March 2027 On track - At the Q1 FY27 call, the CFO guided Sri Lanka revenue of roughly ₹150-200 crore by end of March 2027, refining the ₹200-250 crore FOB export revenue aim for FY27 set at the Q4 FY26 call. Q1 FY27 Sri Lanka revenue was ₹25 crore, behind the required run rate, with the full-year read still pending.
5. Sri Lanka to cover own costs by end of March 2027 On track - At the Q1 FY27 call, management expected the Sri Lanka factories to manage themselves - cover their own costs - by end of March 2027. In Q1 FY27 the business was still carrying initial pre-operative losses, with the full-year read still pending.
6. Young Brand bra product line investment of ₹10 crore Pending - At the Q1 FY27 call, management planned to add a ladies bra product line to Young Brand with investment not exceeding ₹10 crore, machinery starting September-October and full revenue production in FY28. No outcome is on record yet; the investment timeline is September-October 2026.
7. Stock split from face value ₹10 to ₹2 per share Pending - At the Q1 FY27 call, the Board proposed a stock split of equity shares from face value ₹10 to ₹2 per share, subject to necessary approvals. No completion of the stock split is on record as of Q1 FY27.
8. Interest cost of ₹30-35 crore for FY27 On track - At the Q1 FY27 call, the CFO guided full-year consolidated interest cost of ₹30-35 crore without exchange loss, with a quarterly run rate of ₹9-10 crore from Q2. Q1 FY27 interest cost was ₹15 crore including a \~₹1.75 crore FX restatement hit, with normalization guided from Q2.
9. Infant export revenue of ₹1,300-1,400 crore in FY27 On track - At the Q1 FY27 call, the CFO guided infant export revenue from ₹1,100 crore last year to ₹1,300-1,400 crore this year, FY27. Q1 FY27 standalone adjusted revenue was ₹265.9 crore, behind the required run rate, with the full-year read still pending.
10. Young Brand revenue of ₹340-350 crore in FY27 On track - At the Q1 FY27 call, the CFO guided Young Brand revenue of ₹340-350 crore for FY27. Q1 FY27 Young Brand revenue was ₹72.7 crore, behind the required run rate, with the full-year read still pending.
11. Young Brand Salem expansion of 300 machines Partial - At the Q2 FY25 call, management planned to expand Young Brand by adding 300 machines "in the next two years", and at Q4 FY25 planned a leased facility near Salem with 300 machines, taking YBAPL to 1,700 machines. The expansion was put on hold through FY26 on tariff uncertainty, resumed per the Q4 FY26 call with FY28 revenue impact, and by Q1 FY27 Salem was in trial production with full Phase 1 capacity expected in three months post-Diwali - roughly a year late.
12. Sivakasi revenue of ₹35-40 crore in FY26 Missed - At the Q4 FY25 call, management expected ₹35-40 crore from Sivakasi for full-year FY26, after a budget of only ₹10-20 crore at Q3 FY25. Capacity was cut to 30-40 machines at Q2 FY26, Sivakasi was put on hold due to US tariffs, and production restarted only in Q4 FY26; no FY26 revenue near the target was disclosed.
13. Total machines of \~7,500 by end of FY26 Delivered - At the Q4 FY25 call, management expected approximately 7,500 machines by end of FY26 including Young Brand, later revised through FY26 to totals of 9,100-9,600. By Q4 FY26 the count was \~5,700 India plus \~1,000-1,650 Sri Lanka plus \~1,400 Young Brand, \~8,100-8,750 machines, and \~9,150 by Q1 FY27 - above 7,500.
14. India capacity of 6,000 machines by March 2026 Partial - At the Q4 FY25 call, the CFO guided the India garment division to reach 6,000 machines by March 2026; a Q1 FY26 revision saw 7,800 machines in India by FY26 end, later scaled back. Q4 FY26 India capacity was \~5,700 machines, revised to 5,700 for FY27; Q1 FY27 showed \~5,750 against a \~6,000 figure - short of the 6,000 target at the March 2026 deadline.
15. Retail equity fundraising completed by Q2 FY26 Missed - At the Q4 FY25 call, management expected retail equity fundraising to be completed by Q2 FY26. At Q2 FY26 the company was still looking for strategic or financial partners, at Q4 FY26 it intended to raise equity after all quarters turned positive, and by Q1 FY27 it was actively seeking a strategic investor - no raise completed.
16. SPUK revenue of £1.2-1.4 crore in FY27 On track - At the Q4 FY25 call, management expected SPUK FY27 revenue of at least £1.2-1.4 crore, reiterated at the Q4 FY26 call; at Q1 FY27 this was restated as "GBP 1.3 crore plus" and £5-6 crore over 3-5 years. Q1 FY27 SPUK revenue was ₹33.3 crore, roughly £0.3 crore, with the full-year read pending.
17. SPUK revenue of £1 crore to £1.2 crore in FY26 Missed - At the Q1 FY26 call, management set SPUK's FY26 revenue target at £1 crore to £1.2 crore, after a Q4 FY25 budget near £0.95-1 crore. SPUK FY26 revenue was £0.75 crore, below the £1 crore floor.
18. Sri Lanka revenue of ₹100 crore in first year, ₹200 crore in second year Missed - At the Q4 FY24 call, management guided Sri Lanka revenue of ₹100 crore in the first year (H2 FY25) and ₹200 crore in the second; the FY26 figure was cut to ₹150 crore, then \~₹50 crore. FY25 Sri Lanka revenue was ₹5 crore and FY26 was ₹45 crore - the first-year target missed and the second-year revised target nearly met.
19. FY27 consolidated revenue of ₹2,000 crore On track - At the Q4 FY25 call, management aimed for more than ₹2,000 crore for FY27, later guided with a 14-15% EBITDA margin at Q4 FY26 and reiterated at Q1 FY27. Q1 FY27 consolidated revenue was ₹401 crore, about 20% of the target, with management maintaining confidence in H2 recovery.
20. FY26 consolidated revenue of ₹1,600-1,800 crore Missed - At the Q4 FY25 call, management guided FY26 consolidated revenue between ₹1,600 crore and ₹1,800 crore. FY26 consolidated revenue was ₹1,578 crore, below the ₹1,600 crore floor.
21. FY25 consolidated revenue of ₹1,300 crore Delivered - At the Q2 FY25 call, management reaffirmed FY25 consolidated top line guidance of ₹1,300 crore. FY25 consolidated revenue was ₹1,407 crore, exceeding the ₹1,300 crore target.
22. Young Brand revenue of ₹400 crore by FY26 Missed - At the Q1 FY25 call, management confirmed confidence in Young Brand reaching close to ₹400 crore top line in FY26 once 1,500 machines were reached; the FY26 target was revised through the year to ₹325 crore, ₹310-315 crore exports plus ₹350 crore total and closer to ₹350 crore. Young Brand FY26 revenue was ₹321 crore, short of the original ₹400 crore.
23. Capacity utilization of 90-95% by Q3 FY25 Missed - At the Q1 FY25 call, management expected 90-95% utilization to happen in Q3 FY25, later softening to 90% by March 2025 and 85-90% by end of FY25. Utilization was 85% in Q3 FY25 and 85% for FY25, below the 90-95% target.
24. Young Brand EBITDA margin improvement to 15-18% Delivered - At the Q1 FY25 call, management expected Young Brand EBITDA margin to improve to between 15% and 18%, later guided to hold at 15% and then improve to 16-17%. Young Brand EBITDA margin was 14.8% in FY25, 15.3% in FY26 and 17.7% in Q1 FY27, within the guided range.
25. Sri Lanka operations: 1,000 machines by end of FY25 Missed - At the Q4 FY24 call, management anticipated 1,000 machines, including S.P. UK's, fully operational in Sri Lanka by end of FY25, later raising plans to 2,000 machines over two years with shifting deadlines. Only about 650 machines were running by June 2025, missing the original target, though capacity reached approximately 1,650 machines by Q3 FY26.
26. Buyback of shares Delivered - At the Q1 FY23 call, management said the Board would deliberate on the buyback plan "after the regulatory content is fulfilled in a couple of weeks' time". Regulatory approvals were received by Q2 FY23 with the offer opening on November 3, 2022, and by Q3 FY23 the process was complete with a ₹35 crore buyback made.
27. Retail break-even in FY23 Partial - At the Q4 FY22 call, management committed retail break-even "definitely this financial year" (FY23), with the horizon pushed across FY24, FY25 and FY26 in later calls. FY23-FY26 retail EBITDA losses were ₹7.5 crore, ₹8.19 crore, ₹6.84 crore and ₹0.61 crore, with quarterly EBITDA positive from Q2 FY26 onwards - breakeven came roughly three years late.
28. Retail: \~100 EBOs in next two years (from Q2 FY23) Missed - At the Q2 FY23 call, management targeted \~100 EBOs in the next two years, from 60 EBOs currently. By Q4 FY23 the network was 40 Crocodile stores and 17 under all brands, and by Q1 FY27 the PPT showed 39 company-owned and 15 franchisee stores - around 54 stores, far below 100.
29. Workforce to reach \~15,000 by June 2023 Missed - At the Q2 FY23 call, management confirmed a target of \~15,000 workforce by June 2023. Workforce at end of FY23 was 12,500 and close to 12,000 at Q1 FY24, below the target.
30. New factory in down south completed by end of June 2023 Partial - At the Q1 FY23 call, management said the new garment factory in down south was under process and expected to be completed by end of June 2023; the timeline slipped repeatedly - April 2024 at Q3 FY23, August 2024 at Q2 FY24, Q3 FY25 at Q4 FY24. The Sivakasi factory became operational in Q3 FY25, roughly 18 months after the original June 2023 deadline.
31. PAT of ₹20-23 crore sustainable quarterly run rate; ₹80 crore PAT for FY22 Delivered - At the Q2 FY22 call, management said PAT of ₹20-23 crore is a sustainable quarterly run rate and hoped for ₹80 crore PAT for the full year. FY22 PAT was ₹84.6 crore, with quarterly PAT of ₹11.56 crore, ₹23 crore, ₹24 crore and ₹25.25 crore through the year - the run rate held from Q2 onwards.
32. 80% utilization on 5,100 machines next year (FY23) plus double shift Missed - At the Q2 FY22 call, management confirmed targeting 80% utilization on 5,100 machines next year plus additional double-shift volumes, later framed as 80-90%, 82-85% in two to three quarters and 80-85% by November or December 2022. Utilization was \~75% in Q1 and Q2 FY23, 74% in Q3 and \~70% in Q4, averaging 72% for FY23 - below 80%.
33. SPUK to double business in next two to three years (from Q1 FY22) Missed - At the Q1 FY22 call, management expected SPUK to at least double in the next two to three years, reiterated at Q4 FY22 and Q4 FY24 with a FY25 doubling aim. SPUK revenue was £0.55 crore in FY22, £0.6 crore FY23, £0.55 crore FY24, £0.52 crore FY25 and £0.75 crore FY26 - it declined before a partial recovery, never doubling.
34. ₹1,000 crore garment revenue in FY23 Missed - At the Q2 FY22 call, management indicated working towards ₹1,000 crore in exports alone in the next financial year, guided as close to ₹1,000 crore revenue in FY23 at Q3 FY22 and reiterated at Q4 FY22. FY23 garment division revenue was ₹960 crore, about 4% below the target.
35. Garment division growth of 20-25% while maintaining EBITDA margins Partial - At the Q2 FY22 call, management said it was working towards garment division growth of 20-25% while maintaining the same EBITDA margins, with later annual guides of 15-20% for FY23, \~20% for FY23 and 10-15% from FY24, 14-15% for FY24 and 10-15% or 7-10% for FY25. Growth was 38% in FY22, 29% in FY23, -2.3% in FY24, 39% in FY25 and 8.7% in FY26 - targets met in FY22-FY23 but missed in FY24 and FY26.
36. Retail hived off into wholly owned subsidiary during Q4 FY22 Delivered - At the Q2 FY22 call, management said retail operations would be moved into a new wholly owned subsidiary during Q4 FY22. The hiving-off was completed on 1st January 2022 via slump sale, with consolidation of ₹53.5 crore, within Q4 FY22.
37. Spinning expansion by 3,600 spindles to reach 27,000 spindles Delivered - At the Q1 FY22 call, management said the spinning expansion by another 3,600 spindles was underway, delayed three months by the pandemic, taking the company to 27,000 spindles, with a further three-month delay flagged at Q2 FY22. The expansion completed and started yielding production effective 1st February 2022, lifting in-house spinning coverage from \~60% to \~80% of yarn requirement.
38. Zero-debt company in two years (from Q1 FY22) Missed - At the Q1 FY22 call, the CFO committed to being a zero-debt company "in another two years' time", reiterated at Q3 FY22 as "working towards a zero debt in 1- or 2-years' time". Standalone net debt was ₹42 crore at Q4 FY24, consolidated gross debt ₹335 crore at Q4 FY25 and consolidated net debt ₹338 crore at Q4 FY26, with debt rising on the Young Brand acquisition and Sri Lanka expansion.
39. FY22 export revenue growth of 15-20% YoY (or 10% vs FY19) Delivered - At the Q3 FY21 call, the CFO guided FY22 export revenue growth of 15-20% YoY, or 10% vs FY19. On the Q4 FY22 call, management stated garment export sales alone were ₹578 crore, with like-for-like export sales growth of about 20%, meeting the guided range.
40. Retail division revenue of ₹60-70 crore for FY22 Missed - At the Q3 FY21 call, management guided retail division revenue of "anywhere again 60 to 70 crores of revenue for FY22"; at Q1 FY22 this was revised to "anywhere between 5.7 to 5.8 crore", likely a transcription of ₹57-58 crore. FY22 retail revenue was ₹48 crore, below the guided range; FY23 retail revenue was ₹81 crore.
41. Two-shift operations to be implemented in phased manner Missed - At the Q2 FY21 call, management planned two-shift operations in a phased manner from April onwards, with full conversion of four hostel factories taking "the next one full year"; the rollout was repeatedly deferred. By Q4 FY25, management confirmed two shifts were tried in 1-2 factories but were not successful and were closed, with only single shift planned going forward.
42. Factory consolidation to yield \~₹1 crore yearly rental savings and at least 50 bps total savings Delivered - At the Q1 FY21 call, management said factory consolidation would yield roughly ₹1 crore yearly savings on rentals, with total savings of at least 50 bps across rent, supply chain and logistics. Q2 FY21 cost reduction initiatives saved \~2-3% overall across divisions and consolidation contributed to a 21.6% garment EBITDA margin in Q3 FY21, exceeding the 50 bps aim; the specific ₹1 crore rental figure is not separately disclosed.
43. Utilization of 4,800 machines by end of March 2022 Missed - At the Q1 FY21 call, management planned to reach 4,800 machines by end of March 2022, the CFO clarifying "it is not guidance. But we plan to go to 4800 machines by the end of March 2022". Q4 FY22 capacity was 5,000 machines with 72% utilization, about 3,600 machines, and \~4,000 machines utilized by Q1 FY23 - short of 4,800 at the deadline.
44. No new projects/factories for two years; reach 80-85% utilization within \~one year Missed - At the Q1 FY21 call, management said there would be no new projects or factories for the next two years, with capacity maximized within the existing setup to 80-85% over about a year. Utilization was \~60% in July 2021, \~64% in Q2 FY22, \~62% in Q3 FY22, 72% in Q4 FY22 and \~75% in Q1 FY23 - short of 80-85%, and new factory plans emerged by Q4 FY22.
45. Two new US customers to be added during Q2 FY21, US business from Q1 FY22 Missed - At the Q1 FY21 call, management said two new US customers would be added during Q2 FY21, with US business starting from Q1 FY22. At Q2 FY21 the US customer was not pursued due to unattractive minimum order quantities and a bigger European customer was added instead; a new US customer arrived only at Q3 FY22 and a second at Q1 FY23.
46. SPUK business to cross £1 crore by FY22 Missed - At the Q1 FY21 call, management planned SPUK to cross £1 crore by FY22, with Q2 FY22 expecting FY22 to end at £0.9-1 crore and Q4 FY22 guiding close to £0.9-1 crore for FY23. SPUK revenue was £0.55 crore in FY22, £0.6 crore FY23, £0.55 crore FY24, £0.52 crore FY25 and £0.75 crore FY26 - never crossing £1 crore through FY26.
47. Garment division EBITDA margin of 18% (later 18-20%) sustained Partial - At the Q1 FY21 call, management reiterated 18% EBITDA margin guidance inclusive of cost cuts, held through repeated 18-20% restatements across FY22-FY25, then lowered at Q1 FY26 to 15% including Young Brand with ex-YBAPL core at 18% and set at 17-18% in the Q4 FY26 PPT. Garment EBITDA margin was 20.9% in FY21 and FY22, 18.7% FY23, 17.6% FY24, 16.7% FY25, 16.5% FY26 standalone and 17.5% in Q1 FY27 - the 18% floor held through FY23 but was missed in FY24-FY26.
48. Q4 FY21 revenue run-rate above Q4 FY20 and at par with Q4 FY19 Delivered - At the Q1 FY21 call, management said Q4 FY21 revenue run-rate would "definitely" be above Q4 FY20 and "at par with Q4 FY19". Q4 FY21 garment division revenue was ₹163 crore, up 35% year-on-year, and consolidated adjusted revenue was ₹258 crore versus ₹194 crore a year earlier - both comfortably above prior-year Q4 levels; the at-par-with-Q4-FY19 claim is not directly evidenced in the record.
49. Utilization to exceed 4,000 sewing machines by end of March 2021 Partial - At the Q1 FY21 call, management guided utilization to exceed 4,000 sewing machines by end of March 2021, versus \~3,000 currently, reiterated at Q2 FY21; at Q3 FY21 the target was deferred by one month, "not beyond that", due to delayed order flow from the third lockdown. No confirmation of the 4,000-machine mark by March/April 2021 is on record; July 2021 utilization was \~60% and \~4,000 machines was reached only by Q1 FY23, well beyond the one-month grace.