1. Own application rollout - March 2025 Missed - At the Q2 FY25 call, management stated the company's own application should be able to roll out in March of '25. The explicit deadline of March 2025 has passed, and no disclosure of an application rollout exists in the record.
2. At least 3 acquisitions - next 12 months from Q2 FY25 Missed - At the Q2 FY25 call, management committed to at least 3 acquisitions over the next 12 months, planning to deploy about ₹80-90 cr. The deadline of September 2025 has passed with no acquisitions disclosed, and the IPO proceeds originally allocated for acquisitions were reallocated to General Corporate Purpose via a special resolution on 24 September 2024.
3. Global footprint expansion - FY25 Missed - At the Q4 FY24 call, management stated they will now look at expanding the global footprint this year, FY25. The UK subsidiary was shut, and as of FY25-end the company had a presence in only 2 countries - India and USA - with no new country entries disclosed.
4. Operating margins of \~3% - FY25, or definitely FY26 Missed - At the Q4 FY24 call, management guided that operating margins will be in the range of about 3% in FY25, and if not FY25, then definitely FY26. FY25 OPM was 0.65% and FY26 OPM was 0.97%, never approaching the 3% target by the FY26 deadline (SQL).
5. 30% top-line growth on recruitment and manpower - next 12 months from Q4 FY24 Missed - At the Q4 FY24 call, management guided 30% growth on the top line for the organisation on the recruitment and manpower front over the next 12 months. Manpower supply, recruitment and related services revenue grew from ₹604 cr in FY24 to ₹697 cr in FY25, a 15.4% increase, falling well short of the 30% target by March 2025 (SQL).
6. Electronics trading business shutdown - by end of FY25 Missed - At the Q4 FY24 call, management guided a plain and simple shutdown of the electronics trading business by the end of FY25, later softened at the Q2 FY25 call to discontinuing it in the longer run. The business was not shut down, with FY25 segment revenue at ₹573 cr and FY26 at ₹648 cr, continuing to grow through FY26 (SQL; D9 p.26).
7. PAT margins return to historic \~4% - next year to year-and-a-half from Q4 FY24 Missed - At the Q4 FY24 call, management guided that PAT margins will return to the historic \~4% level in the next year to year and a half, calling it sustainable over the next five years. The deadline of September 2025 has passed; FY24 PAT margin was 1.14%, FY25 was 0.57%, and FY26 was 0.85%, never approaching the 4% target (SQL).
8. 30-35% CAGR top-line growth - 3 to 5 years from FY24 On track - At the Q4 FY24 call, management reiterated a 30%-35% CAGR top-line growth target for the next three to five years, later restated at the Q2 FY25 call as a 30% CAGR for the next three years. FY24 revenue grew 32.5% to ₹1,016 cr, FY25 grew 25.0% to ₹1,270 cr, and FY26 grew 14.2% to ₹1,450 cr, with the multi-year window through FY27-FY29 still open (SQL; D8 p.15; D9 p.13).