1. Mid-to-high teens margins with reasonable expansion in FY27 On track - At the Q1 FY27 call, management said margins should stay "in the region" of Q1 levels while delivering "a reasonable margin expansion" versus FY26 close. Q1 FY27 OPM was 18.88% and normalized EBITDA margin 21.2%, against FY26 OPM of 9.22%.
2. Double-digit revenue growth aspiration for FY27 On track - At the Q1 FY27 call, management committed to being "squarely focused on growth" in FY27, with double-digit growth held as an aspirational framing. Q1 FY27 revenue grew 19.7% YoY to INR 79.45 crore, against TTM growth of 2.91%.
3. Tuck-in acquisitions using \~INR 50 crore cash in FY27 On track - At the Q4 FY26 call, management said it would look at tuck-in acquisitions "this year" using \~INR 50 crores of balance-sheet cash, an intent first raised at Q3 FY26 with \~INR 150-154 crore surplus cash. No acquisition was announced through Q1 FY27.
4. FraudZap aggressive market push in FY26 Delivered - At the Q3 FY26 call, management said "this year we are going to aggressively take it into market" for FraudZap. FraudZap moved from concept to paying customer within a year, with 3 Telcos onboarded by Q4 FY26 and ROI fully recovered by Q1 FY27.
5. Board reconstitution complete ahead of Q3 FY26 results Delivered - At the Q2 FY26 call, management hoped to fill all board positions "before the next board meeting". Two independent directors were onboarded and the first reconstituted-board meeting was held on February 10, 2026, with one more added by Q4 FY26.
6. ESOP share acquisition executed around Q3 FY27 On track - At the Q1 FY27 call, management promised a postal ballot "within two weeks" and market acquisition of up to the 2% per-year cap, with execution expected "around Q3". The board approved the ESOP the day before the call; the postal ballot was pending as of that call.
7. Team of LLMs commercialization in Q1 FY27 Partial - At the Q4 FY26 call, the CEO said POCs were done and commercialization with two or three customers was expected "in this quarter", i.e. Q1 FY27. By Q1 FY27 no commercial deal was confirmed in the record, the delay having been attributed to GPU procurement constraints.
8. Subex Middle East subsidiary capitalized with INR 34-35 crore Delivered - At the Q1 FY26 call, management committed \~INR 34-35 crore to recapitalize the wholly-owned Middle East subsidiary and make it net-worth positive. The recapitalization was executed and by Q1 FY27 the entity was described as self-sufficient, with no further infusion expected.
9. Delayed deal closures to manifest in H1 FY26 Delivered - At the Q4 FY25 call, management expected deals that had slipped quarter-on-quarter to close in H1 FY26. Deals worth $15 million were announced by Q2 FY26, \~INR 140 crore of wins followed over six months, and FY26 order intake grew 24%.
10. Sectrio receivable recovery of INR 16.89 crore through FY26 Missed - At the Q4 FY25 call, management expected a large part of the INR 16.89 crore impairment allowance on disputed Sectrio receivables to be recovered "through the year". Nothing had been recovered through Q3 FY26, and by Q1 FY27 only one of three entities in one contract was settled, with no amount disclosed.
11. Sectrio losses significantly reduced by Q1 FY26 Delivered - At the Q3 FY25 call, management said "by Q1" of FY26 losses in Subex Digital LLP, housing Sectrio, would be significantly reduced. Sectrio headcount was cut from 57 to 2 employees by Q1 FY26 and expenses were nil by Q3 FY26, with only final legal documents pending.
12. Account Aggregator full license and operations by Q4 FY25 Missed - At the Q3 FY24 call, the CEO said the business could be conducted "one year later… which will be Q4 of next year" after building compliances and infrastructure. Instead, the RBI in-principle approval was revoked/surrendered by mail dated December 04, 2024, and operations never commenced.
13. FY25 breakout year with double-digit growth Missed - At the Q4 FY24 call, management said FY25 would be a "breakout year" with growth "definitely... much, much better" than FY24's 11.1%, asking investors to "hold me to it". FY25 revenue was INR 285.6 crore versus INR 309.7 crore in FY24, a decline of \~8%.
14. Q4 FY23 reversed revenue (\~INR 27-30 crore) recognized through FY24 Missed - At the Q1 FY24 call, management committed to recognizing the Q4 FY23 reversed revenue of \~INR 27-30 crore "through the course of the year". None was recognized in Q1 FY24 and the related Middle East receivable remained unrecovered through Q1 FY25.
15. US$14.7 million one-time backlog executed within four quarters Missed - At the Q2 FY23 call, management said the US$14.7 million one-time backlog should be completely executed within four quarters, bulk within three. A year later the outstanding one-time book still stood at around US$20 million in Q1 FY24 and $13-14 million in Q2 FY24.
16. Steady-state EBITDA of 15-20% over the next two to three years Partial - At the Q4 FY22 call, management reiterated a steady-state EBITDA target of 15%-20%, around 20%, for at least the next two to three years. FY23 to FY25 OPM was -11.00%, -5.06% and -5.13%, and the target was only approached in Q1 FY27 at 18.88% OPM and 21.2% normalized EBITDA margin.
17. IDcentral/Sectrio ARR of US$1 million during FY23 Missed - At the Q4 FY22 call, management said the next milestone was US$1 million ARR, hoping to be "very, very close to that number, if not crossed" during FY23. No ARR confirmation appears in the record; IDcentral was divested in Q1 FY25 at INR 5.26 crore and both units were later called "way behind targets".
18. Legacy ROC-based implementations complete by Q2 FY23 Partial - At the Q4 FY22 call, management expected legacy ROC-based project implementations to finish by Q2 FY23, with most deployments then on HyperSense. Three more customers signed ROC-to-HyperSense conversions in Q2 FY23, and by Q4 FY25 the ROC install base was still \~4x-5x larger than HyperSense's.