1. Women's wear - at least 2x, if not 3x of current revenue in about a year Pending - At the Q1 FY27 call, management said women's wear could easily be at least 2x, if not 3x of current revenue in about a year's time, given the current pace (women's wear \~13% of revenue in Q1 FY27). Q1 FY27 women's wear contributed around 13% of revenue, and categories launched the prior quarter continued to scale as a key growth pillar; no further quarterly data is available as of the record date.
2. Manufacturing capacity mix - \~50% in-house, 35-40% outsource, 5% outright buy/trade Pending - At the Q1 FY27 call, management said the manufacturing capacity mix would be maintained going forward at about 50% in-house, 35-40% outsource (contract labor) and 5% outright buy/trade. Manufacturing capacities are fully occupied, as in recent quarters, requiring other factories' capacity via job work; no specific percentage split has been disclosed against the target.
3. EBITDA margin - maintain double-digit / 12-15% range Partial - At the Q2 FY26 call, management committed to maintaining "double-digit EBITDA" while pursuing growth; at the Q3 FY26 call it targeted margins of 12% to 15% "at any point of time", and at Q4 FY26 and Q1 FY27 reaffirmed holding current levels or improving through the year. Margins were 14.94% in Q2 FY26, 11.92% in Q3 FY26, 14.14% in Q4 FY26 and 13.07% in Q1 FY27, with FY26 at 13.10% - the Q3 FY26 figure fell below the 12% floor.
4. Insurance claim receivable - received within next few quarters; debt-to-equity to 0.2 On track - At the Q4 FY26 call, management said the \~₹22 crore insurance claim receivable would be received "within the next few quarters", offsetting short-term borrowings and bringing debt-to-equity down "to a 0.2 kind of level" from 0.4 or 0.3; by Q1 FY27 the ₹21 crore claim on fire-destroyed stock was "under process from both sides" and hoped to be cleared "very soon". As of Q1 FY27 the claim remains in other current assets in final stages of processing, debt-to-equity was 0.34x in FY26, and finance cost rose \~3x YoY to about ₹1 crore on elevated working-capital loans taken after the fire.
5. Offline stores - grow purely organically On track - At the Q4 FY26 call, management committed that offline stores will grow purely organically, a new (7th) store opening only when existing stores generate the profitability to fund it; at Q1 FY27, offline remained in pilot mode with ROCE below online opportunities and capital deployed in ROCE-accretive online ventures. Around 6 Bengaluru stores were closed as on FY26, the Q1 FY27 PPT lists 5 EBOs, and no new store opening was disclosed in Q1 FY27.
6. Product mix - 80% men's apparel, 20% diverse categories Delivered - At the Q4 FY26 call, management committed that the product mix going forward will continue at "80% contribution... of men's apparel and the remaining 20% will be a diverse set of categories". FY26 category revenue split was Mens Apparel 82%, Womens Apparel 6%, Womens Accessories 7%, Kids Apparel 4% and Mens Footwear 1%; Q1 FY27 was Mens Apparel 79%, Womens Apparel 13%, Womens Accessories 6%, Kids Apparel 1% and Mens Footwear 1%.
7. New categories (footwear) - zero net capital investment On track - At the Q4 FY26 call, management committed that new categories like footwear will be kept as "zero net capital investment categories," using outsourced manufacturing partners rather than in-house production. Footwear entered as a category in Q4 FY26 with healthy initial sell-through trends, Q1 FY27 Mens Footwear stood at 1% of revenue, and no capital investment in footwear has been disclosed.
8. Related-party fabric purchases from Bang Overseas - phased out On track - At the Q4 FY26 call, management said related-party fabric purchases from Bang Overseas "are going to get phased out" over a period of time. Sales through related party Bang Overseas are being curtailed as a percentage of revenue, with contracts transferring directly to Thomas Scott (India) Ltd, effects visible from Q3 FY26 onwards and continuing into Q4; the Q1 FY27 record holds no specific read on fabric purchase phase-out progress.
9. Thomas Scott brand growth - north of 60% YoY On track - At the Q4 FY26 call, management stated it intends to continue the Thomas Scott brand's profitable growth rate of "north of 60%" year-on-year, or better it, by localizing inventory and adding fulfillment centers. FY26 own brand revenue was ₹91 crore, up 62% YoY, but Q1 FY27 revenue of close to ₹25 crore was up 34% YoY.
10. Receivables - steady state 60-75 days On track - At the Q2 FY26 call, management said receivables in steady state would be "somewhere closer to 60 to 75 days"; at Q3 FY26, long-term receivable days were pegged around 60 with no timeline committed, and at Q4 FY26 management committed receivables, which "have actually come down this year from FY25 to FY26," will "continue to decrease further". Trade receivables rose to ₹86.2 crore in FY26 from ₹57.7 crore in FY25 after climbing to ₹71 crore at H1 FY26, but days decreased from FY25 to FY26, decreased again in Q1 FY27 on higher YoY revenue, and over 90% of the ₹86 crore are less than 6 months old.
11. Own-brand revenue mix - 30-40% of top line Delivered - At the Q2 FY26 call, management stated the long-term revenue mix for Thomas Scott own brand "would be between about 30% to 40% of the top line," with B2B (pure contract manufacturing) "about 5%… could go to 4% as well". FY26 own brand revenue was ₹91 crore (36% of ₹255 crore), licensed and other brands ₹148 crore (58%), and contract manufacturing ₹15 crore (6%); in Q1 FY27, own brand was ₹25 crore (38% of ₹66 crore) and contract manufacturing ₹4 crore (6%).
12. Inventory days - \~100 days target Pending - At the Q2 FY26 call, management stated the company targets \~100 days for the sales cycle (30-40, up to 45 days manufacturing cycle). Q2 FY26 inventory was \~₹77.1 crore with inventory days on annualized revenue below the target, Q3 FY26 inventory stood at ₹77 crore, and FY26 inventories were ₹85.8 crore vs ₹59.9 crore in FY25; working capital days improved to 173 in FY26 from 211, but no explicit inventory-days figure against the \~100-day target was disclosed in later quarters.
13. Marketing spend - 7-10% of top line Pending - At the Q2 FY26 call, management stated marketing spend is typically targeted at "somewhere between 7% to 10% of our overall top line," generally not more than 10% overall, though it is a fluid, ROI-driven lever. Q3 FY26 other expenses jumped on increased marketing initiatives around Diwali/Dussehra, and Q1 FY27 customer acquisition costs were "a little higher, much higher actually"; no disclosure of marketing spend as a percentage of revenue was found for FY26 or Q1 FY27.
14. Solapur plant capacity expansion - \~20% capacity growth over six months Missed - At the Q2 FY26 call, management guided Solapur plant capacity expansion via continuous (non-sizable) CAPEX so that capacity "grows at about 20% in terms of capacity over the next six months"; at Q4 FY26 and Q1 FY27 it reiterated continuous expansion plans and consistent capacity addition. Manufacturing capacity was reported at 140k units/month (60,000 bottoms, 60,000 shirts, 20,000 bags) in the Q4 FY26 and Q1 FY27 PPTs - identical to the Q4 FY25 PPT figure - with factories at full/max in-house capacity and rented captive job work used to meet total supply.
15. High double-digit revenue growth - continuing similar growth for the coming financial year On track - At the Q2 FY26 call, management committed to "similar kind of growth in the future as well, at least for the coming financial year" while improving margins; at Q3 FY26 and Q4 FY26 it expected "very, very similar set of growth numbers" over a period of time, and at Q1 FY27 reiterated the FY27 target "remains the same". FY26 revenue was ₹255 crore, up 58% YoY, while Q1 FY27 revenue of ₹66 crore was up 22% YoY, with management attributing the slowdown to skipped price investments and expecting the H2 festive period to offset.
16. Leatherwood International manufacturing unit - 7,00,000 units capacity, production from December 15, 2021 Missed - In the December 2021 announcement, the company proposed a new Leatherwood International manufacturing unit at Plot No. 20, Sector-33, HUDA, Gurugram (Haryana) for belts, wallets, computer bags, ladies bags, back packs and gifts etc., with annual capacity of approximately 7,00,000 units and production to commence from December 15, 2021, at an investment of ₹4-5 crore including working capital funded from internal accruals and debts. No disclosure confirms production commencement or the 7,00,000-unit capacity; later disclosures describe the Gurgaon facility as a handbags unit with capacity of \~20k handbags/month, or 240,000 units annually.