1. Pure rental revenue - \~₹65 cr in FY25 Partial - At the Q2 FY25 call, management guided approximate pure rental revenue for FY25 at around ₹65 cr, with the Q2 FY25 PPT listing total rent potential from completed projects at ₹65.95 cr. FY25 logistics park segment revenue was ₹77.09 cr and consolidated revenue was ₹82.63 cr, while the Q4 FY25 PPT listed total rent potential at ₹69.66 cr and management cited a \~₹70 cr run-rate by Q4 FY25, though no clean pure rental figure was disclosed to confirm the exact ₹65 cr target (SQL; D3 p.8; D5 p.9).
2. Land acquisition completion - three parcels near Bangalore, Kolkata, Bhiwandi in 3-4 months Partial - At the Q4 FY25 call in May 2025, management committed to completing land acquisition for parcels near Bangalore, Kolkata, and Bhiwandi within the next 3 to 4 months. By 28 April 2026, the company announced acquisition of three entities for \~₹84 cr covering \~86% of the \~44-acre Dankuni, Kolkata parcel, with two acquisitions to be completed within 45 days, but no disclosure in our record confirms completion of the Bangalore or Bhiwandi parcels.
3. Land bank ready - \~200 acres with 0.18-0.2 cr sq ft developable area in 6 months Missed - At the Q4 FY25 call in May 2025, management guided that within the next 6 months the company would have approximately 200 acres of land banks ready, with a developable area of 0.18-0.2 cr sq ft across Bhiwandi, Hoskote, Jhajjar, and Dankuni. The Q4 FY25 PPT listed land bank at 166.0 acres and planned development at 0.19 cr sq ft, and while Dankuni acquisition progressed by April 2026, no disclosure in our record confirms the \~200-acre ready land bank milestone was achieved by November 2025.
4. Mubarikpur project construction start - Q3 FY26, completion Q4 FY27 Pending - At the Q4 FY25 call, management guided that construction on the first project at Mubarikpur would start in Q3 FY26 and take about 15 months to complete, targeting Q4 FY27. The Q3 FY26 start deadline has passed, but our record holds no disclosure on whether construction commenced, and the Q4 FY27 completion horizon has not been reached.
5. Upcoming projects capex - \~₹1,000 cr over 2 years Pending - At the Q2 FY25 PPT in October 2024, management guided total capex for upcoming projects at \~₹1,000 cr over 2 years, with launches initially expected by Q1 FY26 and later revised to Q3 FY26 and beyond at the Q4 FY25 PPT. CWIP remained ₹0.00 cr across FY22-FY26, and while \~₹480 cr was invested in land parcels, no material capex deployment toward the \~₹1,000 cr programme is evident through FY26, with the inferred 2-year horizon through \~Q2 FY27 not yet reached (SQL; D3 p.6).
6. Clarity on alternate asset classes - by Q1 FY26 Missed - At the Q2 FY25 call, management stated that the picture on alternate asset classes, including data centers, would be clearer probably by the first quarter of next year, Q1 FY26. The FY25 annual report and Q4 FY25 PPT referenced exploring new opportunities such as plotted development and alternative asset classes, but no concrete update or specific disclosure on data centers was provided in our record by the Q1 FY26 horizon.
7. Divestment proceeds from Blackstone - \~₹400 cr Delivered - At the Q2 FY24 call in September 2023, management expected to receive around ₹400 cr from the divestment of assets to Blackstone, with the transaction under process and expected to close very soon. The FY24 annual report confirmed total cash proceeds from the divestments exceeded ₹400 cr, with the Jhajjar enterprise value at ₹625 cr and total proceeds including stake sale and working capital adjustment close to ₹700 cr, yielding net cash of \~₹400 cr after debt of ₹290 cr.
8. Substantial development by 2025 - to create a stabilized portfolio Missed - At the Q2 FY24 call, management stated substantial development would happen by 2025 to create a stabilized portfolio. The company divested 0.48 cr sq ft of assets to Blackstone and exited a further 0.02 cr sq ft at Hosur by FY25, leaving a completed portfolio of 0.06 cr sq ft of warehouses plus CFS land, with CWIP at ₹0.00 cr throughout and no new development completed by 2025.