1. New building for capacity expansion - \~20,000-25,000 sq ft Pending - At the Q4 FY26 call, management guided that the new building being sought for capacity expansion is \~20,000-25,000 sq ft. Existing facility is 8,275 sq ft in Andheri, Mumbai, with an additional \~5,600 sq ft of production space noted for the 2.5-tonne expansion, and no confirmation of acquisition of a 20,000-25,000 sq ft building appears in our record.
2. International expansion - GCC, Singapore, Australia via distributors and exhibitions Pending - At the Q4 FY26 call, management guided continued international expansion across GCC, Singapore, and Australia via distributors and exhibitions, with FY26 filings noting planned entry into GCC countries, Australia, and Singapore. UAE subsidiary incorporation is in progress and export presence in UAE is noted, but no specific confirmation of entry into Singapore or Australia appears in our record.
3. UAE subsidiary - incorporation and strategic presence in Dubai On track - At the Q4 FY26 call, management guided that the UAE subsidiary, approved by the Board, will provide strategic presence in Dubai, with incorporation expected by July 31, 2026. Board approval has been received and incorporation is on schedule per the latest announcement, with the July 31, 2026 deadline not yet reached as of our record date.
4. Onboard 100-200 new clients in FY27 Pending - At the Q4 FY26 call, management guided onboarding 100-200 new clients in FY27. FY26 saw 112 new clients onboarded, and FY27 has not yet concluded.
5. Export sales to jump to 10-20% of revenue "immediately" once UAE subsidiary starts Pending - At the Q4 FY26 call, management guided export sales to jump to 10-20% of revenue "immediately" once the UAE subsidiary starts. FY26 exports were ₹9.47 crore, or 0.82% of total revenue, and the UAE subsidiary incorporation is expected July 31, 2026, with the subsidiary not yet operational.
6. FY27 capex - \~₹50 crores Pending - At the Q4 FY26 call, management discussed capacity and utilization but did not provide FY27 capex guidance in the cited transcript. FY27 has not yet concluded.
7. Capacity utilization to reach 70-75% in FY27 Pending - At the Q4 FY26 call, management stated current capacity utilization was \~65% overall, reaching up to 90% in season. FY26 utilization was \~65% and FY27 has not yet concluded.
8. FY27 EBITDA margin - \~7-8% Pending - At the Q4 FY26 call, management guided EBITDA margin of \~7-8% for FY27. FY26 EBITDA margin was 8.10%, and FY27 has not yet concluded.
9. FY27 PAT margin - \~4-4.5% Pending - At the Q4 FY26 call, management guided PAT margin of \~4-4.5% for FY27. FY26 PAT margin was 5.10%, and FY27 has not yet concluded.
10. FY27 volume growth - 35-40% Pending - At the Q4 FY26 call, management guided 35-40% volume growth for FY27. FY26 volume growth was \~11%, and FY27 has not yet concluded.
11. FY27 revenue growth - \~60% Pending - At the Q4 FY26 call, management guided \~60% revenue growth for FY27 vs FY26. FY26 revenue was ₹1,154.90 crore, and FY27 has not yet concluded as of July 14, 2026.
12. No equity fundraise on the cards at present Delivered - At the Q2 FY26 call, management guided that no equity fundraise is on the cards at present. Convertible warrants were allotted on June 26, 2025 to promoter and other investors, predating the Q2 FY26 statement, and no subsequent equity raise appears in our record through FY26.
13. Diamond jewelry to reach 30-40% of total sales mix by 2030 On track - At the Q2 FY26 call, management guided that diamond jewelry could reach 30%-40% of total sales mix by 2030. Diamond jewelry revenue contribution in FY26 was \~2% of total revenue, with natural diamond jewellery contribution in H2 FY26 at \~3.5%, and the FY2030 deadline has not been reached.
14. Diamond jewelry margins - around 10% to 15% Pending - At the Q2 FY26 call, management guided that margins on diamond jewelry are around 10% to 15%. Diamond jewelry revenue was \~2% of total revenue in FY26, and no segment-level margin disclosure for diamond jewelry appears in our record.
15. Debt-equity ratio can go up to 1.5 to 2 times Delivered - At the Q2 FY26 call, management guided that debt-equity ratio can go up to 1.5 to 2 times. FY26 Debt to Equity was 0.94 times, FY25 was 1.03 times, and FY24 was 2.07 times, showing the ratio has been within and below the stated ceiling range.
16. Borrowing of \~₹50 crores more from banks Pending - At the Q2 FY26 call, management guided planning to borrow around ₹50 crores more from banks, and at the Q4 FY26 call guided \~₹50 crores additional borrowing from banks for FY27. FY26 Debt to Equity was 0.94 times and Cash Flow from Financing Activities was ₹55.70 crore, but no explicit confirmation of the additional ₹50 crore borrowing appears in our record, and FY27 has not concluded.
17. Capacity by FY2030 - approximately 6 to 7 tons annually On track - At the Q2 FY26 call, management guided that capacity by FY2030 would be approximately 6 to 7 tons annually, reiterated at the Q4 FY26 call with plans to expand from \~2,500 kg/year to 6-7 tons/year via acquiring additional buildings. Current manufacturing capacity as of FY26 was \~2,500 kg/year, with installed capacity per PPT at 2,000 kg per annum, steps initiated to expand to 2.5 tonnes, and FY27 capex guided at \~₹50 crores.
18. Diamond jewelry revenue - ₹200-300 crores in 2 years, possibly ₹500 crores On track - At the Q2 FY26 call, management guided diamond jewelry revenue could reach ₹200-300 crores in 2 years and possibly ₹500 crores, later restated at the Q4 FY26 call as >₹200 crores annually "in next 2 years". Diamond jewelry revenue contribution in FY26 was \~2% of total revenue, implying \~₹23 crore, with natural diamond jewellery contribution in H2 FY26 at \~3.5% of revenue and diamond jewelry inventory as of March 2026 at \~₹17 crores.
19. Long-term revenue aspiration of ₹4,000-5,000 crores by FY2030 with same or better margins On track - At the Q2 FY26 call, management guided a long-term revenue aspiration of ₹4,000 to ₹5,000 crores by FY2030 with same or better margins, reiterated at the Q4 FY26 call. FY26 revenue was ₹1,154.90 crore, and FY27 revenue growth is guided at \~60%, with the FY2030 deadline not yet reached.
20. PAT margin of 4.5-5% - sustained basis, can go above as diamond jewelry share increases Partial - At the Q2 FY26 call, management guided that PAT margin of 4.5% to 5% is sustainable and can go above as diamond jewelry share increases. H1 FY26 PAT margin was 6.17%, H2 FY26 PAT margin was 4.35%, FY26 full-year PAT margin was 5.10%, and FY27 guidance is for PAT margin of \~4-4.5%.
21. EBITDA margin of 9-10% - sustained basis Partial - At the Q2 FY26 call, management guided that EBITDA margin of 9% to 10% is sustainable on a sustained basis with the current portfolio. H1 FY26 EBITDA margin was 9.45%, H2 FY26 EBITDA margin was 7.15%, FY26 full-year EBITDA margin was 8.10%, and FY27 guidance is for EBITDA margin of \~7-8%.
22. 2.5-ton capacity expansion - commissioned by end-November 2025, commercial revenues in H2 FY26 Partial - At the Q2 FY26 call, management guided the 2.5-ton capacity expansion would be commissioned "in a month's time," by end-November 2025, with commercial revenues starting in H2 FY26, and FY26 filings noted Board approval for capacity expansion up to 2.5 tonnes. Installed capacity as of FY26 was 2,000 kg per annum with \~65% utilization, the Q4 FY26 transcript noted current manufacturing capacity at \~2,500 kg/year suggesting the expansion was operational by March 2026, but no explicit confirmation of commissioning by end-November 2025 appears in our record.