1. Wider product basket for regulated markets including CIS, North America and Europe Missed - Across the FY21-FY25 annual reports, management stated the Company will offer a wider basket of products to regulated markets including CIS countries, North America and Europe, with a pipeline of products of variable complexities. R&D expenditure fell from ₹419.34 million in FY20 to ₹4.22 million in FY25, foreign exchange earnings fell from ₹142.98 million in FY24 to ₹3.78 million in FY25, and revenue declined from ₹958 crore (pharma, FY20) to ₹69.99 crore total in FY26.
2. Domestic branded business - raise monthly sales to ₹3 crore Pending - In the FY24 annual report, management noted domestic branded business maintained an average monthly sales of INR 2 crore despite field-force disruptions, and saw potential to raise this to INR 3 crore per month. Our record holds no subsequent disclosure on domestic branded monthly sales; FY25 revenue was ₹116 crore and FY26 revenue was ₹69.99 crore.
3. Substantial export generics offtake from next financial year (FY25) Partial - In the FY24 annual report, management stated substantial offtake of generics was expected from the next financial year, with ongoing discussions with large Canadian partners for CDMO projects. FY25 disclosures record 16 new projects signed and commercial supplies launched for Bilastine, Rivaroxaban and Edoxaban Tablets, but FY25 revenue was ₹116 crore, down 22% YoY, with no disclosure quantifying "substantial offtake".
4. USML debenture conversion - ceding controlling stake Partial - In the 8 October 2020 announcement, the Investor in USML sought to convert Debentures into equity shares, raising its shareholding to 72.22% on a Fully Diluted Basis while VML's would decrease to 27.78%, with Vivimed Labs Ltd ceding controlling stake in USML and its 8 wholly owned subsidiaries, subject to approvals and expected to consummate before 31 December 2020. No completion disclosure on those terms is on record, but FY22 disclosures confirm the Company divested control of the API business while retaining only a minor share.
5. Preferential issue - 4,25,00,000 warrants at ₹25 per warrant Pending - In the 6 September 2021 announcement, the Board proposed a preferential issue of up to 4,25,00,000 warrants convertible into equity shares of Rs.2 each at Rs.25 per warrant, to Promoters (1,25,00,000) and Non-Promoters (3,00,00,000), subject to approvals. The same announcement records withdrawal of an earlier 2019 warrant issue due to COVID-19 cash flow problems; our record holds no subsequent disclosure on the 4,25,00,000 warrant issue.
6. Vilberry brands - full benefit in FY24 Missed - In the FY23 annual report, management stated the integration of Vilberry brands brought marginal additional revenue and that the full benefit of the additional brands was "likely to accrue in the current year", i.e. FY24. FY24 revenue fell \~20% to ₹149 crore from ₹187 crore in FY23, with no disclosure quantifying any Vilberry benefit, so the promised full accrual did not materialise.
7. Institutional segment contribution to rise in FY24 as banking issues evened out Missed - In the FY23 annual report, management stated banking issues that kept the Company out of tenders in FY23 "should get evened out during the current year", enabling a more significant institutional segment contribution; FY23 institutional business contributed about ₹40 crore, majority from TSMIDC Telangana. No FY24 disclosure on institutional contribution exists in our record, and FY24 revenue fell \~20% with continued losses, so the promised FY24 improvement did not materialise.
8. Bottom line from red to black - in a couple of years from FY23 Missed - In the FY23 annual report, management aimed to change the Company's bottom line from red to black in a couple of years from now; in the FY24 annual report this was restated as achieving a positive bottom line within the next two years. FY24 PAT was -₹45.45 crore, FY25 PAT was -₹31.96 crore and FY26 PAT was -₹176 crore - the bottom line remained negative through FY26.
9. CDMO projects signed in FY23 - translate into supplies in FY24 Partial - In the FY23 annual report, management stated CDMO projects signed in FY23 with global customers were expected to translate into supplies in the current year (FY24). FY24 disclosures record Finoso's positive pivotal bio outcome and commercial supplies of Rivaroxaban Tablets, but no disclosure ties the FY23-signed projects to FY24 supplies.
10. Haridwar nasal-spray exports - Cambodia, Uzbekistan, Kyrgyzstan Delivered - In the FY22 annual report, management recorded nasal spray orders received from Cambodia, Uzbekistan and Kyrgyzstan, to be supplied from the Haridwar site. FY23 disclosures confirm these nasal spray orders were executed commercially.
11. African-market eye drops - 11 products commercialised Partial - In the FY20 annual report, management stated commercial supplies of some of the 11 eye drop products for African markets were expected in FY21. FY23 disclosures state 11 ophthalmic products were commercialised to the African market; no FY21 supply disclosure is present in our record.
12. CIS-market eye drops - supplies expected in FY21 Missed - In the FY20 annual report, management stated CIS-market products were readied in FY20 with supplies expected in FY21, and approvals for the eight eye drops developed for CIS markets expected shortly. Our record holds no FY21 disclosure confirming supplies or approvals; FY21 revenue dropped 18.35% to ₹871 crore with no CIS eye-drop milestone cited, and FY22 filings show supplies initiated to Canada, Dominican Republic, Azerbaijan and Uzbekistan but no CIS eye-drop-specific outcome.