1. 20-minute delivery rollout across markets On track - At the Q2 FY26 call, management said it piloted 20-minute delivery of hot freshly cooked food across select stores with promising results and is now rolling out across markets. Own McDelivery grew strongly with the 20-minute promise in Q3 FY26 and McDelivery continued to outperform in Q1 FY27, with no explicit read on full rollout completion.
2. ₹99 everyday value platform - not margin dilutive On track - At the Q3 FY26 call, management committed the ₹99 everyday value platform is not margin dilutive - "we will not take a margin hit when we do this ₹99". The platform launched in the West in December, reached South markets by March, and Q1 FY27 gross margin held stable at 67.6%.
3. McDelivery sales - double in 2 years On track - At the Q2 FY26 call, management set a target to double McDelivery sales in the next 2 years, with Akshay Jatia tightening the horizon to 1-1.5 years. The project was "kind of halfway through" at Q2 FY26 and McDelivery continued to outperform through Q1 FY27, with no explicit read on the doubling.
4. Own-app share of off-premise - double in 1-2 years On track - At the Q2 FY26 call, management said own-app share of off-premise business, double-digit in aggregate, is expected to improve or double in the next 1-2 years. Own McDelivery grew strongly in Q3 FY26 and continued to outperform in Q1 FY27, with no explicit read on the doubling.
5. High-impact initiatives - ₹40-50 crore incremental cash flow over next year On track - At the Q2 FY26 call, management said high-impact initiatives rolling out later that year and into 2026 should generate about ₹40-50 crore in incremental cash flow over the next year. By Q3 FY26 the two growth investments were "largely done" with results starting to show from January.
6. McDelivery SSSG contribution - 3-5% incremental over 1-2 years On track - At the Q2 FY26 call, management said the McDelivery project could unlock an incremental 3-5% contribution to system-wide same-store-sales growth over a 1-2 year horizon. The own platform saw a significant uptick in December and January, and McDelivery continued to outperform in Q1 FY27, with no explicit read on the 3-5% target.
7. Operating structure realignment - three divisions to five Pending - At the Q1 FY27 call, management announced an operating structure realignment from three divisions to five, to be closer to the customer and scale as the company grows. No explicit deadline was stated and there is no disclosed read on the realignment's completion.
8. FY27 store additions - 60+ new restaurants On track - At the Q4 FY26 call, management guided 60+ restaurant openings annually going forward, a raise versus the usual 45-50, and aimed to add 60+ in FY27. Only 5 opened in Q1 FY27, attributed to LPG-to-electric fryer conversion, with management confident of delivering 60 stores this financial year.
9. McCafé contribution to AUV - 15-18% by 2027 On track - At the Q1 FY25 call, management aimed for 15-18% contribution of McCafé to store AUV by 2027. Café contributed around 12-15% of sales at Q4 FY25, and McCafé reached 100% penetration with a well-received coffee subscription launched by Q3 FY26.
10. South India market leadership in Meals (Lunch+Dinner) On track - In the Q4 FY25 PPT, management targeted market leadership in South for Meals (Lunch+Dinner), being market leaders in West already. South dragged SSSG through FY26 before ending Q4 FY26 nearly flattish and posting positive SSSG with double-digit guest count growth in Q1 FY27.
11. Vision 2027 return on equity - 25%+ On track - Vision 2027 committed to delivering 25%-plus return on equity. ROE was 19.72% in FY23, 11.77% in FY24, 2.01% in FY25 and 5.22% in FY26, remaining well below the target with the 2027 horizon still open.
12. Vision 2027 free cash flow conversion - 60%+ Pending - Vision 2027 committed to delivering 60%-plus free cash flow conversion. The 2027 deadline has not been reached and there is no disclosed read on free cash flow conversion; the reported financials show FCF as not available.
13. Vision 2027 investment - ₹1,400 crore and 10,000 new jobs On track - Vision 2027, crafted in FY23, planned ₹1,400 crore of investment, nearly 10,000 new jobs, ₹4,000-4,500 crore sales, 250-300 new restaurants, 18-20% operating EBITDA margin, 25%-plus ROE and 60%-plus FCF conversion. Store count reached 482 by Q1 FY27, up \~125 from \~357 at FY23, and FY26 revenue was ₹2,626 crore, but operating EBITDA margin of 13.2% and ROE of 5.22% remain below target.
14. Vision 2027 EBITDA margin - 18-20% by 2027 On track - Vision 2027 formalized an 18-20% operating EBITDA margin target by 2027, reiterated repeatedly through Q1 FY27. Operating EBITDA margin was 17.3% in FY23, 13.2% in FY25 and FY26, and 12.9% in Q1 FY27, with management framing 100-150 bps annual improvement as the vision statement.
15. Vision 2027 sales - ₹4,000-4,500 crore by 2027 On track - At the Q4 FY23 call, management guided Vision 2027 sales of ₹4,000-4,500 crore, reiterated through Q4 FY26. Revenue rose from ₹2,278 crore in FY23 to ₹2,626 crore in FY26, and Q1 FY27 revenue of ₹736 crore grew 12% YoY, with management targeting ₹3,000-odd crore over the next year.
16. Vision 2027 same-store sales growth - high single-digit On track - At the Q1 FY23 call, management aspirationally said same-store sales growth can stay above 8% sustainably, later restated as 6-9% yearly over three-to-five years. SSSG was -1.5% in FY24, -2.9% in FY25 and -1.1% in FY26, turning positive at +4.3% in Q1 FY27, with management now aiming toward mid-single digits.
17. 200+ stores in 3-4 years / 580-630 restaurants by 2027 On track - At the Q1 FY23 call, management reiterated opening over 200 stores in 3-4 years, and Vision 2027 committed to 580-630 restaurants by 2027. Openings were 35 in FY23, 41 in FY24, 47 in FY25 and 48 in FY26, taking the count to 482 by Q1 FY27, with 580-630 by December 2027 "firmly on track".
18. ₹99 everyday value platform - not margin dilutive On track - At the Q3 FY26 call, management committed the ₹99 everyday value platform is not margin dilutive and is accretive to the business. The platform launched in the West in December with healthy dine-in momentum, and Q1 FY27 gross margin was stable at 67.6% year-on-year.
19. G&A - \~5% of sales / ₹35-40 crore per quarter Delivered - At the Q2 FY23 call, management stated corporate G&A at about 5% of sales, later framed as roughly ₹35-40 crore per quarter. G&A stayed broadly in the 5-6.5% range, at 5.8% of sales in Q1 FY27, though guidance for the rest of FY27 was raised to 6-6.5%.
20. Pricing - 3-5% annual price increase guidance Delivered - At the Q2 FY23 call, management said price hikes would stay within 3-5% a year, reaffirming at Q4 FY24 that 3-5% remains the annual guidance. Actual increases stayed at or below the range - FY24 hikes were taken but negated by the value proposition, with none thereafter as of Q4 FY24, and only 50 bps in November 2024.
21. Gross margin - maintain \~70% / 67%+ by 2027 Delivered - At the Q4 FY23 call, management pointed to the 67% gross margin target by 2027, later guiding \~70% near-term and then 67% plus from Q4 FY26. Gross margin held at or above 67% throughout - 70.2% in Q4 FY24, 72.4% in Q2 FY26, and 67.6% adjusted in Q1 FY27.
22. Capex - ₹200-250 crore annual range Partial - At the Q2 FY23 call, management guided FY23 capex at ₹200-220 crore, widened at Q4 FY23 to a typical annual range of ₹200-250 crore. FY23 capex came in at ₹270 crore, H1 FY24 saw \~₹100 crore, and FY24-FY26 actuals were not explicitly disclosed against the range.
23. Royalty rate - 4% FY23, 4.5% FY24, 5% FY25-26, progressive increase from FY27 Delivered - At the Q1 FY23 call, management set royalty at 4% for FY23, 4.5% for FY24 and 5% for FY25-26, with a progressive increase from FY27. Royalty tracked the schedule - 4.5% in FY24, \~5% in FY25 - and a new agreed base with year-on-year escalation kicked in from Q3 FY26, at 5.6% of sales in Q1 FY27.
24. FY25 store additions - 45-50 new restaurants Delivered - At the Q3 FY24 call, management guided 45-50 new stores in FY25, reiterated through Q3 FY25. FY25 closed with 47 new restaurants, "in line with our guidance of 45 to 50", and FY26 delivered 48 before guidance was raised to 60+ for FY27.
25. FY24 store additions - 40-45 new restaurants Delivered - At the Q4 FY23 call, management guided 40-45 new restaurants in FY24, briefly restated as 40-42 at Q1 FY24 before reverting to 40-45. FY24 closed with a record 41 store additions and 397 restaurants in total.
26. FY23 store additions - 35-40 new restaurants Delivered - At the Q1 FY23 call, management guided 35-40 new restaurants in FY23, with \~17-19 in H1, maintaining the target despite only \~10-11 H1 openings. Q4 FY23 added 18 restaurants, achieving 35 for the year at an all-time high, with the total at 357.
27. EOTF conversion - 100% of network within 12-24 months Delivered - At the Q3 FY23 call, management committed to converting the full network to 100% Experience of the Future stores within 12 to 24 months, bridging the \~150-store gap. EOTF penetration rose from 72% at Q4 FY23 to 90% by Q2 FY25, and 100% of the eligible store base was reached by Q3 FY26, within the deadline.
28. Oil alliance drive-thrus - Indian Oil master agreement Partial - At the Q2 FY25 call, management expected to continue working with Indian Oil, BPCL and HPCL on oil alliance drive-thrus, with master agreements already in place with BPCL and HPCL and the same being pursued with Indian Oil. 10-12 oil alliance drive-thrus operated at Q2 FY25, and by Q4 FY26 partnerships existed with HPCL, BPCL and now Jio-bp, with no disclosed read on the Indian Oil agreement.
29. MyMcDonald's loyalty program - scale in coming quarters Pending - At the Q3 FY24 call, management planned to scale the MyMcDonald's loyalty program in the coming quarters, leveraging learnings to drive customer frequency. The program had soft-launched in November with encouraging adoption, especially among younger customers, and no explicit read on the scaling has been disclosed since.
30. Croissant bakery product - launch at some point next year Missed - At the Q3 FY24 call, management planned to launch the Croissant bakery product, then a 10-store trial, at some point next year. By Q4 FY24 the Croissant was only a 5-store trial and had been taken back from stores, with the McCafé food trial extended instead.
31. Store opening mix - shift from 70-30 to 60-40 metros-smaller towns Missed - At the Q1 FY23 call, management said the store opening mix would shift from 70-30 metros-smaller towns towards a 60-40 ratio, with openings scaling from 25-30 towards 50-60s. By Q3 FY26, no more than 20% of total restaurant openings had been in smaller towns, with most stores opened in key cities.
32. Channel mix - convenience to move from 40% to 65% over 5-10 years On track - At the Q1 FY23 call, management said that over a 5-10 year horizon convenience could move towards 65% as the category matures. Off-premise contribution has stayed broadly stable at 40-43% - 42% in Q1 FY23 and 41% in Q1 FY27 - with the long-term horizon still open.
33. AUV - maintain 6.7 crore / move to 7-7.5 crore Missed - At the Q1 FY23 call, management expected AUV to move from 6.7 crore to 7-7.5 crore as initiatives played out, later restating the endeavour as higher than 6.6 crore. TTM AUV declined from 6.7 crore to 5.93 crore by Q4 FY25, with comp AUV at 6.08 crore in Q1 FY27.
34. Fried chicken - ₹1 crore per restaurant per year in South India Pending - At the Q2 FY23 call, management aspirationally looked at over ₹1 crore per restaurant per year from fried chicken in South India, raised from the earlier ₹50 lakhs per store guidance. Fried chicken was trending ahead of ₹50 lakhs at Q2 FY23, was available in 160 restaurants by Q3 FY25 with salience "largely stable", and no explicit read on the ₹1 crore target has been disclosed.
35. McCafé expansion - 18-19 new McCafés, sales per McCafé to double On track - At the Q1 FY23 call, management saw an opportunity of 18-19 new McCafés across \~330 restaurants, with average sales per McCafé expected to double over time. McCafés grew from 267 to 100% penetration by Q3 FY26, with café contributing around 12-15% of sales, and no explicit read on the doubling of per-McCafé sales.
36. Drive-thru expansion - double from 65 On track - At the Q1 FY23 call, management stated a plan to double the number of drive-thrus from the current 65, with the new-store drive-thru share later raised to 30-35%. Drive-thrus grew from 65 to the 100th opening by Q4 FY25, reaching 26% of the 482-store network in Q1 FY27, approaching the doubling target.
37. Dividend policy - \~25% payout ratio Delivered - At the Q4 FY23 call, the Board approved an updated dividend policy guiding around 25% payout ratio, clarified at Q1 FY24 as a minimum with surplus free cash flow paid to shareholders. The first-ever dividend was declared in Q1 FY24 above the indicated range, with interim dividends of ₹0.75 in Q1 FY26 and ₹0.40 in Q1 FY27.
38. Vision 2026 - 200 new stores, 7-8 crore AUV, ₹800-1,000 crore investment Partial - In the FY22 annual report, Vision 2026 laid out around 200 new stores over three to four years taking the count past 550, Average Sales per Store of about 7-8 crore, and ₹800-1,000 crore of investment largely from internal accruals. Vision 2026 was superseded by Vision 2027 before its horizon, with the store target rolled into the 580-630 by 2027 goal, while AUV stood near 6 crore against the 7-8 crore aim.