1. Consolidated PAT margin - 5-7% in FY27 Pending - At the Q4 FY26 call, management guided that consolidated PAT margin should be around 5% to 7% for FY27. FY26 consolidated PAT margin was 3.6%; FY27 has not commenced.
2. Consolidated EBITDA margin - 20-25% in FY27 Pending - At the Q4 FY26 call, management guided that consolidated EBITDA should be somewhere around 20% to 25% for FY27. FY26 consolidated EBITDA margin was 11.3%; FY27 has not commenced.
3. Dubai revenue - at least ₹100 cr+ by 2030 Pending - At the Q4 FY26 call, management guided that by 2030, the Dubai business should generate at least INR 100 crores plus in revenue. FY26 Dubai revenue was \~₹27 cr; the 2030 horizon has not been reached.
4. Dubai fleet - minimum 3,000 vehicles in UAE over three years Pending - At the Q4 FY26 call, management guided that the Dubai subsidiary will have a minimum fleet of around 3,000 vehicles in the entire UAE over the next three years. FY26-end Dubai fleet was \~400 vehicles; the three-year horizon extends to FY29.
5. Owned fleet addition - at least 1,000 cars in FY27 Pending - At the Q4 FY26 call, management guided that the company will add at least another 1,000 cars to its own fleet in FY27. FY27 has not commenced as of 14th July 2026.
6. Five-year revenue CAGR - 35-40% Pending - At the Q4 FY26 PPT and in non-transcript filings, management projected a 5-year revenue CAGR of 35-40%. FY26 growth was 50.66% (SQL); the five-year horizon from FY26 extends to FY31.
7. Cash flow positive - going forward Delivered - At the Q4 FY26 call, management guided that the company will have a cash flow positive and cash and carry kind of business going forward. FY26 cash flow from operations was over ₹52 cr, improved from near break-even in FY25.
8. Related party transactions with Aaveg - totally eliminated Pending - At the Q4 FY26 call, management guided that related party transactions with Aaveg will be reduced, minimized totally, and in the coming future will be totally eliminated. The Board approved material RPTs with Aaveg for up to ₹60 cr per annum in August 2025; no timeline specified for elimination.
9. Dividend - within 2-3 years Pending - At the Q4 FY26 call, management guided that the company would like to go for dividends in the next couple of years, 2 to 3 years. The horizon extends to FY28-FY29; no read yet.
10. Wheels of Avalon acquisition - 100% stake in Dubai limousine company Pending - The Board approved the acquisition of 100% equity stake in Wheels of Avalon Limousine Services L.L.C., Dubai, UAE for up to AED 560,000, subject to approvals. Our record holds no disclosure of completion of this acquisition as of 14th July 2026.
11. Significant presence in more countries - within 5-6 months from March 2025 Missed - At the Q4 FY25 call, management guided that the company will have a significant presence in more countries and cities in the next five to six months. No new country entry was disclosed in the August-September 2025 window; the company incorporated WTI Mobility UK Limited in London on 30th September 2024, which predates this promise.
12. Margin improvement - better PAT margins in FY26 Missed - At the Q4 FY25 call, management guided that the company will improve margins, with better PAT margins expected in FY26. FY26 PAT margin was 3.6% vs. FY25 PAT margin of 4.3%; PAT margin declined YoY.
13. Receivables days - reduced to 75-80 days Pending - At the Q4 FY25 call, management guided that receivables days, which were 95 days, should come down to around between 75 to 80 days in the coming period. No specific receivables days figure was disclosed for FY26 in our record to assess progress.
14. Uber Black revenue - 12-20% of total revenue in FY26 Delivered - At the Q4 FY25 call, management guided that Uber Black revenue will be somewhere between 12% to 15% of total revenue in FY26. At Q4 FY26, Uber Black business contributed \~12% of FY26 revenue, hitting the lower end of the guided band.
15. Dubai fleet expansion - 700+ cars added in FY26 Missed - At the Q4 FY25 call, management guided that the company plans to add another 700 plus cars in Dubai in FY26. At Q4 FY26, Dubai deployed fleet was around 400 vehicles by year-end FY26, roughly flat from the \~400 cars in FY25.
16. EV induction - lots of EVs deployed, self-investment capped at 15% Partial - At the Q4 FY24 call, management stated they will be deploying lots and lots of EVs in FY25 and will not invest more than 15% of the cars themselves for EV induction. At Q4 FY26, the company had at least 400 plus EVs on its balance sheet, representing \~21% of the 1,932 owned fleet; the 15% self-investment cap cannot be verified from our record.
17. Self-drive business - launched in a big way in FY25 Partial - At the Q4 FY24 call, management stated the company will get into the self-drive business this year in a big way. The company incorporated WTI Mobility UK Limited in London on 30th September 2024 for self-drive business service, and \~400 vehicles are for self-drive in Dubai; no dedicated revenue line or scale metric was disclosed.
18. Fleet additions - 700-2,000 cars in FY25 Delivered - At the Q4 FY24 call, management stated regarding fleet additions that you can always think somewhere around 700-2,000 cars that we will end up in FY25. The company purchased around 1,000 cars in FY25, with owned fleet increasing from 383 to 1,350 cars - an addition of 967 cars.
19. Dubai operations - turn positive in 4-5 months Partial - At the Q4 FY24 call, management stated Dubai operations would turn positive in 4-5 months. By FY26, Dubai revenue almost doubled to \~₹27 cr with PAT of ₹1.28 cr, confirming eventual profitability, though no quarter-of-breakeven disclosure exists to verify the 4-5 month timeline.
20. Aaveg client transfer - completed before 30th September 2024 Partial - At the Q4 FY24 call, management stated the transfer of Aaveg clients to WTi will happen before 30th of September. At Q4 FY26, management disclosed that 90% of revenue had already moved to WTi and that remaining client transfers were in progress, with related-party transactions expected to be totally eliminated in the coming future.
21. Revenue growth - 30-35% CAGR sustained On track - At the Q4 FY24 call, management guided sustainable growth of 30% to 35% for the coming periods, reiterated at Q4 FY25 for FY26, and narrowed to 30-35% for FY27 at Q4 FY26. FY25 revenue grew 33.61% YoY and FY26 revenue grew 50.66% YoY (SQL), both exceeding the 30-35% band; FY27 horizon not reached.