1. Adjusted EBITDA profitability by Q1 FY24 Missed - At the Q2 FY23 call, management guided adjusted EBITDA level profitability by Q1 FY24, revising an earlier target of Q4 FY23. Q1 FY24 adjusted operating EBITDA was negative ₹2.79 crore, and no quarter has reported positive adjusted operating EBITDA through Q4 FY26, with Q4 FY26 at negative ₹1.56 crore.
2. Pencil (One Point Six Technologies) - breakeven by end of FY23 Missed - At the Q4 FY23 call, management stated Pencil's founders are confident of self-sustainability by end of FY23. Our record holds no disclosure confirming Pencil achieved breakeven by end of FY23, and by Q2 FY25 management was targeting ₹50 lakhs per month revenue by FY25 end, implying it was not yet at breakeven scale.
3. Product expansion results - late Q4 FY23 or early Q1 FY24 Partial - At the Q2 FY23 call, management stated product expansion started from Q3 FY23 and expected "some results happening only around late fourth quarter or early next year first quarter". By Q2 FY24, no revenue was being generated from the three major products listed on the website, and management expected some revenues from OCR and X-Pand "from beginning of next year".
4. Woovly - USD 48 million annualized GMV run rate by March 2025 Missed - At the Q2 FY24 call, management projected Woovly would reach USD 48 million annualized GMV run rate by March 2025. By Q4 FY25, Woovly's reporting had shifted to ARR metrics with no GMV run rate disclosed, and our record holds no disclosure of the target being achieved by March 2025.
5. Inqube - clients in poultry and dairy, IoT sensors, soil moisture tracking, commercial POC by FY24 Partial - At the Q2 FY24 call, management stated Inqube expects clients by FY24 in poultry and dairy sectors, in-house development for low-cost IoT sensors for farm-level ambience rollout by FY24, and a POC in advanced stage expecting a commercial end. By Q4 FY24, Inqube had connected 0.72 crore farmers and delivered 0.5 crore soil cards, but our record holds no confirmation of the specific commercial milestones.
6. The Star In Me (TSIM) - DIY program planner product for enterprises by FY24 end Missed - At the Q2 FY24 call, management stated TSIM plans to launch a home-grown DIY program planner product for enterprises by FY24 end to accelerate sales. Our record holds no disclosure confirming the launch of this product by FY24 end or subsequently, with TSIM's reported activities through FY26 focusing on training sessions and client onboarding.
7. Signal - 20,000 users via two-month launch campaign in H2 FY24 Missed - At the Q2 FY24 call, management stated Signal will run a two-month launch campaign in H2 FY24 to reach its goals of 20,000 users. By Q2 FY25, the B2C approach "did not work out pretty well" and Signal shifted to a school-based approach, with no disclosure of reaching 20,000 users in our record.
8. SOAL - scale to more than 5,000 students in the next three years Pending - At the Q2 FY24 call, management stated SOAL aims to scale more than 5,000 students in the next three years, with the horizon inferred as by FY27. By Q2 FY24, SOAL was onboarding 15-plus fixed-fee learners every month, but our record holds no further enrollment disclosures beyond that quarter.
9. Pencil - ₹50 lakhs per month revenue by FY25 end Partial - At the Q2 FY25 call, management stated Pencil is targeting ₹50 lakhs per month revenue by FY25 end. Pencil revenue for Q4 FY25 was ₹81 lakhs, implying approximately ₹27 lakhs per month, below the target, though by Q4 FY26 monthly revenue had reached approximately ₹1.07 crore.
10. The Star In Me (TSIM) - revenue of ₹3.5 crores for FY25 Partial - At the Q2 FY25 call, management projected TSIM revenue of ₹3.5 crores for FY25. TSIM achieved gross revenues of ₹2.35 crores for 12MFY25, representing 67% of the target.
11. Agetech subsidiary - update by Q1 FY26 Missed - At the Q4 FY24 call, management stated regarding the Agetech subsidiary, "maybe we should come back to you by next quarter, that's after Q1," implying an update by Q1 FY26. The subsequent Q4 FY25 and Q4 FY26 transcripts describe a first SaaS launch and RELY platform traction, but do not confirm any specific update was provided in Q1 FY26.
12. EBITDA breakeven - in the next 1-2 quarters (by Q4 FY26 or Q1 FY27) Missed - At the Q2 FY26 call, the CFO stated the focus is to reach breakeven "in the next 1, 2 quarters," i.e., by Q4 FY26 or Q1 FY27. Q4 FY26 adjusted operating EBITDA was negative ₹1.56 crore, and the company has not achieved breakeven through Q4 FY26.