1. Store maturation to steady-state ₹6-7 lakhs monthly within 3-5 years Delivered - At the Q4 FY26 call, management guided stores to achieve steady-state monthly sales of \~₹6-7 lakhs within a 3-to-5-year timeframe. The 54-month+ cohort showed monthly GMV of ₹7.38 lakh in Q1 FY27, within the ₹6-7 lakh range.
2. FOFO gross margin of 40-45% Delivered - At the Q3 FY26 call, management said in FOFO stores the gross margin, equal to EBITDA margin, would be about 40% to 45%. The Q4 FY26 call disclosed FOFO billing margin at 40-55%, a range that encompasses the guided 40-45%.
3. Mature store EBITDA margins of 25-30% at store level Partial - At the Q3 FY26 call, management said mature store EBITDA margins can be in the range of 25% to 30%, reiterating long-standing guidance. Q1 FY27 showed the 234-store 2021-2024 cohort with store-level EBITDA margins typically 12%-15%, below the guided range.
4. Other expenses at \~25% of top line going forward Partial - At the Q2 FY26 call, Himanshu Zota said other expenses may trend at about 25% of top line going forward, gradually declining as top line increases. Q2 FY26 other expenses were \~₹31.98 crore on ₹128.95 crore revenue (\~25%), but Q1 FY27 rose to \~33% of revenue, driven by marketing spend.
5. Cash on hand enough for the next 800-1,000 stores Delivered - At the Q4 FY25 call, Himanshu Zota said cash on hand (\~₹200 crore, \~₹220-225 crore including pending warrant conversion) was enough for opening the next 800-1,000 stores, one to one and a half years. FY26 added 804 COCO stores, and a ₹350 crore QIP followed in Q3 FY26.
6. Working capital days decline as Davaindia share grows Partial - The Q4 FY24 PPT stated management foresees a decline in working capital days and improvement in return ratios as Davaindia grows. Receivables days improved from 114.9 in FY23 to \~50 days in FY25, but return ratios stayed negative with ROCE -8.65% and ROE -10.68% in FY26.
7. Exports expansion into developed markets with company-held registrations Partial - The Q4 FY23 PPT stated plans to expand exports operations in developed markets, with the company itself holding all MAs/Registrations. Registered export dossiers rose from 284 in FY24 to 325 by Q1 FY27, but export revenue moved only from ₹31.9 crore in FY25 to ₹34.71 crore in FY26.
8. Sachin SEZ plant upgradation to EU GMP requirements Partial - The Q4 FY23 PPT stated plant upgradation at Sachin SEZ to adhere to EU GMP regulatory requirements, with the FY23 Annual Report noting the upgradation was undertaken. The upgradation was undertaken in 2023; our record holds no disclosure of EU GMP certification completion.
9. Davaindia B2C online portal launch Delivered - The FY25 Annual Report stated the Davaindia B2C online portal and mobile app were launched, offering over 2,000 SKUs with doorstep delivery. The B2C app had launched in April/May 2025, and the FY25 Annual Report confirmed the platform launched.
10. Preferential issue proceeds utilized within 12 months Delivered - Preferential issue proceeds from warrants and equity shares were to be utilized within 12 months from receipt of funds. Monitoring agency reports tracked utilization, and the May 2026 Crisil report confirmed entire raised proceeds utilized as of March 31, 2026, with no delay in implementation.
11. Warrant proceeds deployed into Davaindia FOFO and COCO projects Delivered - Warrant-issue proceeds of ₹16,04,33,000 for the FOFO project and ₹76,51,42,000 for the COCO project were to be utilized in a phased manner in line with expansion. By May 2025, ₹9,28,06,787 and ₹21,03,88,710 respectively were utilized; the May 2026 Crisil report confirmed entire proceeds utilized by March 31, 2026, with escrow balance Nil.
12. Everyday Herbal Group stake increase to 87.78% Delivered - The company acquired 56% of Everyday Herbal Group in 2024, then disclosed further increases of 9.98% in 2025 to 65.98% and 21.80% in 2026 to 87.78%. The stake reached 87.78% in 2026.
13. Curexis acquisition - 100% stake Delivered - At the Q3 FY26 call, the company acquired 100% equity stake in Curexis, a retail pharmacy platform under the brand 'SKIA'. The acquisition was completed, with 100% stake acquired in Curexis.
14. FY26 cohort to deliver close to 100% growth in second year Pending - At the Q4 FY26 call, management stated the \~800 stores opened in FY26 are expected to deliver close to 100% growth in their second year. Q1 FY27 showed the FY26 cohort of 803 stores generating \~₹1.60-1.61 lakh per store per month; the second-year growth horizon is not reached.
15. FY28 to generate a meaningful level of cash profitability Pending - At the Q1 FY27 call, management guided that FY28 should generate "a meaningful level of cash profitability". FY28 has not begun; no read yet.
16. Measurable progress from SKIA and UGO Generics from Q2 FY27 Pending - At the Q1 FY27 call, management stated that starting next quarter, investors should gradually see progress and measurable movement from SKIA and UGO Generics as execution scales up. Q1 FY27 saw ₹2 crore invested in each venture, SKIA at initial rollout stage and UGO's pilot phase commenced; Q2 FY27 results are not yet available.
17. FY26 cohort of 803 stores to mature over next 2-3 quarters Pending - At the Q1 FY27 call, management guided that the FY26 cohort of 803 stores is expected to mature over the next two to three quarters. In Q1 FY27 that cohort was generating \~₹1.60-1.61 lakh per store per month and still loss-making; the 2-3 quarter horizon is not reached.
18. Input-cost margin pressure to unwind in 2-3 quarters Pending - At the Q1 FY27 call, management guided that input-cost-driven margin pressure is short-lived, with margins returning to historical levels over the next two to three quarters. Q1 FY27 gross margin dropped \~1.5% sequentially on input cost increases; the 2-3 quarter horizon is not reached.
19. FY27 EBITDA margin higher than FY26 On track - At the Q1 FY27 call, management guided EBITDA margins going forward to be higher than the \~3.4%-3.5% reported in FY26 and confirmed FY27 full-year margin will exceed FY26. Q1 FY27 EBITDA margin was -5.50%, below FY26's 4.82%, but management guided recovery from Q2 onward.
20. Pre-Ind AS EBITDA positivity by Q4 FY27 or Q1 FY28 Pending - At the Q1 FY27 call, management guided pre-Ind AS EBITDA positivity by around Q4 FY27 or potentially Q1 FY28. Q1 FY27 pre-Ind AS EBITDA was negative; the Q4 FY27-Q1 FY28 horizon is not reached.
21. Cash breakeven by Q4 FY27 or Q1 FY28 Pending - At the Q1 FY27 call, management guided cash breakeven within the next two to three quarters, "potentially by Q4 FY27 or Q1 FY28", and cash losses fully eliminated over the next three to four quarters. Q1 FY27's underlying cash loss was \~₹30 crore; the Q4 FY27-Q1 FY28 horizon is not reached.
22. Reported EBITDA positive from Q2 FY27 onward Pending - At the Q1 FY27 call, management guided that reported EBITDA will return to positive territory from Q2 FY27 onwards, after turning negative in Q1. Q1 FY27 EBITDA was negative; Q2 FY27 results are not yet available as of 2 September 2026.
23. FY27 store additions of 500-700, later refined to 600-650 On track - At the Q4 FY26 call, management guided FY27 additions of 500-700 stores, \~100-150 FOFO and \~500+ COCO; at the Q1 FY27 call this became 600-650 stores, with \~200 in Q1 and another 400-450 over the next three quarters. Q1 FY27 added 264 stores, 201 COCO and 63 FOFO; the FY27 horizon is not reached.
24. Pre-operative/employee cost impact to settle in 1-2 quarters Partial - At the Q3 FY26 call, management expected the pre-operative/employee cost impact to "largely settle over the next one to two quarters", with employee costs starting to normalize. Q1 FY27 employee costs remained elevated, including a \~₹6 crore exceptional item for wage code provisions, and management guided continued growth in line with store additions.
25. Gross margin closer to 70% over 4-6 quarters Partial - At the Q3 FY26 call, management guided gross margins could increase about 0.5% to 1% every quarter, moving closer to 70% over the next four to six quarters. From 66-67% in Q3 FY26, gross margin fell to 61.96% in Q1 FY27 as input cost pressures interrupted the trajectory.
26. 5,000 Davaindia stores across India by March 2029 On track - At the Q3 FY26 call, management reiterated its objective of crossing 5,000 Davaindia stores across India by March 2029, restated at Q4 FY26 and in the Q3 FY26 PPT. The network stood at 2,825 stores as of Q1 FY27 in June 2026; the March 2029 horizon is not reached.
27. FY26 incremental advertising spend of ₹8-10 crore (excluding Q1) Delivered - At the Q2 FY26 call, Himanshu Zota estimated incremental advertising cost of around ₹8-10 crores for FY26 excluding Q1, assuming \~₹3 crores per quarter from Q2 FY26 to Q4 FY26. FY26 advertising spend was \~₹18 crore versus \~₹10.5 crore the previous year, an increment of \~₹7.5 crore within the guided range.
28. No additional equity funding needed for 18-24 months post-QIP On track - At the Q2 FY26 call, Himanshu Zota indicated no further equity dilution or fund requirement for the next 18-24 months after the QIP; at Q3 FY26, management said QIP funds are sufficient for the next two financial years from April 1, 2026. As of Q1 FY27, no additional equity raise has been disclosed.
29. QIP fundraising of up to ₹500 crore for store expansion Delivered - At the Q2 FY26 call, the Board approved fundraising of up to ₹500 crore through QIP to accelerate store expansion; at Q3 FY26 the size was marginally reduced from ₹400 crore to ₹350 crore. The QIP was completed at ₹350 crore, raised from FPIs, AIFs and mutual funds.
30. Insulin and diabetes portfolio expansion with FY26 off-patent additions Partial - At the Q4 FY25 call, Himanshu Zota stated the plan to expand into insulin and other diabetes-related therapies, with many more products expected to go off-patent in FY26. Empagliflozin went off-patent in March 2025 and Zota launched its version within about two months; our record holds no specific disclosure of insulin product launches.
31. B2C app expanded Pan India along with COCO footprint On track - At the Q4 FY25 call, Dr. Sujit Paul said the B2C app "will be gradually expanded Pan India along with the COCO store footprint", with the FY25 Annual Report noting launch in selected cities with 60-minute delivery. The app launched in April/May 2025; our record holds no disclosure of Pan India expansion status as of Q1 FY27.
32. Gross margins to improve steadily after the Q4 FY25 dip Delivered - At the Q4 FY25 call, Himanshu Zota stated gross margins were expected "to improve steadily" going forward, with the Q4 FY25 inventory-loss impact limited to a single quarter. Gross margin improved from 50.8% in Q4 FY25 to 60.28% in FY26, reaching 66-67% in Q3 FY26.
33. FY26 EBITDA flat, similar to the previous year Delivered - At the Q4 FY25 call, Himanshu Zota stated EBITDA may remain flat for FY26, similar to the previous year, due to aggressive expansion. FY26 EBITDA turned positive at ₹25.97 crore with a 4.82% margin, versus negative EBITDA in FY25 - significantly better than flat.
34. 800-900 COCO stores added in FY26 Delivered - At the Q4 FY25 call, management guided 800-900 COCO additions in FY26, after the Q3 FY25 PPT's 1,000-store goal; the target was affirmed at Q2 FY26 with 355 opened till 30th September and reiterated at Q3 FY26. FY26 ended with 804 COCO stores added, within the guided range.
35. Central warehousing replicated across zones in coming years On track - The FY23 Annual Report stated plans to replicate the outsourced central warehousing infrastructure in Surat across different geographical zones in the coming years, reiterated in the Q4 FY25, Q3 FY26 and Q1 FY27 PPTs. A second warehouse in Delhi was opened by Q3 FY26; no further zonal replication has been disclosed.
36. COCO store opening time cut to 30 days by H1 FY24 Missed - The FY23 Annual Report stated the opening timeframe was reduced from 90 to 60 days, targeting 30 days by H1 FY24, with the Q4 FY23 PPT setting 30 days from Q2 FY24. Revisions showed 75 days with plans for 45 at Q4 FY24 and a target of 60 from 75 at Q4 FY25; no disclosure of reaching 30 days.
37. Product range expanded to 2,800 SKUs by FY25 Missed - At the Q4 FY23 PPT, management planned to increase the product range from 1,700 SKUs to 2,800 SKUs by FY25. FY24 reported 2,000+ SKUs and FY25 over 2,000 SKUs on the B2C app; our record holds no disclosure of reaching 2,800 SKUs by FY25.
38. FOFO store count increased from 493 to 993 by FY24 Missed - At the Q4 FY23 PPT, management aspired to increase the FOFO store count from 493 to 993 by FY24. FY24 ended with 627 FOFO stores, with 134 new FOFO stores added during the year - short of the 993 target.
39. COCO store count increased from 101 to 351 by FY24 Missed - At the Q4 FY23 PPT, management aspired to increase the COCO store count from 101 to 351 by FY24. FY24 ended with 253 COCO stores, with 152 new COCO stores launched during the year - short of the 351 target.