1. Coimbatore plant - commissioned in July 2026, capacity 60,000 units p.a. Delivered - At the Q4 FY26 call, management guided the Coimbatore plant (60,000 units per annum capacity) would be commissioned in July 2026, later specifying 13 July 2026. The facility commenced operations on 13 July 2026.
2. Two high-speed scooter models launched during FY27 Pending - In a June 2026 announcement, management stated two high-speed scooter models are expected to be launched during FY27. FY27 has not concluded and no launch disclosure exists in our record.
3. 20-30% EV market share within 2-3 years Pending - At the Q4 FY26 call, management guided that within 2 to 3 years, the company will acquire more than 20% to 30% of the EV market. Current market share is \~5% and the 2-3 year window from March 2026 extends to FY28-FY29.
4. 100% exclusive showrooms by end of FY27 Pending - At the Q4 FY26 call, management guided that 100% of dealerships will be 100% exclusive showrooms by the end of FY27. As of March 2026, 70% of showrooms were exclusive and FY27 has not concluded.
5. >125,000 units in FY27 Pending - At the Q4 FY26 call, management guided for more than 125,000 units in FY27. FY27 has not concluded and no FY27 unit sales data exists in our record.
6. Dealer network - 500+ dealers by FY27 Pending - At the Q2 FY26 PPT, management targeted 500+ dealers by FY27, later raised to more than 550 dealers at the Q4 FY26 call and restated as 550+ dealerships by FY27 in July 2026. The dealer network stood at 400+ as of March 2026 and FY27 has not concluded.
7. 3-wheeler sales - 3,000 units for FY27 Pending - At the Q2 FY26 call, management targeted 3-wheeler sales of 3,000 units for FY27, later revised to more than 2,000 three-wheeler units at the Q4 FY26 call. FY27 has not concluded and no FY27 3-wheeler sales data exists in our record.
8. 3-wheeler EBITDA margins >8% once own production starts (by April 2026) Pending - At the Q2 FY26 call, management expected EBITDA margins for 3-wheelers to be more than 8% once own production starts, targeted by April 2026. Own production at Patan has not been commissioned as of our record and no 3-wheeler segment margin has been disclosed.
9. 2-wheeler EBITDA margins to remain constant at \~13% as numbers grow Pending - At the Q2 FY26 call, management expected EBITDA margins for 2-wheelers to remain constant at \~13% as numbers grow. FY26 consolidated EBITDA margin was 12.2% but segment-level 2-wheeler EBITDA margin was not separately disclosed; FY27 outcome is pending.
10. FY27 revenue >₹350 crore to ₹400 crore Pending - At the Q2 FY26 call, management expected next financial year revenue of more than ₹350 crore to ₹400 crore. FY27 has not concluded and no FY27 revenue data exists in our record.
11. 5-6% market share in slow-speed EV 2-wheeler segment by FY28 Pending - At the Q2 FY26 call, management targeted 5% to 6% market share in the slow-speed EV 2-wheeler segment by FY28. Current market share is \~4-5% and the FY28 horizon has not been reached.
12. Localisation - moving toward 80% by FY27 / FY28 Pending - At the Q2 FY26 call, management targeted moving toward 80% localisation by FY27, later reframed as 80% localised supply chain by FY28 in the Q2 FY26 PPT and a November 2025 announcement, then restated as a 1-2 year window in June 2026. FY25 localisation was \~30% with 71.51% imports and no further localisation figure has been disclosed.
13. 3-wheeler sales - 1,000 units for FY26 Missed - At the Q2 FY26 call, management targeted 3-wheeler sales of 1,000 units for FY26. FY26 three-wheeler volume was 800 units.
14. 2-wheeler sales >60,000 units for FY26 Delivered - At the Q2 FY26 call, management targeted 2-wheeler sales of more than 60,000 units for FY26. FY26 unit sales were more than 70,000 units, with H1 at \~30,000 units and H2 at more than 40,000 units.
15. Odisha facility - operational by February 2026 Delivered - At the Q2 FY26 call, management expected the Odisha facility to become operational by February 2026 and reiterated this in a January 2026 announcement. The facility was commissioned and commenced commercial operations on 23 February 2026 and is fully operational.
16. FY26 turnover >₹260 crore Delivered - At the Q2 FY26 call, management targeted turnover of more than ₹260 crore for FY26, later restated in a November 2025 announcement. FY26 consolidated revenue from operations was ₹310.71 crore, exceeding the ₹260 crore threshold.