1. Robotics divestment - India process Delivered - At the Q2 FY26 call, management said the robotics divestment in India was fully dependent on the Board's evaluation, with next processes "not decided". By Q4 FY26 the sale was done: cash position was ₹6,042 crores, roughly ₹7,600 crores including Robotics proceeds, and the Q1 FY27 ₹90 interim dividend included divestment proceeds.
2. Backlog conversion - 40% in next 2 quarters Pending - At the Q1 FY27 call, management stated that of the ₹11,900 crores order backlog, at least 40% will be consumed in the next 2 quarters' revenues, with the balance going to the next 4 quarters of 2027. Q1 FY27 revenue was ₹3,559 crores; no further disclosure on backlog conversion is on record yet.
3. Capacity headroom - 15% minimum every year Pending - At the Q1 FY27 call, management stated plans to maintain at least 15% headroom for future demand every year, with capacity utilization between 80% to 85%. Manufacturing locations increased from 5 to 6 in Q1 FY27 with a second Nelamangala site; no utilization disclosure is on record yet.
4. USD 75 million investment - expand manufacturing and R&D On track - At the Q4 FY26 call, management announced \~$75 million investments to expand manufacturing and R&D in India across five locations. The second Nelamangala factory launched in Q1 2026 with new products for data center requirements; no phasing disclosure on the $75 million is on record.
5. Revenue growth - double-digit for 2026 On track - At the Q3 FY26 call, the CFO set the target: "our target is always to have double-digit growth on the revenues" for 2026, conditional on order booking and execution. H1 2026 revenue was ₹6,743 crores, up 13%, with Q1 FY27 revenue ₹3,559 crores, up 21% YoY.
6. QCO/BIS certification impact - resolved in 3-4 quarters On track - At the Q2 FY26 call, management said the QCO/BIS certification impact should be resolved in "another 1, 2 to 3 quarters minimum" and "another three to four quarters". By Q1 FY27, testing was largely completed and government timelines extended, though QCO was not completely behind.
7. Service mix - 15% of revenues Pending - At the Q4 FY25 call, management aimed to raise the service mix to 15% of revenues from the current 12-13%. Services stayed at 13% of revenue through Q1 FY26 and Q2 FY26, with Q1 FY27 showing at least 30% of Automation revenue as services.
8. Quarterly order run-rate - \~₹3,000 crores Delivered - At the Q2 FY24 call, the CFO said the \~₹3,000 crores quarterly order run-rate should continue. Orders held at ₹3,000-3,400 crores through Q1 FY26, then grew 52% in Q3 FY26, 25% in Q4 FY26 and 50% in Q1 FY27.
9. Export growth - 13-15% absolute growth Delivered - At the Q2 FY24 call, the CFO guided exports growth in absolute value of "around 13% to 15% as an absolute growth". Exports grew 23% by Q4 FY24, 39% in Q1 FY25 and 40% in Q4 FY25, standing at 13% of revenue in Q1 FY27.
10. Inorganic M&A - ₹2,000 crores earmarked Pending - At the Q3 FY23 call, management committed ₹2,000 crores out of the ₹3,600 crores cash balance for inorganic bolt-on M&A, a mix of global and local targets, "we are not in a hurry". Intent continued through Q2 FY26, but no India acquisition is completed per our record; the parent's Rotork acquisition was still pending approval in Q1 FY27.
11. Base orders - ₹2,300-2,400 crores every quarter Delivered - At the Q3 FY23 call, management committed that base orders will consistently grow at ₹2,300 crores to ₹2,400 crores quarter-on-quarter, "every quarter we are going to do that". Base orders reached ₹2,654 crores in Q4 FY23 and stabilized at \~₹3,500 crores by Q4 FY25 versus earlier ₹2,500-3,000 crores.
12. Revenue level - ₹10,000 crore+ on year-to-year basis Delivered - At the Q3 FY23 call, CFO T.K. Sridhar said the ambition is to remain "steady and credible" at the ₹10,000 crore revenue level and "aspire to be more than ₹10,000 crore" year-to-year. Revenue crossed ₹10,447 crore in FY2023, then ₹12,188 crore in FY2024 and ₹13,203 crore in FY2025.
13. Process Automation project revenues - deliver from end of 2022 into 2023 Delivered - At the Q2 FY23 call, CFO T.K. Sridhar guided that Process Automation project revenues from the enlarged backlog will "probably start to deliver starting from '22 end onwards into '23". Q3 FY23 was a "real turnaround year" with backlog up 52% to ₹2,600 crores, and Q2 FY24 revenue rose 93% YoY.
14. Capacity expansions - Maneja, Faridabad, Nelamangala, Nashik Delivered - At the Q1 FY23 call, management said capacity expansions were underway at Maneja, Faridabad, Nelamangala and Nashik, with "maybe another one or two quarters you will hear those as we inaugurate those expansions". The ELSP expansion was inaugurated in August 2022, doubling capacity on the same footprint, and the program continued to a second Nelamangala factory in Q1 2026.
15. Export market allocation - permanent from group Delivered - At the Q1 FY23 call, management stated the export market allocation from the group, serving India, Middle East, South America and North America, is "permanent in nature, unless we find ourselves incapable of delivering". Exports grew 45% in Q1 FY23, 23% in Q4 FY24 and 40% in Q4 FY25, reaching 13% of revenue in Q1 FY27.
16. Shared-services cost recovery from Power Grids - reduce over minimum two years Delivered - At the Q2 FY20 call, the CFO said shared-services/overhead cost recovery from ABB Power Grids would reduce once PG's IS setup is resized and novated, with IT systems transition taking "minimum two years". By Q3 FY22, legacy Power Grid costs were "absolutely closed out" within \~₹150 crores of stable un-allocable PBIT, and un-allocable expenses fell to \~₹18 crore in Q2 FY23 from ₹55 crore in Q1.
17. Debt-free status - maintain Delivered - At the Q2 FY20 call, management committed to keeping the company debt-free with enough cash on the books. The company remains debt-free with Debt 0.00 cr and D/E 0.00 as of 31 Aug 2026, and cash grew from ₹1,500 crores in Q2 FY20 to ₹7,200 crores in Q1 FY27.
18. Material cost - maintain \~65% levels Delivered - At the Q2 FY20 call, the CFO said the company aims to keep material cost at \~65% levels and not let it hover much. Material cost held at 65.2% in Q2 FY20 and 65.8% in Q4 FY22, then improved to 57.2% by Q1 FY25 before rising to 63% in Q1 FY27.
19. Personnel expenses - 8-9% of sales Delivered - At the Q4 FY22 call, CFO T.K. Sridhar committed to keeping personnel expenses "within the range of 8% to 9% of our sales". Personnel expenses ran at 7.1% of revenues in Q1 FY23, ₹168 crore in Q1 FY24 and ₹178 crore in Q2 FY24, with a ₹65 crores Labour Code impact noted in Q3 FY26.
20. Double-digit PAT margin - medium term Delivered - At the Q4 FY22 call, management reiterated the vision to reach double-digit PAT margin "in the medium term", working toward 10% PAT, later guiding a 12-15% PAT margin corridor from Q3 FY25. PAT margin reached 11.8% in Q2 FY24, 15.4% for full-year 2024 and 12.6% for FY26.
21. Double-digit PBT margin - minimum 10% on a sustained basis Delivered - At the Q4 FY22 call, CFO T.K. Sridhar reiterated the goal of a credible double-digit PBT margin before exceptional items, and at Q1 FY23 promised "a PBT corridor of 10% minimum, that's what we promise". PBT margin was 10.1% in Q4 FY22, 21% in Q1 FY25 and 16.2% in Q4 FY26.
22. Turbocharger divestment - subsidiary formation in 2-3 months Delivered - At the Q3 FY22 call, CFO T.K. Sridhar said the turbocharger divestment subsidiary formation would complete "in the next two to three months of time", with more color likely at Q1 results in May. The sale was executed by the Q4 FY22 call with an exceptional item of ₹293 crores, and the second-leg transaction completed in Q2 FY23.