1. Sidwal/Titagarh JV - ≥20% wallet share per coach Pending - At the Q3 FY24 call, the 50:50 Shivalik JV with Titagarh targeted a wallet share of at least 20% of value per coach, with management sizing the addressable content at almost ₹2 crores per car, up from ₹75-80 lakhs then. No cited source reports achieved wallet share or JV delivery; by Q4 FY25 management still described ₹1.5 crores per car as addressable capability, not a settled outcome.
2. Electronics division revenue doubling - in 2 years from FY24 base Delivered - At the Q2 FY24 call, management targeted doubling the electronics division's revenue over the FY24 base in two years, clarified at Q3 FY24 as including Ascent but excluding the Noise JV. Electronics FY24 revenue was ₹1,241 cr, implying \~₹2,482 cr by FY26; actual FY26 revenue was ₹3,268 cr, exceeding the target.
3. Motors division growth - 30%+ in FY23 and FY24 Partial - At the Q1 FY23 call, management expected the motors division to grow more than 30% in FY23, with visibility of 30%+ for FY24, later revised down to 20-25% for FY24. Motors FY23 revenue grew 30% to ₹307 cr; full-year FY24 motors revenue was not separately disclosed, so the FY24 target cannot be confirmed.
4. RAC market share - maintain 26-28% / 28-29% Delivered - At the Q2 FY23 call, management guided to maintain value-based market share of 26% and above, set at 26-28% at Q3 FY23, raised to 28-29% at Q3 FY24 and restated as \~27% at Q4 FY24. Share was 29.4% in FY23, \~27% in FY24 and 26-27% in FY25, held in the 26-29% range throughout.
5. PLI incentive receipt - ₹15 cr first year, ₹30 cr next Delivered - At the Q2 FY23 call, management expected PLI benefit of ₹15 cr in the first year (FY23) and ₹30 cr the next, later set at ₹28-30 cr for FY24. ₹15 cr was received for FY23 and ₹36 cr for FY24, with ₹49.5 cr received in April 2026 for FY25 and ₹78 cr expected for FY26.
6. Net debt - ₹700-800 cr by end FY27 On track - At the Q4 FY26 call, management expected net debt to rise to around ₹700-800 cr by FY27 year-end, ₹200-300 cr more than FY26. Q1 FY27 net debt was \~₹1,225 cr as of 30 June 2026 vs \~₹510 cr in March 2026, with seasonal factors noted; the FY27 horizon is not complete.
7. Net debt - cash positive by end FY26 Missed - At the Q2 FY26 call, management was hopeful of being cash positive by year-end FY26. FY26 net debt stood at ₹511 cr, reduced from ₹780 cr but not cash positive.
8. Net debt - ₹700-800 cr by end FY25 Delivered - At the Q2 FY25 call, management expected net debt in the range of ₹700-800 cr by year-end FY25. FY25 net debt stood at ₹780 cr, within the guided range.
9. Net debt reduction - ₹100-250 cr in FY24 Missed - At the Q4 FY23 call, management expected net debt to come down by at least ₹100 cr, ₹250 odd crores in FY24, later lowered to a ₹50-100 cr reduction and quantified as ₹650-675 cr by March 2024. FY24 net debt was ₹615 cr, below the guided level but up ₹27 cr from ₹588 cr in FY23 - an increase, not a reduction.
10. Net debt reduction - ₹200 cr by end FY23 Missed - At the Q2 FY23 call, management expected net debt to come down by a minimum of ₹200 cr from the ₹662 cr September level by year-end FY23, later quantified as closing at ₹450-500 cr. FY23 instead closed at ₹588 cr - only \~₹74 cr below the Q2 level and above the guided range.
11. Consolidated EBITDA margin - 50-75 bps improvement in FY25 Missed - At the Q4 FY24 call, management expected consolidated operating EBITDA margin to improve by at least 50-75 bps in FY25. FY25 operating EBITDA margin was 8.0% (₹796 cr on ₹9,973 cr) vs 7.7% in FY24, an improvement of \~30 bps, below the target.
12. Consolidated EBITDA CAGR - 25-30% absolute growth Partial - At the Q3 FY22 call, management committed to 25% absolute EBITDA growth from FY22 to FY25, guided at 25-30% CAGR from Q2 FY23 and raised to 30%+ for FY24 and FY25 at Q3 FY23. Operating EBITDA grew from ₹296 cr in FY22 to ₹475 cr (+61%), ₹519 cr (+9%) and ₹796 cr (+53%); the FY22-FY25 CAGR of \~39% exceeded the range but FY24's 9% breached the year-on-year commitment.
13. Consolidated revenue growth - around 25% in FY25 Delivered - At the Q1 FY25 call, management expected consolidated revenue to grow around 25% at current run-rate for FY25, reiterated at Q2 FY25. FY25 consolidated revenue grew 48% to ₹9,973 cr, far exceeding the guidance.
14. Consumer Durable division growth - in line with industry in FY27 On track - At the Q4 FY26 call, management expected the Consumer Durable division to grow in tandem with the industry, estimated at 12-13% for FY27, refined at Q1 FY27 to 13-15%. Q1 FY27 Consumer Durable revenue grew 8% YoY to ₹2,758 cr; the full year is not complete.
15. Consumer Durable division growth - 13-15% in FY26 Delivered - At the Q2 FY26 call, management expected the Consumer Durable division to grow 13-15% for FY26, reiterated at Q3 FY26. FY26 division revenue was ₹8,383 cr vs ₹7,329 cr, growth of 14%, which management stated outperformed the industry in line with guidance.
16. Oppo mobile manufacturing collaboration - trial Q4 FY27, commercial Q1 FY28 On track - At the Q1 FY27 call, management stated the Oppo collaboration is on course for trial production by Q4 FY27 and commercial production by Q1 FY28, with scale beginning at \~0.8 cr units in year one, doubling to 1.5-1.6 cr in year two. The COO for the mobile vertical is onboarded and the initial phase is progressing well; trial production has not yet started.
17. Shogini Technoarts acquisition - 80% stake Delivered - At the Q3 FY26 call, management disclosed ILJIN purchased 80% of Shogini Technoarts, a Pune-based PCB manufacturer, completed 1st December 2025. Q3 FY26 consolidation included one month of Shogini, and its ₹500 cr ECMS application was approved.
18. Unitronics acquisition - closure within 60-75 days Delivered - At the Q1 FY26 call, management planned the Unitronics transaction (\~₹403 cr for \~40.24% controlling stake) to close in the next 60-75 days. The 40.2% stake was purchased in October 2025, then raised to 45.5% by Q3 FY26 and 50.4% by Q4 FY26, achieving majority ownership.
19. Power-One acquisition - closure and FY26 revenue ₹325 cr Partial - At the Q1 FY26 call, management expected Power-One closure within 15-20 days with FY26 revenue of ₹325 cr, lowered at Q2 FY26 to ₹265-275 cr consolidated from 5th August. Consolidation started 5th August 2025 with ₹26 cr contributed in Q2 FY26; full-year Power-One revenue was not separately disclosed, only \~₹596 cr combined for Power-One, Unitronics and Shogini.
20. Korea Circuits JV - first phase capex ₹1,200 cr, production Q4 FY27 On track - At the Q4 FY25 call, management expected the Korea Circuits JV first phase capex of about ₹1,000 cr with commissioning in Q4 FY27 and FY28 revenue above ₹2,500 cr at 18-20% EBITDA, raised to ₹1,200 cr at Q1 FY26. Land at Jewar is allotted, ECMS approval received, and construction started by Q1 FY27; commercial production has not yet begun.
21. Ascent-K Circuits HDI PCB facility - trial production Q3 FY28 On track - At the Q4 FY26 call, management expected the Ascent-K Circuits HDI PCB facility construction to commence by June 2026 with trial production by Q3 FY28 and mass production Q3-Q4 FY28, restated at Q1 FY27 as trial production \~18 months out. Groundbreaking at Jewar is done, construction has started and ECMS approval is in place; trial production has not yet started.
22. Ascent Circuits Hosur plant - commercial production Q4 FY26, later Q3 FY27 On track - At the Q4 FY25 call, management expected Ascent Hosur commercial production by Q4 FY26, with the timeline slipping through Q1 FY27, September 2026 trials, January 2027 and finally trial production Q3 FY27 with commercial production mid-February 2027. Construction was delayed about a quarter by consent-to-establish issues, now resolved, and is progressing well; commercial production has not yet started as of Q1 FY27.
23. Resojet washing machine JV - mass production H2 FY25 Partial - At the Q4 FY24 call, management expected Resojet JV mass production from H2 FY25 with \~40,000 washing machines in FY25 rising to 1,25,000 in FY26, reiterated through Q2 FY25 before being pushed to H1 FY26 at Q3 FY25. Resojet supplied 28,000 washing machines in FY25, short of the 40,000-unit target, with revenue accruing but some losses.
24. Yujin Machinery JV - trials by Q4 FY25, commercial production H2 FY27 On track - At the Q1 FY25 call, management expected Yujin JV product trials in India by Q4 FY25, a timeline that slipped through Q1 FY26, Q2/Q3 FY26 and September 2025, with commercial production pushed to H2 FY27 at Q3 FY26. The facility is ready, the first order on brakes is received with a ₹178 cr coupler order book, and the 12-15 month RDSO approval process is underway.
25. Sidwal greenfield facility - operations by Q1 FY26, later Q3 FY26, then Q4 FY26 Delivered - At the Q4 FY24 call, management expected the Faridabad greenfield facility to commence production in Q1 FY26, a timeline that slipped through Q2, Q3 and Q4 FY26 before settling at trial operations Q3 FY26 and commercial production Q4 FY26. The facility was ready with trial production underway by Q4 FY26 and is now operational, with commercial production beginning in Q1 FY27.
26. Railway division margins - 15-16% in FY27 On track - At the Q1 FY27 call, management guided railway division margins for FY27 at 15-16%, lowered from the 16-17% range given at Q4 FY26. Q1 FY27 railway operating EBITDA margin was 11.3% (₹16 cr on ₹144 cr), below the range, attributed to mix, commodity and wage factors; the full year is not complete.
27. Railway division revenue growth - 30-35% in FY27 and FY28 On track - At the Q4 FY26 call, management guided railway division revenue growth of 30-35% for both FY27 and FY28, reiterated at Q1 FY27 for FY27. Q1 FY27 railway revenue grew 18% YoY to ₹144 cr, below the full-year target, with the guidance reiterated as doable; the year is not complete.
28. Railway division revenue doubling - in 2-3 years Missed - At the Q4 FY23 call, management said the mobility/Sidwal business could double its revenue in three to four years, shortened at Q1 FY24 to doubling in two to three years and from the FY24 base in two years, later translated at Q4 FY26 into 30-35% growth for FY27 and FY28. Railway revenue was ₹480 cr in FY24, ₹450 cr in FY25 and ₹535 cr in FY26 - against the \~₹960 cr doubling requirement, FY26 was only 11% above the FY24 base.
29. Electronics division $1 billion revenue - in 3 years On track - At the Q1 FY26 call, management intended to take the electronics division to $1 billion in the next 3 years with target EBITDA of 11.5-12%, reiterated at Q2 FY26 as "quite on track". Electronics FY26 revenue was ₹3,268 cr, growing 49% in FY26 and 29% in Q1 FY27, consistent with active progress toward the \~₹8,500-9,000 cr target.
30. Electronics division EBITDA margin - 9.5-10% in FY27 On track - At the Q4 FY26 call, management guided electronics division margins of 9.5-10% for FY27, reframed at Q1 FY27 as moving closer to a double-digit EBITDA number while growing 40%. Q1 FY27 electronics operating EBITDA margin was 10.8% (₹107 cr on ₹985 cr), above the guided range; the full year is not complete.
31. Electronics division EBITDA margin - 8-9% in FY26 Delivered - At the Q2 FY26 call, management expected electronics division margins of 8-9% by year-end FY26, with revival in Q4 via price variation clauses. FY26 division operating EBITDA margin was 8.8% (₹287 cr on ₹3,268 cr), with Q4 FY26 at 10.8%.
32. Electronics division EBITDA margin - 7.5-8% in FY25 Missed - At the Q4 FY24 call, management was confident electronics division EBITDA margin would touch 7.5-8% in FY25, up from 5.6% in FY24, reiterated at Q1 FY25 as 7.75-8%. FY25 division operating EBITDA margin came in at 6.9% (₹151 cr on ₹2,194 cr), short of the target as more consumer durable applications were sold.
33. Electronics division revenue growth - 40% in FY27 On track - At the Q4 FY26 call, management guided electronics division revenue growth of around 40% in FY27, reiterated at Q1 FY27 as 40%-plus. Q1 FY27 electronics revenue grew 29% YoY to ₹985 cr, below the full-year target, with the guidance intact; the year is not complete.
34. Electronics division revenue growth - 35%+ in FY25, later 45%, then 55%+ Delivered - At the Q4 FY24 call, management targeted electronics division growth above 35% in FY25, implying revenue close to ₹1,800 cr, raised to more than 45% at Q1 FY25 and more than 55% at Q3 FY25. Electronics FY25 revenue was ₹2,194 cr, up 77% YoY, surpassing the latest 55%+ guidance.
35. Electronics division revenue growth - 35-40% in FY24 Missed - At the Q1 FY24 call, management expected the electronics division to grow 35-40% in FY24, narrowed at Q2 FY24 to 35%. Electronics FY24 revenue was ₹1,241 cr vs ₹1,125 cr in FY23, growth of 10%, well short of the guidance.
36. ROCE improvement - 19-21% in 2-3 years Delivered - At the Q1 FY23 call, management expected ROCE to improve to 17-20% in the next 2-3 years, raised at Q4 FY23 to 19-21% over two to three years and extended at Q3 FY24 to FY27. FY25 ROCE achieved 19.5%, within the guided range and explicitly called out as "as guided 2 years back"; FY26 ROCE was 8.78% on the reported basis, which differs from management's calculation.
37. FY27 consolidated capex - ₹1,800-2,000 cr (cash outflow ₹1,100-1,200 cr) Pending - At the Q4 FY26 call, management guided FY27 overall capex around ₹1,800-2,000 cr, with cash outflow expected much lower at ₹1,100-1,200 cr due to negotiated supplier terms, building on the ₹1,100-1,200 cr capitalized expenditure guided at Q3 FY26. FY27 is the current year as of the latest notes and no full-year capex actual exists yet.
38. FY26 consolidated capex - ₹700-850 cr Partial - At the Q2 FY26 call, management expected consolidated capex for FY26 between ₹700 cr and ₹850-odd cr, narrowed at Q3 FY26 to around ₹800 cr. FY26 total capex was around ₹1,070 cr, of which capitalized capex was only ₹550 cr with the balance under CWIP, exceeding the guided range.
39. FY25 consolidated capex - ₹350-375 cr Partial - At the Q4 FY24 call, management guided capex of ₹350-375 cr for FY25, reiterated at Q1 FY25 and Q2 FY25. FY25 consolidated capex on tangible assets including right-of-use assets was ₹457.46 cr, above the guided range, with CWIP rising from ₹198 cr in FY25 to ₹746 cr in FY26.
40. FY24 consolidated capex - ₹350-380 cr Delivered - At the Q4 FY23 call, management planned FY24 capex of ₹350-375 cr, raised at Q1 FY24 to ₹350-380 cr and reiterated at Q2 FY24. FY24 capex was ₹373 cr, within the guided range.
41. FY23 consolidated capex - ₹600 cr, later ₹625-650 cr Partial - At the Q2 FY23 call, management intended total capex of ₹600 cr for FY23, revised at Q3 FY23 to beyond ₹600 cr, close to ₹625-650 cr. FY23 capex was ₹698 cr at consol level, above the latest guidance.
42. FY22 consolidated capex - ₹350-375 cr Partial - At the Q1 FY22 call, management guided consolidated capex of about ₹350 cr for FY22, raised at Q3 FY22 to around ₹375 cr. FY22 consolidated capex was ₹415 cr, above the latest guidance.
43. PLI application and threshold investment - ₹400 cr committed Delivered - At the Q1 FY22 call, management said Amber was applying under PLI in two categories - \~₹300 cr in the top category and ₹50-100 cr in a subsidiary in the lower intermediary category, about ₹400 cr in total. PLI was approved for ₹400 cr (₹100 cr ILJIN, ₹300 cr Amber) with the first-year threshold achieved by FY22, and incentives accrued: ₹15 cr first year, ₹36 cr for FY24, ₹49.5 cr in April 2026 for FY25 and ₹78 cr expected for FY26.
44. Gas-charging customers conversion - all six to full manufacturing Partial - At the Q4 FY21 call, management said all six gas-charging customers would be converted into complete manufacturing customers, some in FY22 and the rest in FY23. By Q3 FY22 only around two had converted to full-fledged manufacturing, with two to three more expected in FY23, and by Q1 FY25 the gas charging business had been successfully shifted to ODM solutions.
45. Sri City (South India) greenfield facility - operational by end FY22 / H2 FY23 Partial - At the Q3 FY21 call, management committed to a 10-acre Sri City facility in South India, operational by end of FY22, with the timeline slipping through July/August 2022, mid-December 2022 and end of Q3 FY23. The two Sri City greenfield facilities started in Q4 FY23 and ended FY23 at \~20% capacity utilization, roughly one quarter after the latest guidance.
46. Supa (Pune) greenfield facility - operational by Q4 FY22 Delivered - At the Q3 FY21 call, management expected to operationalize the new Supa (Pune) plant by Q4 of FY22, reaffirmed at Q4 FY21. Production of sheet metal components commenced at Supa in phase I during Q3 FY22, and the facility was made operational in Q4 FY22.
47. US room AC export orders - approvals by FY23, orders by 2022 Missed - At the Q1 FY21 call, management expected new US room AC models to be launched by December or January with export orders by 2022, with approvals timelines pushed through FY23, FY24 and a first finished-goods order expectation of Q1 FY25, then "very soon" at Q1 FY25. Our record holds no disclosure of a first US finished-goods room AC export order; US exports remained in validation/prototype stages through FY25, with only Middle East exports started in small volumes.
48. PICL margin expansion - at least 150 bps increase going forward Delivered - At the Q1 FY21 call, management expected at least 150 odd bps increase in margins going forward in PICL, restated at Q3 FY21 as expansion over the next two to three years. PICL operating EBITDA margin moved from 5.1% in FY21 to 10.4% in FY22 (₹24.63 cr on ₹236 cr) and 13.7% in FY23 (₹42 cr on ₹307 cr), an expansion of more than 800 bps by FY23.
49. PICL revenue doubling - double revenues in 2-3 years Delivered - At the Q1 FY21 call, management expected PICL to double its revenues in the next two years, restated at Q3 FY21 as doubling in the next two to three financial years and reaffirmed at Q4 FY21 with margin improvement. PICL revenue grew from ₹131 cr in FY21 to ₹236 cr in FY22 (+81%) and ₹307 cr in FY23 (+30%), more than doubling within the 2-3 year window.