1. CV ADAS regulation - Jan 2027 / Oct 2027 On track - At the Q4 FY26 call, management stated ADAS regulation takes effect for new CV models from Jan 2027 and all commercial vehicles by October 2027, with Bosch positioning partners to comply; at Q1 FY27 it expected the all-vehicle deadline in October 2027. No regulation has taken effect yet and Bosch is preparing.
2. CAFE Phase 3 - April 2027 rollout On track - At the Q4 FY26 call, management said Bosch is actively aligning with OEMs for the CAFE Phase 3 rollout scheduled April 30, 2027, reiterated at Q1 FY27. The rollout is still scheduled for April 2027 and no rollout has occurred yet.
3. Portfolio realignment - broad timeline of next 1 year Partial - At the Q4 FY24 call, management gave a broad timeline of "maybe it's the next 1 year" for portfolio realignment, with later calls through Q1 FY26 reporting discussions but nothing concrete. The Building Technologies divestment completed in Q1 FY26 and the RBIC acquisition was announced in April 2026.
4. Exports - increase over coming years On track - At the Q4 FY24 call, management said exports, then 8.1% of net sales, would be worked on to increase "over the coming years", later framed as a 5-year-plus opportunity. FY25 export sales were ₹14,054 mINR vs ₹12,790 mINR prior year, and Q1 FY27 export contribution stands at \~8-8.5% of revenue.
5. Power Tools - 2 crore tools produced Delivered - The FY25 Annual Report stated the Chennai Plant achieved 2 crore tools produced in December 2024, after reaching +0.2 crore tools volume production in 2024. The 2 crore milestone was achieved in December 2024.
6. 2WP division net sales growth - FY26 Delivered - The FY25 Annual Report forecast the 2WP division's net sales to grow in 2025-26, driven by the BS-VI OBD2 regulation upgrade. FY26 Two-Wheeler business grew 69.1%.
7. RBIC acquisition - pro forma EPS accretion of \~5% Pending - The announcement of 17th April 2026 stated the RBIC acquisition is expected to deliver pro forma EPS accretion of approximately 5% based on FY25 numbers. The acquisition completed in July 2026, but no post-completion EPS accretion figure has been disclosed in our record.
8. Bosch Group margin - at least 7% by 2026 Pending - The Q4 FY24 PPT stated Bosch Group targets achieving the at least 7% target margin by 2026. Bosch Group's 2023 EBIT margin was 5.3%, below the target, and our record holds no later Bosch Group margin disclosure against the 7% goal.
9. Zexel VE Pump manufacturing shift - Jaipur by end 2026 On track - The FY26 Annual Report states the entire Zexel design VE Pump manufacturing from Japan will be shifted to the Jaipur Plant by End 2026. By Q3 FY26, pumps had been relocated from Japan over \~1.5 years, with India now supplying Japan and Korea, and Jaipur adding Daedong, TYM and Kartar as customers in 2025.
10. RBIC acquisition - complete by end of Q1 FY27 Partial - At the announcement of 17th April 2026, management targeted completing the RBIC acquisition by the end of the first quarter of FY27, subject to shareholders' approval. The Chassis Systems sale completed only in July 2026, with consolidation underway and consolidated results promised from next quarter.
11. Tata AutoComp e-axles JV - first operations late '26, series readiness 2028 On track - At the Q4 FY26 call, management said the JV "aims to start first operations late '26", with samples in '27 and series readiness by 2028, subject to regulatory approvals; at Q1 FY27, e-axle revenue was expected "by late next year". Both JVs are in final stages of merger controls with no SOP or revenue disclosed as of Q1 FY27.
12. Air-systems JV - operations by end of 2026 On track - At the Q4 FY26 call, management said the new air-systems JV with Brakes India and Wheels India is expected to commence operations end of 2026, offering samples in '27 and series readiness by 2028. The JV is in final stages of merger controls as of Q1 FY27, with customer talks to start at September's IAA.
13. Dividend policy - 55-85% of PAT On track - At the Q3 FY26 call, the Board quantified payout guidance of 55% to 80% of profit, with the result announcement stating a policy of 55-85% of PAT up to a maximum of 100%. FY25 total dividend payout was approximately 75%, within the range, with a ₹512 per share final dividend recommended.
14. Aftermarket growth - 8-10% in FY26 Missed - At the Q3 FY25 call, management expected the aftermarket business to grow between 8% to 10% in FY26. FY26 Mobility Aftermarket grew 3.7%, though aftermarket exports grew \~17% in Q4 FY26.
15. NOx sensor capacity - 0.21 cr sensors per year by 2027 On track - At the Q4 FY25 call, management said Bosch is scaling NOx sensor production "to a capacity of 0.21 crore sensors per year by 2027" following the Gen-3 line inauguration at Bidadi. The Bidadi line is in ramp-up with export volumes expected, and production started at the Abu Dhabi plant with good export share back to Europe by Q4 FY26.
16. FY25 capex - roughly ₹400 cr Missed - At the Q2 FY25 call, management guided FY25 capex of "roughly 400 crore", mainly plant and machinery. FY25 capex was ₹1,273 mINR (≈₹127 cr), significantly below the guided ₹400 cr.
17. FY25 growth - mirror FY24 growth rates Missed - At the Q2 FY25 call, management reiterated that "the indicators are that '25 is likely to mirror 2024 growth rates", after a similar expectation at Q1 FY25. FY25 revenue was ₹18,087.4 cr, growth of 8.1%, against FY24's 12.0%.
18. Lambda sensor production - 0.8 cr pieces annually by 2025 Delivered - At the Q1 FY25 call, management said Lambda sensor production at Bidadi is set to achieve over 0.8 crore pieces annually by 2025, with the second line inaugurated in April 2024. The ramp-up progressed through Q3 FY25 and 2025 was described as "a landmark year" for mini-heated lambda sensors with new sales milestones.
19. TREM V readiness - April 2026 implementation Missed - At the Q4 FY24 call, management indicated TREM V for April '26, saying "by '26 first quarter, second quarter, we should be in with TREM V" with a fairly good level of localization. By Q3 FY26 management stated there is no visibility of a precise TREM V implementation date, and no implementation is disclosed through Q1 FY27, so the April 2026 horizon has lapsed.
20. Building Technologies divestment - by Q1/Q2 2025 Delivered - At the Q4 FY24 call, management expected the Building Technologies divestment to go through by Q1, Q2 of 2025. The sale of the Video Solutions, Access and Intrusion and Communication systems businesses completed in Q1 FY26 with profit on sale recognized, the segment declining 65.3% YoY on the sale.
21. EGT localization SOP - April 2025 Partial - At the Q4 FY24 call, management committed to SOP for the EGT localization line in April '25, with the line decided and ordered. The NOx sensor Gen-3 line was inaugurated at Bidadi in Q4 FY25 "in just 67 days" with series production underway, but no explicit disclosure confirms the EGT line SOP in April 2025.
22. Hydrogen ICE deployment - beyond 2026 towards 2030 On track - At the Q2 FY24 call, management said hydrogen ICE "will be deployed beyond '26 onwards, towards '26 to 2030", later expecting 10-15% of trucks sold by 2030 to use it. Bosch pioneered India's first hydrogen engine demo truck, OEM pilots are testing vehicles, and by Q3 FY26 testing was ongoing with virtually every CV and bus OEM though no rollout plans are known.
23. Common rail localization - about 68% of components in FY24 Delivered - At the Q2 FY24 call, management committed to raising common rail localization to about 68% of components "this year", up from below 50%, noting 90-95% is "really midterm". The FY25 annual report states the localization rate is more than 90% in the traditional business, with NOx sensor components and spark plugs localized in 2025.
24. FY24 revenue growth - around 15% Missed - At the Q4 FY23 call, management expected total revenue from sales to grow around 15% for FY24, framed as "under normal circumstances" with riders. FY24 revenue from operations was ₹16,727.1 cr, growth of 12.0% over FY23.
25. Capex run-rate - ₹300-600 cr per year Partial - At the Q3 FY23 call, management stated capex spend runs "anywhere between 300 crores and up to 600 crores" per year and the company "will not be shy of spending CAPEX", with FY24 guided at ₹490 cr then ₹350 cr and FY25 at roughly ₹400 cr. FY25 capex came in at ₹1,273 mINR (≈₹127 cr), below the range, while FY26 capex of ₹4,101 mINR (≈₹410 cr) is within it.
26. Aftermarket network - 1,000 Bosch car services On track - At the Q3 FY23 call, management reiterated the aftermarket "true North is 1,000 Bosch car services", versus the then-current 500 locations. By Q4 FY24 the network stood at over 1,500 authorized workshops and over 50,000 retail touchpoints, and the 100th Bosch 2-wheeler workshop opened in Q2 FY25, though no disclosure confirms the 1,000 car-service count.