1. Brand refresh - first visible outcomes by end of August 2026 Delivered - At the Q1 FY27 call, management expected first visible outcomes of the brand refresh by end of August 2026, with a brand launch event on 18th August 2026 and a capital market investor event on 20th August 2026. The Q1 FY27 PPT shows the new brand identity and tagline "Amazing, Every Day" launched, with both events held as planned.
2. Project Udaan - manufacturing excellence over five years On track - In the FY25 Annual Report, Project Udaan was described as a five-year program to enhance manufacturing excellence, optimise Make vs Buy, and augment supply chain. FY25 brought a \~50% increase in Baddi plant capacity, higher Vadodara utilisation and consolidated Butterfly warehouses; FY26 added Project ForeSight implementation and QR code track-and-trace. The five-year window has not elapsed.
3. Baroda plant restructuring - payback less than 2-3 years Pending - At the Q2 FY26 call, management expected payback on the ₹20 Cr Baroda restructuring expenditure to be less than two years; the FY26 Annual Report states payback less than three years. The facility has been restructured from a single product-line plant to a multi-product hub with cost reset and VRS earlier in FY26. The payback window has not yet elapsed.
4. BEE 2.0 transition - seamless transition by 1st January 2026 Delivered - At the Q2 FY26 call, management said they were "well prepared" for the BEE 2.0 transition effective 1st January 2026. At Q3 FY26 the transition was described as "seamless" with "no hiccups", selling only new star-rated fans from 1st January, and the Q4 FY26 PPT confirms 100% compliance from 1st Jan 2026 without business disruption.
5. ECD margin - restore to mid-teens level Delivered - At the Q2 FY26 call, the CFO said the ECD margin had been restored "back to its mid-teens level", calling it the intrinsic margin to hold. ECD EBIT margins moved from 10.6% in Q2 FY26 to 13.0% in Q3 FY26 and 15.5% in Q4 FY26, and stood at 13.5% in Q1 FY27; reported financials show ECD PBIT margin FY26 at 13.27%.
6. GTM transformation - meaningful progress over 18-20 months On track - At the Q2 FY26 call, management expected "meaningful progress in our GTM plan also over the next 18 months to 20 months". The Q1 FY27 PPT shows TSM coverage improved by 53%, the Parivaar app at 75% secondary sales coverage, and alternate channels at 27% of revenue. The 18-20 month window from Sep 2025 ends around FY27-FY28.
7. Crompton 2.0 - accelerated growth at healthy margins Partial - At the Q4 FY24 PPT, the Crompton 2.0 objective was accelerated growth at healthy margins to deliver strong competitive performance, reiterated at Q4 FY25 and Q4 FY26 PPTs. Revenue growth was 10% standalone in FY24 and 10% in FY25, slowing to 2.3% in FY26, with Q1 FY27 at 11.8%. EBITDA margins ran 9.8% FY24, 11.5% FY25 and 10.2% FY26.
8. Solar rooftop - leader in PM Surya Ghar Scheme Pending - At the Q1 FY27 investor day, management targeted leadership in the PM Surya Ghar Scheme across B2C residential in 17 cities and B2G state tenders. By Q4 FY26 the business held a \~₹500 Cr order book with \~5,000 homes installed, and in Q1 FY27 B2C orders and revenues started rolling in. No leadership position has been disclosed yet.
9. Wires - pan-India availability On track - At the Q3 FY26 call, management committed wires would become available pan India "over a period, like our other products are", and at Q4 FY26 committed to ramping up throughout the country, not restricted to select towns. Wires launched in Tamil Nadu and Karnataka by Q4 FY26 and were present in 14 towns and cities by Q1 FY27, with expansion planned as the business builds out.
10. Lighting B2B FY31 targets - market share +250 bps, NPD 20%, government exposure -500 bps On track - At the Q1 FY27 investor day, management set Lighting B2B FY31 targets: 250 bps market share gain, NPD at 20% of sales, and a 500 bps reduction in government exposure. Government-related contracts in lighting B2B declined by nearly 500 bps in FY26 alone, with B2G contribution down 600 bps over FY23-26. The FY31 horizon has not been reached.
11. Lighting B2B - Top 3 in enterprise business by FY29 Pending - At the Q1 FY27 investor day, management targeted being among the Top 3 players in enterprise business by FY29. Lighting B2B revenue contribution and market position are not specifically quantified in our record. The FY29 horizon has not been reached.
12. Lighting B2C FY31 targets - market share +250 bps, premiumization 52% Pending - At the Q1 FY27 investor day, management set Lighting B2C FY31 targets: 250 bps market share gain over FY26, 325 bps gain in ceiling & outdoor, and premiumization at 52%. FY23-26 lighting share gained 30 bps, with lamps & battens mix down from 71% to 49% and ceiling and outdoor up from 29% to 45%. The FY31 horizon has not been reached.
13. Butterfly - 2X the business in 5 years Pending - At the Q1 FY27 investor day, management set a Butterfly target of 2X the business in 5 years, with FY31 goals including No.1 in gas stoves, No.2 in mixer grinders, No.3 in pressure cookers, and Idea First at 30% of sales. Butterfly FY26 revenue was ₹943 Cr. The FY31 horizon has not been reached.
14. Small Domestic Appliances - 3X growth in 5 years Pending - At the Q1 FY27 investor day, management set an SDA target of 3X growth in 5 years, with FY31 goals including mixer grinder market share +400 bps, premiumization at 14%, and NPD at 18%. SDA doubled revenue over FY23-26. The FY31 horizon has not been reached.
15. Pumps FY31 targets - market share +250 bps, NPD 18%, premium 35% Pending - At the Q1 FY27 investor day, management set FY31 pumps targets: 250 bps market share gain over FY26, NPD at 18% of sales, and premiumization at 35%. FY23-26 pumps share gains were +180 bps in residential and +140 bps in agri. The FY31 horizon has not been reached.
16. Large Domestic Appliances FY31 targets - water heaters +120 bps, air coolers +200 bps, NPD 29%, premium 38% Pending - At the Q1 FY27 investor day, management set FY31 LDA targets: water heaters market share +120 bps over FY26, air coolers +200 bps, NPD at 29% of sales, and premiumization at 38%. FY23-26 share gains were +200 bps in water heaters and +130 bps in air coolers. The FY31 horizon has not been reached.
17. Fans FY31 targets - market share +100 bps, NPD 20%, premium 30% Pending - At the Q1 FY27 investor day, management set FY31 fans targets: total fans market share +100 bps+ over FY26, NPD at 20% of sales, and premium at 30% of sales. FY23-26 fans market share gained 60 bps, and premiumization stood at 27% of total revenue in FY26. The FY31 horizon has not been reached.
18. FY31 ambition - capex run rate \~₹120 Cr annually Pending - At the Q1 FY27 investor day, management guided an annual capex run rate of about ₹120 Cr for both FY29 and FY31, excluding greenfield capex. FY26 capex was ₹83 Cr, against an average of \~₹90 Cr over the last 5 years. The FY29 and FY31 horizons have not been reached.
19. FY31 ambition - cash payout ratio \~35% at FY29 and FY31 Pending - At the Q1 FY27 investor day, management set a cash payout ratio target of \~35% via dividend and/or buyback at both FY29 and FY31 checkpoints. FY26 dividend was ₹3 per share at a \~40-42% payout. The FY29 and FY31 horizons have not been reached.
20. FY31 ambition - share of new businesses \~14-15% by FY29, \~20% by FY31 Pending - At the Q1 FY27 investor day, management set new business share targets of \~14-15% by FY29 and \~20% by FY31. Solar pumps crossed ₹200 Cr+ in FY26, solar rooftop held a \~₹500 Cr order book, and wires had just launched, but no quantified new business revenue share has been disclosed. The FY29 and FY31 horizons have not been reached.
21. FY31 ambition - smart & connected mix \~15% by FY29, \~20% by FY31 On track - At the Q1 FY27 investor day, management set smart & connected mix targets of \~15% by FY29 and \~20% by FY31. Smart & connected products scaled 3x from 6% in 2024 to 19% in 2026 on a product basis, already ahead of the FY29 target, though the metric definition may differ from revenue mix. The FY29 and FY31 horizons have not been reached.
22. FY31 ambition - exit EBITDA margin 11-12% by FY29, 12%+ by FY31 Pending - At the Q1 FY27 investor day, management set exit EBITDA margin targets of 11-12% by FY29 and 12%+ by FY31. FY26 EBITDA margin was 10.2% and Q1 FY27 came in at 10.0%. The FY29 and FY31 horizons have not been reached.
23. FY31 ambition - 2X revenue by FY31, \~13-14% CAGR by FY29 Pending - At the Q1 FY27 investor day, management set a FY31 ambition of \~13-14% revenue CAGR at the FY29 checkpoint and 2X revenue by FY31. FY26 revenue was ₹8,096 Cr and Q1 FY27 revenue grew 11.8% YoY. The FY29 and FY31 horizons have not been reached.
24. Greenfield manufacturing facility - ₹350 Cr, production in 2-3 years On track - At the Q4 FY25 call, management announced a greenfield manufacturing facility with first-phase investment of \~₹350 Cr and production in "two to three years" / "about 2.5 years"; Q1 FY26 reiterated \~₹350 Cr to be spent in 2-3 years. The Q1 FY27 PPT sets land acquisition in Q4FY27, construction start Q2FY28, Phase 1 fans production Q1FY29 and Phase 2 scale-up Q1FY30. No land acquisition or construction has commenced yet.
25. Wires launch - available in select markets in 6-7 weeks Delivered - At the Q3 FY26 call, management committed that residential wires products would become available to consumers in select markets within six to seven weeks. Wires launched under the Crompton Armor brand in Tamil Nadu and Karnataka in Mar'26, clocking revenues within \~60 days of the announcement, and reached 14 towns and cities by Q1 FY27.
26. Solar rooftop order book - execute \~₹500 Cr over 6-12 months On track - At the Q2 FY26 call, management expected the \~₹500 Cr solar rooftop order book to be executed over the next 6-12 months, revised to 9-12 months at Q3 FY26 and to \~₹450 Cr over 6-8 months at Q1 FY27. Q3 FY26 booked \~₹18-19 Cr of revenue and \~5,000 homes were installed by Q4 FY26, with the order book "pretty much" intact at \~₹500 Cr and bulk revenue recognition still ahead.
27. Solar business - ₹2,000 Cr in 18-24 months On track - At the Q2 FY26 call, the CFO guided the combined solar (pumps + rooftop) business to scale to about ₹2,000 Cr in the next 18-24 months; at Q4 FY26 this was corrected to ₹2,000 Cr in 3-4 years. Solar pumps doubled over ₹200 Cr by Q4 FY26 with a \~₹500 Cr rooftop order book, while combined FY26 solar revenue was well below ₹2,000 Cr. The 18-24 month window from Sep 2025 ends around FY27-FY28.
28. Butterfly acquisition debt - ₹300 Cr paid by July 2025 Delivered - At the Q1 FY25 call, management said the outstanding ₹300 Cr Butterfly acquisition debt was expected to be paid next year, July. The company became zero-debt in Q1 FY26 after fully repaying the last ₹300 Cr NCD, and CRISIL withdrew its rating on the ₹300 Cr NCDs fully redeemed on July 22, 2025.
29. BLDC fans - reach #1 position in the long run On track - At the Q1 FY25 call, management said Crompton is currently #2 in BLDC fans and the endeavour is to reach #1 in the long run. The BLDC portfolio grew \~45% in Q1 FY26, 50%+ on the Nucleus platform in Q2 FY26, with a 5%+ market share gain in Q3 FY26, 30%+ growth in Q4 FY26 and \~45% again in Q1 FY27. No #1 position has been disclosed yet.
30. Large kitchen appliances - make it a ₹100 crore business Pending - At the Q1 FY25 call, management said step one for large kitchen appliances is to make it a ₹100 crore business, then make money and scale up. Quarterly revenue ran ₹61 Cr in Q4 FY24, \~₹14 Cr in Q1 FY25, ₹19 Cr in Q2 FY25, \~₹60 Cr in Q4 FY25 and ₹15 Cr in Q1 FY26, with the line folded into the Rhion brand in Q4 FY26. No ₹100 Cr annual revenue has been disclosed.
31. Fans premium mix - take up to 40% in 3-4 years On track - At the Q1 FY25 call, management said the fans premium mix, then \~24-25%, could potentially be taken up to 40% in about three to four years; the Q1 FY27 PPT sets an FY31 target of premium at 30% of sales. Premiumization moved from 20% of total revenue in FY22 to 27% in FY26. The 3-4 year window from Q1 FY25 ends around FY28-FY29.
32. Lighting - return to growth trajectory by end of FY24 Delivered - At the Q1 FY24 call, management aimed for lighting to move towards a growth trajectory by end of FY24, with the Q1 FY25 agenda being to stop decline in Q4 FY24 and grow from Q1 FY25 onwards. Lighting returned to growth with Q4 FY24 +1% YoY and sustained it through Q4 FY26 +14% and Q1 FY27 +15.4%; reported financials show lighting revenue FY24 998 → FY25 1,020 → FY26 1,085.
33. 2-3 whitespace entries in 3-4 years Delivered - At the Q1 FY24 call, management expected to enter about 2-3 whitespaces (new segments) in the next 3-4 years, reiterated in the Q4 FY24 and Q1 FY27 PPTs. Solar pumps were entered around FY24, solar rooftop in Q4 FY25 and wires in Q4 FY26 - three new segments within the window from Q1 FY24.
34. Butterfly-Crompton merger - completed by end of FY24 Missed - At the Q1 FY24 call, management expected the Butterfly-Crompton integration/merger to be completed by end of FY24. At Q2 FY24 the amalgamation did not pass the majority-of-minority vote and was withdrawn; at Q4 FY26 management reaffirmed the merger plan "at the right time, definitely that is on the cards". The legal merger had not been completed as of Q1 FY27, though operational integration continued.
35. Butterfly - EBITDA margin improvement of \~100 bps in FY26 Partial - At the Q1 FY26 call, management reiterated Butterfly EBITDA margin improvement guidance of \~100 bps in FY26. Butterfly FY26 EBITDA margin was 8.5% vs 8.5% in FY25while reported financials show PBIT margin improving from 5.63% to 6.20%, about 57 bps; Q4 FY26 EBITDA margin expanded 20 bps YoY to 8.9%. The full-year improvement fell short of \~100 bps.
36. Butterfly - double-digit revenue growth in FY26 Missed - At the Q4 FY25 call, management said the Butterfly endeavour is to grow revenue in double-digit in FY26, reiterated at the Q1 FY26 call. Butterfly FY26 revenue was ₹943 Cr vs ₹865 Cr in FY25, growth of \~9%, with reported financials showing 833 → 915; Q4 FY26 grew 17% YoY. Full-year growth was below double-digit.
37. Butterfly - pan-India expansion Pending - At the Q1 FY23 call, management focused on expanding Butterfly into non-south markets as a key value creator, with Q1 FY24 plans for a pan-India brand starting with pilots in Northern and Western India; Q4 FY25 and Q4 FY26 reaffirmed intent on North-East-West markets. Butterfly remains strong in the South with separate front-end channels, and its fastest-growing channel in Q4 FY26 was large format retail. No quantified pan-India outcome has been disclosed.
38. Butterfly EBITDA margin - base level of 10% Partial - At the Q2 FY23 call, management said they were "now confident about the base level of EBITDA margins being at 10%" for Butterfly, later revised to a steady state of 8-9% then 9-10%, 7-8% at threshold and \~8-8.5% at Q4 FY25. Quarterly EBITDA margins swung from 10.2% in Q1 FY23 and 9% in Q1 FY24 to -₹20 Cr EBITDA in Q4 FY24, then 8.6-8.9% across FY25-FY26 quarters; reported financials show PBIT margin FY26 at 6.20%. The 10% base level was achieved early but not sustained.
39. Built-in kitchen appliances - 10 city clusters within months, top 300 cities by May-June 2023 Partial - At the Q1 FY23 call, management planned to roll out built-in kitchen appliances into 10 city clusters within the next couple of months and to be present in the top 300 cities by May-June next year; the Q4 FY23 plan was revised to 26 city clusters with 100-plus brand stores by 2024. Coverage reached 12 city clusters with 55 stores by Q4 FY23, 20 clusters with 54 brand stores by Q1 FY24 and 100 EBOs by Q1 FY25. The top-300-cities target was not explicitly confirmed as achieved.
40. Built-in kitchen appliances - top 3 player with at least 10% market share in 3 years Missed - At the Q1 FY23 call, management's objective was to become a top three player in built-in kitchen appliances (chimneys and hobs, ₹2,200 Cr market) within three years, quantified as at least 10% market share, reiterated at Q4 FY23 for the next two to three years. Revenue ran \~₹11 Cr in Q1 FY24 with a ₹7 Cr loss, ₹61 Cr in Q4 FY24 with ₹25 Cr annual EBITDA loss and \~₹60 Cr in Q4 FY25, ranked third on Amazon. The 3-year window ended around FY26 with no disclosure of 10% share or a top 3 position.
41. Butterfly integration - 12-18 months for restructuring Delivered - At the Q4 FY22 call, management expected the Butterfly integration/restructuring process to take 12-18 months, with Q3 FY23 expecting operational integration "well progressed over the next 6 to 9 months". Integration tracked a little ahead of the original recommendation by Q3 FY23, and Q4 FY23 delivered the first full year of Butterfly operating with Crompton at highest-ever profits. The legal amalgamation was separately withdrawn in Q2 FY24 and reaffirmed at Q4 FY26.
42. Butterfly acquisition - EPS neutral in year one (FY23) Delivered - At the Q4 FY22 call, management reiterated the Butterfly acquisition would be EPS neutral in year one (FY23), with the year-one base case "very much intact", reaffirmed at Q3 FY23 as "no loss, no gain in totality". FY23 Butterfly delivered its highest-ever profits with EBITDA of ₹97 Cr, 10% revenue growth and PBT close to ₹100 Cr, with management noting slight over-delivery on synergies and margins versus the original recommendation.
43. New category entry - completely new vertical with zero current revenues within 2 years Delivered - At the Q3 FY21 call, management confirmed a plan to launch a completely new vertical with zero current revenues over the next 2 years, with Q3 FY22 timelines "broadly intact, maybe a month here or there". Crompton entered the built-in kitchen appliances segment (chimneys, hobs, built-in ovens, microwaves, dishwashers) in Q1 FY23, within the 2-year window from Dec 2020 to Jun 2022.
44. B2C lighting margins - sustain double-digit margins Delivered - At the Q2 FY21 call, management committed to sustaining double-digit margins in the lighting business going forward, later resetting to a sustainable 10-11% EBIT margin at Q3 FY22. Lighting EBIT margins held in double digits across the tracked period - 10.7% Q1 FY22, 12% Q1 FY23, 11.2% Q3 FY24, 15.9% Q4 FY25, 15.5% Q2 FY26 and 12.0% Q1 FY27; reported financials show lighting PBIT margin FY26 at 13.08%.
45. Fans market share - gain about a share point a year long-term Partial - At the Q2 FY21 call, management aspired to continue gaining about a share point a year in fans "on a long-term basis". Rolling 12-month gains ran +1 point through FY21-FY22, peaking at +3 points in Q4 FY22 and +2 points in Q1 FY23, but FY23-26 cumulative fans share gain was only +60 bps. The pace slowed in later years.
46. Mixer-grinder - become at least number 2 or close number 3 in 3-4 years Delivered - At the Q2 FY21 call, management aspired to invest in mixer-grinders like geysers, with the objective "over 3 to 4 years becoming at least a number 2, or a close number 3", with a Q4 FY21 plan to revamp the portfolio in 12-18 months. Mixers and grinders grew in excess of 70% in Q4 FY23, and by Q2 FY25 the combined Crompton+Butterfly held market leadership in mixer grinders, with 120 bps share gain over FY23-26. The 3-4 year window from Q2 FY21 ended around FY25.
47. SilentPro premium fans - year-one and year-two targets intact Delivered - At the Q1 FY21 call, management said year-one and year-two targets for the SilentPro premium fan range (launched February 2020) "remain intact" despite lockdown, confident of achieving them on a one-year horizon. Premium fans delivered 51% sales growth in Q3 FY21 and 76% in Q4 FY21 with super-premium volume doubling YoY, and the premium and deco segment grew 122% in Q1 FY22 with super-premium volume up 258%. No specific target numbers were disclosed in our record.
48. Cost savings program - \~₹150 cr incremental savings per year Delivered - At the Q1 FY21 call, management reiterated the standing cost savings program delivering 100-150 Cr per year and stated the goal was to deliver \~₹150 Cr of incremental cost savings in FY21 too, later reframed at Q2 FY22 as 1-2 points of cost improvement every year "from here till eternity" and \~0.5% annual savings at Q2 FY23. FY21 quarterly savings ran ₹60 Cr, ₹35 Cr, ₹40 Cr and ₹60 Cr, FY23 Unnati delivered ₹248 Cr, and FY26 Unnati accruals ramped to 4% of revenue.