1. FY27 capex cash outlay of Rs.1,200 crore Pending - At the Q4 FY26 call, the CFO guided total cash outlay of roughly Rs.1,200 crore per year, specified as Rs.1,200 crore for FY27. No FY27 capex disclosure is yet on record; reported financials show CWIP of Rs.1,100 crore in FY26.
2. Rs.4,980 crore phased brownfield expansion - 24% capacity increase by FY29-30 On track - At the Q4 FY26 call, the Board approved brownfield expansions for PCR and TBR at an aggregate cost of Rs.4,980 crore in phases until 2029, lifting TBR & PCR capacities by 24%; the FY26 annual report dates the 24% combined radial capacity increase to FY 2029-30. At the Q1 FY27 call, management reiterated the Rs.4,990 crore commitment, saying it will add "about 24%" capacity over the next 4 years; no completion disclosure yet.
3. FY27 debt increase of Rs.500-700 crore On track - At the Q1 FY27 call, management expected overall debt to increase "Rs.500-700 crores" in FY27, funded via internal accruals and progressive loans. Q1 FY27 consolidated net debt stood at Rs.4,945 crore, up Rs.500 crore QoQ from Rs.4,445 crore at 31 March 2026; reported financials show debt of Rs.4,882 crore as of 01 Sep 2026.
4. FY27 EBITDA margin - 10% to 11% full year, 11% to 13% in H2 On track - At the Q1 FY27 call, management guided FY27 full-year operating margins "in the range of about 10% to 11%", with EBITDA margins back to "the normal range of 11% to 13% in the second half". Q1 FY27 EBITDA margin was 6.8%, with reported financials confirming OPM of 6.54%; no H2 FY27 outcome yet.
5. FY27 revenue growth - double-digit, \~10-11% On track - At the Q1 FY27 call, management guided "good double-digit growth" in FY27 revenue, confirmed by the CFO as similar to FY26's "about somewhere of 10% - 11%". Q1 FY27 consolidated revenue was Rs.3,956 crore, up 2% YoY, with reported financials confirming Rs.3,946 crore and 2.00% growth; the full-year horizon is not reached.
6. Rs.1,130 crore capacity expansion - \~7% capacity increase, 1-2 years from Q3 FY26 On track - At the Q3 FY26 call, management announced a TBR, ASLTR and PCR expansion for INR 1,130 crore, increasing overall capacity by nearly 7% over 1-2 years; at Q4 FY26 the CFO clarified completion by Q3 of FY28. At Q4 FY26 the Board approved the further Rs.4,980 crore expansion in addition to the Rs.1,130 crore projects already under implementation; no completion disclosure yet.
7. EBITDA margins of 13% to 15% over next two to three quarters from Q2 FY26 Partial - At the Q2 FY26 call, management guided EBITDA margins "in the range of 13% to 15%" over the next two to three quarters, reiterated at Q3 FY26. Q2 FY26 came in at 13.3% and Q3 FY26 at 13.8%, but Q4 FY26 fell to 12.9% and Q1 FY27 to 6.8%; reported financials confirm OPMs of 13.00%, 13.52%, 12.72% and 6.54%.
8. PCR premium mix - 16-inch-and-above from 26% to 40% On track - At the Q1 FY26 call, the MD planned to raise the 16-inch-and-above PCR premium mix from the current 26% to around 40% in the coming quarters; the FY26 annual report restates a long-term aspiration of \~40%. The mix was nearly 31% at Q3 FY26 and 35% of PCR volumes at Q1 FY27, against \~30% for FY26.
9. Debt-to-EBITDA below 2x, range 1.5x to 1.8x Missed - At the Q1 FY26 call, the CFO targeted overall debt-to-EBITDA to remain below 2x, within a range of about 1.5x to 1.8x. Net debt/EBITDA was 2.4x at 31 March 2025, 2.5x at 30 September 2025, 2.17x at 31 December 2025, 2.13x at 31 March 2026 and 2.56x at 30 June 2026; reported financials show interest coverage of 3.15x.
10. Cavendish quarterly revenue - Rs.1,000-1,100 crore average Pending - At the Q1 FY26 call, the CFO guided Cavendish back to "almost about Rs.1,000 crores to Rs.1,100 Crores of average revenue for the quarter", after Rs.800 crore in Q1 FY26. No cited transcript discloses Cavendish's standalone revenue for quarters after this guidance; the merger into JK Tyre was completed during Q3 FY26, so delivery against the target cannot yet be verified.
11. Mexico EBIT margins - return to 7-8% from Q2 FY26 Delivered - At the Q1 FY26 call, management confirmed Mexico EBIT margins, which used to be 7-8%, would come back in the coming quarter, with the CFO pointing to Q2 onwards; at Q4 FY25 Tornel/Mexico was guided "slightly better" on margins in FY26. Tornel EBITDA margin reached 7.6% in Q2 FY26, up 560 bps sequentially, and 9.4% in Q3 FY26; Q4 FY26 Tornel EBITDA was Rs.24 crore, up 36% YoY, with FY26 EBITDA of Rs.141 crore.
12. FY26 revenue growth - double-digit Delivered - At the Q4 FY25 call, management reiterated "overall growth in the revenues in the double digit" on a consolidated basis, guided initial double-digit growth at Q1 FY26 and explicitly stuck to the 10% guidance at Q2 FY26. FY26 consolidated revenue was Rs.16,384 crore, up 11%; reported financials confirm Rs.16,327 crore, growth of 11.12%.
13. FY26 capex outgo - Rs.900-1,000 crore Partial - At the Q4 FY25 call, management guided capex outgo of roughly INR 900 crores for FY26, refined at Q1 FY26 to Rs.900-1,000 crores; at Q2 FY26 the CFO revised the total cash outflow to Rs.1,200 crores - Rs.610 crores spent in H1 and roughly Rs.600 crores in H2. H1 FY26 capex of almost Rs.610 crores was incurred, but no full-year figure is disclosed; reported financials show CWIP rising from Rs.418 crore in FY25 to Rs.1,100 crore in FY26.
14. Brownfield expansion revenue yield - 1.1 to 1.2 times investment Delivered - At the Q2 FY25 call, the CFO said brownfield projects were expected to yield revenue of 1.1 to 1.2 times the investment; at Q3 FY25 this was framed as revenue going up "in two years period" almost equivalent to the Rs.1,400 crore investment. The Rs.1,400 crore projects were commissioned by FY26, and FY26 revenue rose \~Rs.1,612 crore to Rs.16,384 crore from Rs.14,772 crore, implying \~1.15x.
15. Capacity expansion - 10% consolidated capacity increase over two years from Q2 FY25 Delivered - At the Q2 FY25 call, the CFO expected capacity to increase around 10% on a consolidated basis over the next two years, with PCR up around 20% and TBR around 10% within the Rs.1,400 crore expansion; at Q2 FY26 the three expansions were framed as inching up overall capacities by 12% to 13%. Installed capacity reached 3.8 crore+ units p.a. in FY26, up from 3.5 crore+ at FY25 - an increase of \~8.6% - with Banmore adding 30,000 PCR tyres per day; the Q1 FY27 PPT confirms 3.8 crore+.
16. CIL-into-JK Tyre merger - completion within 10-12 months from September 2024 Delivered - At the Q2 FY25 call, the CFO said the CIL merger, approved by the Board on September 16, 2024, was expected to complete within the next 10-12 months, subject to approvals; at Q2 FY26 completion was expected by end of November 2025. The merger of Cavendish Industries Limited into JK Tyre completed in December 2025 with effect from the appointed date of 1st April 2025, confirmed in the Q3 FY26 result.
17. JK Tornel FY25 - higher revenues and better profitability Missed - At the Q4 FY24 call, JK Tornel was expected to scale higher revenues and better profitability in FY25 via new dealer appointments, an expanding US sales network and new radial sizes. Tornel FY25 sales were 492.8 crore pesos, lower by about 10% on constant currency, and Rs.2,147 crore in INR terms vs Rs.2,628 crore, down 18% y-o-y; Q4 FY24 Tornel EBITDA was MXN 9.6 crore (INR 47 crore), up 10% y-o-y, and FY26 revenue was stable at Rs.2,138 crore.
18. Brand shop expansion - 200-plus new shops in FY25 Missed - At the Q4 FY24 call, management expected to add roughly 200-plus brand shops in FY25, on top of the current 800-plus. Additions were 44 in Q1 FY25, 23 in Q2 FY25 and 25+ in Q4 FY25 - approximately 92 for the year; the Q4 FY25 PPT shows 900+ exclusive brand shops.
19. FY25 consolidated revenue growth - 8% to 10% Missed - At the Q4 FY24 call, management targeted 8% to 10% consolidated sales growth in FY25 versus expected industry growth of about 6%; at Q1 FY25 the guidance was reset to "between the middle to high single digit". FY25 consolidated revenue was Rs.14,772 crore, lower by 2% vs Rs.15,046 crore in FY24; reported financials confirm Rs.14,693 crore, growth of -2.06%.
20. Long-term debt reduction - 25% by FY26 Missed - At the Q1 FY24 call, the CFO set a target to reduce long-term debt by 25% till FY26, after considering new debt for existing projects; at Q2 FY25 this was framed as net debt reduction of almost Rs.1,500 crore over the next two years, clarified as "reduced by". Net debt moved from Rs.4,265 crore in June 2023 to Rs.3,704 crore at March 2024, Rs.4,081 crore at March 2025 and Rs.4,445 crore at March 2026 - the Rs.1,500 crore reduction was not achieved; reported financials show debt of Rs.4,882 crore as of 01 Sep 2026.
21. FY24 revenue growth - double-digit target Missed - At the Q1 FY24 call, management (Anuj Kathuria) said FY24 growth would be volume-driven and "we would be targeting in the double-digit range" for revenue growth. FY24 consolidated revenue was Rs.15,046 crore, up 2.5% vs Rs.14,681 crore in FY23; reported financials confirm Rs.15,002 crore, growth of 2.44%.
22. TBR and PCR capacity expansion - on stream by Q3 FY24 and Q4 FY24 Partial - At the Q1 FY24 call, management said the announced TBR and PCR capacity expansion capex was under implementation, expected on stream by Q3 FY24 and Q4 FY24 respectively, with Rs.1,100 crore plus Rs.250 crore normal capex "getting commissioned on their respective dates"; timelines later moved to Q1 FY25, H2 FY26, Q3 FY26, with Banmore PCR completed and Laksar TBR on stream by April '26. The Rs.1,398 crore projects were commissioned per the FY26 annual report - Banmore producing 30,000 PCR tyres per day, taking India PCR capacity to 1.6 crore tyres per annum, confirmed by a FY26 announcement for the Rs.1,400 crore outlay.