1. Revenue growth - \~₹800 cr additional revenue from new capacities over two years Pending - At the Q4 FY26 call, management stated new capacities delivered \~₹300 cr extra turnover in FY26 and could add \~₹500 cr in FY27, totaling about ₹800 cr of extra business over the two-year period. FY26 revenue was ₹2,665.6 cr; the FY27 horizon is not yet reached.
2. ROCE - touch back to same numbers as 2-3 years back Pending - At the Q4 FY26 call, management expected ROCE to touch back to the same numbers as 2-3 years back once full capacity utilisation is achieved. ROCE was 15.43% in the latest annual period, compared to 15.55% in FY23 and 8.52% in FY22 (SQL); full capacity utilisation is guided for the next 1-1.5 years.
3. Maruti EV - 100% supplier for Maruti EV model, production from July 2025 On track - At the Q4 FY25 call, management stated the company will be a 100% supplier for the Maruti EV model, with production expected to start in July 2025 for exports; additional EV models were later added, with the MPV EV launch set for October 2026. e-Vitara and Victoris contributed about ₹26 cr in H1 FY26; the October 2026 MPV EV launch horizon is not yet reached.
4. Quality defect - "doesn't happen again" Delivered - At the Q4 FY25 call, management committed that the quality defect situation "doesn't happen" and "we do not allow it to happen" again. No further recall or quality defect event is disclosed in our record through Q4 FY26, and warranty cost provision reduced from ₹82 million in FY25 to ₹37 million in FY26.
5. Gujarat facility - new plant, investment ₹250 cr, completion FY27-28 On track - At the Q2 FY25 call, management committed investment of ₹250 cr for the new Gujarat facility, with expected completion in 2027-2028 and manufacturing to start 3-4 years later; an additional ₹100 cr spend was indicated in Q4 FY26. Factory designing is completed, rights issue proceeds of \~₹114 cr are allocated for construction, and construction is progressing on schedule as of May 2026.
6. Manufacturing rationalisation - complete within 1 year Partial - At the Q2 FY25 call, management guided that the manufacturing rationalisation activity post-JFIN merger would be complete within 1 year. Ten rationalisation projects were completed in FY25, but 7 additional projects were still underway, with 6 slated for completion in FY26; no explicit statement of full completion within the 1-year window is in our record.
7. Merger benefits - margins to improve further Partial - At the Q4 FY24 call, management stated that merger benefits "can only further improve" and expressed confidence in retaining the achieved margin level. EBITDA margin declined from 9.5% in FY24 to 7.6% in FY25 and to 7.5% in FY26.
8. Third CPS line and sixth manual gear line - capacity expansion, capex upward of ₹120 cr Delivered - At the Q4 FY24 call, management stated they were working on the third CPS line and sixth manual gear line, with capex upward of around ₹120 cr planned in the current financial year; the programme later expanded to include additional lines. The sixth manual gear line became operational in August 2025, the third CPS line in July-August 2025, and all lines achieved SOP within or close to guided timelines.
9. Brazil export order - supply to JTEKT Brazil, starting volume \~1.14 lakh units, \~₹50 cr initial revenue, total value >₹180 cr On track - At the Q2 FY24 call, management committed to reporting the outcome of Brazil export discussions "very shortly," with starting annual volume of 1.14 lakh units and approximately ₹50 cr revenue, production starting in FY26; the start date was later revised to May 2026, with initial volume revised to \~70,000 units in FY27. MS Gear Line 4 at Chennai achieved SOP in May 2026; no disclosure of actual dispatch or revenue is in our record as of 13 Jul 2026.
10. CVJ market share - reach 15% immediate target, expand to \~10% with second line Pending - At the Q2 FY24 call, management stated the immediate target for CVJ market share is to reach 15%, with a second line to expand share to "around 10%"; a Q4 FY25 revision guided expansion to 7.5-10% within about a year. CVJ Line 2 SOP was November 2025, but no explicit CVJ market share percentage is disclosed in our record for FY26.
11. Capex - upward of ₹100 cr per annum for FY24 and FY25 Delivered - At the Q4 FY23 call, management guided capex upward of ₹100 cr for FY24 and similarly for FY25. FY24 actual capex was ₹170 cr and FY25 actual capex was ₹287 cr, both exceeding the original guidance.
12. Carbon neutrality - by FY 2050 Pending - In the FY25 annual report and related filings, JTEKT India aims to attain carbon neutrality by FY 2050. Solar power capacity expanded to 4,391 KWp as of FY25 and diesel generators were replaced with PNG generators; the FY 2050 horizon is far from reached.