1. FY26 final dividend of ₹5.25 per share Delivered - At the FY26 Annual Report, Directors recommended a final dividend of ₹5.25 per equity share (52.5%) on top of the ₹2.25 interim, total payout of ₹205.6 crore including dividend distribution tax. The final dividend of ₹5.25 per share was declared at Q4 FY26, with dividend payout about 33%.
2. Cymotive acquisition - 100% ownership by mid-2029 On track - At the Q4 FY26 PPT, management announced the Cymotive acquisition: $10 Mn initial preference capital converting to 26% equity on milestones, balance stake to reach 100% by mid-2029, total consideration of $60 Mn to $120 Mn in two tranches. The acquisition was announced in Q4 FY26; no additional Cymotive disclosure appeared in Q1 FY27.
3. Vietnam expansion - Hanoi technology center with 100+ jobs Delivered - At the Q1 FY27 PPT, management announced a Vietnam expansion with a new Hanoi technology center and 100+ upcoming job opportunities. The Hanoi center was opened in Q1 FY27 with partnerships with HUST and VinUniversity.
4. Two largest SDV programs ending - revenue largely compensated by newly acquired accounts On track - At the Q4 FY26 call, management guided that two of the largest SDV programs ending would see revenue "largely compensated by growth in newly acquired accounts"; continuation would have meant 4-5% sequential growth for FY27. Q1 FY27 CC revenue grew 0.1% YoY and declined 3.6% QoQ, slightly ahead of outlook.
5. Mid-term EBITDA margin 22%-24% On track - At the Q4 FY26 call, management guided EBITDA margin expected between 22% to 24% from current levels, with significant profitable growth in the medium term. Q1 FY27 EBITDA margin was 17.2%; management said the company will be in a position to get to the margin aspiration mentioned at the Analyst Day.
6. Solutions and products to reach 50% of revenue in 3 years On track - At the Q4 FY26 call, management guided solutions and products to reach 50% of revenue, moving the mix from 85% services/15% solutions-products in FY26 to 60%/40% in 3 years. Solutions and products stood at \~15% of revenue in Q4 FY26, with healthy traction reported in Q1 FY27.
7. FY27 solutions and products 30% YoY revenue growth On track - At the Q4 FY26 call, management guided 30% year-on-year revenue growth in solutions and products for FY27, "and we hope it will increase over the period". Q1 FY27 showed healthy traction in products and solutions, with no specific growth rate disclosed.
8. FY27 EBITDA margin 20.5-21.2% On track - At the Q4 FY26 call, management guided FY27 EBITDA margin of 20.5 to 21.2 post increased investment in AI solutions/products, competency development and new markets. Q1 FY27 EBITDA margin was 17.2%, below the guided range for the quarter.
9. Continued R&D investment at 5% of revenue Partial - At the Q4 FY26 call, management committed to "Continued investment in R&D, 5%", noting technology investment had been upped to more than 5%. Q1 FY27 R&D expenditure was USD 4.37M on revenue of $176.8M - approximately 2.5%; FY26 R&D was USD 13.76M on $724.8M - approximately 1.9%.
10. Strategic external investment of $400 million in M&As Pending - At the Q4 FY26 call, management committed a strategic external investment of $400 million in M&As, beyond the 5% technology investment. The Cymotive acquisition, with total consideration expected between $60 Mn to $120 Mn, was announced in Q4 FY26; no additional M&A disclosure appeared in Q1 FY27.
11. N-Dream in three million vehicles next year Delivered - At the Q3 FY26 call, management said N-Dream was already in two million vehicles and expected "about three million vehicles next year". By Q1 FY27, AirConsole had entered India via an exclusive launch with Tata Motors and was loved by more than 4 million car owners worldwide.
12. Solutions-based transformation in 12-18 months On track - At the Q3 FY26 call, management expected the solutions-based transformation to take "12 months to 18 months" for a large part of the business to convert, with specific solutions starting in the "next 3 months to 4 months". By Q4 FY26, 21% of the total pipeline was into products and solutions, and in Q1 FY27 solutions were ready to deploy in the next quarter or two.
13. Large European OEM deal - three-digit number over three years Pending - At the Q2 FY26 call, management described the large European OEM deal as "something in excess of three digits" over three years, with potential to maximize further. The multi-year, multi-domain deal was won with work already started in Q2 FY26; no specific deal value has been disclosed in our record.
14. India and China together 3-digit revenue in 2 years On track - At the Q1 FY26 call, management said India and China together would be "a 3-digit number in terms of revenues" in 2 years. India was \~4% of revenues at Q4 FY26 with China similar; Q1 FY27 SIMA revenue was $7.00M, YoY -3.6%.
15. Japan growth broad-based across at least four clients by end of FY26 Missed - At the Q1 FY26 call, management expected Japan growth to become broad-based across at least four clients "by the end of the year" (end of FY26), with the current glitch possibly continuing "another quarter or 2". A large Asia program with a specific OEM came to an end by Q3 FY26, and Q1 FY27 JKC revenue was $28.00M, YoY -29.7%, with no four-client broad-based growth disclosed.
16. Trentar sodium-ion license revenue in 2-3 years On track - At the Q1 FY26 call, management expected license revenue from the Trentar sodium-ion battery technology to start in "about 2 to 3 years", after the factory stabilizes and production reaches a royalty threshold. The technology was transferred to Trentar in February '25, and in Q1 FY27 management said the battery technology takes about two to three years to reach pilot production, with royalty entitlement after milestones post production.
17. Caresoft transaction close in Q1 FY26 Partial - At the Q1 FY26 call, management expected the Caresoft transaction to close "in this quarter" (Q1 FY26). The acquisition was completed in Q2 FY26, adding 800 people from Caresoft.
18. Maintain EBITDA margins at same levels in FY26 Partial - At the Q4 FY25 call, management intended to maintain margins at same levels in FY26 while investing for the future; this was refined to 21% "in a foreseeable future" at Q1 FY26 and reiterated for full-year FY26 at Q2 FY26. FY26 EBITDA margin was 20.8%, with Q1 FY26 at 21.0%, Q2 FY26 at 21.1%, Q3 FY26 at 19.49% and Q4 FY26 at 20.6%.
19. Trucks/commercial vehicle growth from 2026 onwards Delivered - At the Q2 FY25 call, management said trucks/commercial vehicle growth was expected from 2026 onwards in Europe and Americas, with truck sales flattish in the current year. Trucks and off-highway grew 18% year-on-year in FY26, leading Q4 growth at 11.6%.
20. QIP fund raise up to ₹2,880 crores Missed - At the Q2 FY25 call, the Board approved raising capital via QIP up to a maximum of INR2,880 crores, implying dilution of up to 6%, usable for 12 months and to be raised "as soon as we find there is an appropriate opportunity to deploy this capital". At Q3 FY25 management said it did not plan to opt for a QIP in the short term; no QIP was raised through Q1 FY27 as the 12-month window lapsed around September 2025.
21. FY25 EBITDA margin 20.5%+ Delivered - At the Q4 FY24 call, management guided FY25 EBITDA margin of 20.5%+, reiterated at the Q1 FY25 and Q2 FY25 calls. At Q3 FY25 the guidance was raised to 21%, and FY25 EBITDA margin came in at 21.0%.
22. FY25 CC revenue growth 18%-22% Delivered - At the Q4 FY24 call, management guided FY25 constant currency revenue growth of 18% to 22%, reiterated through the Q1 FY25, Q2 FY25 and Q3 FY25 calls. FY25 CC revenue growth was 18.7%, within the guided range.
23. Qorix middleware product ready by end of next year Partial - At the Q1 FY25 call, management said the Qorix middleware product would be ready and go through testing and integration for OEMs "by the end of the next year", with a couple of OEMs engaged on production programs; at Q3 FY25, Qorix revenue was expected to start from the next quarter. The product was released as Eclipse S-CORE v0.6.0 in Q4 FY26, but revenue traction stayed below expectations, with a Qorix share of loss of ₹140M in Q1 FY27 due to revenue postponement.
24. Qorix JV - initial contribution and regulatory approvals Delivered - At the Q4 FY23 call, management said KPIT would make an initial contribution of Euro 5 million to Qorix plus an extra Euro 5 million over the next 12 to 18 months, with the MOU signed and German regulatory clearance awaited; approvals were expected "very soon" at Q4 FY24. In Q1 FY25, Qorix became a JV with ZF, regulatory approvals came through and ZF contributed its share of investment.
25. FY24 EBITDA margin 19%-20% - initial guidance Delivered - At the Q4 FY23 call, management guided FY24 EBITDA margins of 19% to 20%, corrected from an initially stated 19-21%; this was raised to 20%+ at Q2 FY24. FY24 EBITDA margin was 20.3%, exceeding the final guidance.
26. FY24 CC revenue growth 27%-30% - initial guidance Delivered - At the Q4 FY23 call, management guided FY24 constant currency revenue growth of 27% to 30%; this was raised to 37%+ at Q2 FY24. FY24 CC revenue growth was 39.1%, above the final raised guidance.
27. Strategic large engagement with European OEM - 80%+ revenue over next 5 years Pending - At the Q4 FY22 call, for the strategic large engagement with a leading European OEM (next-generation ECU platforms software, TCV of Euro 70+ million), management stated 80%+ of revenue was expected to be delivered over the next 5 years. No specific disclosure tracking this engagement's revenue delivery has been found in our record; the 5-year horizon runs to FY27.
28. R&D and market-facing investments at 3+% of revenue - FY23 Partial - At the Q4 FY22 call, management committed to continued investments in technology-led R&D and market-facing investments totaling 3+% of revenue, reiterated at the Q1 FY23 and Q2 FY23 calls. Q1 FY23 R&D expenditure was USD 2.13M and Q2 FY23 USD 2.23M; FY24 R&D of USD 13.53M on revenue of $587M was approximately 2.3%, below 3%.
29. FY23 EBITDA margin 18%-19% - initial guidance Delivered - At the Q4 FY22 call, management guided FY23 EBITDA margins of 18%-19%, driven by offshore/fixed price mix, growth leverage and productivity; this was raised to 18.5%-19.0% at Q2 FY23. FY23 EBITDA margin was 18.9%, within the final range.
30. FY23 CC revenue growth 18%-21% - initial guidance Delivered - At the Q4 FY22 call, management guided FY23 CC revenue growth of 18%-21%, broad-based across practices led by Strategic Clients and Strategic Engagements; this was raised to 31%-32% consolidated at Q2 FY23 and to "certainly in excess of 33%" at Q3 FY23. FY23 constant currency growth was 37%, above the final guidance.
31. Dividend payout ratio to 35% in 2-3 years Partial - At the Q4 FY21 call, management stated, under the revised Dividend Policy, an intent to improve the dividend payout ratio to 35% in the next 2-3 years. FY24 payout ratio was roughly 31%, FY25 total dividend was ₹8.50/share, 27% growth over last year, and FY26 dividend payout was about 33%.
32. FY22 EBITDA margin 16%-17% - initial guidance Delivered - At the Q4 FY21 call, management guided FY22 EBITDA margin in the 16%-17% range, with wage hikes and investments neutralized by offshoring, productivity, employee pyramid and fixed cost leverage; this was raised to 17.5%+ at Q2 FY22 and to \~18% at Q3 FY22. FY22 EBITDA margin was 18.0%, with Q4 FY22 at 18.6%.
33. FY22 double-digit revenue growth - initial guidance Delivered - At the Q4 FY21 call, Kishor Patil expressed confidence of delivering double-digit growth in FY22, citing a healthy order book and decent medium-term visibility; guidance was refined to mid-teens at Q1 FY22 and raised to 18%-20% at Q2 FY22. FY22 revenue growth was 19.5% in USD terms, at the higher end of the revised range.
34. Exit FY21 with higher EBITDA margin, absolute EBITDA, PAT and net cash vs Q4 FY20 Delivered - At the Q3 FY21 call, management stated "we expect to exit FY21 with a higher EBITDA margin, higher absolute EBITDA, higher reported PAT and higher net cash as compared to the last quarter of last year". Q4 FY21 delivered absolute EBITDA higher, PAT of ₹46.75 crore and net cash of ₹822.4 crore versus ₹327.8 crore at the beginning of the year, and management confirmed the exit was achieved on all parameters.