1. Randstad acquisition - closure by end of Q2 or beginning of Q3 FY27 On track - At the Q1 FY27 call, management reiterated the Randstad acquisition closure timeline: "closure by the end of Q2 or probably the Q3 beginning"; the acquisition was announced with expected close by Q3 of the current fiscal. As of Q1 FY27, regulatory applications were submitted and the process "remains on track with our planned schedule"; no closure is recorded as of 31 Aug 2026.
2. Lakshya 2031 - EBIT margin improvement of \~200 bps by FY31 On track - The Lakshya 2031 Plan documents state EBIT margin improvement of \~200 bps by FY31 from the FY26 base. FY26 EBIT margin was 15.4% and Q1 FY27 EBIT margin was 15.5%, up 120 bps YoY; the FY31 horizon is not reached.
3. Lakshya 2031 - revenue doubling by FY31 On track - At the Q4 FY26 call, management said it is "looking at doubling down the revenue in five years" under Lakshya'31, with an inorganic component confirmed; the plan documents state a revenue target of \~2X by FY31 from the FY26 base, reiterated at Q1 FY27. FY26 revenue was USD 4.76 billion and Q1 FY27 revenue USD 1,224 million; the FY31 horizon is not reached.
4. Near double-digit growth in H2 FY26 Missed - At the Q2 FY26 call, management said the plan is to be "nearer to the double digit" in the second half of FY2026 at some point, reiterated at Q3 FY26. Q3 FY26 revenue grew 6.1% YoY in dollar terms and Q4 FY26 grew 8.1% YoY in USD terms - neither quarter reached near double-digit.
5. Fit4Future margin improvement - visible through FY26 Delivered - At the Q4 FY25 call, Venu Lambu said Fit4Future "should start yielding results through margin improvements during the year" and Vipul Chandra said the impact "will be visible through the quarters in FY26". FY26 EBIT margin was 15.4%, a 90 bps improvement over FY25's 14.5%, with almost 230 bps delivered over nine months and the program "has delivered on its stated objectives".
6. FY26 order inflow above FY25's $6 billion Delivered - At the Q4 FY25 call, Venu Lambu said order booking momentum will continue and "it'll only go up from the last year". FY26 total order inflow was USD 6.6 billion, up 10.3% year-over-year, exceeding FY25's US$6 billion.
7. FY25 EBIT margin target - 17% to 18% (pushed out) Missed - At the Q3 FY24 call, management confirmed the FY25 full-year margin target of 17% to 18% would also be pushed out by a few quarters; at Q1 FY25 the target levels "may be getting deferred by a few quarters" with no timeline, and at Q2 FY25 the CFO said the journey "has gotten elongated". FY25 EBIT margin was 14.5%, down 120 bps year-over-year.
8. Return to growth in Q1 FY25 Delivered - At the Q4 FY24 call, management committed: "This quarter was an one-off. We will return to growth in Q1 [FY25]". Q1 FY25 revenues were US$1.1 billion, up 3.7% in constant currency and 3.5% in dollar terms YoY, with sequential dollar growth of 2.5%.
9. FY24 EBIT margin exit target - 17% to 18% Missed - At the Q1 FY24 call, management reiterated the FY24 EBIT margin exit target of "17% to 18%", reiterated at Q2 FY24; at Q3 FY24 the aspiration was pushed by a few quarters, and at Q4 FY24 the CFO said the target "still remains the same". Q4 FY24 EBIT margin was 14.7% and FY24 EBIT margin 15.7%.
10. FY24 industry-leading double-digit revenue growth Missed - At the Q4 FY23 call, management guided to "industry-leading, double-digit revenue growth for FY24", also stated in the FY23 annual report; at Q1 FY24 management said the earlier growth targets "becomes challenging" but kept them as an aspiration. FY24 revenue was US$4.3 billion, +4.4% USD growth (+4.2% constant currency), which management acknowledged "falls short of our aspirations".
11. Payout ratio - 35% to 40% annually Pending - At the Q3 FY23 call, management's intent was to keep the payout in the 35% to 40% range annually. FY22 dividend payout ratio was 41.9%; total dividends were ₹65 per share in FY24 and FY25 and ₹75 per share in FY26, with no explicit payout-ratio disclosure recorded for FY23-FY26.
12. Margin synergy of at least 200 bps over 4-5 years - merger On track - At the Q3 FY23 call, management targeted a margin synergy of at least 200 basis points over the next 4 to 5 years; at Q2 FY24 the 200 basis points were said to be more back-ended. FY24 EBIT margin was 15.7% vs FY23's 16.2%, FY25's 14.5% and FY26's 15.4%; no quantified synergy figure is recorded and the window remains open.
13. Revenue synergy of at least $1 billion over 4-5 years - merger On track - At the Q3 FY23 call, management targeted creating a revenue synergy of at least US$1 billion over 4 to 5 years, also stated in the FY23 annual report; at Q2 FY24 synergies were said to be more front-ended over the next three to four years, with publication of synergy benefits committed by end of FY24. No quantified revenue synergy figure is recorded in the notes through Q1 FY27.
14. Merger with Mindtree - completion by end of calendar year 2022 Delivered - At the Q2 FY23 call, management expected the merger with Mindtree ("combine forces") to be completed by end of calendar year '22, with the majority of integration activities concluded by Q4 FY23. LTIMindtree came into existence effective November 14, 2022, completed "in a record time of less than seven months", and has operated under unified systems and processes since 1 April 2023.
15. Fresher hiring - 4,500 planned for FY22, raised to 5,500 Delivered - At the Q1 FY22 call, management planned to hire 4,500 freshers for the year, "much higher than what we have done in any year in the past"; at Q2 FY22 the plan was increased to 5,500. LTM hired 5,200 freshers in FY22, exceeding the original 4,500 plan, with around 1,000 hired under Hire, Train, Deploy in Q2 and Q3.
16. FY22 revenue to cross $2 billion - leader's quadrant growth Delivered - At the Q2 FY22 call, management guided FY22 revenue to comfortably cross the $2 billion milestone, delivering on the leader's-quadrant growth guidance. FY22 revenue was US$2.1 billion, 26% growth in dollar terms (25.9% reported, 25.8% constant currency); INR revenue ₹15,668.7 crore, up 26.7% - the strongest growth as a listed company.
17. FY22 PAT margin guidance - 14% to 15% Delivered - At the Q4 FY21 call, management guided FY22 margins in the narrow band of 14% to 15%, framed by CFO Anil Rander as "around the narrow band of 14% for FY22", reiterated at Q1 FY22, Q2 FY22 and Q3 FY22. FY22 full-year PAT was ₹2,298.5 crore, a PAT margin of 14.7%, within the band.
18. FY21 PAT margin guidance - 14% to 15% Delivered - At the Q2 FY21 call, management reinstated the FY21 full-year PAT margin guidance at 14% to 15% despite the January 2021 salary hike, reiterated at Q3 FY21. FY21 full-year PAT was ₹1,938.2 crore, a PAT margin of 15.7%; adjusted for the ₹57.1 crore earn-out write-back, 15.2% - above the guided band.
19. Top-quartile growth in FY21 - revenue growth commitment Delivered - At the Q2 FY21 call, management committed to deliver top-quartile growth in FY21 and expressed confidence growth will be in the leader's quadrant for the year. FY21 revenue was $1.67 billion, growth of 9.5% in dollar terms and 8.8% in constant currency; INR revenue grew 13.7%, later scorekept as "near double-digit revenue growth (9.5% growth in the pandemic year)".