1. Long-term debt repaid in full within 3 years On track - At the Q3 FY26 call, management stated existing term loans, majorly acquisition financing, will be repaid in full in the next 3 years. Long-term debt fell from ₹606 crore in September 2025 to ₹553 crore by March 2026 and ₹508 crore in Q1 FY27.
2. SHIFT tech center commercialized by Q3 FY26 Delivered - At the Q1 FY26 call, management stated the SHIFT Smart Hub at Bengaluru was expected to be commercialized by Q3 FY26. The SHIFT tech center was inaugurated in October 2025, within Q3 FY26.
3. Greenfuel sustainable EBITDA margin of 19-20% Delivered - At the Q1 FY27 call, management guided Greenfuel sustainable EBITDA margin of 19-20%. Q1 FY27 Greenfuel EBITDA margin was 23% including \~3% one-off tooling revenue, with normalized operational margin at \~20%.
4. FY27 EBITDA of ₹800-850 crore On track - At the Q1 FY27 call, CFO Ankit Thakral guided FY27 EBITDA implied at around ₹800-850 crore at \~20% CAGR from FY25. Q1 FY27 EBITDA was ₹205 crore against FY26 EBITDA of ₹705 crore.
5. 20% revenue CAGR from FY26 base through FY27-FY28 On track - At the Q1 FY27 call, management reiterated a 20% CAGR for the overall company over FY27-FY28, stating it is "very safe to presume" delivery from the ₹4,870 crore FY26 base. Q1 FY27 revenue was ₹1,364 crore, up 33% YoY.
6. Greenfuel merger with Lumax Resources SPV within FY25-26 Delivered - At the Q4 FY25 call, management guided the Greenfuel merger with Lumax Resources SPV would be completed within FY25-26. NCLT Chandigarh approved the merger of Greenfuel Energy Solutions with SPV Lumax Resources with effect from February 3, 2026.
7. Lumax Ancillary merger with LATL Delivered - At the Q4 FY24 call, the Board consented to the merger of Lumax Ancillary into the company with appointed date April 1, 2024, and the draft scheme was filed with NCLT on July 20, 2024. The merger was approved by NCLT on March 11, 2026, and completed with effect from April 1, 2024.
8. IAC India merger into LATL Delivered - At the Q4 FY25 call, management stated IAC India is intended to be merged into LATL, and the Board approved the merger at Q2 FY26. The merger of IAC India with Lumax Auto Technologies was completed, effective October 1, 2025.
9. Sale of entire 50% stake in Lumax JOPP Delivered - At the Q4 FY26 call, the Board approved the sale of the entire 50% equity stake in Lumax JOPP Allied Technologies to JOPP Holding Germany. The sale was completed subsequent to FY26.
10. Acquisition of remaining 15.97% stake in Lumax FAE Delivered - At the Q4 FY26 call, the Board approved a proposal to acquire the remaining 15.97% stake in Lumax FAE Technologies, after which it would become a wholly owned subsidiary. The Q1 FY27 PPT shows FAE at 100% shareholding.
11. IAC India FY26 revenue growth of around 20%, closer to ₹1,450 crore Delivered - At the Q2 FY26 call, management expected IAC India full-year FY26 revenue growth of around 20%, "maybe closer to ₹1,450 crore". IAC India FY26 revenue was ₹1,594 crore, after growing \~35-40% in FY25 and closer to 40% in 9M FY26.
12. Aftermarket FY27 growth of 15% or upwards On track - At the Q1 FY27 call, management guided Aftermarket growth of 15% or upwards for FY27, having earlier guided 15%+ for FY26 at Q4 FY26. Q1 FY27 aftermarket grew only 6% YoY, with management reiterating the full-year guidance remains intact.
13. Mechatronics revenue of ₹400 crore in FY27, ₹1,000 crore by FY30-31 On track - At the Q1 FY27 call, management stated the Mechatronics division should clock around ₹400 crore in FY27 and close to ₹1,000 crore top line by FY30-31, revising the earlier Q2 FY26 targets of ₹500 crore+ by FY28 and ₹800-1,000 crore by FY30. FY26 Mechatronics revenue was ₹281 crore and Q1 FY27 was ₹84 crore.
14. 20.20.20.20 NorthStar by FY31 On track - At the Q4 FY25 call, management introduced the 20.20.20.20 NorthStar: minimum 20% revenue CAGR, 20%+ ROCE, nearing 20% EBITDA margin, and 20%+ revenue from clean mobility, later softening the margin to 17-17.5% acceptable and setting FY31 revenue at ₹8,500 crore organic / ₹11,000 crore organic+inorganic. FY26 revenue was ₹4,870 crore, ROCE 20.95%, clean mobility share 15%, and EBITDA margin 14.5%.
15. FY28 EBITDA of ₹1,000 crore On track - At the Q4 FY25 call, management guided to double EBITDA from FY25's ₹500+ crore to possibly crossing ₹1,000 crore by FY28, reiterated at Q1 FY27 with FY28 EBITDA closer to ₹1,000 crore at 15.5-16% margin. FY26 EBITDA was ₹705 crore and Q1 FY27 EBITDA was ₹205 crore.
16. FY27 EBITDA margin to sustain or improve by at least 30 bps On track - At the Q4 FY26 call, management guided that FY27 margins should sustain or further go up by at least 30 bps, reiterated at Q1 FY27 with Q1 margins of 15.1% to be sustained for the year. Q1 FY27 EBITDA margin was 15.1%, up 190 bps YoY from Q1 FY26's 13.2%.
17. FY27 capex of ₹300 crore On track - At the Q4 FY26 call, management guided FY27 capex of ₹275-300 crore, reiterated at Q1 FY27 as around ₹300 crore. Q1 FY27 capex was ₹23 crore.
18. Mega Mechatronics plant at Manesar commissioned by Q3 FY27 On track - At the Q1 FY27 call, management guided the mega Mechatronics plant in Manesar, Haryana, consolidating Lumax Yokowo, Lumax Alps Alpine, Lumax Ituran, and Lumax FAE, is expected to be commissioned by Q3 of FY27. As of Q1 FY27 the plant was under commissioning, with Phase 1 (Lumax Yokowo) targeted for March or April 2026.
19. Acquisition of remaining 25% stake in IAC India Delivered - At the Q4 FY25 call, management announced the acquisition of the remaining 25% stake in IAC India. The remaining 25% stake was acquired on May 22, 2025, making IAC India a wholly owned subsidiary.
20. FY26 EBITDA margin of 14-15% Delivered - At the Q2 FY26 call, management maintained FY26 EBITDA margin guidance of 14-15%, raised at Q3 FY26 to 15-15.5% going forward. FY26 EBITDA margin was 14.5%.
21. FY26 consolidated revenue growth of 20-25% Delivered - At the Q4 FY25 call, management maintained an outlook of 20-25% growth on consolidated revenues for FY26, revised upward to 25% at Q2 FY26, 30% at Q3 FY26, and nearly 35% in the FY26 annual report. FY26 consolidated revenue was ₹4,870 crore, up 34% YoY.
22. Greenfuel consolidation from Q3 FY25 Delivered - At the Q2 FY25 call, management guided Greenfuel consolidation would start from Q3 FY25 onwards. Greenfuel Energy Solutions was consolidated from November 26, 2024, in Q3 FY25, with FY25 Greenfuel revenue of ₹110 crore for 4 months.
23. FY25 capex of ₹150-175 crore Delivered - At the Q4 FY24 call, management guided FY25 capex of ₹150-175 crore, revised down to ₹120-140 crore at Q1 FY25, ₹120-150 crore at Q2 FY25, and ₹130-140 crore at Q3 FY25. FY25 capex was ₹177 crore.
24. FY25 consolidated EBITDA margin of 14-15% Delivered - At the Q4 FY24 call, management guided FY25 consolidated EBITDA margin at 14-15%, with Q3 FY25 guiding the full year closer to 14%. FY25 EBITDA margin was 14.2%.
25. FY25 consolidated revenue growth of \~20-25% Delivered - At the Q4 FY24 call, management guided FY25 consolidated revenue growth of \~20-25% including IAC, revised down to 15-20% at Q1 FY25 and back to 20-25% at Q3 FY25 taking revenue closer to ₹3,500 crore. FY25 consolidated revenue was ₹3,637 crore, up 29% YoY.
26. IAC India 75% stake acquisition by end of March 2023 Delivered - At the Q4 FY23 call, management guided the IAC India acquisition (75% stake at enterprise value of ₹587 crore) was expected to be completed by end of March 2023. The 75% stake acquisition was completed in March 2023, with IAC India consolidated from March 10, 2023.
27. FY24 capex of ₹140-150 crore Partial - At the Q1 FY24 call, management guided FY24 capex of around ₹140-150 crore in totality, revised to ₹100-110 crore at Q2 FY24 and ₹90-100 crore excluding leasehold at Q3 FY24. FY24 capex was ₹111 crore including ₹33 crore leasehold, with actual outlay of ₹78 crore.
28. FY24 consolidated EBITDA margin of \~14% or upwards Delivered - At the Q1 FY24 call, management guided full-year FY24 consolidated EBITDA margin at "teen EBITDA of maybe around 14% or upwards". FY24 EBITDA margin was 14.6%.
29. FY24 consolidated revenue of ₹2,700-2,900 crore Delivered - At the Q1 FY24 call, management guided FY24 consolidated revenue (with IAC) of ₹2,700-2,900 crore, refined at Q3 FY24 to \~₹2,750-2,800 crore. FY24 consolidated revenue was ₹2,822 crore.
30. Oxygen sensor LOIs generating ₹100+ crore annually at peak On track - At the Q4 FY22 call, management guided oxygen sensor LOIs with SOP expected FY23 would generate more than ₹100 crore annually at peak volumes, with OBD-II later postponed to April 2025 and Q3 FY25 expecting OBD2 norms to add ₹60-70 crore. FY23 LFAE revenue was ₹2.67 crore, FY26 FAE revenue ₹77 crore, and Q1 FY27 FAE revenue ₹21 crore.
31. Plastic fuel tank SOP in Q4 FY23 Delivered - At the Q4 FY22 call, management guided plastic fuel tanks would come into commercial production from April 2023 (SOP expected Q4 FY23), reiterated at Q1 FY23 and Q2 FY23 with SOP in February 2023. Lumax Cornaglia received the nomination with SOP expected Q4 FY23, FY23 achievements included rolling out plastic fuel tanks, and the Chakan facility commenced operations in Q4 FY24.
32. FY23 capex of ₹70-75 crore Partial - At the Q4 FY22 call, management guided FY23 capex of "close to maybe about 70 to 75 crore", reiterated as ₹75-76 crore at Q1 FY23 and ₹75-80 crore at Q2 FY23, then lowered to roughly ₹60 crore at Q3 FY23. FY23 capex was ₹132 crore including ₹47 crore leasehold assets, with actual outlay of ₹85 crore.
33. FY23 EBITDA margin above 11%, endeavor toward \~13% Delivered - At the Q4 FY22 call, management guided FY23 EBITDA margin to be maintained "at least above 11%", with endeavor to reach "close to 13% in the near term", reiterated at Q1 FY23 as \~12% for FY23. FY23 EBITDA margin was 12.1%.
34. FY23 consolidated revenue growth of \~20% Delivered - At the Q4 FY22 call, management guided FY23 consolidated top-line growth of "somewhere close to 20%" over FY22, reiterated at Q1 FY23 as 20-30% and refined at Q3 FY23 to 20-24%. FY23 consolidated revenue was ₹1,847 crore, up 26% YoY.
35. Revenue of ₹1,800-2,000 crore in 3-4 years Delivered - At the Q1 FY22 call, management guided that from a \~₹1,100 crore base, revenue should inch close to ₹1,800-2,000 crore over the next three to four years. FY23 revenue was ₹1,847 crore and FY24 revenue was ₹2,822 crore.
36. JV subsidiaries contributing one-third of consolidated revenues in 3-5 years On track - At the Q1 FY22 call, management guided that over the next three to five years, JV subsidiaries should contribute about one-third of consolidated revenues (\~30-35%), versus \~20% currently, reiterated at Q2 FY23 and Q3 FY23. JV contribution was \~25% in 9M FY23 and \~20% in FY24, with IAC at \~31-32% of consolidated revenue post-consolidation.
37. Teen (13%+) EBITDA margin in 2-3 years Delivered - At the Q2 FY21 call, management set a two-to-three-year goal to inch closer towards teenage EBITDA margin, with the first milestone set at 13% in the mid-term at Q1 FY22 and FY24 later guided at 13-14%. FY22 margin was 10.8%, FY23 12.1%, and FY24 14.6%, achieving the 13% milestone in FY24.
38. FY22 capex of approximately ₹100 crore Partial - At the Q1 FY22 call, management guided FY22 capex of approximately ₹100 crore at consolidated level, revised down to ₹65-70 crore at Q2 FY22 and ₹45-50 crore at Q3 FY22. FY22 capex was ₹68 crore including ₹20 crore right-of-use assets, with actual outlay of ₹48 crore.
39. FY22 consolidated revenue growth of 25-30% or upwards Delivered - At the Q1 FY22 call, management guided FY22 consolidated revenue growth of 25-30% or upwards over FY21, conditional on industry bounce-back, refined at Q2 FY22 to "anywhere about 20% upwards". FY22 consolidated revenue was ₹1,508 crore, up 36% YoY.
40. FY21 capex of approximately ₹70 crore Delivered - At the Q1 FY21 call, management guided FY21 capex of about ₹70 crore, largely for oxygen sensor and urea tank projects, revised at Q3 FY21 to ₹60-65 crore. FY21 capex was ₹65 crore.
41. Lumax Yokowo JV production in later part of FY22 Delivered - At the Q1 FY21 call, management expected the Lumax Yokowo JV to commence production in the later part of FY22, reiterated at Q2 FY21 and Q3 FY21, then pushed at Q1 FY22 to later part of FY23. Lumax Yokowo Technologies commercial production started January 1, 2023, with FY23 revenue of ₹1.47 crore.
42. Lumax FAE oxygen sensor plant operational by end of Q2 FY21 Delivered - At the Q1 FY21 call, management expected the Lumax FAE oxygen sensor plant, delayed due to COVID, to be operational by the end of Q2 FY21, with localization starting from October 2020. Lumax FAE started commercial production from its Gurugram facility effective September 24, 2020.
43. Lumax Gill-Austem balance stake acquisition by end of Q2 FY21 Delivered - At the Q1 FY21 call, management expected the Lumax Gill-Austem balance-stake acquisition to be completed by the end of Q2 FY21, making it a 100% subsidiary. The balance stake was acquired in October 2020, subsequent to Q2 FY21, and the company was renamed Lumax Mettalics Private Limited.
44. Aftermarket revenue more than doubling in 3-4 years On track - At the Q1 FY21 call, management targeted more than doubling aftermarket revenues over the next three to four years, with aftermarket potentially contributing close to 20% of revenues, with the horizon widened to 3-5 years at Q4 FY23 and FY27 growth later guided at 15% or upwards. FY22 aftermarket turnover was ₹293 crore, up \~35%; FY25 grew 5%, FY26 grew 15%, and Q1 FY27 grew 6%.