1. Not planning to raise equity "right now" Missed - At the announcement dated 4th April 2023, management said it was not planning to raise equity "right now" as debt figures were healthy, and the deficit capital would not be funded via equity dilution for the present. In Q1 FY26, a preferential allotment of 10,06,480 shares raised ₹79.99 crores.
2. Premium two-wheeler project scale-up to 20,000 units On track - At the Q3 FY26 call, the premium two-wheeler customer asked to scale from 10,000 motorcycles to at least 20,000, with the plant being expanded; reiterated at Q4 FY26 as "we want to go to 20". At Q1 FY27, supplies were ramped to 7,500-8,000 sets/month against a 10,000 nomination.
3. Second nomination project (premium 2-wheeler OEM) - SOP July 2027 On track - At the Q2 FY26 call, the second nomination project (premium 2-wheeler OEM) at Gajraula was guided to an SOP "expected to start from July 2027". The first nomination started on schedule in January 2026, and a second Royal Enfield project was bagged by Q4 FY26.
4. UP government incentive agreement - ₹250 crore investment by November 2026 Pending - At the Q2 FY25 call, the UP incentive agreement covered a total investment of 250 crores from November 2022 until November 2026, with subsidy claimable on crossing a 200 crore threshold; \~150 odd crores was then invested. No later disclosure confirms the ₹200 or ₹250 crore threshold.
5. NSE listing Delivered - At the Q2 FY25 call, with board approval in hand and the application "almost at final stages", management said the stock would list on both exchanges soon. RACL was listed on NSE on 27th November 2024, with trading approval the same day.
6. ₹1,000 crore revenue milestone in 3-5 years On track - At the Q4 FY26 call, management was "very much focused to achieve in next three to five years, this 1000 crore milestone"; first guided at Q3 FY25. At Q1 FY27 this was restated as doubling revenue in 3-4 years at 15-20% growth; FY26 revenue was ₹512.42 crores.
7. ZF commercial truck electric power steering project - SOP September-October 2026 On track - At the Q4 FY26 call, samples for the ZF commercial truck EPS project were leaving that week, with SOP guided for September-October 2026; the PPT restated SOP as FY 2027-28. First proto samples passed all testing by Q3 FY26 and the first samples were in final validation.
8. Kawasaki Japan project - SOP October 2027 On track - At the Q4 FY26 call, the Kawasaki Japan project (15 parts) was slated for SOP in October '27, with validation approvals from January onwards. By the Q4 FY26 PPT, 1 part had started SOP, 9 pilot lots were submitted and 5 resourcing parts were under development.
9. Royal Enfield project - commercial production August-September 2026 Delivered - At the Q4 FY26 call, samples for the Royal Enfield 350cc five-speed gearbox gears were submitted for validation, with commercial production expected August-September 2026. Commercial supplies started from January 2026 and reached \~8,000 sets/month against a 10,000 nomination by Q1 FY27.
10. New Gajraula heat treatment plant fully operational by February 2027 On track - At the Q3 FY26 call, the new Gajraula heat treatment plant (electric, 0-carbon) was targeted fully operational by February 2027; at Q1 FY27 construction completion was guided for October 2026 and full commissioning "by the end of this financial year". Foundation was done 21 January 2026 and equipment ordered.
11. FY27 capex of \~77.45 crores On track - At the Q3 FY26 call, management planned FY27 capex of about 77.45 crores, reiterated at Q4 FY26 and Q1 FY27. Heat treatment plant construction started 21 January 2026 with equipment ordered and installation planned October-December 2026.
12. FY27 revenue guidance of 565 crores ±5% On track - At the Q3 FY26 call, management targeted FY27 revenue of 565 crores ±5%, about 17% growth; reiterated at Q4 FY26 and Q1 FY27 without upward revision. Q1 FY27 consolidated revenue was ₹132.60 crore, +22% YoY.
13. TVS/Norton motorcycle - dispatch from September 2025, launch November 2025 Delivered - At the Q1 FY26 call, RACL was to dispatch TVS/Norton parts from September 2025 with launch "probably in November 2025". TVS launched the RTX 310 and Norton models at a global launch in Italy with RACL products, and RTX 310 production started in November 2025.
14. ZF Rane steering project - start of production in 27 or 28 On track - At the Q1 FY26 call, the ZF Rane electric recirculating-ball steering project for a US pickup platform had start of production "much later, it is in 27 or 28"; at Q1 FY27 supplies were expected end-2027 to mid-2028. \~600 sets were under validation at the customer end by Q4 FY26.
15. BRP shifting-drum order - commercial supply in year 26 On track - At the Q1 FY26 call, the new BRP (Canada) shifting-drum order (\~150,000 parts per annum) was to start commercial supply in year 26, possibly June-July; by Q4 FY26 the start was "next month", i.e. \~July 2026, Q2 FY27 per the PPT. Initial sample approval was completed.
16. New Indian 2-Wheeler manufacturer project - target start January 2026 Delivered - At the Q1 FY26 call, a nomination from an Indian 2-wheeler manufacturer targeted a January 2026 start, commercialization from February, and sample submission in November. The project started on schedule in January 2026; the customer, revealed at Q4 FY26, was Royal Enfield, ramping to \~8,000 sets/month by Q1 FY27.
17. Preferential allotment proceeds to reduce borrowings Delivered - At the Q4 FY25 call, the entire preferential allotment proceeds, after general corporate expenses, were to reduce both long-term and short-term borrowings. Q1 FY26 proceeds were fully used for debt reduction, cutting total debt from ₹305 crore to ₹218 crore.
18. Working capital cycle target of \~160 days Delivered - At the Q4 FY25 call, management reaffirmed a working capital cycle target of \~160 days on the company's own calculation. The cycle stood at \~160 days per that calculation in Q4 FY25.
19. Interest cost to improve by at least 1-1.5% in FY26 Delivered - At the Q4 FY25 call, interest cost (then \~7% in FY24-25) was expected to improve by at least 1-1.5% in FY26. By Q1 FY27, total finance cost was 4.81%, down 2.52% YoY after the loan payoff.
20. FY26 capex of \~45-50 crores Delivered - At the Q4 FY25 call, management planned FY26 capex of \~45-50 crores, funded 75% debt and 25% equity; reiterated near \~₹50 crore through Q1-Q2 FY26. FY26 capex closed at \~49 crores, with fixed asset additions of ₹56.37 crore.
21. FY26 revenue target of 500-525 crores (±5%) Delivered - At the Q4 FY25 call, the FY26 revenue target of 500-525 crores (±5%) was maintained and reiterated at Q1 FY26. FY26 consolidated revenue was ₹512.42 crores, growth of more than 20%, within the range.
22. Project Venus - mass production by August 2026 On track - At the Q4 FY25 call, mass production for Project Venus was on track to start in August 2026; by Q4 FY26 this moved to October-November 2026. The BMW plant was fully ready with trial runs by Q3 FY26 and 4,000+ sets dispatched under 4 phases by Q4 FY26.
23. Project Titan - mass production by August 2026 On track - At the Q4 FY24 call, Project Titan mass production was expected by August 2026, reiterated at Q2 FY25 and Q4 FY25; by Q4 FY26 the start moved to October 2026, with BMW supply from October 2026 at Q1 FY27. Level one approval is done and pilot supplies are shipping by sea.
24. Long-term debt to reduce for the first time in FY25 Delivered - From Q3 FY24 through Q2 FY25, management guided long-term debt would reduce in FY25, quantified at Q2 FY25 as at least 20 crores. FY25 long-term debt fell from 105 crores to 85 crores, though total debt rose from 281 to 294 crores.
25. FY25 capex of \~60 crores Partial - At the Q3 FY24 call, FY25 capex was planned at \~60 crores, reaffirmed at Q4 FY24, then deferred to Rs. 38 crores in the revised budget. FY25 fixed asset additions were Rs. 54.31 cr, with \~₹46 crore capex funded by a ₹35 crore term loan and accruals.
26. FY25 revenue budget of 548 crores (20-25% growth) Missed - At the Q3 FY24 call, the board approved an FY25 revenue budget of 548 crores implying 20-25% growth, later revised to Rs. 460-490 crores and guided at 525 crores ±5%. FY25 consolidated turnover was 427.29 crores, growth of 1%.
27. MAN Trucks projects SOP from Q4 FY24 Delivered - At the Q2 FY24 call, management stated the SOP of the previously awarded MAN Trucks projects would commence from Q4 2023-24. By Q4 FY26, the four-year MAN resourcing roadmap was complete - 2025 was the last year of mass production transfer, with all products fully relocated to RACL.
28. KTM Austria Wheel Axle nomination SOP Q1 FY25 Missed - At the Q2 FY24 call, management stated the SOP for the KTM Austria Wheel Axle nomination for Motorcycle would be Q1 FY24-25. KTM stopped production from October 2024, RACL's KTM sales were almost zero from October to March, and the SOP never commenced.
29. BRP Drive Shaft Assembly SOP from Q1 FY25 Partial - At the Q2 FY24 call, SOP of the BRP Drive Shaft Assembly nomination was guided for Q1 2024-25, supplying Canada for the first time. The related BRP shift drum project's mass production was pushed to Q2 FY27 at Q4 FY26.
30. Noida leasehold facility commercial production from January 2024 Delivered - At the Q2 FY24 call, commercial production at the new Noida leasehold facility (\~26,000 sq. ft.) was expected from January 2024. Plant 2 was formally inaugurated on 26 Feb 2024 and the operation shifted to a bigger Sector 80 location (\~32,000 sq ft), fully operational by Q4 FY24.
31. Sustainable EBITDA margin band of 20-26% Delivered - At the Q1 FY24 call, management stated a sustainable EBITDA margin band of 20-26% with quarterly tolerance of \~4-5%, later stated as 20-23% and then 20-25%. EBITDA margins were 24.09% FY24, \~22% FY25, 25.21% FY26 and 24.28% Q1 FY27.
32. 25-30% growth over next 2-3 years Missed - At the Q4 FY23 call, management laid out a "very clear road map" of 25-30% growth over the next 2-3 years, later restated as \~20-25%. FY24 revenue grew 15%, FY25 grew 1%, and FY26 grew 20.57% consolidated.
33. Passenger car segment share to rise to 10-15% in next 2-3 years Delivered - At the Q4 FY23 call, the passenger car segment was to rise to 10-15% of revenue in 2-3 years from \~7-8%, with a near-term ">10% this year" at Q1 FY24. FY25 mix was 14% passenger cars and FY26 \~13%, up from zero in 2022-23.
34. ZF rear steering actuator project for Porsche - SOP middle of next year Pending - At the Q2 FY23 call, the ZF rear steering actuator project for Porsche was in sample development with SOP to start in the middle of the next year. The Porsche AKC / rear-steering project was still under development at Q1 FY26, with no SOP confirmation in the notes.
35. Park Lock Wheel for 4-wheeler hybrid cars - commercial production in a couple of months Partial - At the Q2 FY23 call, the Park Lock Wheel for 4-wheeler hybrid cars was to start commercial production "in a couple of months", samples already sent. It evolved into a Tier 1 park lock sub-system for an electric sports car platform launching in 2027, with SOP guided to 2026-27.
36. New Gajraula plant (4th machining plant) building functional by March-April 2023 Delivered - At the Q2 FY23 call, the new Gajraula plant, same size and type as the last year's, was to have its building functional by March or April with equipment deployed simultaneously. The New Shakti plant (\~28,000 square meters) was inaugurated in Feb/March 2023, fully commissioned with commercial production started.
37. FY23 gross borrowing of \~Rs. 40 Crore, net debt increase of Rs. 10 Crore Missed - At the Q1 FY23 call, management guided gross borrowings of almost Rs. 40 Crore and repayments of almost Rs. 30 Crore, a net debt increase of Rs. 10 Crore. FY23 total debt rose from 160 Cr to 200 Cr - a net increase of \~40 crore.
38. FY23 capex of Rs. 50 Crore Delivered - At the Q1 FY23 call, management guided capex of Rs. 50 Crore for FY23, pre-approved by the Board. FY23 gross block addition was 71 Cr in fixed assets.
39. No single customer to exceed 20-25% of revenue Delivered - At the Q1 FY23 call, management reiterated that no single customer should exceed 20-25% of revenue, tightened at Q2 FY23 to no more than 20%. The largest customer was \~16% of revenue in FY25, and at Q1 FY27 no customer exceeded 20%.
40. Credit rating upgrade beyond A-/A2 Partial - At the Q2 FY22 call, management wanted a further credit rating upgrade "with the coming year" beyond the current A-/A2. Short-term facilities were upgraded from CARE A2 to CARE A2+ in Sept 2023, but long-term remained CARE A-, with outlook Positive from Oct 2025.
41. Domestic/export mix of 30-35% domestic and 65-70% export Delivered - At the Q2 FY22 call, management targeted a mix of 30-35% domestic and 65-70% export, restated at Q2 FY23 as \~65-35 export-domestic. Exports were 68% FY22, 68% FY25, 75% FY26 and 66% in Q1 FY27.
42. ICE exposure to reduce to 88% in FY23, EV to 4%, chassis/suspension to 8% Delivered - At the Q2 FY22 call, management expected ICE exposure to reduce to 88% of business in FY23, EV growing to 4% and chassis/suspension at 8%. At the Q4 FY23 call, management confirmed "Yeah, exactly" when an analyst cited \~5% EV and 8% chassis/suspension for FY23.
43. ZF and MAN Trucks to contribute 20-25% of revenue by 2025 Partial - At the Q2 FY22 call, ZF and MAN Trucks together were expected to contribute at least 20-25% of revenue by 2025. Commercial vehicles reached \~20% of revenue in FY26 and the MAN resourcing completed, but ZF plateaued last year with no combined ZF+MAN figure disclosed.
44. Asset turnover to reach minimum 2x Missed - At the Q1 FY22 call, management guided asset turnover from 1.4 to a minimum of 2, restated at Q1 FY23 as the benchmark and at Q2 FY23 as 2 short-to-mid term and 2.5 long term. Fixed asset turnover was 1.39 FY24, 1.33 FY25 and 1.56 FY26.
45. Debt-equity ratio maintained around \~1.00 Partial - At the Q1 FY22 call, management intended to hold debt-equity around \~1.00, restated at Q2 FY23 as \~1.5 acceptable and at Q2 FY26 as "should not cross 1". Debt-equity was 1.25 FY22, 1.37 FY24, 1.29 FY25 and 0.63 FY26.
46. \~25% growth in FY22 from existing business Delivered - At the Q3 FY21 call, management guided \~25% growth in FY 2022 from the existing business, raised at Q3 FY22 to a 30-35% target to be "maintained and will try to do better". FY22 total sales were INR 275.09 crore vs Rs. 208 crore in FY21, growth of \~32%.
47. Production from expansion to start by end of calendar 2021 Delivered - At the Q3 FY21 call, management said production from the expansion would start "by the end of this calendar year", with real volume in the next financial year. RACL's own production started around February 2022, with ZF SOP at the customer in June 2022 on time.
48. Expansion capex of Rs. 50 Crore - FY22 Delivered - At the Q3 FY21 call, the expansion capex was confirmed at Rs. 50 Crore, planned for FY22 at Q1 FY22. FY22 fixed asset addition was INR 57.18 crore, with the Rs. 50 crore budget "almost been spent entirely" by Q3 FY22.
49. Rs. 500 Crore revenue by FY25 - firm plan Partial - From the Q3 FY21 call onward, management repeatedly committed to Rs. 500 Crore turnover by 2025 as a "firm plan", saying at Q2 FY23 it "can happen sooner". FY25 turnover was 427.29 crores; the ₹500 crore milestone was crossed in FY26 at ₹512.42 crores, one year late per management's own scorekeeping.