1. Short-term target - 15% of thermal product revenue from alternate fuel vehicle applications (Hybrid, CNG, EV) Delivered - In the FY23 Annual Report, management set a short-term target of 15% of revenue of thermal products from alternate fuel vehicle applications (Hybrid, CNG, EV). At the Q1 FY27 call, hybrid, electric and CNG vehicle thermal systems contributed \~25% of total revenue, having grown 9% over last year, against the 15% target.
2. Long-term ROCE target - more than 20% On track - In the H1 FY24 presentation, management set a long-term ROCE target of more than 20%, when ROCE stood at 14% on H1 FY24 annualised performance. FY24 ROCE was 15.38%, FY25 was 18.95% and FY26 was 18.04%, approaching but still below the 20% target.
3. Off-highway / Passenger Carrier segment - revenue potential ₹35 Cr to >₹100 Cr, 3x growth in next 3-4 years Pending - In the H1 FY24 presentation, management guided Off-highway / Passenger Carrier segment revenue potential of ₹35 Cr (CY) to >₹100 Cr, implying 3x growth in next 3\~4 years. No disclosed read on segment revenue exists as of 3 Sep 2026; the FY26 Annual Report notes significant progress in development and validation of thermal management systems for off-highway applications.
4. Karsanpura plant expansion - electric compressor and FDC compressor capacity, SOP 2027-28 On track - In the Q4 FY26 PPT and Q1 FY27 PPT, management guided Karsanpura Plant Expansion for localisation of Electric Compressor and new FDC Compressor capacity, with target SOP in 2027-28. A greenfield compressor project at Karsanpura has been initiated with long-term funding approvals taken, and capacity addition is listed as a 2026 milestone; no SOP disclosure yet as of 3 Sep 2026.
5. Double-digit (12%) EBITDA margin aspiration - pushed out, no short-term timing On track - At the Q1 FY27 call, management said Subros does not see moving to double-digit (12%) EBITDA margins in the short term, even a political recovery needing 3-6 months to streamline the ecosystem. Q1 FY27 EBITDA was ₹86.99 crores, down 0.82% YoY, at an 8.47% margin, with cost escalation impacting over 1%; FY26 EBITDA margin was 9.70%.
6. Truck/CV cabin AC segment - ₹300 crore revenue in FY26-27, ₹400-450 crore in next two to three years On track - At the Q1 FY27 call, management guided the Truck/CV cabin AC segment to ₹300 crores of revenue "likely to happen in this year itself" (FY26-27) and ₹400-450 crores in the next two to three years, assuming 8-10% CV growth. FY25-26 segment revenue was \~₹260 crores with \~41% share of business, and the truck aircon business grew 77% in Q1 FY27 after the June 8, 2025 mandate for N2/N3 trucks.
7. E-compressor (Maruti business) - three variants SOP phased Nov 2027 to Q1 2028 On track - At the Q1 FY27 call, management guided the e-compressor (Maruti business, three variants) SOP phased across first SOP November 2027, second February 2028 and third Q1 of 2028, in three phases. A technology assistance agreement with DENSO Corporation Japan and Toyota Industries Corporation Japan for local e-compressor manufacturing was signed in the week before the call; no SOP disclosure yet as of 3 Sep 2026.
8. Railway segment - cross ₹100 crore revenue in next three years On track - At the Q1 FY27 call, management reiterated its guidance for the railway segment to cross ₹100 crores in revenue in the next three years, saying it is "still pushing very aggressively". Last year a large railway order of \~₹32 crores was completed, and a firm order of \~₹31 crores plus ₹50 crores of AMC business spread over three to four years is in hand, with several large orders in the pipeline.
9. Kharkhoda greenfield project - commercial production Q2 FY27, later Q3 FY27 On track - In the FY26 Annual Report, the Kharkhoda greenfield project was expected to commence commercial production in Q2 of FY2026-27; at the Q1 FY27 call this was pushed to Q3 of FY27, with Phase 1 starting at \~4.75 lakhs capacity rising to \~9.5 lakhs in Phase 2. Construction is at an "advanced stage of completion" with long-term funding approved, and D/E rose to 0.06 from 0.04 on the Kharkhoda term loan; no SOP disclosure yet as of 3 Sep 2026.