1. Fixed-price mix - no objective to move to 70-80% Delivered - At the Q4 FY26 call, management said it is not an objective to move to "a 70% or an 80% fixed price" mix and it will be careful shifting more business to fixed-price contracts. Q1 FY27 fixed price was 57.8% and T&M 42.2%, remaining below 70%.
2. Media & Communications positive signs - Q4 FY26 Delivered - At the Q3 FY26 call, management was "pretty confident" of positive signs in Media & Communications in Q4 FY26, with large-deal bid outcomes expected "pretty soon in this quarter". In Q4 FY26, media grew 5.6% QoQ in constant currency, led by deal ramp-ups, an AdTech deal with a Tier 1 US Telco and a multi-year large deal from a world-leading device OEM.
3. Utilization - 80% target before adding capacity On track - At the Q3 FY26 call, management said utilization was \~75%, could go up to 85%, and targeted moving to at least \~80% before adding capacity. Utilization was about 73% in Q4 FY26 and just above 75% (\~74.7%) in Q1 FY27, still below the 80% target.
4. H2 FY26 healthcare - definitely much better than H1 Missed - At the Q2 FY26 call, management said healthcare H2 FY26 will "definitely be much better than H1". Healthcare declined 3.6% QoQ in Q3 FY26 and de-grew 13.1% QoQ in Q4 FY26, after declines of 6.7% and 2.3% QoQ in Q1 and Q2 FY26 - H2 was worse than H1.
5. H2 FY26 transportation - definitely much better than H1 Partial - At the Q2 FY26 call, management said H2 FY26 will be "definitely much better than H1" for the transportation business. Transportation grew 7.7% QoQ in Q3 FY26 but only 0.2% QoQ in Q4 FY26, after flat CC performance in Q1 and 0.7% growth in Q2.
6. H2 FY26 margins - much better than H1 Delivered - At the Q2 FY26 call, management guided that margins will gradually recover as top line and utilization pick up, targeting "much better" H2 FY26 margins than H1, though not quantified. H1 EBITDA margins were 20.9% in Q1 and 21.1% in Q2; H2 came in at 23.3% in Q3 and 24.6% in Q4.
7. H2 FY26 consolidated growth - far better than H1 Delivered - At the Q2 FY26 call, management said H2 FY26 consolidated growth will be "far better than the H1". H2 FY26 revenue of ₹953.5 cr plus ₹993.8 cr totalled ₹1,947.3 cr against H1's ₹1,810.2 cr (₹892.1 cr + ₹918.1 cr), about 7.6% higher.
8. FY27 healthcare double-digit growth On track - At the Q2 FY26 call, management said the company is "aiming for double-digit growth in FY '27" in healthcare, reiterated at Q3 FY26. Q1 FY27 healthcare declined 22.1% YoY in constant currency; the FY27 horizon is not yet reached.
9. FY27 automotive growth - high-single-digit exit On track - At the Q4 FY26 call, management guided automotive to a "high-single digit exit, may not get into a double-digit for automotive" for FY27. Q1 FY27 transportation grew 6.7% YoY in constant currency; the FY27 exit horizon is not yet reached.
10. FY27 growth aspiration - high-single-digit On track - At the Q4 FY26 call, management revised FY27 overall growth aspiration down to "a single digit, higher single digit growth for the financial year. We may not look at a double-digit growth", noting "this could change in the next three to six months". At Q1 FY27 they reiterated "our aspiration continues to be the same"; Q1 FY27 revenue grew 6.5% YoY in constant currency.
11. New focus areas - at least 1-2 of 3 showing results in 4-6 quarters On track - At the Q4 FY26 call, management said of the three new focus areas (aerospace & defense, battery energy storage, manufacturing): "next four to six quarters at least one or two of these will start showing results". In Q1 FY27, aerospace & defense work with HAL and the Aeronautical Development Agency had large deals being bid, battery energy storage was incubated, and manufacturing had initial customers won; the horizon is not yet reached.
12. Non-PV transportation - 20% of transportation revenue Pending - At the Q3 FY26 call, management reiterated the guidance of 20% of transportation revenue from non-PV (off-highway, construction equipment, railway) - then at \~7.5-8% - with opportunity "in the next couple of years or 3 years to really look at 20%". The notes hold no later disclosure of this metric.
13. FY27 exit margin - 27% PBT by Q4 FY27 On track - At the Q4 FY26 call, the CFO guided to exiting "the next financial year somewhere near to 27% kind of a margin, not for the full year, but maybe for the exit of this financial year Q4", clarified as PBT level, not EBITDA. Q1 FY27 PBT margin was 21.9%; the FY27 exit horizon is not yet reached.
14. Utilization - 75% by end of FY26 Delivered - At the Q2 FY26 call, management said utilization had touched 70% and the focus was to get to 75% by end of FY26. Utilization was around 75% in Q3 FY26, about 73% in Q4 FY26 and just above 75% (\~74.7%) in Q1 FY27.
15. FY26 growth - better than FY25 Missed - At the Q4 FY25 call, management "strongly believe[s] that FY '26 will definitely be a much better financial year as compared to FY '25". FY26 quarterly revenues of ₹892.1, ₹918.1, ₹953.5 and ₹993.8 crores sum to ₹3,757.5 crores against FY25's ₹3,729.0 crores, implying growth of \~0.8%.
16. FY25 EBITDA margin - 28-29% range Missed - At the Q1 FY25 call, management guided FY25 EBITDA margin to stay within the stated range of 28% to 29% ("around 28%"), hoping to maintain or slightly beat last year's full-year performance. FY25 EBITDA margin was 26.1%, with quarterly margins of 28% plus, 27.9%, 26.3% and 22.9% through the year.
17. Media & Communications recovery - growth from Q1/Q2 FY25 Missed - At the Q4 FY24 call, Manoj Raghavan said Media & Communications had bottomed out in Q4 FY24 and growth would return "as we move into Q1 and Q2 of this financial year". Media declined 2.2% QoQ in Q1 FY25 and 2.2% QoQ in Q2 FY25, and FY25 media declined 5.5% YoY in constant currency.
18. FY25 fresher hiring - 1,500-2,000 engineers Missed - At the Q4 FY24 call, management guided FY25 fresher hiring of "anywhere between 1,500 to 2,000 engineers", dependent on the business situation, with lateral hiring on-need basis. No freshers were added in Q1 or Q2 FY25, Q3 saw a net addition of 85 employees, and headcount was reduced over the year via natural attrition not replaced.
19. 25% of engineers AI-ready by Q3 FY25 Delivered - At the Q4 FY24 call, Nitin Pai committed to getting 25% of engineers AI-ready by Q3 of FY25 via specialized programs, reiterated in the Q4 FY24 PPT and FY24 Annual Report. By Q4 FY25, over 70% of the talent base was AI-ready with a pool of over 500 AI specialists.
20. FY25 revenue growth - better than FY24 Missed - At the Q4 FY24 call, management stated FY25 overall growth should be better than FY24 - "strongly believe that we should be able to put up a better performance from a growth perspective as compared to last financial year". FY25 revenue was ₹3,729.0 crores, +5.0% YoY and 3.1% in constant currency, against FY24's 13.0% reported and 9.6% CC growth.
21. Industrial Design business - reach \~₹500 cr annual revenue Pending - At the Q2 FY24 call, Manoj Raghavan said the Industrial Design business will "soon reach about INR500 crores of revenues annually" - "the first target that we have". The unit crossed ₹100 crores in quarterly revenue for the first time in Q2 FY24, but after IDV was folded into the three verticals as SDS in Q4 FY24, the notes hold no standalone IDV revenue figure.
22. FY24 fresher hiring - 1,800-2,000 engineers Partial - At the Q1 FY24 call, management guided fresher hiring of around 1,800 to 2,000 engineers for the complete financial year, depending on joining ratios, with lateral hiring need-based. FY24 net addition was 1,535 Elxsians; the notes do not isolate fresher additions against the target.
23. Products and product-led business - 100% YoY revenue growth Pending - At the Q3 FY23 call, management said internal projections target "a 100% sort of revenue growth" from the products and product-led business year-on-year. At Q1 FY23, IP/products/frameworks licensing revenue was still less than 5% of revenue - "not very significant to report"; the notes hold no later disclosure of product-led revenue growth against the target.
24. Digital health platform (TEngage) - returns within 2-4 quarters Partial - At the Q3 FY23 call, management said the digital health platform investment should "in the next two to four quarters" start generating returns. TEngage, launched in March 2022, had no direct platform wins as of Q1 FY23, and by Q3 FY26 it was being deployed through a partnership with University of Illinois Urbana-Champaign and OSF HealthCare for AI-enabled digital health kiosks; no platform revenue or return metric has been disclosed, well past the guided window.
25. Offshore-onsite mix - \~75/25 stable, medium term Delivered - At the Q1 FY23 call, Manoj Raghavan agreed the offshore-onsite mix of \~75%-25% should remain broadly stable on a medium-term perspective ("more or less... plus 1%, plus 2% here and there"). Offshore share was 75.0% in FY23, 74.9% in FY24 and 74.1% in Q1 FY27, within the stated band.
26. Margin sustainability - current margin range maintained, short-to-medium term Missed - At the Q1 FY23 call, Gaurav Bajaj said "we will continue to be in the range of that" - the current margin level sustainable in the short-to-medium term, with later reiterations of \~27% EBIT band, a return to FY24's 29.5% EBITDA level and 28-29% for FY25. FY23 EBITDA margin was 30.6% and FY24 29.5%, but FY25 fell to 26.1% and FY26 quarters ranged 20.9-24.6%.
27. Effective tax rate - drop of at least 2-3% vs FY22, FY23 Delivered - At the Q1 FY23 call, Gaurav Bajaj guided that the effective tax rate this year would be lower than last year, a drop of "at least 2% to 3%" versus FY2022 ETR. Q1 FY23 ETR was 19% versus 27% in the March quarter, and the CFO confirmed the 19-20% range would continue for the year.
28. Long-term vertical mix - 40/40/20 (media/auto/healthcare) within \~3 years Missed - At the Q1 FY23 call, management reiterated the long-term vertical mix target of 40/40/20 (40% media & communication, 40% auto, 20% healthcare & medical) over a three-year period, with medical then at \~15%. In Q1 FY27, Healthcare & Life Sciences was 9.2% of SDS revenue, Transportation 55.3% and Media & Communications 33.4%.
29. FY2023 fresher hiring - 3,000-3,500 freshers, FY23 Partial - At the Q1 FY23 call, management guided FY2023 fresher hiring of 3,000-3,500 with laterals of 1,000-1,500 on top, though Manoj Raghavan softened it in the same call to joining "anywhere between 2,500 to 3,000". FY23 closing headcount was 11,864 with net additions of 2,488 for the year, after a deliberate Q3 hiring pause; the notes do not isolate fresher additions.