1. Manufactured vs traded mix - \~65/35 for next 2-3 years On track - At the Q4 FY26 call, management expected the manufactured vs traded mix of \~65%/35% to persist for the next 2-3 years, fluctuating between 60/40 and 70/30. Q1 FY27 mix was \~75/25, outside the guided band, though management described it as a similar range to earlier quarters.
2. FY27 capex - 8-10% of sales Pending - At the Q4 FY26 call, management indicated FY27 capex in the vicinity of \~8.5% of revenue (8-10% range), similar to last year, covering Jamshedpur rail, GGB plain bearings and heat treatment, reiterated at Q1 FY27 as 8-10% of sales. Q1 FY27 capex was not separately disclosed in our record; FY27 is ongoing.
3. Jamshedpur rail expansion - ₹120 cr capex, production by December 2026 On track - At the Q3 FY26 call, management guided the ₹120 cr Jamshedpur rail expansion to go live towards end of calendar 2026, i.e. Q3 of FY26-27. By Q1 FY27 the project was "almost on track", with approvals in place and machines shipping from Europe as of Q4 FY26; no production start disclosed yet.
4. FRC (GGB plain bearings) line - equipment installed by end-Q1/early-Q2 FY27, ₹35 cr investment On track - At the Q4 FY25 call, management said the first plain-bearing line in composite/FRP material would be installed by end-CY2025/early-CY2026, and at Q3 FY26 stated the plan to install all equipment by end-Q1/beginning-Q2 FY27 was "on track", with \~₹35 cr investment. Q4 FY26 described the Bharuch plain bearing expansion as "broadly on track"; no completion disclosed as of Q1 FY27.
5. Exports recovery - 30%-plus of sales pie by H2 FY25 Missed - At the Q2 FY24 call, management agreed exports should return to 30%-plus of the sales pie by second half of FY25, later calling 25-30% "a safe bet". FY25 exports were 18.6% of revenue (₹585 cr), and FY26 exports 21% (₹707 cr), with Q1 FY27 at \~21%.
6. Bharuch plant ramp-up - 50-60% utilization by Q4 FY26, 85% within 3 years Partial - At the Q3 FY25 call, management targeted 50-60% capacity utilization at the new Bharuch plant by Q4 FY26, 70% a year later and 85% by end of three years, revised to \~45% by end-FY26 at Q4 FY25. Q3 FY26 utilization was \~30% and Q1 FY27 SRB utilization 40-45%, with ramp-up slightly delayed by rains and approvals.
7. SRB/CRB greenfield plant - ₹600 cr capex, production by end-2024, 2-3x asset turn Partial - At the Q2 FY23 call, management announced a ₹600 cr capex plan for SRB/CRB manufacturing at Bharuch, with the plant to start supplying bearings by December 2024 and an asset turn of ₹2-3 of sales per ₹1 invested; the FY25 annual report restated investment to ₹700 cr. The plant was inaugurated in April 2025 with commercial production in Q1 FY26, total investment \~₹720 cr, FY26 Bharuch revenue \~₹80 cr and Q1 FY27 \~₹50 cr near breakeven.