1. FY27 capex of ₹1,750 cr On track - At the Q4 FY26 call, management guided FY27 total capex of approximately ₹1,750 cr - ₹650 cr sustaining, ₹1,100 cr growth, balance land acquisition - and reiterated it at the Q1 FY27 call. Q1 FY27 showed a \~₹3,800 cr announced project pipeline with ₹1,400 cr already spent and ₹2,000 cr to be spent over the next 18-24 months.
2. Airbags Harohalli (TG Sin JV) - ₹283 cr, SOP Q1 FY27 Partial - At the Q2 FY25 call, management announced the TG Uno Minda plant at Harohalli with ₹283 cr capex and operations expected Q1 FY27, a date reiterated in the Q4 FY25, Q4 FY26 and Q1 FY27 PPTs. The Q1 FY27 deadline lapsed on 30 June 2026 with no commissioning; ₹237 cr was incurred by that date and the project remains under implementation.
3. CSN EV powertrain plant - ₹550 cr, SOP Q2 FY28 On track - At the Q4 FY26 call, management announced a greenfield EV powertrain plant at CSN with ₹550 cr investment, expected commissioning Q2 FY28. At Q1 FY27 the plant was on the drawing board, to hit the ground in the next couple of months, with ₹0 incurred.
4. EV casting plant at CSN - ₹210 cr, SOP Q2 FY27 On track - At the Q1 FY26 call, management announced an EV casting plant at Khed/Sambhajinagar with ₹210 cr investment, first phase dedicated to EV 4W castings; the Q4 FY26 PPT showed SOP Q2 FY27 Phase 1, revised to H2 FY27 in the Q1 FY27 PPT. ₹82 cr was incurred by Q1 FY27 with no production yet.
5. 2W lighting consolidation at Kharkhoda - ₹233 cr, SOP Q3 FY27 On track - At the Q4 FY25 call, management announced consolidating three lighting plants at Sonipat and Bahadurgarh into Kharkhoda with ₹233 cr capex, SOP expected Q3 FY27. ₹125 cr was incurred by Q1 FY27, with consolidation expected to start H2 FY27 and no completion yet.
6. Manesar to Farrukhnagar switch plant transition - Q3 FY27 On track - At the Q2 FY25 call, management announced shifting the Manesar plant to Farrukhnagar in a second phase by Q3 FY27, a date repeated through Q1 FY26, with Q4 FY26 pointing to transition over the next 6 months and Q1 FY27 to H2 FY27. The transition was progressing as per plan with ₹114 cr incurred by Q1 FY27.
7. Indonesia lighting plant - new facility, SOP Q4 FY26 Delivered - At the Q2 FY25 call, management announced a new Indonesia lighting plant with ₹210 cr capex, to be commissioned in phases starting Q4 FY26. Commercial production commenced at the new 4W lighting facility in Q3 FY26 with ₹206 cr incurred, and a second customer order was secured by Q1 FY27.
8. Hosur die casting expansion - 11,000 to 15,000 MT, Q4 FY26 Delivered - At the Q3 FY25 call, management announced ₹72 cr capex to expand Hosur die casting from 11,000 to 15,000 MT/annum, commencing in phases from Q4 FY26. The FY26 annual report confirmed the additional capacity was commissioned, and Q1 FY27 aluminum die casting revenue grew 66% to ₹248 cr on the Bawal and Hosur enhancement.
9. Bawal 2W alloy wheel plant - 0.15 cr units, SOP Q2 FY27 On track - At the Q4 FY25 call, management announced a new 2W alloy wheel facility at Bawal with ₹200 cr investment and 0.15 cr units annual capacity, targeted for commissioning Q2 FY27. ₹145 cr was incurred till 30.06.2026, with 4 of 6 lines expected to go live H2 FY27 adding \~0.1 cr units.
10. Greenfield 4W alloy wheel plant - 0.18 cr wheels, ₹764 cr, SOP Q2 FY28 On track - At the Q3 FY26 call, management announced a greenfield 4W alloy wheel plant with 0.18 cr wheels/annum capacity and ₹764 cr capex phased over 3-4 years, "up and running" in the next couple of years; the Q4 FY26 and Q1 FY27 PPTs showed SOP Q2 FY28 Phase 1. ₹12 cr was incurred by Q1 FY27, with the location likely in western India.
11. Four-wheeler seating - new plant at CSN, ₹320 cr, SOP Q4 FY28 On track - At the Q1 FY27 call, management announced a greenfield 4W seating facility at Chhatrapati Sambhajinagar with ₹320 cr investment, expected to commence operations by Q2 FY28, with the PPT showing SOP Q4 FY28. The board approved the facility, an anchor customer was secured, and kit value is ₹30,000-40,000 per car.
12. Exports - cross ₹1,500 cr physical exports in next few years On track - At the Q4 FY26 call, management stated pure physical exports from India (\~₹600 cr last year) are expected to cross ₹1,500 cr in the next few years on current business wins. Q1 FY27 exports from India reached \~₹228 cr vs ₹141 cr in Q1 FY26, a 50-60% increase.
13. Denso JV infotainment - exceed ₹1,500 cr by FY30 On track - At the Q4 FY26 call, management endorsed the framing that the Denso JV could exceed ₹1,500 cr by FY30 with order ramp-up, including a ₹600 cr IVI order with SOP Q3 FY29. The JV had been static at \~₹400 cr for years before securing new business, and performed well in Q3 FY26.
14. EV powertrain (Khed + CSN) - ₹2,500 cr+ revenue at peak On track - At the Q4 FY26 call, management stated EV powertrain capex of \~₹1,200 cr (Khed ₹400 cr + CSN ₹550 cr + CSN casting ₹300 cr) should generate revenues "north of 2x capex, more than ₹2,500 cr at least", potentially ₹3,000+ cr at peak. Electric drive unit supplies initiated in Q4 FY26 with \~₹46 cr revenue, and Q1 FY27 green mobility revenue reached ₹542 cr, up 78% YoY.
15. Lighting business - double revenue, 19-20% market share in 4-5 years On track - At the Q3 FY24 call, management aimed to move lighting share from 14-15% to 19-20% over the next four to five years and to double lighting revenues as the immediate target. Lighting revenue grew from ₹3,368 cr in FY24 to ₹3,863 cr in FY25 and ₹4,402 cr in FY26, with 4W lighting expanding threefold over five years.
16. EV order book - peak revenue of ₹1,900 cr by FY24-FY25 Partial - At the Q4 FY23 call, management disclosed total annual peak revenues from EV order wins of ₹1,900 cr, expected FY24-FY25, later shifted to FY25-26 and then to '26, '27 before disclosure was discontinued in Q1 FY25. EV 2W OEM revenue grew from ₹78 cr in Q4 FY23 to ₹238 cr in Q3 FY25, and FY26 green mobility revenue reached ₹1,405 cr.
17. Long-term growth - at least 1.5x industry volume growth over 8-10 years Pending - At the Q3 FY24 call, management stated an endeavour to consistently deliver at least 1.5x industry growth over eight to ten years, reiterated through Q2 FY26. FY24 revenue grew 25% vs 10% industry volume growth (2.5x) and FY25 grew 20% vs 9% (\~2x), both above 1.5x; FY26 revenue grew 17%, but with only \~3 of the 8-10 years elapsed and no cited FY26 industry volume figure, the commitment remains unreached and unjudged.
18. Inovance high-voltage EV powertrain JV - Phase 1 by Q2 FY27 On track - At the Q4 FY25 call, management announced a ₹423 cr dedicated facility for high-voltage EV powertrain components with Inovance, Phase 1 expected Q2 FY27, later revised to H2 FY27. Press Note 3 approval was received by Q1 FY27 with China approval pending, construction at Khed City on schedule, and electric drive unit supplies initiated with \~₹46 cr revenue in Q4 FY26.
19. Sunroof business - plant by Q4 FY27, ₹150-160 cr peak revenue On track - At the Q1 FY25 call, management announced a sunroof plant at Bawal with ₹63 cr capex, SOP expected Q4 FY27, and peak revenue of ₹150-160 cr, revised upward to ₹230-240 cr and then to an order book crossing ₹500 cr by Q1 FY27. Construction is progressing with commissioning expected by end of FY27, and a new ₹130 cr panoramic sunroof order was added in Q1 FY27.
20. Minda Westport CNG business - ₹400-500 cr run rate Delivered - At the Q4 FY24 call, management stated the Minda Westport CNG kit business has potential to reach a ₹400-500 cr run rate over the next few years, from FY24 revenue of ₹277 cr. FY25 alternate fuel revenue reached ₹501 cr and FY26 ₹592 cr, with Q1 FY27 at ₹184 cr.
21. TRMN seat belt plant - ₹160-170 cr, ₹400 cr incremental revenue in 3 years On track - At the Q4 FY22 call, management announced a TRMN new plant investment of \~₹170 cr with expected incremental revenue of \~₹400 cr in the next three years. TRMN inaugurated its Neemrana plant and started commercial production in Q2 FY25, and performed well among JVs in Q3 FY26.
22. TG Minda airbag expansion - ₹175 cr, production from December 2024 Delivered - At the Q3 FY23 call, management announced the TG Minda Neemrana airbag expansion with ₹175 cr capex and commercial production expected from December 2024, generating at least ₹350 cr additional revenue. Commercial production started in Q2 FY25, taking airbag capacity from 0.18 cr to 0.3 cr units, with 33% YoY revenue growth in Q3 FY26.
23. Supa 2W alloy wheel expansion - 0.2 cr wheels, ₹300 cr Delivered - At the Q4 FY24 call, management announced ₹300 cr capex for a 0.2 cr wheels/year expansion at Supa, taking total capacity to \~0.75-0.8 cr wheels, with SOP expected Q1 FY26. Production commenced at the expanded facility in Q4 FY25, adding 0.2 cr units to reach 0.8 cr units annually at full capacity.
24. Kharkhoda greenfield 4W alloy wheel plant - 120K wheels/month, Phase 1 Q2 FY26 Delivered - At the Q2 FY24 call, management announced a greenfield 4W alloy wheel plant at Kharkhoda with 120K wheels/month capacity at ₹542 cr, Phase 1 (60K) expected Q2 FY26. Phase 1 for 60K wheels p.m. was commissioned with Q4 FY26 depreciation reflecting its capitalization, and Q1 FY27 saw ramp-up ongoing with an additional 30K expected H2 FY27.
25. Bawal 4W alloy wheel expansion - 60K wheels/month Partial - At the Q2 FY23 call, management announced a 60K wheels/month expansion at Bawal with ₹190 cr capex, expected commissioning Q2 FY25; land challenges delayed the start, with 30K scheduled H2 FY25. A 30K line was commissioned in Q4 FY25, bringing total 4W alloy capacity to 4,20,000 wheels/month, with the remaining capacity integrated at Kharkhoda.
26. Four-wheeler switch plant expansions - Chennai Q2 FY24, Farukhnagar Q3 FY24 Delivered - At the Q4 FY23 call, management expected the Chennai four-wheeler switch expansion to commence operations in Q2 FY24 and Farrukhnagar in Q3 FY24. The Chennai plant was commissioned in October 2023 (Q3 FY24), and Farrukhnagar phase 1 was completed by Q4 FY24 with component manufacturing starting in Q2 FY25.
27. Four-wheeler lighting plant at Khed City, Pune - Phase 1 by Q4 FY24 Delivered - At the Q2 FY23 call, management announced a new four-wheeler lighting plant with total capex of ₹400 cr over 5-6 years, Phase 1 outlay ₹230 cr over the next 2 years with commissioning by Q4 FY24. The Khed lighting plant was commissioned during Q3 FY25, starting supplies of pixelated digital tail lamps.
28. Buehler traction motors JV - production H2 FY24, ₹400-500 cr revenue potential On track - At the Q2 FY23 call, management announced the Buehler JV with production start in H2 FY24, ₹110 cr capex, and revenue potential of ₹400-500 cr over the next four to five years. The plant was commissioned in August 2023 and Uno Minda EV systems clocked ₹196 cr in its first full year, with only ₹20-25 cr of the ₹110 cr invested by Q1 FY26.
29. Sensors and controllers - ₹400-500 cr revenue by FY25 Delivered - At the Q2 FY23 call, management reiterated sensors and controllers guidance of ₹400-500 cr revenue by FY25, saying "we are ahead of track". FY25 combined sensors and controllers revenue exceeded ₹900 cr, up from \~₹450 cr in FY23.
30. FY27 EBITDA margin - 11% ±50 bps On track - At the Q1 FY27 call, management remained confident in annual EBITDA margin guidance of 11% plus/minus 50 bps with bias toward the higher end. Q1 FY27 EBITDA margin was 10.3%, below the guided range for the one quarter reported so far.
31. FY26 EBITDA margin - 11% ±50 bps Delivered - At the Q4 FY25 call, management reiterated annual EBITDA margin guidance of 11% plus/minus 50 bps for FY26, maintained through Q2 FY26 and Q4 FY26 inclusive of start-up costs. FY26 normalized EBITDA margin was 11.1%, within the guided range.
32. FY25 EBITDA margin - 11% ±50 bps Delivered - At the Q4 FY24 call, management guided FY25 EBITDA margin of 11% plus/minus 50 bps with bias toward the higher end, reiterated through Q3 FY25. FY25 EBITDA margin was 11.17%, within the guided range, with Q4 FY25 at 11.63%.
33. FY24 EBITDA margin - maintain \~11% (11% ±0.5%) Delivered - At the Q4 FY23 call, management expected to maintain EBITDA margin within the current range (11.1% in FY23) for FY24, later framed as "around 11% plus/minus maybe 0.5 percentage point". FY24 EBITDA margin was 11.3%, within the guided range, with Q4 FY24 at 12.49%.
34. FY23 capex - ₹600 cr (later ₹600-700 cr) Delivered - At the Q4 FY22 call, management guided FY23 capex of ₹550-600 cr, revised at Q2 FY23 to "slightly may be ahead of ₹700 cr" and clarified as ₹600-700 cr. FY23 reported capex was \~₹900 cr including \~₹200 cr land bank and KMA/KMM assets, with "real actual capex roughly ₹700-750 cr".
35. Four-wheeler alloy wheel margins - 16-17% range Pending - At the Q2 FY22 call, management guided four-wheeler alloy wheel margins to remain around 16-17% in the coming period, down from current high levels, with Q2 FY23 pointing to a gradual fall from \~22% to around 15-16%. No segment-level margin figure against the 16-17% target is disclosed in our record; Kosei Minda was loss-making in Q4 FY23 and "has come to black" by Q2 FY25.
36. Two-wheeler alloy wheel capacity - expand by \~0.2 cr wheels Delivered - At the Q2 FY22 call, management guided expansion of two-wheeler alloy wheel capacity by approximately 0.2 cr wheels, with the FY22 annual report showing expected SOP March 2023, later phased to Q3 FY24. The additional 0.2 cr was completed in Q4 FY24 with stable operations, taking total installed capacity to 0.8 cr wheels/year by FY25.
37. Seating (Harita) - double revenue to ₹1,500 cr in 4-5 years Delivered - At the Q2 FY22 call, management reiterated the seating target of crossing ₹1,500 cr sales in 4-5 years, later calling it "a little bit stretched" before stating in Q2 FY26 that the promised run rate of ₹1,400-1,500 cr "has been achieved". Seating revenue reached ₹1,416 cr in FY26, within the ₹1,400-1,500 cr range, up from ₹1,053 cr in FY23.
38. FRIWO JV - ₹1,500-2,000 cr revenue in \~5-6 years Partial - At the Q2 FY22 call, management guided medium-term JV revenue of ₹1,500-2,000 cr in around five years with ₹390 cr capex over six years, reiterated as ₹1,500 cr by FY26 before the target was stopped being shared in Q2 FY25. Uno Minda EV Systems recorded ₹196 cr in FY24, ₹382 cr in FY25, and ₹501 cr in FY26 for 2W/3W EV systems, with Q1 FY27 at ₹186 cr, up 130% YoY.