1. Open Offer tendering period revised to 13-26 August 2020 Delivered - Non-transcript filings revised the Open Offer timeline: tendering period 13 August to 26 August 2020 (originally 17 July to 30 July 2020), payment to accepted shareholders by 9 September 2020. The underlying Transaction was consummated on 29 May 2020, the Detailed Public Statement published on 3 June 2020, and the Draft Letter of Offer filed with SEBI on 10 June 2020.
2. ZF WABCO brand transition to 'ZF' over coming months Delivered - Non-transcript filings stated the ZF WABCO brand in India would transition to become 'ZF' over the coming months, with 'WABCO' retained as a product brand. WABCO India Limited was renamed ZF Commercial Vehicle Control Systems India Limited with all required approvals secured, announced 8th March 2022.
3. Bonus equity share issuance in 5:1 ratio Pending - At the Q4 FY26 call, the Board approved a bonus equity share issuance in ratio 5:1, subject to shareholder and regulatory approvals, with record date 24th June 2026 and deemed date of allotment 25th June 2026. No disclosed read on the completion of the bonus issuance in the notes.
4. FY27 capex of ₹180-190 cr Pending - At the Q4 FY26 call, the CFO guided FY27 capex spend of about ₹180 cr to ₹190 cr, split between new product capex and replacements/regular upgrades; the FY26 annual report plans capital expenditure of ₹185.32 cr for FY27. No disclosed read on FY27 capex spend to date.
5. FY27 EBITDA margin flattish with single-digit small growth Pending - At the Q4 FY26 call, the CFO guided FY27 EBITDA margin to be "more or less flattish with maybe single-digit small growth for the next year". Q1 FY27 OPM was 12.93%, below the FY26 annual OPM of 15.90%, while Q1 FY27 PBT excluding FX/one-time items stood at ₹140.8 cr, +16.9% YoY; the full-year outcome is not yet due.
6. ESC localization greater than 75% by SOP On track - At the Q1 FY27 call, management said ESC localization was already near 40-50% and committed "By the time SOP, we will be greater than 75%". Q1 FY27 localization stood at "somewhere near 40% to 50%", with ESC manufacturing to start "next year, third quarter"; the SOP deadline has not been reached.
7. Capex of \~₹190 cr for FY26 Missed - At the Q4 FY25 call, the CFO guided capex spend of about ₹190 cr for FY '25-'26, directed towards expansion of the Oragadam plant and introduction of lines at other plants for export support. FY26 capex incurred was ₹123.64 cr against the planned ₹190 cr, with projects scheduled for completion within FY26 deferred to FY27 and ₹35.1 cr of unspent capex expected to be utilised in FY27.
8. Quarterly revenue of ₹1,000 cr - "not too far" Delivered - At the Q3 FY25 call, management said quarterly revenue of ₹1,000 cr "is not too far, per quarter". Q4 FY25 revenue reached ₹1,039 cr, the first quarter above ₹1,000 cr; Q3 FY26 was ₹1,105 cr, Q4 FY26 ₹1,197 cr, the highest single quarter, and Q1 FY27 ₹1,066 cr.
9. LCV segment entry - \~€90 million annual revenue by 2030 On track - At the Q2 FY25 call, management anticipated the LCV segment would contribute around €90 million in annual revenue with at least double-digit margins by 2030; at Q4 FY25 this was flagged as a "very rough estimate" of EUR 90 million "in a matter of 5 years from now". Hydraulic ESC is produced at Oragadam for Force Motors and Mahindra, selling about 400 numbers a month as of Q4 FY25; no disclosed read on the €90 million trajectory.
10. BMW air supply units - from ₹250 cr to ₹300 cr Missed - At the Q4 FY24 call, management said of BMW air supply units, "from ₹250 cr, we expect that to grow to ₹300 cr". BMW demand reduced about 12% in Q1 FY25, with a ₹12 cr EV-related reduction noted in Q3 FY25 and "some drop in the numbers" by Q4 FY25 due to global EV transition challenges.
11. Actuators/brake product line - from ₹400 cr to ₹450 cr in FY25 Partial - At the Q4 FY24 call, management said of the actuators/brake product line, "from about ₹400 cr here, we expect the volume to increase to ₹450 Crores next year". SoP for Actuator 4.0 with new customer Volvo Global was achieved by Q4 FY25 and production successfully started by Q2 FY26, but no disclosed FY25 revenue figure for the line confirms the ₹450 cr target.
12. Compressor exports to double - from ₹215 cr in 2023 to \~₹430 cr by 2025 Pending - At the Q4 FY24 call, management expected compressor exports "to continuously increase almost double in the matter of 2025" from ₹215 cr in 2023, and separately to go "from a level of ₹250 cr last year... to ₹500 cr in a matter of next two to three years". SoP was achieved for air compressors for other global OEMs by Q4 FY25, with further OEM additions through Q3 FY26; no disclosed read on compressor export value reaching ₹430-500 cr.
13. Content per vehicle to at least double over next 2 to 3 years On track - At the Q4 FY24 call, management expected content per vehicle (currently \~₹45,000) "to at least double" over the next 2 to 3 years, driven by ESC truck adoption and ADAS regulation; at Q2 FY25 the VpV target was raised from ₹40,000 to ₹43,000. Content per unit was ₹46,000 in Q3 FY24, about ₹43,000 in Q2 FY25 and \~39.5K in Q4 FY26, more or less flattish excluding one-timers; the window extends to \~FY27.
14. Aftermarket growth of at least 10-15% for FY24 Delivered - At the Q3 FY24 call, management said on aftermarket, "if not at a very at least 10% to 15% level we are planning to grow" for the full year. FY24 aftermarket sales were ₹478.5 cr, +11.5% YoY, within the guided range, though Q4 FY24 aftermarket sales of ₹130 cr grew 4.7% YoY.
15. Export growth of at least 15% for FY25 Missed - At the Q4 FY24 call, management guided exports growth of "at least 15%" for FY25 based on current order inflow, reiterated at Q1 FY25 as "15% kind of growth this year in exports broadly". FY25 exports of products were ₹1,164.6 cr, +8.4% YoY, with goods exports up 6.8% per the FY25 annual report, well below the guided floor.
16. e-Compressor localization - 50% near-term, 70% by mid-FY25 Partial - At the Q2 FY24 (Sep 2023) call, management said electric compressor localization would soon touch 50% and "by next year, we are targeting to go up to 70% in the middle of next year". eComp domestic value addition reached 62% by Q4 FY25; no disclosed read on the 70% target by mid-FY25.
17. ESC mandate for trucks - within one to two years Missed - At the Q2 FY23 call, management expected ESC to be followed by the truck segment "in the next one or two years" after the April 2023 bus mandate, later extended to "the next 2 to 3 years" at Q4 FY24. As of Q4 FY26, truck ESC fitment remains voluntary, primarily in the POL segment, with the regulation for vehicles above 6-ton now expected effective October 2027.
18. ADAS launch with Indian OEMs - within one to two years Delivered - At the Q1 FY23 call, management expected one or two Indian OEMs to launch ADAS "in the next one-year time", with products coming to market "in the next one or two years". ADAS (AEBS) was launched with TATA Motors in 2018 with successful market launch by TML in 2022, and a Collision Mitigation System was launched for a leading OEM in Q3 FY24, with business awards for the full ADAS suite from 2 OEM customers by Q4 FY26.
19. Margin recovery to \~14-15% of sales Delivered - At the Q2 FY23 call, management confirmed a margin recovery target to \~14-15% of sales, timeframe not specified, later reaffirming \~15% as "the direction we are working" at Q3 FY24. Annual OPM reached FY24 14.84%, FY25 16.47% and FY26 15.90%, holding the 14-15%+ level through FY24-FY26 despite quarterly softness at Q1 FY26 (13.49%) and Q1 FY27 (12.93%).
20. Billion-euro commercial vehicle business by end of 2030 On track - At the Q1 FY23 call, management reiterated it is "targeting a billion-euro business by end of the year 2030", framed at Q2 FY23 as a rough idea rather than formal guidance. FY26 revenue was ₹4,118.94 cr and Q1 FY27 revenue ₹1,066 cr; management reaffirmed at Q4 FY26 that the India growth target "definitely stand", with the 2030 horizon not yet reached.
21. Oragadam plant expansion - completion by Oct-Nov 2023, first phase Q3 FY24 Delivered - At the Q1 FY23 call, management said the Oragadam plant expansion "will be completed next year sometime around October, November period", with the first phase expected by Q3 FY24. The plant was inaugurated on 14 February 2024 as the company's 6th manufacturing facility, with site invoicing before March 2024 qualifying for the 15% corporate income tax benefit.