Guidance ledger · Q4 FY26

Tata Elxsi Ltd TATAELXSI

3 revisions on record · 2 lowered · 0 raised — the strikethrough is what management used to say

refuses forward guidance · held across quarters

Holding view → · latest concall · The pulse

→ narrowed Margin recovery framing Q1 FY26 → Q4 FY26

~~29-30% EBITDA medium-term aspiration confirmed~~ → 27% PBT exit Q4FY27 (different metric, lower nominal)

“if we can exit 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”

↓ lowered FY27 overall growth aspiration Q2 FY26 → Q4 FY26

~~double-digit aspiration for transportation + healthcare~~ → higher single digit overall, automotive high-single-digit exit only

“we might be looking at a single digit, higher single digit growth for the financial year. We may not look at a double-digit growth”

↓ lowered Utilization trajectory Q2 FY26 → Q4 FY26

~~75% target by end-FY26~~ → 73% actual, headroom up to 80-82%

“we are at 73% utilization. So, I think we can go all the way up to 80% or slightly more than 80%”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.