by WAF Think Tank
Uno Minda delivered a strong top-line performance, reporting consolidated revenue from operations of approximately ₹4,489 crore, marking a year-on-year (YoY) increase of 17–18% from around 3,818 crore in Q1 FY25 . This growth was bolstered by a one-time ₹69 crore incentive income from a prior period.
EBITDA & Margins
Earnings before interest, tax, depreciation, and amortisation (EBITDA) surged by 33% YoY to ₹543 crore, resulting in an improved margin of ~12.1%, up approximately 142 basis points from the previous year. Normalised EBITDA (adjusting for one-offs) stood at ₹474 crore, maintaining margins around 10.7%
Profit & Earnings
The consolidated profit after tax (PAT) came in between ₹291 crore and ₹309 crore, indicating a robust YoY increase of around 46–47% from last year’s Q1 PAT of approximately ₹198–211 crore. Diluted earnings per share (EPS) rose to ₹5.06, up from ₹3.45
Cost & Expense Analysis
Total operating expenses increased to ₹4,149 crore, compared to ₹3,588 crore in Q1 FY25, reflecting a 15–16% YoY rise
Segment-Wise Revenue Highlight
According to the earnings call insights, Uno Minda’s diversified portfolio performed strongly across segments:
- Switching systems: ₹1,111 crore (+16% YoY)
- Lighting systems: ₹1,013 crore (+13% YoY)
- Casting (including alloy wheels and die casting): ₹824 crore
- Seating systems: ₹320 crore (+18% YoY)
- Acoustics: ₹187 crore (4% of total)
- Other products (like controllers, sensors): ₹966 crore (+30% YoY)
- Aftermarket: ₹329 crore (7% of total).
Balance Sheet & Capital Structure
The company’s net debt stood at approximately ₹2,228 crore, yielding a conservative net debt-to-equity ratio of 0.34
Anuj Guglani, CEO, WAF commented, ‘Uno Minda is no longer just a “switches and horns” company. It’s becoming a technology-centric Tier-1 supplier with a sharp focus on EVs, ADAS, safety systems, and premium features. Q1 FY26 is a signal of that transformation—with capacity investments and innovation pipelines likely to yield sustained growth beyond FY26.’
Here’s a forward-looking outlook for Uno Minda in FY26, based on Q1 performance trends, capex plans, market dynamics, and peer benchmarking:
📈 FY26 Outlook: Uno Minda Gears Up for a High-Growth Cycle
✅ 1. Revenue Growth Momentum to Continue
- Guided Revenue Growth: Management anticipates ~15–17% revenue growth for FY26, in line with Q1 trends.
- Key Drivers:
- New product launches (ADAS, EV systems, controllers)
- OEM order wins, especially in premium 2W and 4W segments
- Expanding exports from India to ASEAN and Europe (sensors, lighting)
Forecast: Consolidated revenues may cross ₹18,000–₹18,500 crore in FY26 (vs ₹15,600 crore in FY25).
⚙️ 2. Margin Outlook: Moderate Expansion Expected
- Normalized EBITDA margins (10.7%) expected to improve gradually to ~11–11.5% by Q4 FY26.
- Tailwinds:
- Economies of scale from new plants
- Higher share of value-added products (sensors, alloy wheels, sunroofs)
- Local sourcing of ADAS components reducing import costs
Forecast: FY26 EBITDA could reach ₹2,000–2,100 crore, up from ₹1,735 crore in FY25.
⚡ 3. EV Segment to Become a Game-Changer
- EV revenue currently ~3–4% of total sales, expected to double by end of FY26.
- Leveraging Friwo JV tech and new Bawal & Pune EV system plants.
- Targeting supply to both 2W and 3W OEMs including Hero Electric, Ola, Bajaj, and Mahindra Last Mile Mobility.
🏭 4. Capex Execution Critical to Scaling
- Ongoing capex of ₹3,400+ crore spread across:
- Sunroof systems (₹450 crore plant at Pune)
- Alloy wheels (₹450 crore at Chakan)
- Lighting & casting expansions
- ADAS / Sensor modules
By Q4 FY26, these capacities are expected to be ramped up to full utilization, aiding FY27 acceleration.
📊 5. Comparative Edge vs. Peers
Metric (FY25/FY26E) Uno Minda Motherson Suprajit Endurance Tech
Revenue Growth 15–17% 11–13% 8–10% 10–12%
EBITDA Margin 11–11.5% 9–10% 13–14% 14%
EV Readiness High Moderate Low Moderate
India Exposure 85–90% 25% 75% 70%
Uno Minda’s diversified portfolio, EV readiness, and India-centric growth play give it an edge in a demand-positive auto component cycle.
🚀 Strategic Outlook Summary for FY26
Focus Area FY26 Target / Outlook
Revenue ₹18,000–₹18,500 crore
EBITDA Margin 11–11.5% (from 10.7%)
PAT ₹1,300–₹1,400 crore
EV Business 2x growth, ~₹1,000–₹1,200 crore revenue
Capex Execution ₹3,400 crore, phased commissioning across 8 locations
Market Position Strengthened in lighting, alloy wheels, sensors, controllers
Global Expansion Export growth in ADAS, sensors, seating
