Uno Minda

Uno Minda delivered robust financial results for Q4 and the full fiscal year 2026. Consolidated revenues from operations for Q4 FY26 stood at INR 5,336 crores, marking an 18% year-on-year growth. For the full year, revenues reached INR 19,589 crores, up 17% YoY. This performance was broad-based, driven by volume expansion across core product offerings and successful execution across platforms, with normalized PAT attributable to shareholders growing 24% YoY to INR 1,166 crores for FY26.

Despite a volatile input cost environment, the company maintained healthy profitability. Q4 FY26 EBITDA grew by 14% YoY to INR 603 crores, with a margin of 11.3%. For the full year, normalized EBITDA was INR 2,182 crores, a 16% YoY increase, with a margin of 11.1%. Management acknowledged potential impacts from commodity price inflation and labor cost increases (e.g., 35% in Haryana) in coming quarters, but stated that the annual EBITDA margin guidance of 11% +/- 50 basis points already factors in anticipated start-up costs and market dynamics.

Uno Minda secured substantial new orders across various segments, including a 2-wheeler lighting order worth INR 450 crores (peak annual value) with SOP in H2 FY28, seating export orders worth INR 390 crores (peak annual value) with SOP in FY28, and an in-vehicle infotainment order worth INR 600 crores (peak annual value) with SOP in Q3 FY29. The company is also progressing with capacity expansions, including new 4-wheeler lighting plants, 2-wheeler alloy wheel expansion, and the construction of a sunroof manufacturing facility expected to be commissioned by end of FY27, with an additional order worth INR 85 crores.

The company is making significant strides in its green mobility segment, which reported a 25% YoY revenue growth in Q4 FY26 to INR 423 crores. A new greenfield facility for high-voltage EV powertrain components in Chhatrapati Sambhajinagar is planned with an estimated investment of INR 550 crores, expected to be commissioned by Q2 FY28. This, alongside the Khed City EV powertrain facility slated for H2 FY27 operations, underscores Uno Minda's commitment to the EV transition and future growth in this segment.

The Indian automotive industry exited FY26 on a strong note, with total production reaching an all-time high of 34.7 million units, growing 12% YoY. Key segments like PV (9% growth, 5.5 million units) and 2-wheeler (12% growth, 26.6 million units) showed robust performance. EV penetration in PV climbed to 4.2% (from 2.6%), and e-2-wheeler penetration reached 6.5% (from 5.4%), indicating a structural shift towards higher-value vehicles and electrification. Uno Minda reported gaining market share across all its main segments, including switches, lighting, and alloy wheels.

For FY27, Uno Minda plans a total capital expenditure of approximately INR 1,750 crores, with INR 1,100 crores allocated for growth capex and land acquisition. The company's net debt stood at INR 2,179 crores as of March 31, 2026, with a healthy net debt-to-equity ratio of 0.30, improving from 0.34 in the prior year. The Board recommended a final dividend of INR 1.75 per share, bringing the total FY26 dividend to INR 2.65 per share (approximately INR 153 crores), balancing reinvestment for growth with shareholder returns.