MSUMI - Motherson Wiring
📢 Recent Corporate Announcements
Motherson Sumi Wiring India Limited (MSUMI) has informed the exchanges that the audio recording of its earnings call for the quarter and financial year ended March 31, 2026, is now available. This follows the company's recent disclosure of its audited financial results. The recording provides a platform for investors to hear management's detailed commentary on the company's annual performance. Access to such recordings is a standard regulatory requirement to ensure transparency for all shareholders.
- Audio recording of the Q4 and FY26 earnings call is now live on the company website.
- The call pertains to the audited financial results for the period ending March 31, 2026.
- Investors can access the file under the 'Analyst Call Transcripts' section of the MSUMI investor portal.
- The disclosure was made on April 28, 2026, following the conclusion of the investor meet.
Motherson Sumi Wiring India Limited (MSUMI) has announced a change in its Board of Directors effective April 28, 2026. Mr. Yuichi Shimizu has resigned as the Nominee Director of Sumitomo Wiring Systems Limited, Japan. In his place, Mr. Ryuji Sakai has been appointed as an Additional Director, bringing over 30 years of experience in international sales and business operations. This transition represents a routine update of nominee representatives from the company's joint venture partner.
- Mr. Yuichi Shimizu resigned as Nominee Director effective April 28, 2026
- Mr. Ryuji Sakai appointed as Additional Director (Nominee) effective April 28, 2026
- New appointee Mr. Sakai has over 30 years of experience in the automotive wiring industry
- The board meeting for these approvals concluded at 15:20 hours on April 28, 2026
Motherson Sumi Wiring India Limited (MSUMI) achieved a significant milestone by crossing the ₹10,000 crore annual revenue mark, reporting ₹11,478 crores for FY26. While Q4 revenue surged by 32.9% to ₹3,335 crores driven by OEM demand, profitability growth was muted with Q4 PAT increasing only 1.2% to ₹167 crores. This margin compression is attributed to elevated copper prices and a time-lag in customer settlements. Despite this, the company remains debt-free and is increasing its EV footprint, with EV revenue share reaching 8.6% in Q4.
- Annual revenue crossed the ₹100 billion mark for the first time, reaching ₹11,478 crores in FY26.
- Q4 revenue grew 32.9% YoY to ₹3,335 crores, though PAT grew only 1.2% to ₹167 crores due to cost pressures.
- EV revenue share increased to 8.6% in Q4FY26, up from the full-year average of 6.6%.
- Company maintains a debt-free status while continuing greenfield ramp-ups.
- Supplies to 9 out of the top 10 selling passenger vehicle models in India.
Motherson Sumi Wiring India Limited (MSUMI) reported a strong top-line performance for FY26, with annual revenue growing 23.2% to ₹11,478 crore. However, profitability faced headwinds as EBITDA and PAT grew only 6.4% and 3.1% respectively for the full year, primarily due to an 18% QoQ surge in copper prices and unfavorable currency movements. The company continues to outperform the industry, with Q4 revenue growth of 33% vs industry volume growth of 11%. MSUMI remains debt-free and maintains a healthy dividend payout of approximately 62%.
- Annual revenue reached ₹11,478 crore, crossing the ₹10,000 crore milestone with 23.2% YoY growth.
- Q4FY26 revenue surged 32.9% YoY to ₹3,335 crore, though PAT remained nearly flat at ₹167 crore due to cost pressures.
- Copper prices rose significantly by ~18% QoQ to ₹1,259/kg, impacting short-term margins.
- EV revenue share increased to 8.6% in Q4FY26, supported by new greenfield units in Navagam and Pune.
- Maintained debt-free status with a net debt of negative ₹56 crore (excluding lease liabilities).
Motherson Sumi Wiring India (MSUMI) delivered a strong top-line performance in Q4FY26 with revenue growing 33% YoY to ₹3,335 crores, driven by robust OEM demand. For the full fiscal year 2026, the company achieved a major milestone by crossing the ₹10,000 crore revenue mark, ending at ₹11,478 crores. However, profitability growth was significantly lower than revenue growth, with Q4 PAT rising only 1.2% to ₹167 crores due to elevated copper prices and time-lags in customer price settlements. The company remains debt-free and is successfully scaling its EV business, which now accounts for 8.6% of Q4 revenue.
- Annual revenue crossed the ₹100 billion milestone for the first time, reaching ₹11,478 crores in FY26.
- Q4FY26 revenue grew 32.9% YoY to ₹3,335 crores, significantly outpacing general industry growth.
- Profitability remained under pressure with Q4 EBITDA growing only 1.1% YoY to ₹274 crores.
- EV revenue share increased to 8.6% in Q4FY26 compared to 6.6% for the full year.
- Maintained a debt-free balance sheet while supplying to 9 out of the top 10 selling PV models in India.
Motherson Sumi Wiring India Limited (MSUMI) has recommended a final dividend of Rs 0.58 per share for FY26. The company reported a strong 23% growth in annual revenue, reaching Rs 11,477.58 crore compared to Rs 9,320.28 crore in the previous year. While quarterly revenue surged by 33% YoY to Rs 3,334.62 crore, full-year net profit growth was more conservative at 3.2%, totaling Rs 625.18 crore. This performance highlights robust demand in the wiring harness segment despite rising input costs.
- Recommended a final dividend of Rs 0.58 per equity share of face value Re 1 for FY26
- Annual revenue from operations grew by 23.1% to Rs 11,477.58 crore in FY26
- Full-year net profit increased to Rs 625.18 crore from Rs 605.86 crore in the previous fiscal
- Q4 FY26 revenue stood at Rs 3,334.62 crore, a significant 32.9% jump over Q4 FY25
- Earnings Per Share (EPS) for the full year improved slightly to Rs 0.94 from Rs 0.91
Motherson Sumi Wiring India Limited (MSUMI) reported a robust 32.9% YoY increase in Q4 FY26 revenue, reaching ₹3,334.62 crore. Despite the strong top-line growth, net profit for the quarter grew marginally by 1.4% to ₹167.30 crore, primarily due to a significant 47% rise in raw material costs. For the full financial year 2025-26, the company achieved a total revenue of ₹11,477.58 crore and a net profit of ₹625.18 crore. The board has recommended a final dividend of ₹0.58 per equity share, subject to shareholder approval.
- Q4 FY26 revenue from operations rose 32.9% YoY to ₹3,334.62 crore from ₹2,509.52 crore.
- Full-year FY26 Net Profit increased to ₹625.18 crore compared to ₹605.86 crore in FY25.
- Recommended a final dividend of ₹0.58 per equity share of face value ₹1 for FY26.
- Cost of materials consumed in Q4 surged to ₹2,341.16 crore, up from ₹1,592.70 crore in the same period last year.
- Total assets grew to ₹4,745.70 crore as of March 31, 2026, up from ₹3,728.78 crore a year ago.
Motherson Sumi Wiring India Limited (MSUMI) has scheduled its investor conference call for Tuesday, April 28, 2026, at 5:00 p.m. IST. The call will focus on the audited financial results for the fourth quarter and the full financial year ended March 31, 2026. This is a routine regulatory disclosure under SEBI (LODR) Regulations. The event provides a platform for management to discuss operational performance and future outlook with institutional investors.
- Conference call scheduled for April 28, 2026, at 17:00 Hours IST.
- Agenda includes discussion on audited financial results for Q4 and FY ended March 31, 2026.
- Compliance filing under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Motherson Sumi Wiring India Limited (MSUMI) has issued a clarification regarding media reports of labor protests in Noida and other cities as of April 13, 2026. The company stated that the protests are part of a broader industry-wide issue triggered by misinformation regarding wage revisions. MSUMI confirmed that its operations remain fully compliant with all applicable laws and that there has been no material impact on the company's business. Management is currently working with local authorities to ensure employee safety and restore normalcy.
- Clarified that labor protests in Noida and other cities are driven by misinformation about wage revisions.
- Confirmed that the company's operations have faced no material impact due to these developments.
- Stated that MSUMI remains in full compliance with all applicable labor laws and regulations.
- Authorities are actively collaborating with the industry to resolve the situation and restore normal operations.
- Employee safety has been designated as the top priority during this period of unrest.
Motherson Sumi Wiring India Limited (MSUMI) has addressed media reports regarding labor protests in Noida and other cities, clarifying that the issue is industry-wide and driven by misinformation over wage revisions. The company confirmed that its operations remain fully compliant with all applicable laws and that there has been no material impact on its business activities. Management emphasized that employee safety is a priority and that local authorities are working to restore normalcy. Investors should note that the situation is being monitored closely by the industry and local government.
- Clarification issued regarding labor protests in Noida and other cities reported in electronic and print media
- Company states protests are a broader industry issue caused by misinformation about wage revisions
- MSUMI reports no material impact on operations and maintains full legal compliance
- Authorities are collaborating with the industry to resolve the situation and normalize operations quickly
Motherson Sumi Wiring India Limited (MSUMI) has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by KFin Technologies, confirms that all dematerialization requests received between January 1, 2026, and March 31, 2026, were processed within the stipulated 15-day period. This filing confirms that physical share certificates were properly mutilated and cancelled, and the depositories' names were updated in the register of members. This is a standard administrative procedure to ensure the integrity of the company's share records.
- Compliance certificate issued for the quarter ended March 31, 2026.
- Registrar KFin Technologies confirmed demat requests were processed within 15 days.
- Physical security certificates were mutilated and cancelled after due verification.
- Covers the three-month period from January 1, 2026, to March 31, 2026.
Motherson Sumi Wiring India Limited (MSUMI) has announced the closure of its trading window starting April 1, 2026, in compliance with SEBI Insider Trading regulations. This closure precedes the declaration of the company's audited financial results for the fourth quarter and the full financial year ending March 31, 2026. The restriction applies to all designated persons, including promoters and directors, and will remain in effect until 48 hours after the results are made public. Additionally, the PANs of designated persons will be frozen for trading during this period as per SEBI guidelines.
- Trading window closure commences on Wednesday, April 1, 2026.
- Applies to all designated persons, promoters, directors, and connected persons.
- Window remains closed until 48 hours after the Q4 and FY26 results declaration.
- PAN-level freezing of designated persons implemented as per SEBI circular dated July 19, 2023.
- Board meeting date for financial results approval to be announced in due course.
Motherson Sumi Wiring India Limited (MSUMI) has announced a one-on-one meeting with investors and analysts scheduled for March 19, 2026. The meeting will be held in Noida from 11:00 AM to 1:00 PM IST and is organized by Nuvama Institutional Equities. This is a routine disclosure under SEBI Listing Obligations to maintain transparency with the investor community. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during the discussion.
- One-on-one investor meeting scheduled for March 19, 2026, in Noida.
- Meeting duration set for 2 hours between 11:00 AM and 1:00 PM IST.
- Organized by Nuvama Institutional Equities under SEBI Regulation 30(6).
- Company confirmed that no unpublished price sensitive information will be disclosed.
Motherson Sumi Wiring India Limited (MSUMI) has announced a one-on-one meeting with institutional investors and analysts scheduled for March 19, 2026. The meeting is organized by Nuvama Institutional Equities and will be held in Noida from 11:00 AM to 1:00 PM IST. This is a routine disclosure under SEBI's Listing Obligations and Disclosure Requirements. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during the interaction.
- One-on-one investor meeting scheduled for March 19, 2026, in Noida.
- The meeting is organized by Nuvama Institutional Equities.
- Interaction window is set for two hours between 11:00 AM and 1:00 PM IST.
- Compliance with Regulation 30(6) of SEBI (LODR) Regulations, 2015.
- Company confirms no unpublished price sensitive information will be disclosed.
Motherson Sumi Wiring India Limited (MSUMI) has announced the successful passage of four key resolutions via postal ballot with overwhelming shareholder support. The primary approvals include the implementation of the 'Employee Stock Option Scheme 2025' and the secondary acquisition of shares through a Trust route to facilitate this scheme. Additionally, shareholders approved the provision of loans or guarantees to the Trust for share purchases and a revision in the remuneration for Whole Time Director Mr. Anurag Gahlot. All resolutions received over 99.7% votes in favor, indicating strong institutional and promoter alignment.
- Resolution for 'Employee Stock Option Scheme 2025' passed with 99.74% votes in favor.
- Secondary acquisition of shares through a Trust route approved by 99.74% of voting shareholders.
- Provision for company loans or guarantees to the Trust for share purchases secured 99.74% approval.
- Revision in remuneration for Whole Time Director Mr. Anurag Gahlot passed with 99.76% support.
- Total votes polled represented approximately 85.96% of the total outstanding shares.
Financial Performance
Revenue Growth by Segment
Total revenue from operations grew 11.9% YoY, reaching INR 9,319.4 Cr in FY 2024-25 compared to INR 8,327.4 Cr in FY 2023-24. The growth is primarily driven by the domestic wiring harness segment, which is the company's sole business line.
Geographic Revenue Split
100% of revenues are generated within the Indian domestic market, exposing the company to localized economic cycles and demand fluctuations within the Indian automotive sector.
Profitability Margins
Net Profit Margin declined by 15.3% YoY, dropping from 7.7% in FY 2023-24 to 6.5% in FY 2024-25. Operating Profit Margin also saw a 15.6% reduction, falling from 10.4% to 8.8% due to higher employee costs (up 18.3%) and other expenses (up 27.1%).
EBITDA Margin
EBITDA margin stood at 10.7% in FY 2024-25, a decrease from 12.2% in FY 2023-24. Absolute EBITDA fell 1.6% to INR 997.3 Cr from INR 1,013.3 Cr, impacted by the company's policy of not capitalizing certain capex-related costs.
Capital Expenditure
Historical CAPEX for FY 2024-25 was INR 171.2 Cr, an increase from INR 111.1 Cr in the previous year. Planned CAPEX for FY 2025-26 is budgeted at approximately INR 210 Cr to support capacity enhancement and customer-specific projects.
Credit Rating & Borrowing
The company maintains a strong credit profile with a 'Stable' outlook from CRISIL. Gearing is robust at below 0.1 times, with total debt significantly reduced to INR 8.6 Cr. Interest coverage ratio improved by 8.8% to 40.38 times in FY 2024-25.
Operational Drivers
Raw Materials
Key raw materials include copper and plastics, which are critical components for wiring harness manufacturing. These materials are subject to global price volatility.
Import Sources
Not explicitly disclosed by country, but 64% of total purchases are conducted through related parties, primarily sourced through parent companies SAMIL and SWS.
Key Suppliers
The primary suppliers are related parties Samvardhana Motherson International Limited (SAMIL) and Sumitomo Wiring Systems (SWS), accounting for 64% of total purchases in FY 2024-25.
Capacity Expansion
The company invested INR 84.8 Cr in Property, Plant, and Equipment (PPE) for capacity enhancement in FY 2024-25. While specific MTPA/unit capacity is not disclosed, the expansion is targeted at meeting the best-ever production numbers recorded in the current fiscal year.
Raw Material Costs
Cost of Goods Sold (COGS) was INR 6,076.3 Cr in FY 2024-25, representing 65.2% of total revenue, an 11.4% increase YoY. Procurement is managed through long-term agreements and vendor negotiations to mitigate price volatility.
Manufacturing Efficiency
Inventory turnover ratio improved by 8.1% to 5.02 times in FY 2024-25, indicating better asset utilization. However, Trade Receivable Turnover slowed by 11.2% to 8.67 times.
Strategic Growth
Expected Growth Rate
8-10%
Growth Strategy
Growth will be driven by increased 'content per vehicle' due to automotive premiumization and a higher share of SUVs in the portfolio. The company is also developing EV-compatible products and expanding capacity through a budgeted INR 210 Cr CAPEX for FY 2026.
Products & Services
The company specializes exclusively in the manufacturing and sale of wiring harnesses for the automotive industry.
Brand Portfolio
Motherson Sumi Wiring India Limited (MSWIL), supported by the parent brands Samvardhana Motherson and Sumitomo Wiring Systems.
New Products/Services
Development of high-voltage wiring harness solutions for Electric Vehicles (EVs) is a key focus, though specific revenue contribution percentages for new launches are not disclosed.
Market Expansion
Expansion is focused on the domestic Indian market, following the growth of major auto OEMs. The company operates through a demerged entity structure to focus specifically on Indian OEM requirements.
Market Share & Ranking
MSWIL is one of 3-4 dominant players in the domestic Indian wiring harness market.
Strategic Alliances
Strategic partnership and parentage with Sumitomo Wiring Systems (SWS) provides access to global technology and design services.
External Factors
Industry Trends
The industry is shifting toward premiumization and electrification. Content per vehicle is increasing as OEMs move toward SUVs and EVs, which require more complex wiring solutions. MSWIL is positioning itself by developing EV-compatible products.
Competitive Landscape
The market is an oligopoly dominated by 3-4 major players, limiting the threat of new entrants but maintaining intense competition among incumbents.
Competitive Moat
The company's moat is built on its strong parentage (SAMIL and SWS), established long-term OEM relationships, and a robust financial profile with negligible debt. These are sustainable due to high entry barriers in Tier-1 automotive supply chains.
Macro Economic Sensitivity
Highly sensitive to Indian GDP and automotive industry cyclicality. A softening of commodity prices, including crude oil, currently supports the domestic market stability.
Consumer Behavior
Shift toward SUVs and premium vehicle features is increasing the demand for complex wiring harnesses, directly benefiting MSWIL's revenue per unit.
Geopolitical Risks
Macroeconomic and geo-political risks are identified as integral challenges that impact the overall risk profile and supply chain stability.
Regulatory & Governance
Industry Regulations
Operations must comply with IATF 16949 quality standards and evolving automotive safety and emission norms which dictate wiring harness complexity.
Environmental Compliance
The company has committed to becoming carbon net-zero by 2040. It is investing in solar power and ESG disclosures to meet evolving regulatory and customer sustainability requirements.
Taxation Policy Impact
Effective tax rate is approximately 24.8%, with a tax expense of INR 102.19 Cr on a PBT of INR 410.63 Cr for the half-year ended September 2025.
Risk Analysis
Key Uncertainties
Volatility in raw material prices (copper/plastics) and potential disruptions in production planning due to inconsistent customer releases are the primary uncertainties.
Geographic Concentration Risk
100% of revenue is derived from the Indian market, creating a high dependency on the domestic economy.
Third Party Dependencies
High dependency on related parties, with 64% of purchases sourced from SAMIL and SWS.
Technology Obsolescence Risk
Risk of falling behind in EV technology is mitigated by the partnership with Sumitomo Wiring Systems and focus on future-ready wiring solutions.
Credit & Counterparty Risk
Receivables quality is high, though trade receivable turnover slowed to 8.67 times. The company maintains a strong liquidity position with INR 600 Cr in unutilized bank lines.