UNO Minda Limited (UNOMINDA)
₹1,108.00 -0.87% last close, 16 Oct
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, UNO Minda's revenue was ₹5,336 Cr (+17.8% year on year, +6.3% on the previous quarter), and net profit ₹352 Cr (+21.8% year on year); the operating margin was 11.3%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹5,336 | +17.8% | +6.3% |
| Operating profit | ₹603 | +14.4% | +8.9% |
| Net profit | ₹352 | +21.8% | +17.1% |
| EPS (₹) | 5.64 | +21.6% | +17.5% |
| Operating margin | 11.3% | — | — |
UNOMINDA delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 39.46% of the UNOMINDA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 52.51%. That is lower than usual for this stock. Volume was 0.3 times its average, well below normal. In UNOMINDA futures, open interest fell 0.32% while the futures price fell 0.44%: long unwinding (longs closing out).
Delivery in the last 5 sessions: 53.2% · 59.1% · 47.3% · 49.0% · 39.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Uno Minda has announced four major strategic capacity expansions and consolidation projects with a total capex outlay of ₹1,415 crore (~7.2% of TTM revenue). Detailed plans disclosed include a greenfield Aluminium Casting facility at Hosur with ₹510 crore capex, more than doubling peak capacity from ~13,000 MT to 30,000 MT by Q4 FY28. Additionally, it approved a ₹155 crore expansion and relocation project for 3.3 million 2W alloy wheel units at Kharkhoda, Haryana (including 2.0 million units relocated from Supa, Maharashtra). These investments will be phased over 2 to 3 years and cater to growing OEM demand across ICE and EV powertrains.
- Combined proposed investment of ~₹1,415 crore across four major strategic expansion projects
- ₹510 crore capex for a greenfield Hosur casting unit, scaling capacity from ~13,000 MT to 30,000 MT by Q4 FY28
- ₹155 crore capex for 3.3 million 2W alloy wheel capacity at Kharkhoda, relocating 2.0 million units from Supa
- Hosur unit adds structural EV/powertrain capabilities and ~1.0 million HPDC two-wheeler alloy wheels
UNO Minda's Board has approved multiple Detailed Project Reports (DPRs) totaling approximately ₹1,415 Cr in capex across standalone, subsidiary, and associate units. Key projects include a ₹510 Cr greenfield casting facility at Hosur, ₹155 Cr for a 2W alloy wheel facility at Kharkhoda, ₹80 Cr for Uno Minda Kyoraku, and a ₹670 Cr expansion under associate firm Toyoda Gosei South India. To support liquidity and capital deployment, the Board also approved raising up to ₹600 Cr via Non-Convertible Debentures (NCDs) and commercial papers up to a revolving limit of ₹500 Cr. The expansions are scheduled for commissioning between Q1 FY28 and Q4 FY29.
- Approved ₹510 Cr capex for a new greenfield Casting Division plant at Hosur with 20,557 MT p.a. incremental capacity by Q4 FY2028
- Approved ₹155 Cr capex at Kharkhoda for a 3.3 Mn units p.a. 2W alloy wheel plant, adding 1.3 Mn units incremental capacity by Q4 FY2028
- Approved ₹670 Cr capex at Chhatrapati Sambhajinagar via associate TGSIN adding 1.5 Lakhs units p.a. by Q4 FY2029
- Approved ₹80 Cr capex for Uno Minda Kyoraku adding 1.38 Mn units p.a. by Q1 FY2028
- Authorized fundraise via NCDs up to ₹600 Cr and revolving Commercial Papers up to ₹500 Cr
Uno Minda's board approved four major expansion projects involving a total estimated capex of approximately ₹1,415 Cr across the standalone company, subsidiary, and associate entities. The largest outlays include ₹510 Cr for casting division expansion in Hosur (20,557 MT p.a. addition) and ₹670 Cr by associate firm TGSIN in Chhatrapati Sambhajinagar. Additionally, the company approved a ₹155 Cr alloy wheel plant in Kharkhoda and an ₹80 Cr expansion at Uno Minda Kyoraku in Bengaluru. To support funding requirements, the board also cleared fundraises of up to ₹600 Cr via NCDs and ₹500 Cr via Commercial Papers.
- Approved ₹510 Cr capex for Hosur casting plant, expanding capacity by 20,557 MT p.a. with SOP by Q4 FY2028
- Sanctioned ₹670 Cr capex via associate TGSIN for interior/exterior/airbag parts in Sambhajinagar with SOP by Q4 FY2029
- Approved ₹155 Cr capex for 1.3 Mn wheels p.a. 2W alloy wheel capacity at Kharkhoda (SOP Q4 FY2028)
- Cleared ₹80 Cr expansion at Uno Minda Kyoraku (Bengaluru) adding 1.38 Mn units p.a. by Q1 FY2028
- Approved up to ₹600 Cr NCD issuance on private placement and a revolving ₹500 Cr Commercial Paper limit
Uno Minda's board approved four capex projects totaling approximately ₹1,415 crore across divisions and subsidiaries, along with enabling debt issuances. Projects include a ₹510 crore casting expansion in Hosur (20,557 MT incremental capacity), a ₹155 crore alloy wheel expansion at Kharkhoda (1.3 million units), ₹80 crore at Uno Minda Kyoraku, and ₹670 crore at associate entity Toyoda Gosei South India. The combined direct and associate capex represents ~7.2% of TTM revenue (₹19,657 crore). To support liquidity, the board also approved raising up to ₹600 crore via NCDs and ₹500 crore via Commercial Papers.
- Approved ₹510 crore capex for greenfield casting facility in Hosur, adding 20,557 MT p.a. capacity by Q4 FY2028
- Approved ₹155 crore capex for 2W Alloy Wheel facility at Kharkhoda, adding 1.3 Mn wheels p.a. by Q4 FY2028
- Associate entity Toyoda Gosei South India approved ₹670 crore capex in Chhatrapati Sambhajinagar with SOP by Q4 FY2029
- Uno Minda Kyoraku subsidiary approved ₹80 crore capex adding 1.38 Mn units p.a. by Q1 FY2028
- Board authorized issuance of up to ₹600 crore NCDs and ₹500 crore Commercial Papers limit
Uno Minda's board approved four capex projects totaling approximately ₹1,415 crore across standalone, subsidiary, and associate entities. Key projects include a ₹510 crore casting facility at Hosur expanding capacity by 20,557 MT p.a., a ₹155 crore alloy wheel unit at Kharkhoda (1.3M wheels p.a. incremental), ₹80 crore at Uno Minda Kyoraku, and ₹670 crore at associate TGSIN. To finance ongoing requirements, the board also approved raising up to ₹600 crore via NCDs and up to ₹500 crore via Commercial Papers. The total planned capex represents ~7.2% of TTM revenue (₹19,657 crore) and ~24.4% of net worth.
- Approved ₹510 crore incremental capex for Hosur greenfield casting plant, adding 20,557 MT p.a. capacity with SOP by Q4 FY2028
- Approved ₹155 crore capex for 2W alloy wheel plant at Kharkhoda (adding 1.3M units p.a. incremental capacity by Q4 FY2028)
- Approved ₹670 crore capex at associate entity TGSIN for interior/exterior parts and airbags with SOP by Q4 FY2029
- Approved ₹80 crore expansion at Bengaluru plant (Uno Minda Kyoraku) adding 1.38M units p.a. with SOP by Q1 FY2028
- Board approved issuance of NCDs up to ₹600 crore and Commercial Papers revolving limit of up to ₹500 crore
Uno Minda has received an 'IND A1+' credit rating from India Ratings and Research for its Commercial Paper program of up to ₹3,000 million (₹300 crore). The rating applies to tenors of up to 365 days and was assigned via a rating letter dated September 11, 2026. The ₹300 crore facility represents ~1.5% of Uno Minda's TTM revenue (₹19,657 crore) and ~15.9% of its existing total debt (₹1,883 crore). The highest short-term rating confirms the company's strong liquidity and capability to raise low-cost working capital.
- India Ratings and Research assigned an 'IND A1+' rating to Uno Minda's Commercial Papers.
- The rated size of issue for the Commercial Paper facility is INR 3,000 million (₹300 crore).
- Instrument maturity is specified for tenors up to 365 days.
- The rating letter is valid for issuance within 60 calendar days and valid for 1 year from issuance date.
Uno Minda Limited has informed the exchanges regarding its upcoming investor interactions scheduled between September 16 and September 24, 2026. The management will attend the Jefferies India Forum on September 16, followed by a US Non-Deal Roadshow across San Francisco, Boston, New York, and Chicago. The company confirmed that no unpublished price sensitive information (UPSI) will be discussed during these interactions.
- Management to attend Jefferies India Forum in-person on September 16, 2026 (10:00 AM to 4:00 PM IST)
- US Non-Deal Roadshow scheduled across 4 US cities from September 18 to September 24, 2026
- Meetings include stops in San Francisco (Sept 18), Boston (Sept 21), New York (Sept 22-23), and Chicago (Sept 24)
- Company confirmed no Unpublished Price Sensitive Information (UPSI) will be shared
Uno Minda Limited received an Order-in-appeal from the Pr. Commissioner (Appeal-II), Central GST, Chennai, regarding excess ITC and GST non-payment issues concerning merged entity Harita Fehrer Limited. The appellate authority reduced the original tax demand to ₹5.02 crore along with a penalty of ₹0.50 crore plus applicable interest. The total quantifiable demand of ₹5.52 crore is negligible compared to the company's TTM net profit of ₹1,284 crore (~0.43% of PAT). The company stated it intends to contest this order on merits and foresees no material financial impact.
- Appellate authority reduced the GST tax demand to ₹5.02 crore
- Penalty demand reduced to ₹0.50 crore, plus applicable interest
- Matter pertains to merged entity Harita Fehrer Limited regarding apprentice training (BOAT) income and ITC
- Order received on September 03, 2026 at approximately 1:29 PM IST
Uno Minda Limited announced that NSE Sustainability Ratings and Analytics Ltd. has assigned the company an ESG rating of '68' for Financial Year 2025-26. The rating evaluates the company's performance on Environmental, Social, and Governance parameters. Uno Minda clarified that this was an independent, unsolicited rating prepared from publicly available domain data, with no commercial engagement by the company. The announcement is informational with no direct financial impact.
- Assigned an ESG rating of '68' for the Financial Year 2025-26
- Rating issued by NSE Sustainability Ratings and Analytics Ltd. via email on September 02, 2026
- Company confirmed the rating was independently prepared without direct engagement or mandate
Uno Minda Limited has informed the exchanges that Dr. Sandhya Shekhar (DIN: 06986369) has completed her two-year tenure as Non-Executive Independent Director, ceasing her directorship effective September 01, 2026. This is a routine completion of term under SEBI LODR regulations. The change has no impact on the operational or financial performance of the Rs 79,128 Cr market cap company.
- Dr. Sandhya Shekhar completed her 2-year term as Non-Executive Independent Director
- Cessation effective from September 01, 2026
- Routine governance departure upon term completion with no operational disruption
ICRA has reaffirmed UNO Minda Limited's credit ratings for its bank facilities and debt instruments with a Stable outlook. Bank facilities totaling ₹2,150.00 crore were reaffirmed/assigned for enhanced amounts at [ICRA]AA+ (Stable) for long-term and [ICRA]A1+ for short-term limits. Non-convertible Debentures (NCDs) amounting to ₹600.00 crore were reaffirmed at [ICRA]AA+ (Stable). The Commercial Paper rating of [ICRA]A1+ was reaffirmed and withdrawn with zero outstanding amount.
- Bank facilities totaling ₹2,150.00 Cr reaffirmed at [ICRA]AA+ (Stable) / [ICRA]A1+
- Long-term fund-based term loans of ₹580.00 Cr reaffirmed at [ICRA]AA+ (Stable)
- Non-convertible Debentures of ₹600.00 Cr reaffirmed at [ICRA]AA+ (Stable)
- Commercial Paper rating of [ICRA]A1+ reaffirmed and withdrawn (₹0.00 Cr rated amount)
Uno Minda's Vietnam-based subsidiary, Minda Industries Vietnam Company Limited, has received a tax order from the Phu Tho Province Tax Department. The order involves a total financial impact of Rs 1.35 Cr, comprising a tax demand of Rs 0.97 Cr, interest of Rs 0.19 Cr, and a penalty of Rs 0.19 Cr. This pertains to audit disallowances for the period FY 2020-21 to FY 2025-26. Given the company's TTM PAT of Rs 1,284 Cr, this impact is negligible at approximately 0.11% of annual profits.
- Total financial demand of Rs 1.35 Cr issued by Vietnam tax authorities
- Audit period covers six fiscal years from FY 2020-21 to FY 2025-26
- Tax/duty component stands at Rs 0.97 Cr
- Interest and administrative penalties amount to Rs 0.19 Cr each
- Company confirms no material impact on financial or operational activities
Uno Minda reported its highest-ever quarterly revenue of ₹5,557 Cr for Q1 FY27, a 26% YoY increase that outperformed the domestic automotive production growth of 22%. EBITDA margins stood at 10.3%, impacted by a 40 bps mathematical dilution from commodity price pass-throughs and startup costs for new facilities. The company confirmed its entry into the 4W seating segment through its JV with Tachi-S, aiming to increase 'content per vehicle'. Key growth drivers included alloy wheels (₹850 Cr combined) and the Sensors/ADAS segment (₹250 Cr).
- Achieved record quarterly revenue of ₹5,557 Cr, representing 26% YoY growth.
- 4W Alloy Wheel revenue reached ₹566 Cr, while 2W Alloy Wheel contributed ₹284 Cr.
- Sensors and ADAS segment reported revenue of ₹250 Cr for the quarter.
- EBITDA margins at 10.3% were impacted by a 40 bps mathematical dilution from commodity pass-throughs.
- Total automotive production in India grew 22% YoY to 96.9 lakh units during the quarter.
UNO Minda reported its highest-ever quarterly revenue of ₹5,557 Cr for Q1 FY27, marking a 26% YoY growth that outpaced the industry production growth of 22%. EBITDA grew 21% to ₹572 Cr, though margins moderated to 10.3% due to a 40 bps impact from commodity price pass-throughs. The company highlighted a strategic entry into the full four-wheeler seating business through its Tachi-S partnership, aiming to replicate its success in other segments. Key growth drivers included Alloy Wheels (₹850 Cr combined) and the Sensors/ADAS division (₹250 Cr).
- Achieved record quarterly revenue of ₹5,557 Cr, a 26% increase over the previous year's adjusted base.
- EBITDA reached ₹572 Cr, up 21% YoY, despite margin dilution from absolute cost pass-throughs.
- 4W Alloy Wheel revenue contributed ₹566 Cr, while 2W Alloy Wheels added ₹284 Cr to the top line.
- Sensors and ADAS segment reported revenue of ₹250 Cr, reflecting the 'content per vehicle' growth strategy.
- Total Indian automotive production grew 22% YoY to 96.9 lakh units, providing a strong tailwind for the company.
Uno Minda has announced a schedule for institutional investor interactions on August 12 and 13, 2026. The first day involves Non-Deal Roadshows (NDRs) in Mumbai, followed by participation in the Equirus Conference on the second day. These sessions will include one-on-one and group meetings between 10:00 AM and 5:00 PM IST. The company has explicitly stated that no unpublished price-sensitive information (UPSI) will be shared during these interactions.
- Non-Deal Roadshows (NDRs) scheduled for August 12, 2026, in Mumbai.
- Participation in the Equirus Conference scheduled for August 13, 2026.
- Interaction window defined from 10:00 AM to 5:00 PM IST for both days.
- Company currently maintains a TTM revenue of Rs 19,657 Cr and a market cap of Rs 79,419 Cr.
Financial Performance
Revenue Growth by Segment
Consolidated revenue for Q2 FY26 grew 13.4% YoY to INR 4,814 Cr. The 'Other' category (Sensors, ADAS, Controllers, EV systems) grew 18% YoY to INR 1,070 Cr. Switching systems, lighting, wheels, and seating (core segments) contribute 79% of total revenue. H1 FY26 normalized revenue grew 15% to INR 9,234 Cr.
Geographic Revenue Split
The company derives 89% of its revenue from the domestic Indian market and 11% from international operations as of FY25. European acoustics business saw a 13% decline due to softening demand, while domestic acoustics grew 15%.
Profitability Margins
Net UML profit margin stood at 5.6% in FY25, down from 6.2% in FY24. Normalized PAT for Q2 FY26 grew 27% YoY to INR 304 Cr. Dividend payout ratio increased from 11.2% in FY21 to 13.7% in FY25.
EBITDA Margin
EBITDA margin for Q2 FY26 was 11.5%, a slight improvement from 11.4% in FY25. EBITDA grew 14% YoY to INR 552 Cr. Management guides for a sustainable margin of 11% (+/- 0.5%) until large ongoing projects are commissioned.
Capital Expenditure
Planned capex for FY26 is INR 1,500-1,600 Cr, including land parcels. This follows a capex of ~INR 700 Cr in FY24. Investments are focused on greenfield EV facilities and expanding airbag capacities to meet rising OEM demand.
Credit Rating & Borrowing
Credit rating is reaffirmed at [ICRA]AA+ (Stable). Total debt to OPBITDA was 1.3x in FY25. The company maintains a conservative gearing of 0.3-0.5x, supported by historical equity infusions of ~INR 940 Cr via QIP and rights issues.
Operational Drivers
Raw Materials
Key materials include rare earth magnets (critical for EV motors), aluminum (for alloy wheels), and components for switches and sensors. Rare earth magnets are currently facing supply constraints due to export curbs.
Import Sources
China is a primary source for rare earth magnets. The company is exploring alternate sourcing arrangements due to China's curbs on these materials to prevent production halts.
Key Suppliers
Not specifically named in the documents, but the company maintains a vast supplier ecosystem essential for disruption-free operations across 76 manufacturing plants.
Capacity Expansion
Neemrana airbag facility expansion is currently ramping up. A new greenfield facility for high-voltage EV powertrain components (Inovance JV) is scheduled for Phase 1 commissioning by Q2 FY27. Kharkhoda plant is also in the commissioning phase.
Raw Material Costs
Raw material costs are a significant portion of the cost structure; however, specific % of revenue is not disclosed. Supply chain issues in rare earth magnets are driving the industry to seek higher-cost alternate arrangements.
Manufacturing Efficiency
Fixed Asset Turnover Ratio was 4.2x in FY25. ROCE stood at 18.9% and ROE at 17.7% for FY25, reflecting healthy utilization of the capital base.
Logistics & Distribution
The company operates 76 manufacturing plants globally to optimize distribution and stay close to OEM customers like Maruti Suzuki.
Strategic Growth
Expected Growth Rate
21%
Growth Strategy
Growth is driven by increasing 'content per vehicle' through ADAS, sensors, and EV components. The company is expanding its airbag portfolio (side and curtain bags) and entering the bus passenger seat segment. Strategic JVs, like the one with Inovance for EV powertrains, are key to capturing the transition to electric mobility.
Products & Services
Automotive switches, lighting systems, PV alloy wheels, seating systems, acoustics (horns), sensors, ADAS, EV powertrain components, and airbags.
Brand Portfolio
Uno Minda (formerly Minda Industries).
New Products/Services
Side and curtain airbags (ramping up from Q3 FY25), high-voltage EV powertrain components (expected Q2 FY27), and suspended seats for the domestic market.
Market Expansion
Expansion into the mid-premium 2W segment and increasing contribution from the bus passenger seat segment. Target regions include domestic expansion in Kharkhoda and Neemrana.
Market Share & Ranking
Largest automotive switch and PV alloy wheel manufacturer in India. Second-largest player in automotive seating and lighting in the domestic market.
Strategic Alliances
Joint ventures include Uno Minda EV Systems, UMBM (with Buehler Motor - recently terminated/restructured), and a JV with Inovance Automotive for EV components.
External Factors
Industry Trends
The industry is shifting toward enhanced safety (regulatory push for more airbags) and premiumization (alloy wheels and ADAS). EV adoption is a major trend, with Uno Minda positioning itself via high-voltage powertrain JVs.
Competitive Landscape
Operates in a competitive auto-component space but maintains a top 2 ranking in five major product categories which account for 79% of revenue.
Competitive Moat
Moat is built on 'Technology Leadership' and being a 'one-stop-shop' for OEMs. High switching costs for OEMs and leadership in core segments (Switches/Wheels) provide sustainable competitive advantages.
Macro Economic Sensitivity
Highly sensitive to Indian auto industry cycles; PV segment grew 4% and 2W grew 11% in Q2 FY26, which directly correlated to the company's 13.4% revenue growth.
Consumer Behavior
Shift toward mid-premium 2W and PV segments is driving demand for the company's higher-value products like alloy wheels and advanced lighting.
Geopolitical Risks
China's curbs on rare earth magnets pose a significant risk to the production of EV components and sensors.
Regulatory & Governance
Industry Regulations
Enhanced regulatory requirements for vehicle safety are driving the 28% YoY growth in the Airbag JV business. The company must comply with evolving AIS (Automotive Industry Standards) for EV components.
Environmental Compliance
Environmental risks are noted as a credit challenge, particularly regarding manufacturing emissions and waste management across 76 plants.
Legal Contingencies
A minor instance of loss of 200 equity share certificates was reported. A JV termination agreement was executed with Buehler Motor GmbH on December 6, 2025, involving a share purchase agreement.
Risk Analysis
Key Uncertainties
Cyclicality of the automotive industry (83% domestic exposure) and the successful ramp-up of new greenfield projects which currently carry start-up costs.
Geographic Concentration Risk
High geographic concentration in India (89% of revenue), making the company vulnerable to local economic downturns.
Third Party Dependencies
Significant dependency on JV partners (like Inovance and Buehler) for technical expertise and China for rare earth magnet supply.
Technology Obsolescence Risk
Risk of being left behind in the EV transition is mitigated by aggressive JVs in EV powertrains and sensors.
Credit & Counterparty Risk
Receivables quality is generally high as customers are major OEMs (e.g., MSIL), but the company maintains a current ratio of 1.3x to manage liquidity.
