Motherson Sumi Wiring India (MSUMI) Q4 25/26 earnings summary

Executive summary

• Achieved record annual revenue exceeding INR 11,477.58 crores in FY26, with 33% year-over-year sales growth, outpacing industry volume growth by 11%.

• Greenfield facilities ramped up, contributing over INR 400 crores in Q4 revenue, and the company now supplies 9 of the top 10 passenger vehicle models in India.

• Maintained a debt-free status since inception, supporting future growth and operational resilience.

• Audited financial results for FY26 were approved, with a final dividend of INR 0.58 per share recommended, subject to AGM approval.

• The audit report provided an unmodified opinion, confirming the financial statements present a true and fair view.

Financial highlights

• FY26 revenue was INR 11,477.58 crores, up from INR 9,320.28 crores YoY; Q4FY26 revenue was INR 3,334.62 crores, up 32.9% YoY.

• FY26 EBITDA was INR 1,061 crores (+6.4% YoY); PAT was INR 625.18 crores (+3.1% YoY); EPS for FY26 was INR 0.94.

• Q4 revenue from greenfield plants reached INR 443 crores, with an annualized run-rate targeting INR 2,000 crores.

• Gross margin compressed by 2.9% in Q4 due to higher copper prices and adverse currency impacts, both with pass-through arrangements.

• Copper price increases contributed about 5% to the 33% YoY sales growth; copper accounts for 24%-28% of raw material costs, with price increases passed through to customers on a 3-6 month lag.

Outlook and guidance

• Expect continued strong sales growth in Q1 FY27, with capacity utilization at existing plants around 80%.

• CapEx for FY27 projected at approximately INR 200 crores, focused on greenfield expansion, automation, and digitization.

• Margins expected to normalize as copper prices stabilize and pass-through mechanisms take effect.

• Greenfield profitability should reach parity with existing plants as volumes ramp up over the next few quarters.

• The company continues to monitor regulatory changes, including new Labour Codes, and will assess financial impacts as rules are finalized.