Motherson (MOTHERSUMI) Q3 25/26 earnings summary

Executive summary

• Achieved record quarterly revenue of INR 31,409 crores in Q3 FY26, up 14% year-on-year, with EBITDA of INR 3,042 crores and normalized PAT of INR 1,061 crores, driven by operational improvements, cost savings, and lower finance costs.

• Growth was broad-based, with strong momentum in consumer electronics and aerospace, and disciplined capital allocation.

• Operational improvements in Europe and strong contributions from JVs and associates supported profitability.

• Two new greenfield projects announced, bringing total to 12, supporting expansion in both automotive and non-automotive sectors.

• Consolidated nine-month revenue reached INR 91,794 crores, up from INR 84,346 crores year-over-year.

Financial highlights

• Revenue grew 14% year-on-year to INR 31,409 crores, with EBITDA at INR 3,042 crores and normalized PAT up 21% to INR 1,061 crores.

• Consumer electronics segment posted 75% sequential revenue growth and 41% year-on-year growth; aerospace also grew over 40% year-on-year.

• CapEx reinvestment of INR 1,594 crores in Q3, with total nine-month CapEx at INR 4,200 crores; FY26 CapEx guidance remains at INR 6,000 crores plus 10%.

• Operating margin for Q3 FY26 was 5.3%, with net profit margin at 3.4%.

• Basic and diluted EPS for Q3 FY26 was INR 0.97, up from INR 0.83 in Q3 FY25.

Outlook and guidance

• Management expects Q4 FY26 to outperform Q3, with further improvements anticipated as copper-related scenarios resolve and customer payments are finalized.

• FY27 global PV production projected to rise to 93 million units from 91 million in FY26, supporting continued growth.

• Majority of new greenfield plants to come online in H2 FY27, driving future revenue and capacity expansion.

• Organic growth expected to accelerate with ramp-up in consumer electronics and aerospace businesses.

• Recently announced M&As are likely to close in H1FY27, supporting future growth.