Uno Minda (532539) Q1 25/26 earnings summary

Executive summary

• Consolidated normalized revenue from operations for Q1 FY26 was INR 4,420 crore, up 16% year-over-year, driven by broad-based growth across switches, lighting, acoustics, casting, and emerging segments like sensors and controllers.

• Group revenues (including JVs and associates) rose 14% year-over-year to ₹5,386 Cr for Q1 FY26.

• Normalized EBITDA reached INR 474 crore with stable margins of 10.7%, and PAT attributable to shareholders was INR 291 crore; normalized PAT was INR 239 crore, up 21% year-over-year.

• Major operational milestones include the acquisition of FRIWO, land acquisition at Chhatrapati Sambhajinagar, and the start of localized camera module manufacturing.

• Robust export growth in PV and two-wheeler segments, with exports up 13% and 23% respectively; three-wheeler and EV segments also showed strong momentum.

Financial highlights

• Revenue from operations (excluding prior period incentives) was INR 4,420 crore, up from INR 3,818 crore in Q1 FY25.

• EBITDA margin improved slightly to 10.73% in Q1 FY26 from 10.68% in Q1 FY25.

• PAT margin increased to 4.76% from 4.56% year-over-year.

• Finance costs increased to INR 44 crore due to higher borrowings for CAPEX and working capital.

• Depreciation rose to INR 159 crore, reflecting new facility commissioning.

Outlook and guidance

• Management remains optimistic about sustained growth, supported by strong domestic demand, new product launches, and ongoing capacity expansions.

• Several new projects are expected to be commissioned in FY26, including alloy wheel and lighting plants.

• Margin expansion is anticipated in the medium term as new projects ramp up and stabilize.

• CAPEX guidance for FY26 is INR 1,600–1,700 crore, including INR 350–400 crore for maintenance and INR 1,300 crore for growth.

• Anticipates ramp-up in camera module production and OEM sales for EVSE in the next 3-4 months.