Motherson Sumi Wiring India (MSUMI) Q2 25/26 earnings summary

Executive summary

• Achieved record quarterly revenue of INR 2,762 crore in Q2 FY26, with 19% year-over-year growth, outpacing the industry’s 4% growth, driven by premiumization, volume increases, and new model launches.

• EBITDA grew 12% year-over-year to INR 280 crore, reflecting strong operational execution and content mix.

• Net profit for Q2 FY26 was INR 165.34 crore, up from INR 152.08 crore in Q2 FY25.

• Successfully commenced production at one of three Greenfield projects, with further ramp-up expected.

• Maintained a debt-free status, with net debt remaining negative after dividend payouts.

Financial highlights

• Q2 FY26 revenue reached INR 2,762 crore, up 19% year-over-year; EBITDA was INR 280 crore, up 12%; PAT grew 9% to INR 165 crore.

• H1 FY26 revenue was INR 5,256 crore, up 17% year-over-year; EBITDA up 7% to INR 524 crore; PAT up 2% to INR 308 crore.

• Adjusted EBITDA margin, excluding startup costs, was 12.7%; reported margin was 10.1%.

• EV share of revenue stood at 6.7% for Q2 FY26.

• Copper prices increased 5% quarter-on-quarter and 13% year-over-year, impacting raw material costs.

Outlook and guidance

• Greenfield utilization currently at 36%, expected to improve as customer volumes ramp up; optimal utilization of 70-80% targeted.

• Greenfield projects are expected to continue ramping up, supporting future growth.

• Ongoing premiumization and new model launches anticipated to sustain above-industry growth.

• EV share in product mix increased to 7% from 5% last quarter, with further growth expected as new plants ramp up.

• CAPEX guidance for FY2026 is INR 210 crore; next year's CAPEX will depend on customer requirements.