Uno Minda (532539) Q2 25/26 earnings summary

Executive summary

• Achieved record quarterly revenues and profitability in Q2 FY2026, with consolidated revenue at INR 4,814 crore, up 13.4% year-on-year, and group revenues (including JVs and associates) rising 14% to Rs 6,191 crore.

• EBITDA for Q2 FY2026 grew 14% to INR 552 crore, with margins at 11.5%; PAT attributable to shareholders was INR 3,040 million, up 24% year-on-year, and normalized PAT grew 27% excluding exceptional income.

• Strong performance in core product lines (switches, lighting, wheel systems) and emerging segments (sensors, ADAS, EV systems), with robust domestic sales and expansion of manufacturing capacity.

• Standalone and consolidated unaudited financial results for the quarter and half year ended September 30, 2025, were approved and released, showing continued growth in revenue and profitability year-over-year.

• The company operates in the auto components sector, with activities consolidated under a single primary operating segment.

Financial highlights

• Share of profit from associates and JVs rose to INR 630 million in Q2, mainly due to strong airbag JV performance.

• Finance costs stable at INR 45 crore; depreciation increased to INR 173 crore due to new facilities.

• Net debt as of 30 September was INR 2,362 crore; net debt to equity at 0.36; standalone debt-equity ratio at 0.38.

• Cash flow from operations for H1 was INR 678 crore; CapEx at INR 728 crore, including expansion and acquisitions.

• EPS (diluted) for Q2 FY26 was 5.27, up from 4.22 in Q2 FY25; consolidated basic EPS for Q2 FY26 was ₹5.28, up from ₹4.27 in Q2 FY25.

Outlook and guidance

• Positive outlook for H2 FY2026, supported by festive demand, stable macro conditions, GST 2.0 reforms, and ongoing capacity expansions.

• Industry expects GST rate rationalization to boost auto demand; EV penetration continues to rise, with 4W at 5% and 2W at 8.1% in Q2 FY26.

• Margin guidance remains at 11% ±0.5% for the year, with potential for improvement post-commissioning of ongoing projects.

• The company continues to invest in capacity expansion, new product development, and strategic acquisitions to drive future growth.