NSE: MSUMI · BSE: 543498
MOTHERSON SUMI WRNG IND L
Manufactures wiring harnesses for automotive OEMs in India, running 30 plants with 63,139 employees. FY26 revenue was Rs 11,478 cr, up 23.2% year on year, with EBITDA of Rs 1,061 cr (up 6.4%). The product line is essentially single-segment — wiring harnesses — sold to passenger vehicle and EV manufacturers, with EV-related programs contributing about 6.6% of revenue and 15% of capex directed to EV initiatives. Raw materials (copper wires, plastics, connectors) are the biggest cost at 69.1% of revenue, followed by employee costs at 17.2%. The company is debt-free and carries India's highest short-term credit rating of IND A1+ on bank facilities of Rs 6,000 million. It operates as a joint venture between Samvardhana Motherson International and Japan's Sumitomo Wiring Systems, with related-party transactions with both parents approved annually at the AGM. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Wiring harnesses. Single-product auto-component supplier, debt-free
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 5,635 | 7,057 | 8,328 | 9,320 | 11,478 |
| EBITDA (ex other income) | 665 | 781 | 1,013 | 997 | 1,060 |
| margin % | 11.8 | 11.1 | 12.2 | 10.7 | 9.2 |
| Owners' profit | 411 | 487 | 638 | 606 | 625 |
| EPS, as reported (₹) | 1.30 | 1.10 | 1.44 | 1.37 | 0.94 |
| ROE % · ROCE % | 36.8 · 43.1 | 36.6 · 42.2 | 38.1 · 45.7 | 35.7 · 43.2 | 28.9 · 35.5 |
| Debt / equity (x) | 0.25 | 0.28 | 0.15 | 0.16 | 0.11 |
| Cash from operations | 501 | 224 | 791 | 365 | 761 |
| Capex | (101) | (199) | (111) | (172) | (201) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,326 | 2,300 | 2,510 | 2,494 | 2,762 | 2,887 | 3,335 | 3,407 |
| Profit before tax | 203 | 185 | 220 | 190 | 221 | 200 | 212 | 195 |
| Net profit | 152 | 140 | 165 | 143 | 165 | 149 | 167 | 145 |
| EPS (₹) | 0.34 | 0.32 | 0.37 | 0.22 | 0.25 | 0.23 | 0.25 | 0.22 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SAMVRDHNA MTHRSN INTL LTD | 1,69,176 | 38.6 | 3.87 | 15.1 | 9.4 | 8.2 | 17.1 | 9.0 |
| BOSCH LIMITED | 1,39,756 | 59.1 | 9.41 | 34.3 | 18.7 | 24.1 | 15.6 | 17.9 |
| BHARAT FORGE LTD | 83,937 | 118.9 | 8.78 | 30.3 | 11.4 | 13.2 | 21.6 | 8.8 |
| UNO MINDA LIMITED | 63,520 | 52.8 | 8.75 | 29.1 | 17.7 | 15.7 | 25.3 | 10.4 |
| SCHAEFFLER INDIA LIMITED | 56,735 | 45.3 | 9.23 | — | 10.4 | 14.1 | — | 19.4 |
| SONA BLW PRECISION FRGS L | 54,705 | 78.5 | 8.92 | 47.5 | 10.3 | 12.9 | — | 25.1 |
| TUBE INVEST OF INDIA LTD | 41,237 | 67.9 | 2.90 | 15.9 | 7.9 | 12.4 | 30.3 | 10.6 |
| ENDURANCE TECHNO. LTD. | 32,484 | 33.5 | 4.75 | 15.9 | 13.9 | 15.6 | 17.4 | 13.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 36.8 | 25.3 | 83 of 119 | 31% |
| P/B | 10.7 | 3.2 | 112 of 117 | 4% |
| ROCE | 34.4 | 12.6 | 3 of 125 | 98% |
| ROE | 28.9 | 11.7 | 5 of 117 | 97% |
| Debt / Equity | 0.1 | 0.3 | 41 of 117 | 66% |
| EBITDA margin | 7.7 | 12.2 | 99 of 118 | 16% |
| Revenue growth | 36.6 | 20.2 | 14 of 113 | 88% |
| Profit growth | 1.6 | 24.4 | 81 of 115 | 30% |
| Market cap | 23198 | 1460 | 15 of 126 | 89% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Motherson Sumi Wiring India schedules Q2 FY27 earnings call for Oct 30, 2026 | board shareholder meetings | low | — | — |
| 14 Oct 2026 · Board meeting on Oct 30 to consider Q2 FY27 results | results | low | — | — |
| 12 Oct 2026 · Quarterly compliance certificate from registrar for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 for Q2 FY26 results | compliance | minimal | — | — |
| 16 Sept 2026 · ESG rating of 72 assigned by third-party agency | business updates | medium | — | — |
| 11 Sept 2026 · Motherson Sumi Wiring to hold investor and analyst meetings on Sept 18 | board shareholder meetings | low | — | — |
| 11 Sept 2026 · Motherson Sumi Wiring to hold investor meetings on Sep 18 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Motherson Sumi Wiring to hold one-on-one investor meeting with Enam AMC on Sept 10 | board shareholder meetings | low | — | — |
| 3 Sept 2026 · MSUMI gets ESG rating of 72 from NSE Sustainability | general | medium | — | — |
| 31 Aug 2026 · Motherson Sumi Wiring to hold investor meetings on Sept 8-9 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.