Auto · NSE: MSUMI
Motherson Sumi Wiring India
Q2 FY27 earnings call · Guided by management
Call held 30 Oct 2026 · Read the filing on NSEFiling
- M.Cap
- ₹25,791Cr
- P/E
- 37.6×
- 1Y return
- −16.09%
- From 52W high
- −27.4%
Highlights are read by AI from the company's filing and can contain mistakes. Check the source page linked to each line.
Share price
Results Q2 FY27, as filed · standalone · ₹ Cr
| Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ | |
|---|---|---|---|---|---|
| Revenue | 4,054 | 2,762 | +46.8% | 3,407 | +19.0% |
| EBITDA | 374 | 280 | +33.6% | 258 | +44.7% |
| EBITDA margin | 9.2% | 10.1% | -91 bps | 7.6% | +164 bps |
| PBTProfit before tax | 299 | 221 | +35.4% | 195 | +53.2% |
| Net profit | 223 | 165 | +35.1% | 145 | +53.7% |
| EPS (₹) | 0.34 | 0.25 | +36.0% | 0.22 | +54.5% |
From the company's own results filing on NSE. Net profit is the owners' share. Growth and the dotted lines are worked out from the filed figures.
Guidance
Company does not give margin guidance, citing its many programs
Pankaj Mital · Whole · Q&A · p. 9
Company does not give margin guidance, citing its many programs
“So, for us, we don't provide a guidance on the margins because MSWIL we see as one company, it has a huge number of programs.”
In short
- 01Revenue grew 47% year-on-year and 19% from the previous quarter.
- 02EBITDA margin was 9.2%, up from 7.6% in Q1.
- 03Capex for this year is about Rs 200 crore, similar to last year; no FY28 figure yet.
- 04Copper rose 54% year-on-year; it is passed through to customers with a lag of about three months.
- 05The Chairman said better numbers will be reported within this financial year as copper and wage costs are recovered.
- 06Without copper inflation, revenue growth was 35% against EBITDA growth of 34%.
- 07The three Greenfield plants now run at optimal utilisation; expansion starts when utilisation reaches about 80%.
- 08Management does not give margin guidance.
Capex
FY28 capex not quantified yet; capacity expansion will continue
Gulshan Pahuja · Chief Financial Officer · Q&A · p. 10
FY28 capex not quantified yet; capacity expansion will continue
“But as we said in the beginning or so far that obviously the growth is there and we are looking at the capacities expansion and all. So, that will be there.”
Capacity
Company will keep investing and keep capacity in line with customer needs
V.C. Sehgal · Chairman · p. 3
Company will keep investing and keep capacity in line with customer needs
“We remain confident about the long-term prospects of the automotive industry in India and will continue to invest in capabilities and keep capacity in line with our customers' evolving requirements.”
Greenfield plants: Three Greenfield plants ramped up and now run at optimal utilisation
Laksh Vaaman Sehgal · Director · p. 4
Greenfield plants: Three Greenfield plants ramped up and now run at optimal utilisation
“The ramp-ups have progressed well with the plants now operating at an optimal utilization level.”
Greenfield plants: Greenfield plants now counted with regular plants for utilisation
Anurag Gahlot · Chief Operating Officer and Whole Time Director · Q&A · p. 7
Greenfield plants: Greenfield plants now counted with regular plants for utilisation
“So, now, I can just tell you that there are no Greenfield at this moment. Now, they are with all the regular plants also. We are considering like that in total when we are doing the capacity utilization.”
Segments
EV: EVs were 10% of revenue in the quarter and 9.3% in the first half
Laksh Vaaman Sehgal · Director · p. 3
EV: EVs were 10% of revenue in the quarter and 9.3% in the first half
“EVs accounted for 10% of our revenue during the quarter and 9.3% for the first half of the year.”
Demand
Passenger vehicles: Passenger vehicle industry volumes up 25% year-on-year and 14% sequentially; company grew faster
Laksh Vaaman Sehgal · Director · p. 3
Passenger vehicles: Passenger vehicle industry volumes up 25% year-on-year and 14% sequentially; company grew faster
“The passenger vehicle industry continued to witness healthy growth with volumes increasing 25% year-on-year and 14% sequentially. We grew ahead of the industry”
Passenger vehicles: H2 faces a higher base after last year's GST cut; industry expected to grow healthily
Laksh Vaaman Sehgal · Director · p. 4
Passenger vehicles: H2 faces a higher base after last year's GST cut; industry expected to grow healthily
“However, the second half of the year will be compared against a higher base following the GST reduction implemented last year. Based on current visibility, we expect the industry to continue registering healthy growth.”
Management hopes the festive period continues to deliver revenue growth
Laksh Vaaman Sehgal · Director · Q&A · p. 5
Management hopes the festive period continues to deliver revenue growth
“And we are really hopeful that this festive period again continues to deliver very strong revenue growth.”
Growth expected to continue, but at lower percentages than last year
Pankaj Mital · Whole · Q&A · p. 5
Growth expected to continue, but at lower percentages than last year
“So, definitely, we do believe that there should be continuous growth as we move forward. But the range of growth in terms of percentages may not be as wide as what was with respect to last year.”
New programs keep coming in as carmakers launch new vehicles
Pankaj Mital · Whole · Q&A · p. 5
New programs keep coming in as carmakers launch new vehicles
“The programs have been continuously coming in. So, definitely, power makers keep launching new vehicles and this will be a continued process.”
Margins and costs
EBITDA margin 9.2%, up from 7.6% in Q1, on operating efficiencies
Laksh Vaaman Sehgal · Director · p. 4
EBITDA margin 9.2%, up from 7.6% in Q1, on operating efficiencies
“EBITDA margins stood at 9.2% improving from 7.6% in Q1 through continued focus on operational efficiencies”
Copper prices up about 6% sequentially and 54% year-on-year
Laksh Vaaman Sehgal · Director · p. 4
Copper prices up about 6% sequentially and 54% year-on-year
“Copper prices increased by approximately 6% sequentially and 54% year-on-year.”
Copper is a pass-through with about a three-month recovery lag for most customers
3monthsLaksh Vaaman Sehgal · Director · p. 4
Copper is a pass-through with about a three-month recovery lag for most customers
3months“copper is a pass-through item with a typical time lag of about three months for recovery from majority of the customers.”
Cost ratios improved as Greenfield revenues came in; austerity measures in place
Pankaj Mital · Whole · Q&A · p. 5
Cost ratios improved as Greenfield revenues came in; austerity measures in place
“Basically, when the Greenfield sites came up, there have been costs and the revenues were not there. And as revenues keep coming in, then when we look at the ratios, they're improved. And for us as a company, our endeavor has always been to be preserved. We have always austerity measures in place.”
Company seeks full recovery of minimum wage increase from customers
V.C. Sehgal · Chairman · Q&A · p. 6
Company seeks full recovery of minimum wage increase from customers
“Of course, and we try to do our best to get full recovery from this.”
Risks
Headwinds from copper prices, minimum wage revisions and inflation remain
Laksh Vaaman Sehgal · Director · p. 4
Headwinds from copper prices, minimum wage revisions and inflation remain
“headwinds from higher copper prices, minimum wage revisions and other inflationary pressures remain.”
Other
Revenue grew 47% year-on-year and 19% quarter-on-quarter
Laksh Vaaman Sehgal · Director · p. 3
Revenue grew 47% year-on-year and 19% quarter-on-quarter
“We are pleased to report a strong performance this quarter with the revenue growing 47% year-on-year and 19% sequentially.”
EBITDA up 34% year-on-year and 45% quarter-on-quarter; PAT up 35% and 54%
Laksh Vaaman Sehgal · Director · p. 3
EBITDA up 34% year-on-year and 45% quarter-on-quarter; PAT up 35% and 54%
“EBITDA increased 34% year-on-year and 45% sequentially while profit after tax registered growth of 35% and 54% respectively.”
Company makes its own wires and components, with Sumitomo collaboration
V.C. Sehgal · Chairman · Q&A · p. 8
Company makes its own wires and components, with Sumitomo collaboration
“We, of course, have our own manufacturing of wires and components. We have collaboration with Sumitomo for that.”
Management says return on capital employed stayed healthy despite commodity rise
Pankaj Mital · Whole · Q&A · p. 9
Management says return on capital employed stayed healthy despite commodity rise
“And you will see that the company has maintained very healthy return on capital employed despite all these uncertainties in the market and also the increase in commodity.”
Revenue growth came from customer volumes, new program launches and Greenfield plants
V.C. Sehgal · Chairman · p. 3
Revenue growth came from customer volumes, new program launches and Greenfield plants
“The revenue growth is supported by higher customer volume; new program launches and contributions from our Greenfield plants. Our investments in new capacities are supporting the increased demand from our customers”
Sources
- Earnings call transcript, Q2 FY27 Filed 4 Nov 2026 · 12 pages
Management's own statements, quoted from its NSE filings. This page was read by AI and can contain mistakes: check the source pages before relying on any figure. No forecast or opinion of ours. Not investment advice.