H2 Recovery Expected
Q3 and Q4 should show improved performance driven by completion of Europe restructuring (€50M savings), tariff cost pass-through to customers, greenfield ramp-up, and M&A integration benefits.
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Samvardhana Motherson International · forward-looking guidance across the available source record.
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What management said would happen.
margins
Full-Year Capex: ₹6,000 Crores (±10%)
Capex guidance maintained at ~₹6,000 crores with 50/50 split between growth and maintenance capex. Two greenfields (aerospace and elastomer) postponed by a few quarters; will recalibrate based on production environment.
Europe Transformation Payback <1 Year
Provisions of ₹136 crores booked for Europe restructuring; cash out over next 3 quarters with payback of less than one year from realized cost savings.
Consumer Electronics Scale-Up
New facility commissioning in Q2 FY26; targeting 15-17 million unit capacity by FY26 end with meaningful revenue contribution from larger facility in FY27.
FY26 Capex: ~6,600 crore
Full-year capex guidance of around 6,000 crore plus 10% maintained; 9-month spend already at 4,200 crore; exit number expected well within guidance.
Consumer Electronics Capacity: 16M units by FY26 year-end
Two operational plants on track to achieve annual capacity of ~16 million units by end of current fiscal year. Third plant to commence in Q3 FY27, doubling capacity.
Global PV Production FY27: 93M units
FY27 global passenger vehicle production projected at 93 million units, up from ~91 million units expected in FY26.
Q4 FY26 expected to be better than Q3
Management stated Q3 and Q4 would be much better than Q2, with Q4 expected to be even stronger than Q3 as copper scenarios play out and final customer money is received.
FY27 Capex: ~₹200 crore
Capex for FY27 will be broadly in line with FY26's ~₹190 crore spend, allocated toward customer-backed greenfield expansion, automation/digitization, and replacement capex.
Greenfield Revenue Run Rate: ₹2,000 crore annualized
Three greenfield plants expected to reach ₹2,000 crore annualized revenue once customer volumes achieve projected levels, with profitability normalizing at company-average margins upon reaching ~80% capacity utilization.
Margin Normalization: Q1 FY27
If copper prices remain stable at Q4 levels, gross margins are expected to revert to normalized levels as the 3-6 month pass-through lag fully flows through in Q1 FY27.
Revenue growth: Sustained double-digit trajectory
Management expects revenue growth momentum to continue into Q1 FY27, supported by new order wins across ICE, EV, and hybrid powertrains, outpacing single-digit market growth.