MOTHERSON Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹31,409 Cr
verified against source
Revenue YoY
14%
reported change
EBITDA
₹3,042 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Samvardhana Motherson delivered its highest-ever quarterly revenue of 31,490 crore in Q3 FY26, growing 14% YoY, driven by healthy organic growth, Atsumch consolidation, and favorable FX. Normalized PAT rose 21% YoY to 1,610 crore, supported by Europe restructuring savings and lower finance costs. EBITDA stood at 3,042 crore. The company maintains a strong balance sheet with net leverage at 1.1x. Emerging businesses (aerospace + consumer electronics) surged 41% YoY, with consumer electronics posting 75% QoQ growth. The company has 12 greenfield projects underway across emerging markets, with new facilities in India and Morocco. Capex for 9 months reached 4,200 crore against full-year guidance of ~6,600 crore. Risk: European OEM competitive pressures from Chinese EV makers remain a watchpoint, though management sees diversified customer exposure as mitigant.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- 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.
- FY27 global passenger vehicle production projected at 93 million units, up from ~91 million units expected in FY26.
- 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.
Risks flagged
- Analyst raised concern about Chinese OEMs gaining share in Europe, given MOTHERSON's higher European exposure. Management deflected by noting historical volatility in OEM performance and that best car wins regardless of origin.
- Analyst specifically asked about sustainability of M&P margin improvement given rising commodity costs (copper, engineering plastics). Management acknowledged small commodity impact but attributed majority of margin expansion to operational restructuring.
- Multiple new verticals (aerospace, consumer electronics, semiconductors) require capital deployment before delivering 40% ROC targets. Management did not provide specific timeline for when these reach target returns.
- Nexon Auto Electric wiring harness acquisition (expected H1 FY26 close) and Utaka Kiken Japan tender offer (ongoing) represent significant integration tasks across geographies simultaneously.
Key quotes
- We are known as a not yet company. Once we get into something, once we put in our resources, we put in our engineering, we put in our capital, we don't run away. Tell me which plant we have closed in the last 20-30 years.
- The fifth vertical of consumer electronics, we were not there. We didn't want to go into that. And then the customer came and he wanted it this way only and that's why it's happened. So it's not that we go after these guys, they come after us because they know that we have the capability and the resolve and the wherewithal.
- We were seeding this aerospace division since 2017. And you know, it took us multiple years to break in and to get a customer. So it was not something that was easy, took a lot of time as well, and again that should give you the confidence that it's not something that is kind of off the cuff.
Research modules