UNOMINDA Q2 FY26 earnings call.
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Revenue
₹4,814 Cr
verified against source
Revenue YoY
13.4%
reported change
EBITDA
₹552 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
UNO Minda delivered strong Q2 FY26 with consolidated revenue of ₹4,814 crore growing 13.4% YoY, driven by broad-based segment performance. PAT grew 24% YoY to ₹104 crore (29% normalized excluding prior-year exceptional). Switches (₹1,176 crore, +11%), Lighting (₹1,116 crore, +14%), and Seating (₹354 crore, +22%) were key growth drivers. Record passenger vehicle exports of 2.42 lakh units and 139% YoY EV sales growth (50,000 units) signal strong sector momentum. Management reiterated FY26 EBITDA margin guidance of 11%±50bps, expecting expansion once 10 ongoing capex projects (₹2,300 crore committed) achieve optimal utilization over 1-2 years. JV with Inovance for high-voltage EV powertrain on track for Q2 FY27 commissioning. Risks include magnet supply disruptions impacting switch exports and slower-than-anticipated four-wheeler seating JV traction.
Colored figures show movement against the previous available record.
Guidance to track
- Management confirmed full-year margin guidance remains intact at 11%±50bps, with Q2 at 11.5% and Q1 at 10.8% (excluding exceptional income) bracketing the guidance range.
- Once the large part of ongoing 10 expansion projects (₹2,300 crore committed) achieves optimal utilization in 1-2 years, margins should move into an improved category.
- Greenfield facility for high-voltage EV powertrain components under JV with Inovance is progressing as scheduled; Phase 1 expected Q2 FY27. Initial supplies may begin via imports from venture partner ahead of plant commissioning.
- ESG commitment with 38 rooftop solar plants operational and 45MW wind power secured; targeting ~40% green power share in immediate term.
Risks flagged
- Switch exports were impacted by supply disruptions of raw magnets during Q2; management indicated the magnet situation has been somewhat normalizing in the ongoing quarter but remains a watch item.
- European acoustic business revenue declined ~13% in Q2 due to softening end-market demand, partially offsetting 15% domestic acoustic growth.
- Tachi S-YJV (four-wheeler seating) is taking longer than anticipated; management has now separated the business under a dedicated team and hopes to see traction in about a year. This was acknowledged as a challenging ride from the start.
- Management applied for PLC approval to government in July; while internal approvals are understood to be progressing, exact timeline remains uncertain as 'it's government and things might take time.'
Key quotes
- We have achieved normalized PAT growth of 29% for the quarter [Q2 FY25 PAT excluding exceptional income of ~9 crores]. We would like to highlight that Q2 FY25 PAT excluded exceptional income of around 9 crores.
- Our objective or endeavor is that we should continue to outperform... even though this quarter industry volume growth is say 10% but if you see half of our revenues is four-wheeler and half is two-wheeler... our revenues have grown by 13.5%. So which clearly demonstrates a significant growth more than 1.5 times what we have been promising to the investors.
- This quarter we have applied for the PLC approval to government only in July. We understand internally they have got certain approvals... we are optimistic that ideally within this fiscal year we should have that approval in hand.
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