UNO Minda532539Earnings call transcript
Q2 FY27 earnings call: highest ever quarterly revenue and profit, H2 FY27 momentum seen continuing
Transcript of the Q2 and H1 FY27 earnings call held on November 05, 2026.
By ScoutQuest · · 3 min read
- Revenue from operations
- INR6,655 crores, up 38% year-on-year (year-ago INR4,814 crores)
- EBITDA
- INR733 crores, up 33%, with EBITDA margin of 11%
- PAT attributable to shareholders
- INR420 crores, up 38% from INR304 crores
Call snapshot
Uno Minda's management presented Q2 and H1 FY27 performance on the November 05, 2026 earnings call and described the quarter as the company's highest ever for both revenue and profit.
Results at a glance
- Revenue from operations INR6,655 crores, up 38% year-on-year, against INR4,814 crores in the year-ago quarter.
- EBITDA INR733 crores, up 33%, with EBITDA margin of 11%.
- Depreciation INR178 crores, up INR5 crores year-on-year, mainly on capitalisation of phase one of the four-wheel alloy wheel facility at Kharkhoda.
- Finance costs INR49 crores, up INR4 crores, also linked to the Kharkhoda alloy wheel plant.
- Share of profit from associates and joint ventures INR60 crores.
- PAT attributable to shareholders INR420 crores, up 38% from INR304 crores.
Segment highlights
- Switches: revenue INR1,609 crores, up 37%, contributing about 24% of consolidated revenue. The four-wheeler switch business under Uno Mindarika grew over 30% to INR617 crores.
- Lighting: revenue INR1,381 crores, up 25%, contributing about 21% of consolidated revenue.
- Management said growth was broad-based, helped by switches, lighting, alloy wheels, seating, and the EV systems and alternate fuel divisions.
Industry backdrop given on the call
- Total automotive production crossed 109 lakh units in the quarter, up around 18% year-on-year; domestic sales rose 18.2% to 83.9 lakh units.
- Passenger vehicle production was 16.6 lakh units, up 25%; two-wheeler production was 81 lakh units, up 16.5%.
- Electric two-wheeler registrations rose 91% year-on-year to around 5.9 lakh units, with penetration crossing 11% for the quarter.
Guidance and forward-looking points
- Management said it expects growth momentum to continue in H2 FY27, in spite of a higher base last year, with the festive season, wedding season and new launches likely to support demand.
- The shifting of Manesar operations to the expanded Farrukhnagar facility is progressing as planned, with completion expected in the current fiscal year; management said this will strengthen manufacturing capability and provide capacity for future growth.
- The TG joint venture commissioned its new manufacturing facility at Harohalli, Bengaluru. Management said its profitability was impacted by capitalisation, with fixed costs, depreciation and interest costs having a significant effect.
Macro comments from the opening remarks
- The global environment was described as challenging, with geopolitical conflicts pushing up energy and commodity prices and disrupting shipping and logistics routes, adding to input costs.
- Global GDP is projected to slow to 3.1% for 2026, while global inflation projections were revised upwards by 70 basis points to 4.7%.
- India's GDP grew 7.8% in Q1 FY27. The IMF raised India's FY27 growth forecast to 7.0%, and the RBI revised its projection upward to 7.1% from 6.7%, while raising its inflation projection to 5.2% and the repo rate by 25 basis points to 5.5%.
What the call leaves investors tracking
- Whether the second-half demand momentum management expects actually carries through the festive and wedding seasons.
- Ramp-up of the new facilities, including the Kharkhoda alloy wheel plant, the Farrukhnagar shift and the TG joint venture plant at Harohalli.
- How input cost inflation is absorbed through operating leverage, given the 11% EBITDA margin reported for the quarter.
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More numbers
- Q2 consolidated revenue from operationsINR6,655 crores
- Revenue from operations in the year-ago quarterINR4,814 crores
- Q2 EBITDAINR733 crores
- Q2 EBITDA margin11%
- PAT attributable to shareholdersINR420 crores
- Switches vertical revenueINR1,609 crores
- Lighting vertical revenueINR1,381 crores
- Four-wheeler switch business revenueINR617 crores
Source: BSE · 11 Nov 2026
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