Uno Minda Stock in Spotlight with Expansion and EV Play

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Despite tepid margins amid new plant ramp-ups, Uno Minda posts strong revenue and profit growth; analysts see long-term outperformance on the back of EV momentum and OEM demand revival.

By S JHA

Mumbai, November 12, 2025 — Auto component major Uno Minda Ltd reported a solid set of numbers for the September quarter, underscoring its steady growth trajectory amid India’s evolving automotive landscape.

According to ICICI Direct, on a consolidated basis, Uno Minda’s Q2FY26 revenue stood at ₹4,814 crore, marking a 13% year-on-year rise, supported by underlying OEM volume growth of around 7%. The company’s EBITDA came in at ₹552 crore, with margins at 11.5%, while Profit After Tax (PAT) climbed 24% YoY to ₹304 crore.

The brokerage highlighted that Uno Minda remains “focused on calibrated capacity expansion aligned with OEM growth and EV adoption.” The company is currently executing 10 projects with a total capex commitment of ₹2,356 crore, aiming to grow 1.5 times faster than the industry in the long term. However, it noted that margins remained muted this quarter due to new plant ramp-ups—an area to watch going forward.

Founded in 1958, Uno Minda has evolved into one of India’s most diversified automotive systems suppliers, manufacturing switching systems, lighting systems, acoustics, and seating systems. With 75 manufacturing facilities and 37 R&D centers worldwide, the company continues to expand its global footprint through strategic acquisitions in Spain and Germany, and manufacturing presence in ASEAN markets, according to IBEF.

Industry sentiment around the auto sector remains buoyant. ET Now quoted Uno Minda CFO Sunil Bohra saying that “end-consumer demand is very, very good,” adding that OEM orders are rising, supplies are being ramped up, and even vehicle waitlists are returning amid the festive season and possible GST rate cuts.

Analysts at EduInvesting described Uno Minda as “the auto component maestro playing every tune in the EV symphony,” emphasizing how its long-term bet on electric vehicle components—from switches to alloy wheels—is positioning it ahead of peers in the transition to cleaner mobility.

Despite upbeat financials, Uno Minda shares closed marginally lower on Tuesday at ₹1,311 on the BSE, as investors booked profits after a strong run-up this quarter.

(Disclaimer: This article makes no recommendation for buy or sell of shares of any company)