Motherson posts record Rs 73,524 crore H1 FY27 revenue

Motherson reported record H1 FY27 revenue of Rs 73,524 crore, up 22% year on year, driven by acquisitions and growth in Wiring Harness. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 25% to Rs 6,457 crore, while normalised profit after tax (PAT), concern share, increased 45% to Rs 2,207 crore.

What drove Motherson's H1 FY27 revenue increase?

Motherson's reported revenue rose by Rs 13,139 crore from Rs 60,385 crore in H1 FY26 to Rs 73,524 crore in H1 FY27. Management attributed the highest-ever half-year revenue to acquisitions and strong growth in the Wiring Harness division. Q2 FY27 reported revenue was Rs 38,280 crore, 27% above Q2 FY26.

Reported revenue excludes the full revenue of joint ventures and associates that are accounted for using the equity method. Economic revenue, which includes 100% of these joint ventures and associates, increased from Rs 68,482 crore in H1 FY26 to Rs 83,547 crore in H1 FY27. The deduction for joint ventures consolidated under the equity method increased from Rs 8,097 crore to Rs 10,023 crore.

Motherson's H1 FY27 EBITDA increased from Rs 5,185 crore to Rs 6,457 crore, raising the reported EBITDA margin to 8.8% from 8.6%. Normalised PAT, concern share, rose 45% to Rs 2,207 crore. In Q2 FY27, EBITDA was Rs 3,353 crore, up 23%, and normalised PAT, concern share, was Rs 1,175 crore, up 37%.

Which Motherson divisions contributed most to revenue growth?

Wiring Harness delivered Motherson's largest absolute H1 revenue increase, rising by Rs 8,472 crore to Rs 25,662 crore from Rs 17,190 crore. Emerging Businesses added Rs 3,545 crore of revenue, reaching Rs 11,248 crore. Modules & Polymer Products remained the largest division by H1 FY27 revenue at Rs 32,651 crore.

The divisional figures show differing growth and margin movements. Wiring Harness expanded revenue sharply, while its EBITDA margin declined to 10.5% from 10.9%. Modules & Polymer Products increased revenue by Rs 2,269 crore and improved its EBITDA margin by 0.7 percentage points, while Vision Systems held its margin at 9.2%.

How did Motherson's margins change in H1 FY27?

Motherson's reported EBITDA margin improved to 8.8% in H1 FY27 from 8.6% in H1 FY26, although the Q2 FY27 margin was 8.8%, compared with 9.0% a year earlier. At the economic-revenue level, the H1 EBITDA margin rose to 9.4% from 9.2%. Economic EBITDA increased from Rs 6,277 crore to Rs 7,844 crore.

Modules & Polymer Products recorded the largest margin gain among the larger divisions, with H1 EBITDA margin rising to 7.6% from 6.9%. Management said cost optimisation improved the division's margin while offsetting higher input costs and the effects of integrating acquired assets. Its Q2 FY27 EBITDA was Rs 1,324 crore, compared with Rs 1,138 crore in Q2 FY26.

Integrated Assemblies increased its H1 EBITDA margin to 12.5% from 11.8%, with EBITDA rising to Rs 697 crore from Rs 637 crore. Emerging Businesses increased EBITDA to Rs 948 crore from Rs 689 crore, but its margin declined to 8.4% from 8.9%. This division includes aerospace, health and medical, lighting and electronics, logistics solutions, and industrial solutions.

What external factors affected Motherson in Q2 FY27?

Motherson said global light-vehicle production declined in Q2 FY27, led by China, while South Asia supported volumes. Management said new vehicle launches are expected to drive FY28 growth. Global commercial-vehicle production grew across North America, India and Europe, and Motherson expects that momentum to continue into H2 FY27.

Copper prices rose 6% quarter on quarter in Q2 FY27, continuing commodity-cost pressure, according to Motherson. Softer crude oil prices eased input-cost pressure during the quarter, but the presentation said crude prices had subsequently surged about 24% since the end of August. These movements affected the input-cost environment alongside the cost optimisation cited in Modules & Polymer Products.

Within the Modules & Polymer Products business division, Wiring Harness represented 30% of the H1 FY27 revenue used for Motherson's diversification analysis. Vision System accounted for 13%, other polymer products for 12%, and bumpers for 10%. The analysis uses gross revenue from operations and includes 100% of revenue from joint ventures and associates.

What growth actions has Motherson disclosed after H1 FY27?

Motherson reported booked business of USD 106 billion, its all-time high, excluding Consumer Electronics. It announced the acquisition of Rotary Connectors in India, which supplies circular connectors and interconnection solutions. Management said the acquisition adds military-specification connector capabilities to its aerospace and defence portfolio and supports its electrical wiring interconnection systems offering.

Motherson reported capital expenditure of Rs 1,971 crore, equal to 59% of EBITDA, and said it was in line with growth priorities and yearly guidance. One plant was operationalised during the quarter and five expansions were announced. These are disclosed capacity and acquisition actions rather than a quantified revenue forecast.

As of September 30, 2026, Motherson reported gross debt of Rs 19,355 crore and liquidity of Rs 17,474 crore. Liquidity comprised Rs 7,165 crore of committed undrawn facilities and Rs 10,309 crore of unrestricted cash and cash equivalents. The company reported a net leverage ratio of 0.8 times and said its balance sheet provides capacity for inorganic growth.

Conclusion

Motherson's H1 FY27 results combine a Rs 13,139 crore rise in reported revenue with higher group profitability. Wiring Harness supplied the largest increment to revenue, while Modules & Polymer Products improved its H1 EBITDA margin from 6.9% to 7.6%. The result was 22% reported revenue growth, 25% EBITDA growth and a 45% increase in normalised PAT, concern share.

The next disclosed items to watch are whether commercial-vehicle momentum continues through H2 FY27, as management expects, and how copper and crude price movements affect costs. Motherson has also announced five expansions, operationalised one plant during the quarter, and announced the Rotary Connectors acquisition as part of its stated growth actions.