Motherson Sumi Wiring India Q4 FY26: Revenue hits ₹11,478 crore

Earnings call audio and transcript now available

Motherson Sumi Wiring India Ltd (MSUMI) has uploaded the audio recording and transcript of its earnings conference call covering Q4 FY26 and the full year ended March 31, 2026. The company said investors can access the recording and transcript on its official website under the investor section. The call discussed the company’s audited financial results, which have been approved, along with operational updates and management commentary on cost pressures and demand.

The key headline from the quarter was revenue growth, with management highlighting that the company crossed ₹100 billion in annual revenue for the first time. Alongside the revenue milestone, management and analysts discussed how higher copper prices affected margins and how pricing mechanisms are structured to pass through such increases.

Q4 FY26 financial highlights: strong topline, muted EBITDA growth

For Q4 FY26, the company reported revenue of ₹3,335 crore, up 32.9% year-on-year. The sharp revenue expansion contrasted with a softer profitability trend at the EBITDA level. Q4 FY26 EBITDA stood at ₹274 crore, up 1.1% year-on-year.

During the call, management acknowledged that copper prices rose significantly during the quarter and said it expects copper to remain at elevated levels. Management also indicated that these costs are under a pass-through mechanism, suggesting the pricing impact is designed to be recovered from customers, even if there is timing-related pressure in a given quarter.

Full-year FY26: revenue crosses ₹100 billion mark

For FY26, Motherson Sumi Wiring India reported revenue of ₹11,478 crore, up 23.2% year-on-year, marking what the company described as its best-ever performance. In a separate FY2026 snapshot included in the provided material, FY2026 revenue was stated as ₹11,477.58 crore versus ₹9,320.28 crore in FY2025, indicating a similar growth rate for the year.

Full-year FY26 EBITDA was reported at ₹1,061 crore, up 6.4% year-on-year. The company also stated it remained debt-free. On profitability, the FY2026 snapshot reported net profit of ₹625.18 crore versus ₹605.86 crore in FY2025, with net profit margin at 5.4% (down from 6.5%). The same snapshot reported earnings per share (EPS) at ₹0.94, up from ₹0.91.

What management said about copper and margins

Management told participants that copper prices rose significantly during the quarter and are expected to stay elevated. It described these increases as being under pass-through, which typically means the company can recover higher raw material costs from customers based on contractual pricing arrangements. Still, management also flagged near-term pressure.

On the cost side, management noted a 2.9% compression in gross margin due to temporary factors. Another comment in the call suggested that cost rises in the first few quarters had already been passed on to customers, and that any dip seen in the quarter was not as pronounced when looking at full-year profitability.

Order wins and product mix: “all powertrains”

On business momentum, management said it is winning orders across powertrains, referencing internal combustion engine (ICE), electric vehicles (EV), and hybrid platforms. In the call, it also said the company grew sales revenue by around 33% while the market grew in single digits for the full year. While the call extract does not break down volumes or segment-wise performance, the commentary positioned MSUMI’s growth as above broader market expansion.

Management also sounded optimistic on demand, saying it is bullish on the market and expects sales to grow nicely in the next year. The company linked this view to conditions “picking up” in the Indian context, based on the call excerpt.

Capex plans: similar to last year

MSUMI said it undertook capex of around ₹190 crore in the last year. It added that for this year as well, capex numbers are expected to be on similar lines. The call excerpt did not provide plant-wise details, but it did include a reference to an annualised figure of around ₹2,000 crore, framed as something the company expects to “touch soon” if customer volume forecasts are met.

Key numbers at a glance

Market impact and what investors will track

The combination of strong revenue growth and slower EBITDA growth highlights the sensitivity of wiring harness businesses to raw material and commodity-linked inputs like copper. Even with pass-through arrangements, quarterly margins can move when there is a lag between cost increases and recovery through customer pricing.

Investors are also likely to focus on whether the 2.9% gross margin compression described as temporary normalises in subsequent quarters, and how consistently pass-through works when commodity prices remain high. Capex discipline is another factor, with management indicating spending of around ₹190 crore last year and a similar level this year, while also stating the business remains debt-free.

Conclusion

Motherson Sumi Wiring India closed FY26 with record revenue of ₹11,478 crore and Q4 revenue of ₹3,335 crore, while EBITDA growth remained modest amid higher copper costs and temporary margin pressure. The company’s earnings call materials, including the audio and transcript, are available on its website, and management commentary pointed to continued order wins across ICE, EV and hybrid platforms alongside steady capex plans.