Motherson Wiring Harness Revenue Rises 68% Year on Year in Q2FY27

Motherson’s Wiring Harness division generated Rs 14,382 crore of economic revenue in Q2FY27, up 68% year on year, as Autoelectric acquisition integration, North American commercial-vehicle demand and India’s passenger-vehicle market lifted sales; EBITDA rose 60% to Rs 1,432 crore.

The divisional figures are economic revenue, meaning they include 100% of revenue from joint ventures and associates accounted for under the equity method. Motherson reported a 10.0% earnings before interest, tax, depreciation and amortisation (EBITDA) margin in Q2FY27, compared with 10.5% in Q2FY26, while stating that underlying margins excluding the Autoelectric integration effect increased both sequentially and year on year.

What drove Motherson Wiring Harness growth in Q2FY27?

Motherson said Autoelectric acquisition integration, robust global commercial-vehicle demand, particularly in North America, and a robust Indian passenger-vehicle market drove the Wiring Harness division’s 68% year-on-year revenue growth in Q2FY27. The product range includes passenger-vehicle and commercial-vehicle wiring harnesses, specialty harnesses, safety components and body harnesses.

India accounted for 37% of Wiring Harness revenue in H1FY27, while North America represented 29%, together making up 66% of the division’s disclosed geographic mix. Europe contributed 20%, China 8% and the rest of the world 6%; management said favourable industry momentum is expected to continue over coming quarters, without providing a numerical forecast.

Wiring Harness revenue was Rs 3,102 crore higher in Q2FY27 than the Rs 11,280 crore recorded in Q1FY27. EBITDA also increased from Rs 1,253 crore in Q1FY27 to Rs 1,432 crore in Q2FY27, but the reported EBITDA margin moved down from 11.1% to 10.0% over the same period.

How did Motherson Wiring Harness revenue and EBITDA change?

Motherson’s Wiring Harness revenue increased to Rs 14,382 crore in Q2FY27 from Rs 8,550 crore in Q2FY26, while EBITDA rose to Rs 1,432 crore from Rs 894 crore. Revenue grew 68% year on year and EBITDA grew 60%, with the reported EBITDA margin falling to 10.0% from 10.5%.

For H1FY27, Wiring Harness revenue was Rs 25,662 crore, up 49% from Rs 17,190 crore in H1FY26. EBITDA increased 43% to Rs 2,685 crore from Rs 1,877 crore, while the half-year EBITDA margin was 10.5%, compared with 10.9% a year earlier.

Motherson cited cost headwinds and Autoelectric integration alongside the reported Q2FY27 margin movement. Management said acquisition synergies and continued cost pass-through are expected to support margin improvement, but did not disclose a margin target or quantify the expected benefit.

Where did Motherson Wiring Harness revenue come from?

Motherson derived 37% of H1FY27 Wiring Harness revenue from India, its largest disclosed geography, followed by North America at 29% and Europe at 20%. The mix links the division’s largest regional exposure to the Indian passenger-vehicle demand factor and its second-largest exposure to the North American commercial-vehicle momentum cited for Q2FY27.

China made up 8% of H1FY27 Wiring Harness revenue and the rest of the world contributed 6%. The presentation provides geographic percentages rather than rupee revenue by region, and it does not separate sales of passenger-vehicle harnesses from commercial-vehicle, specialty, safety or body-harness products.

The geographic profile differs from Motherson’s Modules and Polymer Products division, where Europe represented 54% of H1FY27 revenue and India accounted for 10%. Wiring Harness had a 37% India share and 29% North America share, while Modules and Polymer Products reported H1FY27 revenue of Rs 32,651 crore.

How did Motherson Wiring Harness compare with other divisions?

Motherson’s Wiring Harness division recorded the fastest Q2FY27 revenue growth among the five divisions shown, at 68%, ahead of Emerging Businesses at 61%. Modules and Polymer Products grew 4%, Vision Systems grew 7%, and Integrated Assemblies grew 3%, while Wiring Harness was the second-largest division by Q2FY27 revenue.

Wiring Harness reported a 10.0% Q2FY27 EBITDA margin, compared with 8.3% for Modules and Polymer Products, 9.2% for Vision Systems and 8.4% for Emerging Businesses. Integrated Assemblies reported the highest margin among the five divisions at 12.3%, despite 3% revenue growth to Rs 2,650 crore.

The H1FY27 pattern was similar on revenue growth: Wiring Harness rose 49% to Rs 25,662 crore, compared with 46% growth to Rs 11,248 crore in Emerging Businesses. Modules and Polymer Products remained the biggest reported division by H1 revenue at Rs 32,651 crore, but its growth rate was 7%, against 8% for Vision Systems and 4% for Integrated Assemblies.

Conclusion

Motherson’s Q2FY27 Wiring Harness result combined a Rs 5,832 crore year-on-year revenue increase with a Rs 538 crore EBITDA increase. The division’s 68% revenue growth was the highest among the five reported business divisions, and its India share of 37% and North America share of 29% connect its performance to the passenger-vehicle and commercial-vehicle demand factors identified by management.

The next issue to watch is whether Autoelectric integration, acquisition synergies and cost pass-through deliver the margin improvement management expects over coming quarters. Reported Q2FY27 EBITDA margin was 10.0%, below 10.5% in Q2FY26 and 11.1% in Q1FY27, even as Motherson said underlying margins excluding integration effects improved in Q2FY27 and H1FY27.