Uno Minda Q1 FY27: Record Revenue, EV Scale-Up, and a Big Move into PV Seating

Uno Minda opened FY27 with its highest ever quarterly revenue, supported by broad-based growth across product lines and rising EV penetration in India. For Q1 FY27, consolidated revenue from operations stood at INR 5,557 crore, up 26% year on year versus INR 4,420 crore in Q1 FY26. EBITDA increased 21% year on year to INR 572 crore, while profit attributable to owners (excluding exceptional items, as referenced by the company) rose 24% to INR 296 crore.

The quarter also highlighted a recurring theme in the company’s narrative: an engine-agnostic portfolio with increasing kit value per vehicle, plus an expanding footprint in export and EV-linked systems. At the same time, margins softened modestly as input costs rose.

A strong top line, with margin pressure explained clearly

Uno Minda reported an EBITDA margin of 10.3% in Q1 FY27 compared with 10.7% in Q1 FY26. Management attributed the decline to three factors: commodity and gas price inflation that was only partially recovered within the quarter, margin dilution from pass-through pricing (estimated by management at about 40 bps), and minimum wage hikes across multiple manufacturing states.

Despite this, management reaffirmed its annual EBITDA margin guidance of 11% plus or minus 50 bps, with a stated bias towards the higher end. It also noted that operating leverage and efficiency actions helped offset a portion of the cost headwinds.

Financial snapshot

Depreciation rose to INR 177 crore, driven by capitalization of new facilities including the two-wheeler alloy wheel expansion at Supa, a new plant in Indonesia, and Phase 1 of the Kharkhoda four-wheeler alloy wheel facility.

Segment performance: core franchises steady, casting and green mobility scale

Uno Minda’s Q1 FY27 division-wise mix shows a balanced portfolio with meaningful contributions from multiple verticals.

Switches remained the largest segment, with Q1 FY27 revenue of INR 1,335 crore, representing 23% of the mix. Lighting delivered INR 1,153 crore (21%), and castings rose to INR 1,090 crore (20%). Seating contributed INR 408 crore (7%). Green mobility expanded to INR 542 crore (10%), while others stood at INR 1,029 crore (19%).

Within “Others”, management disclosed that Sensors and ADAS contributed INR 250 crore, Acoustics INR 225 crore, Blow moulding products INR 125 crore, and the non-EV controller business INR 80 crore.

Division-wise revenue mix

A key operational highlight was the strong growth in green mobility, which management stated increased 78% year on year to INR 542 crore. Within this, alternate fuels led at INR 184 crore, EV Systems was INR 186 crore, automation was INR 123 crore, and EV business in the controller division was INR 37 crore.

Because some three-wheeler charger programs shifted to the EV Systems division, management suggested looking at EV Systems plus the controller EV business together. On that basis, the aggregate was INR 218 crore in Q1 FY27 versus INR 176 crore in Q1 FY26.

Exports and international footprint: traction is visible

Exports were a clear talking point. Management stated that exports from India were about INR 228 crore in Q1 FY27, up from INR 141 crore in Q1 FY26. The presentation also highlighted exports exceeding INR 200 crore for the quarter, with two-wheeler switch exports at INR 95 crore and seating exports at INR 72 crore.

In the revenue mix disclosed in the presentation, international revenue accounted for 11% and India 89% for Q1 FY27. By channel, OEM contributed 94% and aftermarket 6%.

The company reiterated its intent to grow exports meaningfully, while noting that the export share depends not just on export growth but also on the pace of domestic growth.

Capex and project pipeline: a heavy build-out across multiple lines

Uno Minda continues to execute a large expansion program. The project expansion table in the presentation lists total planned cost of INR 3,788 crore, with INR 1,406 crore incurred as of 30 June 2026.

Notable projects include:

• Four-wheeler alloy wheels at Kharkhoda and a large multi-phase plant in Chhatrapati Sambhajinagar
• Four-wheeler switches relocation and expansion at Farrukhnagar
• A new sunroof facility at Bawal
• Four-wheeler EV powertrain products at Khed and a planned second plant in Chhatrapati Sambhajinagar
• EV casting products facility in Chhatrapati Sambhajinagar
• Entry into four-wheeler passenger vehicle seating in Chhatrapati Sambhajinagar

Management also provided commentary on the alloy wheel ramp-up. It expects the new 60,000 line at Kharkhoda to be fully ramped up from Q2 FY27, and an additional 30,000 line to commence in H2 FY27.

Strategic move: entry into PV seating with INR 320 crore capex

One of the most significant strategic announcements is the entry into four-wheeler passenger vehicle seating systems. The company said its subsidiary, Uno Minda Tachi-S Seating Private Limited, will set up a greenfield plant in Chhatrapati Sambhajinagar with an estimated investment of INR 320 crore.

The presentation states expected SOP by Q4 FY28. In the concall, management said the facility is expected to commence operations by Q2 FY28 and that the company has already secured business from an anchor customer. It also stated that the plant can generate revenue of more than 2x the capex at this stage.

Management described seating as one of the highest kit-value product categories, indicating that it can be in the INR 30,000 to INR 40,000 range per car and potentially one of the largest kit-value categories within the group.

For exports in seating, management stated that previously announced export orders have a two-year cycle, with impact expected from the end of FY28 and a large part expected to come fully in FY29.

Sunroof: order book crosses INR 500 crore ahead of commissioning

Sunroof is another category where the company claims momentum even before plant commissioning. The project table shows a sunroof facility at Bawal with total cost of INR 63 crore, with expected SOP in Q4 FY27.

Management stated that commissioning is expected by the end of FY27. It also disclosed that the company added a new OEM customer for panoramic sunroof with an INR 130 crore annual peak order and secured an order for electric roller shades for INR 40 crore. With these, the sunroof order book crossed INR 500 crore.

Key risks and watchpoints from management commentary

The company acknowledged uncertainties from geopolitics and input costs. It also discussed the proposed JV with Inovance for EV powertrain products. Management stated it has received Press Note 3 approval for the JV, but the partnership also requires approvals in China, where there have been regulatory changes tightening norms for such technology partnerships. The partner is reviewing the revised guidelines and seeking clarifications.

Management stated that as of now there is no holdup, plant construction is progressing, and the company intends to ensure customer supplies remain uninterrupted.

Takeaways

Uno Minda’s Q1 FY27 performance underlined two realities. First, the core portfolio continues to deliver, with steady scale in switches and lighting and strong growth in castings and seating. Second, the company is actively building the next leg through green mobility, a new sunroof line, and a meaningful entry into PV seating.

Margins were pressured by commodity inflation and wage hikes, but management has reaffirmed its full-year margin guidance. For investors tracking execution, the near-term focus areas remain the ramp-up of new alloy wheel capacity, commissioning timelines across EV powertrain and sunroof projects, and the pace at which new seating and export wins translate into revenue over FY28 and FY29.