Uno Minda Limited Q2 revenue rises 38% as EBITDA margin falls

Uno Minda Limited reported consolidated revenue of Rs 6,655 crore in Q2 FY27, 38% above Q2 FY26, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose 33% to Rs 733 crore and EBITDA margin fell 44 basis points to 11.0%. Profit attributable to owners increased 38% to Rs 420 crore.

How did Uno Minda perform in Q2 FY27?

Uno Minda increased revenue, EBITDA and owner-attributable profit in Q2 FY27, although EBITDA growth trailed revenue growth. Revenue from operations rose from Rs 4,814 crore in Q2 FY26 to Rs 6,655 crore, EBITDA increased from Rs 552 crore to Rs 733 crore, and profit before tax rose 48% from Rs 346 crore to Rs 511 crore.

Uno Minda also reported sequential growth from Q1 FY27, when revenue was Rs 5,557 crore and EBITDA was Rs 572 crore. Profit attributable to owners rose from Rs 296 crore in Q1 FY27 to Rs 420 crore, while diluted earnings per share increased from Rs 5.11 to Rs 7.25.

Why did Uno Minda's EBITDA margin decline year on year?

Uno Minda's EBITDA margin was 11.0% in Q2 FY27, compared with 11.5% in Q2 FY26, a decline of 44 basis points, where 100 basis points equal one percentage point. The presentation reports the margin movement but does not identify a specific cause; compared with Q1 FY27, margin increased 73 basis points from 10.29%.

The disclosed cost lines rose alongside revenue, with raw-material cost increasing to Rs 4,499 crore from Rs 3,092 crore, employee cost rising to Rs 753 crore from Rs 636 crore and other expenses reaching Rs 670 crore from Rs 535 crore. Below EBITDA, earnings before interest and tax rose 43% to Rs 560 crore and its margin increased 28 basis points to 8.4%, while finance cost was Rs 49 crore and depreciation was Rs 178 crore.

Which businesses contributed most to Uno Minda's growth?

Uno Minda's Castings and Green Mobility divisions recorded the fastest disclosed revenue increases in Q2 FY27. Castings revenue rose from Rs 917 crore to Rs 1,441 crore, increasing its share to 22% from 19%, while Green Mobility revenue rose from Rs 321 crore to Rs 649 crore and its share increased to 10% from 7%.

Switches remained the largest disclosed division, generating Rs 1,609 crore, up from Rs 1,176 crore, with a 24% revenue share. Lighting revenue rose to Rs 1,381 crore from Rs 1,106 crore, while Seating increased to Rs 476 crore from Rs 354 crore; Uno Minda cited domestic two-wheeler and four-wheeler growth, two-wheeler exports, and a pixel-based lamp order from a recently added global original equipment manufacturer.

What does Uno Minda's Q2 FY27 revenue mix show?

Uno Minda derived 91% of Q2 FY27 revenue from India and 9% from international markets, while original equipment manufacturer channels accounted for 94% and aftermarket channels for 6%. By vehicle category, four-wheelers represented 48% of revenue, two-wheelers 43%, commercial vehicles 4%, three-wheelers 3% and other categories 2%.

Uno Minda's divisional-mix chart shows Castings gaining 3 percentage points and Green Mobility gaining 3 percentage points from Q2 FY26. Lighting declined to 21% from 23%, Switches remained at 24% and Seating remained at 7%; the chart lists Others at 16%, while the division revenue table shows Rs 1,099 crore and a 17% share.

The presentation's industry indicators provide context rather than a measure of Uno Minda sales. Industry growth was 18% in Q2 FY27, with passenger vehicles up 25%, two-wheelers up 17% and two-wheeler exports up 28%; electric-vehicle registrations rose by more than 70%, while electric passenger-vehicle penetration rose to 8% from 5%.

What expansion milestones should investors track?

Uno Minda listed 16 projects with total cost of Rs 5,287 crore, of which Rs 1,628 crore had been incurred by September 30, 2026. The projects include a Rs 437 crore four-wheeler electric-powertrain facility at Khed and a Rs 210 crore electric-vehicle casting project at Chhatrapati Sambhajinagar, both scheduled for phase-one start of production in H2 FY27.

The company also announced a Rs 510 crore Hosur casting project, a Rs 155 crore two-wheeler alloy-wheel project at Kharkhoda, an Rs 80 crore moulding expansion and a Rs 670 crore TG Sin joint-venture plant. A separate Rs 85 crore sunroof expansion at Bawal is scheduled for phase one in Q2 FY28 on the strategic-expansions page, while the project-update table lists its expected start of production in Q4 FY28.

The presentation also discloses differing dates for the Hosur casting project. The strategic-expansions page lists phase-one start of production in Q4 FY28, whereas the project-update table lists Q1 FY29 for the shifting and expansion phase, making the planned timing an unresolved disclosure to monitor.

Conclusion

Uno Minda's Q2 FY27 results show that 38% revenue growth to Rs 6,655 crore produced 33% EBITDA growth and a 38% increase in profit attributable to owners. The difference between sales and EBITDA growth reduced EBITDA margin to 11.0% from 11.5%, even as earnings before interest and tax margin rose to 8.4% and profit after tax margin increased to 5.7%.

The next disclosed milestones are phase-one starts of production in H2 FY27 for the Khed electric-powertrain and Chhatrapati Sambhajinagar electric-vehicle casting projects. Investors can also track capacity ramp-up in alloy wheels and castings, the scheduled FY28 and FY29 project starts, and any clarification of the differing Hosur and Bawal start-of-production dates.