Uno Minda Q4 FY26: Growth holds, and the EV powertrain bet gets bigger

Uno Minda ended FY26 on a strong note, with Q4 delivering record scale and steady profitability. Consolidated revenue from operations for Q4 FY26 rose 18% year on year to INR 5,336 crore. EBITDA increased 14% to INR 603 crore, with EBITDA margin at 11.3%. Profit attributable to Uno Minda shareholders, excluding exceptional items, grew 22% to INR 326 crore.

For the full year, the company reported consolidated revenue of INR 19,589 crore on an adjusted basis, up 17% year on year. EBITDA on an adjusted basis grew 16% to INR 2,182 crore, with EBITDA margin at 11.1%. PAT attributable to shareholders, excluding exceptional items, increased 24% to INR 1,166 crore. The numbers suggest the core portfolio continued to grow faster than the broader industry, while profitability remained largely stable.

What drove Q4: broad-based growth across divisions

Uno Minda’s segment mix remains diversified. In Q4 FY26, switches contributed 25% of consolidated revenue, lighting 22%, castings 18%, others 20%, and seating and green mobility around 7% each. This spread matters because the company is not dependent on a single vehicle category or a single technology cycle.

Switches, the largest division, reported Q4 FY26 revenue of INR 1,343 crore. Lighting delivered INR 1,154 crore, supported by two-wheeler volumes and share gains. Castings contributed INR 982 crore, with management citing ramp-up at recently commissioned capacities and higher aluminium prices as key drivers.

Green mobility, a newly carved out reporting category, grew to INR 423 crore in Q4. Management explained this bucket includes EV systems, alternate fuels, four-wheeler EV powertrain activity, and EV-specific controller business. Seating posted INR 381 crore in Q4, helped by increased share of business, higher suspended seat demand, and improving export momentum.

Order wins and new platforms: lighting, infotainment, exports

The quarter stood out for order announcements with defined timelines. The company highlighted a large two-wheeler lamps order with an annual peak value of around INR 450 crore, with SOP planned in the second half of FY28. Management said this order is close to 25% of the current annual two-wheeler lighting revenue base, indicating meaningful share-of-business upside.

Uno Minda also announced a sizable Android-based infotainment platform order with an estimated annual peak value of about INR 600 crore and SOP in Q3 FY29. Management clarified during the call that this infotainment order will be executed through the Denso JV, which means the revenue will not appear in Uno Minda’s consolidated topline. Instead, the benefit would likely reflect through share of profit from associates and joint ventures.

Seating also delivered strategic positives. Management disclosed new export orders with an expected annual peak value of around INR 390 crore, with supplies expected to commence in FY28. Exports in the seating segment reached INR 54 crore during Q4, indicating early momentum.

EV powertrain expansion: the next scale-up phase

The headline strategic move was the announcement of a second four-wheeler EV powertrain plant. Uno Minda Auto Innovations Private Limited will set up a greenfield facility at Chhatrapati Sambhajinagar, Maharashtra, to assemble and manufacture high-voltage electric powertrain products for passenger vehicles. The plant will focus on Electric Drive Units and Dedicated Hybrid Transmission systems, with total estimated investment of INR 550 crore and expected SOP by Q2 FY28.

Management said EDU will be supported by technology partner Inovance Automotive, while DHT will be assembled and manufactured through a strategic partnership with a customer. The company described this as the second EV powertrain plant in quick succession following the Khed City facility, which is under setup.

During the earnings call, management also said that initial supplies of EDUs had started and generated around INR 46 crore in Q4 revenue. This indicates early traction, though the larger revenue contribution will depend on ramp-up and localisation over time.

Margins, costs, and near-term headwinds

While revenue momentum is strong, management flagged that the operating environment has become more volatile. The presentation cited a surge in aluminium and plastics prices in Q4 FY26 and a sharp depreciation in the INR, with USD/INR crossing 95.50. Management expects the impact of commodity inflation to be more visible in the coming quarters and said the company is discussing shorter price adjustment cycles with customers.

The call also highlighted rising labour costs, with management citing wage increases of around 35% in Haryana and increases in Gujarat as well. These are not routine inflation numbers, and the company is engaging customers to mitigate the impact.

In castings, management acknowledged a near-term moderation in alloy wheel penetration. This was attributed to customer mix shifting toward entry models with lower alloy wheel adoption, and certain two-wheeler programs choosing steel wheels over previously planned alloy wheels. Despite this, management said the long-term structural outlook for alloy wheels remains positive.

Capital allocation, leverage, and FY27 guidance

Uno Minda reported net debt of INR 2,179 crore as of March 31, 2026, compared to INR 2,091 crore a year earlier. The company generated cash flow from operations of INR 1,722 crore during FY26 and incurred capex of INR 1,572 crore. Management said incremental debt was primarily driven by acquisitions, including investment related to UMEVS and associated technologies.

For shareholder returns, the board recommended a final dividend of INR 1.75 per share. Combined with the interim dividend, total FY26 dividend comes to INR 2.65 per share.

Looking ahead, management guided FY27 capex at around INR 1,750 crore, including about INR 650 crore sustaining capex and around INR 1,100 crore growth capex plus land acquisition. Management also reiterated EBITDA margin guidance of about 11% plus or minus 50 basis points, including expected start-up costs.

The near-term investment cycle is heavy, but the order wins and EV expansion roadmap provide clear context for why the capex is being deployed.

Takeaways

Uno Minda’s FY26 performance reinforces its positioning as a diversified auto component supplier with steady margins, growing wallet share, and increasing exposure to electrification and new-age content per vehicle. Q4 showed broad-based growth and meaningful order wins, particularly in two-wheeler lighting and infotainment.

FY27 will test execution discipline as multiple plants ramp up and input cost volatility rises. Management has provided clear capex and margin guidance, and the EV powertrain expansion at Chhatrapati Sambhajinagar signals a bigger ambition in high-voltage systems. Investors will likely track ramp-up timelines, commodity pass-through effectiveness, and how quickly new businesses convert capex into sustainable returns.