Uno Minda targets ₹4,000 crore seating revenue by FY27

Growth push sharpens focus on passenger-vehicle seats

Uno Minda has outlined an aggressive growth strategy for its passenger-vehicle (PV) seating business, aiming to scale the vertical sharply over the next few years. The company has indicated that the seating business could grow 3-4x in this period, with a revenue ambition of ₹3,000-4,000 crore. The target matters because PV seating is a large and competitive category where scale, platform wins, and long qualification cycles often decide long-term market share. Management commentary also frames its current PV seating presence as a phased entry, starting with smaller sub-systems before moving into larger assemblies. Alongside seating, Uno Minda continues to expand in other automotive categories such as alloy wheels, switching, lighting, and EV powertrain components.

What the company is building in PV seating

Uno Minda recently commissioned a plant in Gujarat focused on mechanisms for seat recliners, as part of a stepwise move into PV seating. The company said the first phase covers mechanisms, with later phases intended to expand into full recliners and eventually deeper PV seating offerings. It described the current mechanism opportunity as relatively small in the near term but strategically important because it opens the door to larger customer programs. In management commentary, the PV seating market opportunity in India was described as roughly ₹8,000-10,000 crore. Uno Minda also indicated that the recliner-mechanism program alone carries a revenue potential of about ₹30-40 crore over the next two years. The company’s stated strategy suggests it wants to build credibility through initial product lines and then broaden the scope as programs mature.

Seating segment performance: latest disclosed number

In its seating systems segment, Uno Minda reported revenue of ₹354 crore, up 22% year-on-year. The number provides a baseline for assessing the scale-up implied in the ₹3,000-4,000 crore ambition. While the company did not provide a detailed split between PV and non-PV seats in the provided data, it has stated it already operates across two-wheeler seating, commercial vehicle (CV) seating, and off-road seating. The PV seating expansion is positioned as the next leg, where it is not yet present “in a big way,” according to the management commentary. That context is important because PV seating typically requires platform-level engineering integration and longer development cycles.

New orders in seating: CV wins add recurring revenue potential

Beyond PV seats, Uno Minda has also won orders for mechanical suspended seats and pneumatic seats from an Indian CV OEM. The company stated this program carries an estimated annual revenue potential of ₹80-100 crore. Such contracts can be meaningful in building steady segment revenue while PV-related programs ramp up over multiple years. It also aligns with Uno Minda’s existing participation in CV seating and strengthens its product breadth in seating systems. The disclosed annual potential provides an additional data point for how the company sees order-to-revenue conversion in seating.

Broader expansion: projects underway and capex plans

Uno Minda said it has 10 expansion projects in progress with an investment commitment of ₹2,356 crore. Separately, it has guided for a planned capex outlay of ₹1,300-1,400 crore for FY25. These figures indicate that the seating growth plan sits inside a wider capital program across product lines and plants. Management commentary also referenced a board-approved expansion of a four-wheeler alloy wheel plant with an investment of about ₹600 crore. Taken together, the disclosed capex and committed investments point to a multi-year manufacturing build-out that supports both ICE and EV-linked demand.

EV momentum: orders from EV OEMs and a larger order-book view

Uno Minda said it received orders worth ₹470 crore from EV OEMs. In management commentary on its EV roadmap, the company also referenced an order book of almost ₹3,000 crore per year of peak annual value, which it aims to realize between FY26 and FY27. The company clarified that this includes EV-specific components as well as existing products such as seating and switching. While “peak annual value” does not directly translate to reported revenue in the same period, it signals the scale of programs under execution and the timeframe management is working toward. The FY26-FY27 mention also overlaps with the commissioning schedule disclosed for certain EV-related manufacturing projects.

Alloy wheels: Bawal capacity expansion now operational

Uno Minda completed an expansion of its PV alloy wheel capacity at Bawal to 60,000 wheels. The company stated that out of the 60,000-wheel lines, 30,000 were commissioned in April 2022 and the remaining 30,000 in June 2022, and that commercial operations were started for the expanded lines. This operational update matters because alloy wheels remain one of the company’s established categories, and expanded capacity can support OEM demand across segments. It also shows how Uno Minda has executed prior expansions, which investors often compare with current capex execution timelines.

New greenfield plant for high-voltage EV powertrain components

Uno Minda’s board has approved a new greenfield plant to manufacture high-voltage category powertrain products for four-wheeler passenger and commercial electric vehicles. The company said it will manufacture components such as combined charging units, e-axles, inverters, and motors. The total project cost is estimated at approximately ₹423 crore and is planned to be funded through a combination of debt and equity. Capital expenditure is expected to be phased over the next three years, with Phase 1 expected to be commissioned by Q2 FY27. This timeline is relevant because it provides a clear milestone investors can track against management execution.

Renewable energy entry: solar power sourcing via SPV

Uno Minda plans to invest ₹4.75 crore in a Tamil Nadu-based special purpose vehicle (SPV) to source solar power. The company framed this as its entry into renewable energy, at least in the context of power sourcing. While the provided data does not quantify expected savings or capacity, the move indicates an intent to secure power through solar arrangements and potentially manage long-term energy costs. For manufacturing-heavy auto component companies, electricity sourcing can be a material operating consideration, particularly as operations expand.

Key disclosed data at a glance

Why the seating target matters and what to track next

The stated ambition of ₹3,000-4,000 crore from seating over the next few years implies a major scale-up from the latest disclosed seating systems revenue of ₹354 crore. Management has positioned PV seating as a phased entry, which typically means early revenue may come from sub-systems while larger seat assemblies ramp after customer validation and SOP timelines. Investors can also track how quickly smaller wins, such as recliner mechanisms and CV seat programs, translate into higher recurring revenue. On the EV side, Uno Minda’s ₹470 crore EV orders and the “almost ₹3,000 crore per year” peak annual value order-book view provide additional context for the broader growth narrative, especially with Phase 1 of the high-voltage powertrain plant expected by Q2 FY27. Near-term monitoring points include execution on the 10 ongoing expansion projects, spending within the FY25 capex plan, and progress toward commissioning milestones already disclosed.

Conclusion

Uno Minda has set out a clear intent to scale PV seating in phases while continuing capex-led expansion across alloy wheels, EV components, and manufacturing capacity. The company’s next key milestone includes commissioning Phase 1 of its high-voltage powertrain greenfield plant by Q2 FY27, alongside ongoing expansion projects already in progress.