MOTHERSON
Large CapSamvardhana Motherson International Limited
Auto
Samvardhana Motherson International Limited is a global D.E.M.A.L. specialist providing design, engineering, manufacturing, assembly, and logistics solutions. Primarily an automotive ancillary, it is diversifying into non-automotive emerging businesses like Aerospace and Consumer Electronics, operating across 47 countries.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +17% YoY · PAT +40% YoY · margin expansion · +9% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹34,309 Cr | +17.0% | +9.2% |
| EBITDA | ₹3,791 Cr | +43.4% | +24.6% |
| Operating margin | 11.0% | +200 bps | +100 bps |
| PAT | ₹1,562 Cr | +40.1% | +45.7% |
| PAT margin | 4.5% | +75 bps | +114 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Record Q4 & FY26 Revenue Driven by Robust Performance Across Businesses; EBITDA and Normalized PAT Show Strong Growth Amid Input Cost Inflation.
The company delivered record annual and quarterly revenues, supported by strong performance across core and emerging businesses. Operational efficiencies and cost optimization helped maintain resilient margins despite significant commodity price inflation and geopolitical tensions. Strategic investments in new capacities and a strong booked business provide future growth visibility, while leverage is at a historical low.
Emerging Businesses Scale-up
Consumer Electronics revenue increased 7.5x YoY in FY26, achieving EBITDA profitability. Aerospace delivered 40% YoY revenue growth.
Strong Booked Business
USD 96 billion booked business as of March 31, 2026, provides strong growth visibility across segments.
Emerging Markets Focus
Emerging markets are the focal point of organic growth, with all 16 announced capacity expansions being done in EMs.
New Program Launches
Integrated Assemblies has a robust order book from new program launches in FY27, expected to be 2x of FY26, driving sustained momentum.
Wiring Harness
4 ongoing projects in India (Q4FY27), Morocco (Q1FY27, Q1FY28), and Poland (Q4FY27) for backward integration and capacity expansion.
Vision System
2 ongoing projects in Morocco (Q1FY28) and India (Q1FY28) for rear-view mirrors and SMT capacity expansion.
Modules and Polymer Products
2 ongoing projects in Poland (Q1FY27) and UAE (Q1FY27) for polymer products capacity expansion.
Lighting and Electronics
2 ongoing projects in India for PCBA new capability (Q2FY27) and Consumer Electronics capacity expansion/backward integration (Q3FY27).
Planned European OEM Launches
Planned European OEM launches in FY27 are expected to support growth in Light Vehicles.
Favorable CV Industry Outlook
Developed market CV industry ended FY26 on a positive note; outlook remains favorable for FY27.
Recovery in CV Cycle
Anticipated recovery in the CV cycle across advanced economies expected to drive growth momentum for Wiring Harness.
Commodity Cost Pressures
Copper prices increased sharply by ~16% QoQ in Q4FY26, continuing commodity cost pressures. Crude price inflation towards quarter-end.
Geopolitical Tensions
Geopolitical tensions in the Middle East led to crude price inflation and heightened inflationary pressures, prompting central banks to remain cautious on rate cuts.
Weak Demand in Key Markets
MPP business remained on a soft footing amid weak demand across key markets. Vision Systems faced industry slowdown.
Commodity Price Volatility
Sharp increases in copper, polymer, and crude prices can impact margins if not fully passed through or offset by efficiencies.
Geopolitical Instability
Geopolitical tensions can heighten inflationary pressures and disrupt global supply chains, affecting costs and operations.
OEM Restructuring Actions
OEM restructuring actions can impact demand and business volumes in certain segments like Modules and Polymer Products.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Annual figures (12MFY26 vs 12MFY25) provide a comprehensive view of full-year performance and strategic trends, while quarterly figures (Q4FY26 vs Q4FY25) highlight recent operational momentum and immediate impact of external factors like commodity prices.
Revenue (Consolidated)
Q4FY26 Revenue: Rs 34,309 Crores (+17% YoY). 12MFY26 Revenue: Rs 126,104 Crores (+11% YoY). Highest ever quarterly and annual revenue.
EBITDA (Consolidated)
Q4FY26 EBITDA: Rs 3,805 Crores (+42% YoY). 12MFY26 EBITDA: Rs 12,033 Crores (+11% YoY). Margins remained resilient despite commodity price inflation.
Normalized PAT (Concern Share)
Q4FY26 Normalized PAT: Rs 1,674 Crores (+66% YoY). 12MFY26 Normalized PAT: Rs 4,258 Crores (+17% YoY). Improvement supported by lower finance cost.
Booked Business
Strong booked business of USD 96 billion as on March 31, 2026. Automotive accounts for 75%, EV for 22%, and Non-Automotive for 3%.
Continued Growth Investments
Capex of Rs. 5,911 Cr for FY26 (49% of EBITDA), with ~50% as growth capex, especially in emerging markets and non-auto businesses.
FY27 Capex Guidance
Capex guidance for FY27 is Rs 6,000 Cr (+/-10%), indicating continued investment in future growth.
Focus on Long-Term Value Creation
Company vision is to be a globally preferred sustainable solutions provider, unlocking new growth opportunities across multiple industries.
Operational Efficiencies & Cost Optimization
Management emphasizes operational efficiencies and cost optimization initiatives to support margins amid input cost inflation.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Capex / EBITDA Ratio | 49% in FY26 | Adherence to FY27 guidance of Rs 6,000 Cr (+/-10%) and its impact on leverage. |
| Leverage Ratio | 0.8x in FY26 | Sustaining the lowest-ever leverage ratio despite continuous growth investments. |
| Emerging Businesses Growth | Consumer Electronics 7.5x YoY, Aerospace 40% YoY in FY26 | Continued scale-up and profitability of emerging businesses, especially Consumer Electronics' third facility commissioning in Q3FY27. |
| Raw Material Price Impact | Copper +16% QoQ, Polymer +79% since Feb-26 | Ability to pass through increased commodity costs and maintain resilient margins across divisions. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
57NeutralSMA20 +14.9% / mo · near 52W high
Technical chart
MOTHERSONweekly · 5Y-18.2%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 61. Wait for confirmation.
- SMA20 rising (~13.0% over last month) — short-term momentum positive.
- RSI(14) at 61 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 8% off 52W high · 58% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 3.5%.
- Piotroski is strong at 8/9.
- Cash flow contributes 8/10 to the score.
Main drags
- Fair-value margin of safety is negative at -18.9%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 82nd percentile of the scored universe and 67th percentile within Auto. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: 1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Auto: 67th pctile, median 71 · Large: 63rd pctile, median 74
155 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.5%.
- ▸11 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 35.50
- P/B
- 3.58
- EV/EBITDA
- 9.74
- Market Cap
- 146779.00Cr
Profitability
- ROE
- 10.90%
- ROCE
- 13.10%
- ROA
- 3.70%
- Dividend Y
- 0.43%
Growth (CAGR)
- Revenue 5Y
- 17.00%
- EPS 5Y
- 31.00%
- Revenue 3Y
- 17.00%
- EPS 3Y
- 39.00%
Balance Sheet
- Debt/Equity
- 0.47
- Interest Coverage
- 7.33×
- Altman Z
- 3.40
- Book Value
- 38.80
Cash Flow
- FCF Yield
- 3.52%
- FCF Positive Y
- 11/5
- OCF
- 11284.00 Cr
- EPS TTM
- 3.66
Shareholding
- Promoter Hold
- 48.60%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 79%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Auto — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.