MSUMI
Large CapMotherson Sumi Wiring India Limited
Auto
Motherson Sumi Wiring India Limited (MSUMI) is a leading automotive wiring harness manufacturer in India. The company supplies to 9 out of the top 10 selling passenger vehicle models in India for FY26 and operates 30 facilities across the country, focusing on both ICE and EV platforms.
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.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
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
Average · 42/100margin compression · Rev +33% YoY · PAT +1% YoY · +16% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,335 Cr | +32.9% | +15.5% |
| EBITDA | ₹274 Cr | +1.1% | +4.6% |
| Operating margin | 8.0% | -300 bps | -100 bps |
| PAT | ₹167 Cr | +1.2% | +12.1% |
| PAT margin | 5.0% | -156 bps | -15 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
MSUMI reported best-ever Q4FY26 and FY26 performance with ~33% YoY revenue growth in Q4, outpacing industry volumes by ~11%. FY26 revenue grew 23.2% YoY to INR 11,478 Cr, crossing the INR 100 Bn mark, but profitability was impacted by higher copper prices and unfavorable currency.
Revenue growth significantly outpaced industry volumes, indicating market share gains or higher content per vehicle. The company maintains a debt-free status while investing in future growth. However, profitability remains under pressure from elevated copper prices and unfavorable currency, which management acknowledges as a short-term impact. Greenfield ramp-up and customer volume realization are key.
Revenue by Segment (FY26)
Latest issuer-disclosed distribution across 5 reported categories.
Outpacing Industry Growth
Overall Revenue growth of ~33% outpacing the industry volume growth by ~11% on a YoY basis in Q4FY26.
EV Platform Supply
Key supplier to leading Indian OEMs for their EV platforms.
Greenfield Unit Performance
Improved performance of Greenfields units.
Navagam (Gujarat) EV Plant
Operational and in ramping up stage.
Navagam (Gujarat) EV+ICE Plant
SOP in Q4 FY26 and in ramping up stage.
Kharkhoda (Haryana) ICE Plant
Operational.
Pune (Maharashtra) EV+ICE Plant
Operational but with lower than planned customer volumes.
Robust Passenger Vehicle Industry Growth
Passenger vehicle industry growth volumes of 11% YoY in Q4FY26 and 9% for FY26.
Elevated Copper Prices
Higher Copper Prices ~18% QoQ and unfavorable currency movement during the quarter led to profitability impact in the short term.
Unfavorable Currency Movement
Unfavorable currency movement during the quarter contributed to profitability impact.
Raw Material Price Volatility
Copper prices remain elevated on a continuous basis led to profitability impact in the short term.
Customer Volume Delays at New Plants
Pune (Maharashtra) EV+ICE and EV plants are operational but experiencing lower than planned and delayed customer volumes.
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.
The document provides both Q4FY26 vs Q4FY25 and 12MFY26 vs 12MFY25 data, with industry volume growth stated YoY. However, the impact of copper prices is highlighted QoQ, making both comparisons relevant for a complete picture of performance and cost pressures.
Industry Volume Growth
Passenger vehicle industry growth volumes of 11% on YoY in Q4FY26 and 9% for FY26.
Company Revenue Outperformance
Overall Revenue growth of ~33% outpacing the industry volume growth by ~11% on a YoY basis in Q4FY26.
EV Share of Revenues
EV share of Revenues: 8.6% for Q4FY26 and 6.6% for 12MFY26.
Raw Material Price Impact
Higher Copper Prices ~18% QoQ and unfavorable currency movement during the quarter led to profitability impact in the short term.
Consistent ROCE Delivery
Consistently delivered strong year-on-year ROCE.
Debt-Free Status
Continues to maintain debt-free status.
Investment for Future Growth
Re-invested over INR 381 Cr over the last 2 years.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Greenfield Capacity Utilization | Navagam plants are ramping up; Pune plants are operational but with lower/delayed customer volumes. | Timely ramp-up and improved utilization rates at new greenfield facilities, especially in Pune, to realize planned customer volumes. |
| Raw Material & Currency Impact on Profitability | Copper prices up ~18% QoQ, unfavorable currency movement impacting short-term profitability. | Stabilization or decline in copper prices and favorable currency movements to ease pressure on EBITDA margins. |
| EV Revenue Share Growth | EV share of Revenues is 8.6% for Q4FY26. | Continued growth in EV revenue share, indicating successful penetration into new EV platforms and increasing content per vehicle. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
45NeutralSMA20 -10.0% / mo · near 52W low
Technical chart
MSUMIweekly · 6M-16.9%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 41.
- RSI(14) at 41 — sideways, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 29% off 52W high · 7% 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
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 18/20 to the score.
- Cash flow contributes 8/10 to the score.
Main drags
- Fair-value margin of safety is negative at -2.5%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 10/25; 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: +0 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 96th percentile of the scored universe and 90th percentile within Auto. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 61.7%. Key concern: ROCE trend is -4.4%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Auto: 90th pctile, median 71 · Large: 87th pctile, median 74
80 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 holding is 61.7%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.2%.
- ▸5 years of positive FCF.
Trust risks
- ▸ROCE trend is -4.4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 40.90
- P/B
- 11.84
- EV/EBITDA
- 20.23
- Market Cap
- 25585.00Cr
Profitability
- ROE
- 32.40%
- ROCE
- 38.90%
- ROA
- 13.17%
- Dividend Y
- 1.47%
Growth (CAGR)
- Revenue 5Y
- 24.00%
- EPS 5Y
- 10.00%
- Revenue 3Y
- 18.00%
- EPS 3Y
- 9.00%
Balance Sheet
- Debt/Equity
- 0.11
- Interest Coverage
- 40.77×
- Altman Z
- 9.70
- Book Value
- 3.26
Cash Flow
- FCF Yield
- 2.19%
- FCF Positive Y
- 5/5
- OCF
- 761.00 Cr
- EPS TTM
- 0.94
Shareholding
- Promoter Hold
- 61.72%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 16%
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.