UNOMINDA
Large CapUNO Minda Limited
Auto
Uno Minda is a leading Indian auto component manufacturer with a diversified product portfolio across 2W, 3W, 4W, CV, and OR segments. It serves domestic and international OEMs and aftermarket channels, focusing on an ICE-EV agnostic product portfolio, R&D, and global expansion.
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
Good · 62/100Rev +18% YoY · PAT +22% YoY · +6% QoQ · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹5,336 Cr | +17.8% | +6.3% |
| EBITDA | ₹603 Cr | +14.4% | +8.8% |
| Operating margin | 11.0% | -100 bps | +0 bps |
| PAT | ₹352 Cr | +21.8% | +17.3% |
| PAT margin | 6.6% | +22 bps | +62 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
Uno Minda reported strong Q4 FY26 and FY26 results, with consolidated revenues up 18% YoY and 17% YoY respectively. PAT (UML share) grew 22% YoY in Q4 and 24% YoY for FY26, driven by sustained domestic volume growth and new order wins.
The company delivered robust financial performance for Q4 and FY26, supported by strong order wins, strategic EV powertrain investments, and a diversified product portfolio. Management's focus on R&D and capacity expansion aligns with growth drivers.
Revenue by Vehicle Segment (FY26)
Latest issuer-disclosed distribution across 5 reported categories.
EV Powertrain & Systems
Announced second plant for PV EV powertrain in CSN to assemble and manufacture EDU and DHT. EDU supplies have started.
New Order Wins
Secured ~Rs 600 Crore annual peak value order for Android-based Infotainment (SOP Q3 FY29) and ~Rs 450 Crore for 2W Lamps (SOP H2 FY28).
Increased OEM Share & Exports
Sustained domestic volume growth coupled with increase in Share of Business (SOB) with underpenetrated OEMs and robust 2W exports.
ICE-EV Agnostic Portfolio
More than 95% of product portfolios are powertrain agnostic, positioning the company to benefit from the EV transition with higher kit values.
PV EV Powertrain Plant (CSN)
New greenfield facility for EDU and DHT with an estimated investment of ₹550 Crore, expected SOP by Q2 FY28.
4W Alloy Wheels (CSN)
New plant with 1.8 Mn Wheel pa capacity, Phase 1 expected SOP by Q2 FY28, part of a ₹764 Cr project.
Airbags (Harohalli)
Greenfield project with a total cost of ₹283 Crore, expected SOP by Q1 FY27.
2W Lighting (Kharkhoda)
Shifting cum expansion project with a total cost of ₹233 Crore, expected SOP by Q3 FY27.
Industry Growth Momentum
Q4 FY26 saw 2W growth of 21% YoY and PV growth of 11% YoY, with both setting new annual production volume peaks.
Increasing EV Penetration
FY26 e-2W penetration reached 6.5%, e-PV 4.2%, and e-3W crossed 60%, indicating a growing market for EV components.
CAFÉ Norms Revision
Effective April 2027, CO2 emission limits are slashed, promoting EVs, LED transition, and light weighting, aligning with product strategy.
Commodity Price Surge
Aluminium prices hit new highs in Q4 FY26, and plastic parts/resins prices also increased.
Currency Depreciation
USD INR crossed 95.50, making raw material imports costlier.
West Asia Conflict
Causing supply chain pressures, elevated crude oil prices, global inflation, and moderating growth outlook.
Raw Material Cost Inflation
Surge in Aluminium, plastic parts, and resins prices could impact margins if not fully passed through to customers.
Currency Volatility
USD INR depreciation makes imported raw materials more expensive, affecting cost structures and profitability.
Geopolitical Instability
West Asia conflict creates supply chain disruptions and global economic uncertainty, potentially impacting demand and costs.
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.
Both YoY and QoQ comparisons are relevant. YoY provides a clear view of annual growth and performance against the previous fiscal year, while QoQ helps assess sequential momentum, new project ramp-ups, and market shifts.
Industry Volume Growth
Q4 FY26: 2W posted impressive 21% YoY growth; PV posted 11% YoY growth. PV and 2W set new peak for Annual production volumes.
Company Volume Growth
Record sales for 2W Switch and 2W Light business, driven by sustained domestic volume growth and increased SOB with underpenetrated OEMs.
EV Penetration
FY26: e-2W registration crossed 1.4 Mn (6.5% penetration); e-PV registration at 2.0 Lakhs (4.2% penetration); e-3W registration at 0.8 Mn (60%+ penetration).
EV Exposure
2W EV growth supportive as key supplier to multiple electric two-wheeler OEMs. EV Systems record healthy growth driven by e-3W Charger business.
Technology Leadership Mission
Mission to attain Technology Leadership with Ingenious CREATors to Innovate for the future of mobility focusing on Value Creation, Quality, and Process.
EV Transition Focus
Over 95% of product portfolios are powertrain agnostic, with a focus on increasing EV kit value and developing EV-specific products.
Global Expansion
The company is steadily growing its global presence through sustained capacity additions and channel expansions.
Strong R&D Investment
Strong R&D focus and infrastructure helps in in-house product development and localization of products.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| New Order Book Execution | ~Rs 600 Cr (IVI), ~Rs 450 Cr (2W Lamps), ~Rs 390 Cr (Seating exports) orders secured. | Timely SOP and ramp-up of these significant orders to contribute to revenue. |
| EV Capacity Ramp-up | Second PV EV powertrain plant announced, EDU supplies started. | Commissioning and utilization rates of new EV powertrain and casting facilities. |
| EBITDA Margin Trend | Q4 FY26 EBITDA margin 11.3%, FY26 11.1%. | Sustained margins amidst raw material price volatility and new project ramp-ups. |
| Content per Vehicle (EV) | 2W/3W EV kit value potential of 37,636 vs ICE 11,936. | Actual realization of higher content per vehicle in growing EV segments. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
46NeutralSMA20 -8.2% / mo
Technical chart
UNOMINDAweekly · 6M-12.3%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 47.
- RSI(14) at 47 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 19% off 52W high · 10% 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.
- Growth contributes 17/25 to the score.
- Balance sheet contributes 10/15 to the score.
Main drags
- Fair-value margin of safety is negative at -59.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; 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 97th percentile of the scored universe and 93rd percentile within Auto. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 68.4%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Auto: 93rd pctile, median 71 · Large: 89th pctile, median 74
172 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 68.4%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.1%.
- ▸5 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 51.90
- P/B
- 9.27
- EV/EBITDA
- 22.29
- Market Cap
- 63130.00Cr
Profitability
- ROE
- 19.40%
- ROCE
- 19.70%
- ROA
- 9.37%
- Dividend Y
- 0.24%
Growth (CAGR)
- Revenue 5Y
- 25.00%
- EPS 5Y
- 43.00%
- Revenue 3Y
- 20.00%
- EPS 3Y
- 23.00%
Balance Sheet
- Debt/Equity
- 0.40
- Interest Coverage
- 12.04×
- Altman Z
- 8.35
- Book Value
- 118.00
Cash Flow
- FCF Yield
- 0.11%
- FCF Positive Y
- 5/5
- OCF
- 1720.00 Cr
- EPS TTM
- 20.73
Shareholding
- Promoter Hold
- 68.36%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 26%
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.