Q2 FY27 results analysis · October 30, 2026
Motherson Sumi Wiring India Ltd (MSUMI) Q2 FY27 Results Analysis: Revenue Surges 47%, Copper Cost Drag Persists
+35.1%PAT year on year, Rs. 223.37 Cr
Source: Quarterly results filing (BSE)
Quick summary
Motherson Sumi Wiring India Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 4,053.83 Cr (+46.78% YoY) and PAT growth of +35.10% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details
| Results date | October 30, 2026 |
|---|---|
| Revenue (Q2) | Rs. 4,053.83 Cr (+46.78% YoY) |
| PAT (Q2) | Rs. 223.37 Cr (+35.10% YoY) |
| EBITDA margin | 9.22% (-91 bps YoY) |
| EPS (Q2) | Rs. 0.34 (+36.00% YoY) |
Quarter Snapshot
Revenue grew 46.78% YoY to Rs.4,053.83 Cr, outpacing PV industry growth of 30.7%, with PAT up 35.10% and EBITDA margin recovering 164 bps QoQ to 9.22%. Copper pass-through lag remains the key drag — gross margin fell 411 bps YoY and EBITDA margin is still 91 bps below the year-ago level — while capex guidance of Rs.190–200 Cr is on track with H1 FCF of Rs.351.63 Cr. No guidance beat can be established as the source shows no prior numeric revenue/earnings guidance to compare against.
Q2 FY27 Expectations vs Results
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue | "Likely ahead" — strongest PV print of the year, copper inflating billings | Revenue Rs.4,053.83 Cr, +46.78% YoY, +18.98% QoQ | Played out |
| Margins | "Below the prior-year's 12.7% level, with the direction… hinging on whether the pass-through catch-up outpaced the higher copper base" | EBITDA margin 9.22%: QoQ recovery (+164 bps) but YoY compression (−91 bps vs the filing's restated 10.13%); gross margin fell QoQ | Partially |
| Capex Rs.190–200 Cr via accruals | "Tracking" | H1 capex Rs.81.03 Cr, FCF Rs.351.63 Cr | Played out |
| Copper lag: "does 7% QoQ narrow further?" | Watch item | Margin +164 bps QoQ; lag quantum not disclosed in the filing | Partially |
| Greenfield inflection from −3% margins; EV share vs 8.5%; wage-recovery quantification | Watch items | None addressed in the filing — remain open for the call | Not observable |
Read our full results preview.
Management Guidance vs Delivery
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Copper pass-through recovery into Q2 FY27 (March-quarter hikes plus pending June adjustments; lag impact narrowed from 17% to 7% QoQ as of Q1), margin recovering off 7.6% | Q1 FY27 earnings call, Aug 4, 2026 | EBITDA margin 9.22%: +164 bps QoQ; still 91 bps below the filing's restated year-ago quarter, and gross margin fell 121 bps QoQ — recovery is real but incomplete | On Track |
| FY27 capex ~Rs.190–200 Cr, funded through internal accruals | Q1 FY27 earnings call, Aug 4, 2026 | H1 capex Rs.81.03 Cr; FCF Rs.351.63 Cr — though the small new short-term borrowing shows accruals needed a modest supplement | On Track |
| Greenfield bottom-line contribution "in the next one to two quarters" (~Q3 FY27) | Q1 FY27 earnings call, Aug 4, 2026 | No greenfield or start-up-cost disclosure in the filing (no segments) | Too Early |
| Wage-cost recovery "endeavour to reach agreements soon" (unquantified) | Q1 FY27 earnings call, Aug 4, 2026 | Employee-cost ratio 15.44% (−221 bps QoQ) but no recovery quantified or committed | Too Early |
| Sustain above-industry growth via content increase, premiumization, new platforms | Recurring management commentary (prior calls) | Revenue +46.8% YoY vs the PV industry's +30.7% YoY September-quarter wholesale print (SIAM, per pre-call note, web-sourced, dated) | Confirmed |
| Copper impact on profitability is "transitional"; margins normalize if copper stabilizes | Q4 FY26 earnings call, Apr 28, 2026 | Margin +164 bps QoQ but −91 bps YoY; gross margin still falling QoQ (−121 bps) while copper kept rising through the window (per pre-call note, web-sourced, dated) | Too Early |
Key Investment Insights
Key Positives
- Revenue grew 46.78% YoY to Rs.4,053.83 Cr and 18.98% QoQ
- PAT grew 35.10% YoY to Rs.223.37 Cr; EPS grew 36% YoY to Rs.0.34
- EBITDA margin recovered 164 bps QoQ to 9.22% from 7.58% in Q1 FY27
- Revenue growth of 46.8% YoY outpaced PV industry wholesale growth of 30.7% YoY
- Employee cost ratio fell 221 bps QoQ to 15.44% of revenue
- H1 FCF of Rs.351.63 Cr after capex of Rs.81.03 Cr; capex tracking FY27 guidance of Rs.190–200 Cr
- H1 CFO/PAT at 1.17×
Risk Factors
- Gross margin fell 411 bps YoY and 121 bps QoQ to 29.67% as copper pass-through lagged higher copper costs
- EBITDA margin remains 91 bps below the year-ago restated level of 10.13%
- Materials ratio rose 400 bps YoY to 71.67% of revenue; Rs.80 of every Rs.100 incremental revenue YoY consumed by incremental materials cost
- Finance costs more than doubled YoY to Rs.14.52 Cr with short-term borrowings rising to Rs.101.44 Cr from Rs.10.40 Cr
- H1 CFO/EBITDA fell to 0.68× from 1.15× on working-capital build
- Net worth declined Rs.21.05 Cr as the Rs.383.66 Cr dividend outflow exceeded H1 PAT of Rs.368.69 Cr
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Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.