Uno Minda Ltd (UNOMINDA) Q1 FY27 Earnings Call: Revenue Surges 26% to Rs.5,557 Cr, Sunroof Order Book Tops Rs.500 Cr

Uno Minda Ltd held its Q1 FY27 earnings call on August 04, 2026. Here's a quick read of what management said — performance, strategy, and the outlook ahead.

Record Revenue and Profit Growth in a Strong Industry Backdrop

• Rs.5,557 crore — consolidated revenue from operations in Q1 FY 2026-2027, up 26% YoY from Rs.4,420 crore in Q1 FY 2025-2026 (excluding prior-period income).
• Rs.572 crore — EBITDA, with margin of 10.3%, impacted by commodity/gas inflation (~40 bps margin dilution from pass-through mechanics) and minimum wage revisions.
• Rs.296 crore — PAT attributable to shareholders, up 24% YoY from a normalized Rs.239 crore in Q1 FY 2025-2026.
• 96.9 lakh units — Indian automotive production in Q1 FY 2026-2027, a record (+22% YoY), providing a strong industry tailwind.
• 6.8% — EV passenger vehicle penetration; e-two-wheeler registrations crossed 5 lakh units in a single quarter for the first time.

Casting and Green Mobility Lead Growth; All Verticals in Positive Territory

• Casting: Rs.1,090 crore — fastest-growing segment at +32% YoY; segment margin improved to 20% from 18% in Q1 FY 2025-2026, aided by higher alloy wheel volumes and mix shift to larger wheels.
• Green Mobility: Rs.542 crore — up 78% YoY; Uno Minda EV Systems + EV controller aggregate revenues were Rs.218 crore (+24% YoY); Westport contributed Rs.184 crore.
• Switches: Rs.1,335 crore — up 20% YoY, maintaining the largest segment share.
• Lighting: Rs.1,153 crore — up 14% YoY; secured a new four-wheeler lighting win with a global OE customer (decent volumes, existing Chennai plant needs only incremental lines/tools).
• Seating: Rs.408 crore — up 28% YoY; exports reached Rs.72 crore in Q1, with Rs.390 crore annual peak export orders from three new customers in Europe and North America.
• Other: Rs.1,029 crore — up 21% YoY; sensors & ADAS (classified under Other) contributed Rs.250 crore in Q1 FY 2026-2027.

New Wins Span Lighting, Seating, Sunroof and Casting; Export Momentum Accelerates

• Rs.450 crore — annual peak lighting order secured for two-wheeler lighting; company also entered domestic four-wheeler lighting for a global OEM, with interior ambient lighting gaining commercial traction.
• Rs.500+ crore — sunroof order book; new OEM customer for panoramic sunroof (annual peak Rs.130 crore) and electric roller shades (Rs.40 crore); manufacturing facility commissioning by end FY 2026-2027, full scale from FY 2028-2029.
• Rs.390 crore — annual peak export orders for seating from three new customers (Europe/North America); board approved a Rs.320 crore greenfield four-wheeler seating plant in Chhatrapati Sambhajinagar (SOP Q2 FY 2027-2028).
• Rs.3.2 billion — capex for four-wheeler seating business, with revenue potential of more than 2x at current stage (Q1 FY 2026-2027); export order ramp-up impact from end of FY 2027-2028, full realization in FY 2028-2029.
• 60k line — new alloy wheel line at Karkhoda ramping from Q2 FY 2026-2027, another 30k line expected in H2 FY 2026-2027; Bawal plant (six lines, ~1 million units annual capacity) to go live in H2 FY 2026-2027.
• Rs.228 crore — physical exports from India in Q1 FY 2026-2027, up ~50-60% sequentially from Rs.141 crore in Q4 FY 2025-2026; management targets doubling/tripling export absolute revenue (period unspecified).

Commodity Headwind Persists; Management Reaffirms Annual Margin Guidance

• ~40 bps — margin dilution from commodity/gas inflation in Q1 FY 2026-2027, even with 100% pass-through; management expects this headwind to persist for the rest of FY 2026-2027 if prices remain elevated.
• 11% ± 50 bps — FY 2026-2027 EBITDA margin guidance reaffirmed, biased to the higher end; management cited automation, efficiency gains, and absorption of wage increases as offsets.
• 0.4% — further gross margin decline from commodity price increases in Q1 FY 2026-2027 (third consecutive quarter of gross margin decline per analyst observation); recovery expected through customer price adjustments, with some customers already providing monthly hikes.
• 20% — casting segment margin in Q1 FY 2026-2027, up from 18%; management sees a tailwind from higher alloy wheel volumes and shift to larger wheels, with no specific forward margin number given.
• 15% YoY — employee cost growth in Q1 FY 2026-2027, versus 26% revenue growth; management does not expect the employee cost-to-revenue ratio to rise even as new plants and hiring push absolute costs higher.
• 11% — exports as a share of revenue mix in Q1 FY 2026-2027; mix percentage will rise only if exports outgrow domestic growth of about 20–30% in FY 2026-2027.

Rs.1,750 Crore Capex Intact; China JV, Sunroof and Seating Plants Drive Visibility

• Rs.1,750 crore — capex guidance for FY 2026-2027, unchanged from the prior call; FY 2027-2028 capex guidance to come with the annual guidance cycle.
• Rs.3,800 crore — total announced project pipeline; Rs.1,400 crore spent to date (as of Q1 FY 2026-2027), leaving Rs.2,000 crore to be spent over the next 18–24 months (through ~FY 2028-2029).
• No restriction — on importing EXL from the China JV as of Q1 FY 2026-2027; management does not foresee any restriction at present. The Chinese government has restricted some battery technologies; management said "one can't rule it out" for EXL and expects better clarity in Q2 FY 2026-2027.
• Q2 FY 2027-2028 — SOP for the Rs.320 crore greenfield four-wheeler seating plant in Chhatrapati Sambhajinagar; KDCity plant on schedule, TSN plant breaks ground in the next couple of months.
• End FY 2026-2027 — sunroof manufacturing facility commissioning; production ramp-up in that year with full scale from FY 2028-2029 onwards.
• Third year of production — management's stated endeavor for green mobility businesses to achieve target profitability; JV profitability was flat YoY in Q1 FY 2026-2027 due to commodity impact, with expectations to bridge the gap from Q2 FY 2026-2027.
• Very optimistic — management's view on four-wheeler seating business, calling it a key breakthrough; seating JV partner Tachi-S has 66 global plants, with one model nomination secured and a second under discussion.