Q2 FY27 results analysis · November 05, 2026
Uno Minda Ltd (UNOMINDA) Q2 FY27 Results Analysis: Revenue Surges 38%, EBITDA Margin Recovers 73 bps
+38.1%PAT year on year, Rs. 419.72 Cr
Source: Quarterly results filing (NSE)
Quick summary
Uno Minda Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 6,655.42 Cr (+38.25% YoY) and PAT growth of +38.07% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details
| Results date | November 05, 2026 |
|---|---|
| Revenue (Q2) | Rs. 6,655.42 Cr (+38.25% YoY) |
| PAT (Q2) | Rs. 419.72 Cr (+38.07% YoY) |
| EBITDA margin | 11.02% (-44 bps YoY) |
| EPS (Q2) | Rs. 7.27 (+37.69% YoY) |
Quarter Snapshot
Q2 FY27 revenue accelerated to +38.25% YoY with EBITDA margin recovering 73 bps QoQ to 11.02%, back inside management's guided 10.5%-11.5% band after Q1's miss, and the promised raw-material pass-through catch-up is visible at -267 bps QoQ. Execution against self-set targets (margin band, capex plan, industry outgrowth) is on track, though margin remains 44 bps below year-ago and H1 free cash flow was negative at Rs.(95.52) Cr on heavy capex and working capital build. The Rs.85 Cr sunroof capacity expansion with Q2 FY28 SOP adds a visible growth catalyst.
Q2 FY27 Expectations vs Results
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue/demand | "the volume line running ahead" | +38.25% YoY, +19.77% QoQ | Played out |
| Gross-level margin compression from aluminium/gas/FX | "compressing at the gross level… catch-up the key unknown" | RM ratio +140 bps YoY, but −267 bps QoQ — YoY squeeze confirmed; in-quarter catch-up substantial | Partially |
| EBITDA margin vs the 10.5%–11.5% band | "hinges entirely on the pass-through catch-up" | 11.02% — inside the band, +73 bps QoQ | Played out |
| JV/associate recovery "from Q2 onwards" | "vs Rs.47.55 Cr in Q1 FY27 and the Rs.63 Cr Q2 FY26 comparator" | Rs.59.77 Cr (+25.70% QoQ, −5.68% YoY) | Partially |
| Q2 SOP milestones / start-up drag quantification | "quantify start-up cost drag" | not quantified in the filing — flagged as a known distortion | Not observable |
| Capex deployment and funding (CP) | "watch finance costs vs Q1's Rs.46.06 Cr" | capex Rs.806.53 Cr in H1; CP Rs.100 Cr issued; finance costs Rs.48.70 Cr (+5.73% QoQ) | Played out |
| Rare-earth licence status | "suspended, not withdrawn" | not addressed in the filing — remains open for the call | Not observable |
Read our full results preview.
Management Guidance vs Delivery
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| FY27 consolidated EBITDA margin ~11% ±50 bps (10.5%–11.5%) | guided on the Q4 FY26 earnings call ("we continue to expect an annual EBITDA margin of around 11% plus/minus 50 basis points") and reiterated on the Q1 FY27 call | 11.02% in Q2; 10.69% in H1 | On Track |
| FY27 capex Rs.1,750 Cr (~Rs.650 Cr sustaining + ~Rs.1,100 Cr growth) | Q1 FY27 earnings call | Rs.806.53 Cr in H1 (46.09% of plan) | On Track |
| JV/associate profit to bridge the commodity gap "from Q2 onwards" | Q1 FY27 earnings call | Rs.59.77 Cr in Q2, +25.70% QoQ vs Rs.47.55 Cr, but −5.68% YoY vs Rs.63.37 Cr — partially delivered — QoQ recovery, still below year-ago | On Track |
| Outgrow industry 1.4x–1.5x | reiterated across earnings calls | Q2 revenue +38.25% YoY vs record industry volume prints (+17.5% to +36.5%, per pre-call note, web-sourced) — directionally | On Track |
| Sunroof commissioning by end FY27; order book >Rs.500 Cr | Q1 FY27 earnings call | additional Rs.85 Cr sunroof capex approved with these results; expanded-capacity SOP Q2 FY28 | On Track |
| "Margin offset at the EBITDA level via asset turnover" for commodity/wage pressures | Q1 FY27 earnings call | EBITDA margin +73 bps QoQ to 11.02%, inside the band; RM ratio −267 bps QoQ | Confirmed |
| Q2 FY26 margin of 11.5% "deemed sustainable" | Q2 FY26 earnings call | Q2 FY27 margin 11.02% vs 11.46% year-ago — within ~44 bps — broadly | Confirmed |
| Employee costs to rise in absolute terms but not as % of revenue | Q1 FY27 earnings call | Employee cost ratio 11.32% vs 13.21% year-ago | Confirmed |
| Start-up plants reach profitability metrics in the third full year | open-ended guidance from earnings calls | start-up drag embedded but unquantified in Q2 cost lines | Too Early |
Key Investment Insights
Key Positives
- Revenue grew 38.25% YoY to Rs.6,655.42 Cr, accelerating from Q1 FY27's +23.79% YoY, with QoQ growth of 19.77%
- EBITDA of Rs.733.27 Cr grew 32.90% YoY; margin of 11.02% recovered 73 bps QoQ back inside the guided 10.5%-11.5% band
- Raw material ratio fell 267 bps QoQ (63.70% to 61.03%) as the promised pass-through catch-up from Q2 onwards materialized
- Owners' PAT grew 38.07% YoY to Rs.419.72 Cr; basic EPS up 37.69% YoY to Rs.7.27
- Employee cost ratio fell to 11.32% from 13.21% YoY; D&A ratio fell to 2.67% from 3.60%, showing operating leverage
- Standalone debt-equity improved to 0.31x from 0.38x a year ago; interest-service coverage improved to 16.02x from 14.54x
- Additional Rs.85 Cr sunroof capacity expansion approved (incremental 2,91,000 units p.a., SOP Q2 FY28) on top of the >Rs.500 Cr sunroof order book
- H1 CFO of Rs.711.01 Cr was 0.94x H1 PAT
Risk Factors
- EBITDA margin of 11.02% remains 44 bps below the year-ago 11.46%, with raw material ratio still 140 bps above year-ago on elevated aluminium/gas prices
- JV/associate profit of Rs.59.77 Cr declined 5.68% YoY despite +25.70% QoQ recovery
- Effective tax rate rose ~164 bps YoY to 22.77%; tax grew 50.34% YoY vs PBT +39.47%
- H1 free cash flow was negative at Rs.(95.52) Cr; current ratio eased to 1.10x from 1.32x a year ago on working capital consumption
- Contested GST and Pune VAT demands of ~Rs.6.66 Cr combined disclosed
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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.