UNO Minda Ltd

Rating actions and rated instruments

• ICRA Limited confirms UNO Minda ratings; outlook Stable.
• Rating agency: ICRA Limited.
• Unallocated limits rated AA+(Stable)/A1+; reaffirmed; enhanced amount to Rs 50 crore.
• Long-term/Short-term - Fund-based/Non-fund-based - Others: AA+(Stable)/A1+; reaffirmed; enhanced to Rs 875 crore.
• Long-term fund-based term loans: AA+(Stable); reaffirmed; enhanced to Rs 580 crore.
• Short-term non-fund-based others: A1+; reaffirmed; enhanced to Rs 645 crore.
• Non-convertible Debenture: AA+(Stable); reaffirmed.
• Commercial Paper: A1+; reaffirmed and withdrawn.
• Outlook on ratings remains Stable.
• Total rated amount: Rs 2,150 crore.

Penalty order details

• Subsidiary Minda Industries Vietnam received an administrative penalty order from Phu Tho Province Tax Department.
• Penalty relates to disallowances for audit periods FY2020-21 to FY2025-26.
• Penalty amount: INR 0.97 crore.
• Date of receipt: August 12, 2026 at 19:07 IST.
• No material impact expected on financial or operational activities.
• Company and subsidiary are reviewing the order and will take appropriate measures.

Financial Performance

• Consolidated revenue for Q1 FY27: INR 5,557 crore, up 26% YoY.
• EBITDA excluding exceptional income: INR 572 crore, margin 10.3%.
• PAT to shareholders: INR 296 crore, up 24% YoY.
• Depreciation: INR 177 crore, up 17 crore due to new facilities.
• Finance costs: INR 46 crore, up 2 crore.
• Associates and JVs profit: INR 48 crore, stable year-on-year.
• Margin headwinds from commodity, gas, and wage inflation; offset by efficiencies.
• EBITDA margin guidance: 11% +/- 50 bps with bias to higher end.

Segment Highlights

• Switches revenue: INR 1,335 crore, up 20%.
• Lighting revenue: INR 1,153 crore, up 14%.
• Casting revenue: INR 1,090 crore, up 32%.
• Seating revenue: INR 408 crore, up 28%.
• Green mobility revenue: INR 542 crore, up 78%.
• Other verticals: INR 1,029 crore, up 21%.
• International revenue ~10% of total; exports from India INR 228 crore vs 141.

Capex and Projects

• Four-wheel seating capex of INR 3.2 billion; can generate revenue more than 2x.
• Export orders have a two-year cycle; impact from end FY28, majority in FY29.
• Kharkhoda 2-wheeler lighting consolidation to start in H2 FY27.
• Mindarika to Farrukhnagar plant transition; enables larger capacity.
• Indonesia 4-wheel lighting plant SOP expected in Q2 FY28.
• Sunroof facility – commissioning by end FY27; sunroof order book > INR 500 crores.
• Inovance JV: Press Note 3 approved; China approvals pending.

Outlook and Guidance

• Seating capex could unlock more than 2x revenue; additional capex possible.
• Export share to rise as domestic growth remains robust.
• Commodity-driven margin pressure to be mitigated by automation and price actions.

Q&A Highlights

• Seating segment: large opportunity; kit value per car around INR 30,000–40,000.
• Seating models: first nomination; second model in discussion; launch timing uncertain.
• Green mobility ramp-up: volumes not disclosed; focus on meeting demand.
• Exports growth: domestic expansion strong; exports to grow to maintain market share.
• China JV: no restrictions on e-axle today; approvals pending in host country.
• Casting depreciation: Q-o-Q drop due to WDV method in capital-intensive casting.

Risks and Watchpoints

• Inovance/China regulatory changes; host-country approvals pending for JV.
• E-axle import restrictions remain uncertain; current stance is permissive.
• Margin normalization risk from commodity volatility and wage inflation.
• Export reliance and cyclicality warrant monitoring.

Meeting Details

• Board meeting scheduled for Tuesday, August 04, 2026; time and venue not disclosed.

Key Agenda Items

• Consider and approve unaudited standalone financial results for quarter ended June 30, 2026.
• Consider and approve unaudited consolidated financial results for quarter ended June 30, 2026.

Other Notes

• Trading window remains closed until 48 hours after results are made public on August 04, 2026.

ESOP grant

• Nomination and Remuneration Committee approved grant of 2,43,280 ESOPs under Uno Minda ESOP 2025.
• Price Rs 1,050 per option; about 10% discount to NSE closing price.
• Options vest upon fulfilment of vesting conditions.
• Exercisable within one year from each vesting date.
• Vesting dates: Tranche 1(a) May 31, 2028; Tranche 1(b) May 31, 2029.
• Total shares covered by options: 2,43,280.
• Grant governed by Uno Minda ESOP 2025 terms.

GST penalty appeal status

• Appeal against the Rs. 1,71,52,785 GST penalty filed on May 2-3, 2025.
• Appellate authority remanded to re-determine tax, interest, and penalty.
• Order received July 13, 2026 around 09:53 IST.
• Remand requires re-assessment by the Commissioner of GST, Gurugram.
• Initial penalty amount cited: Rs. 1,71,52,785; interest to be determined.
• Company does not foresee material impact on financial or operational activities.
• No governance or management changes indicated.

Customs AD duty order on machinery

• Customs order demands anti-dumping duty on machinery; duty and penalty each Rs 48,81,256.
• Interest as applicable under Section 28AA.
• Order received by Uno Minda on June 17, 2026 at 10:39 AM.
• Company intends to contest the order on merits; no material impact expected.

reader-facing section

• Securities dematerialised during the period have been listed on the stock exchanges.
• Physical certificates received for dematerialisation were mutilated and cancelled after verification.
• Depository name substituted as registered owner in the records within prescribed timelines.
• Non-Convertible Debentures issued by the company are in Demat Mode.
• Compliance certificate for the quarter ended 30 June 2026 issued.

Key developments

• Board approves greenfield plant in Chhatrapati Sambhajinagar, Maharashtra, with capex ~₹320 crore.
• Facility to commence operations by Q4 FY28.
• Project executed under Uno Minda Tachi-S Seating Private Limited, JV with TACHI-S (Japan).
• JV has secured anchor customer order from a leading OEM.
• Strategic entry into complete 4W seating systems; higher per-vehicle value.