Motherson Sumi Wiring India Limited Earnings Summary — Q1 FY2027
Motherson Sumi Wiring India Delivers 36.6% Revenue Growth Driven by Robust Volume and Commodity Pass-throughs
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue has increased for 5 consecutive quarters.
- Revenue of ₹3,407 Cr is 36.6% higher year-on-year.
- Revenue has compounded at 20.7% annualised over the last 10 quarters.
- Revenue is at its highest level in 10 quarters.
- Net profit of ₹145 Cr is 1.6% above the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at -11.5% annualised across the period.
- Operating margin stands at 7.6% in Q1 FY2027.
- Operating margin compressed by 221 bps year-on-year.
- Over the last two years operating margin has contracted by 335 bps.
- PBT margin is 5.7%.
- Expenses grew 40.0% against revenue growth of 36.6%.
- Operating profit of ₹258 Cr is 5.7% higher year-on-year.
- Operating leverage has been under pressure recently.
- 6 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 61/100 (Healthy) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Improving | 3,407 | 3,335 | 2,887 | 2,762 | 2,494 | 2,510 | 2,300 | 2,326 | 2,185 | 2,233 |
| Expenses | Improving | 3,149 | 3,061 | 2,625 | 2,482 | 2,250 | 2,238 | 2,063 | 2,076 | 1,946 | 1,941 |
| Operating Profit | Stable | 258 | 274 | 262 | 280 | 244 | 271 | 238 | 250 | 239 | 291 |
| Operating Margin | Softening | 7.6% | 8.2% | 9.1% | 10.1% | 9.8% | 10.8% | 10.3% | 10.7% | 10.9% | 13.1% |
| Other Income | Volatile | 5 | 1 | 1 | 1 | 1 | 2 | 1 | 5 | 5 | 4 |
| Interest | Improving | 8 | 6 | 7 | 6 | 6 | 6 | 7 | 7 | 5 | 6 |
| Depreciation | Improving | 60 | 57 | 57 | 53 | 49 | 48 | 47 | 44 | 40 | 39 |
| Profit Before Tax | Stable | 195 | 212 | 200 | 221 | 190 | 220 | 185 | 203 | 198 | 250 |
| Tax | Stable | 50 | 44 | 50 | 56 | 47 | 55 | 45 | 51 | 49 | 59 |
| Net Profit | Stable | 145 | 167 | 149 | 165 | 143 | 165 | 140 | 152 | 149 | 191 |
| Net Margin | Softening | 4.3% | 5.0% | 5.2% | 6.0% | 5.7% | 6.6% | 6.1% | 6.5% | 6.8% | 8.6% |
Key Takeaways
- Revenue grew significantly by 36.6% YoY to ₹3,407.26 crore, supported by strong volumes and a 5% contribution from copper price pass-throughs.
- Profitability faced pressure as Net Profit grew only 1.5% YoY, impacted by higher employee costs and a lag in commodity cost recoveries.
- Copper prices experienced an 18% sequential increase (Q3 vs Q3 basis for pricing), creating a transitional lag in margins of approx 2-2.5%.
- Greenfield facilities in Kharkhoda, Pune, and Gujarat contributed over ₹400 crore to quarterly revenue, though Pune utilization remains low at 50%.
- Employee benefit expenses surged 26.4% YoY to ₹601.5 crore, reflecting front-loaded hiring for new plant ramp-ups and model launches.
- The company maintained its debt-free status while continuing a disciplined capital expenditure plan for automation and capacity expansion.
Management Guidance
Management expects copper price impacts to be transitional with recoveries occurring in a 3-6 month lag. FY27 CAPEX is guided at approximately ₹200 crore, consistent with the previous year, focusing on new greenfield support for OEM expansions, automation, and digitization.
Sentiment Shift
Stable
While margins were compressed by commodity volatility and start-up costs, the massive top-line outperformance compared to single-digit market growth demonstrates strong market share gains.
Outlook
The outlook remains strong as greenfield plants stabilize and customer model launches ramp up. Management remains bullish on the Indian automotive market and expects content-per-car increases to drive future outperformance.
From the Annual Report (Key Quotes)
“MSWIL continue to maintain a debt-free status since inception, supporting our preparedness for the future with a diversified powertrain portfolio.”
“The cost rises in the first few quarters have already been passed on to the customers. So whatever dip is seen in this quarter, it is not pronounced for a full year.”
“We don't buy land and then hope that the customer gives us orders... We don't set up plants without having the firm orders in hand.”
Official Quarterly Documents
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This summary is AI-generated from Motherson Sumi Wiring India Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.