Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,436.50 last close on 30 Oct 2026 +0.06%
Research updated
Samvardhana Motherson International Ltd.
NSE: MOTHERSONConsumer CyclicalAuto Parts
- Last close
- ₹156.50
- Day change
- −₹3.50 (−2.19%)vs
- Market cap
- ₹1.63 lakh crIndian rupees
- Research updated
- 3 reports
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About Samvardhana Motherson International
Samvardhana Motherson International Ltd. is a global automotive components manufacturer based in India. The company specializes in producing a diverse range of products that are vital to the automobile industry, such as wiring harnesses, rearview mirrors, moulded plastic parts, and integrated modules. These components are crucial in enhancing vehicle safety, efficiency, and aesthetics. With operations spanning across a multitude of countries, Samvardhana Motherson plays a significant role in the supply chain of major automotive OEMs globally. Its commitment to innovation and excellence has established the company as a trusted partner within the automotive sector. The firm's expansive international presence and diverse product portfolio underscore its importance in addressing the solutions needed by automobile manufacturers, thereby positioning it as a critical player in the automotive manufacturing industry. Additionally, by leveraging global partnerships and acquisitions, Samvardhana Motherson continues to fortify its stance in the market, contributing to the dynamic growth of the automotive components sector.
- Sector
- Consumer Cyclical
- Industry
- Auto Parts
- Listing
- NSE: MOTHERSON
- Next results
- Employees
- 93,971
- Headquarters
- Noida, India
- ISIN
- INE775A01035
- Website
- motherson.com
Public research · Report of
Business model & financial foundation
SAMIL (NSE: MOTHERSON), Global diversified automotive systems and components: revenue of ₹1,26,104 crore in FY26 (+10.9% on FY25), an EBITDA margin of 9.4%, net profit of ₹3,860 crore and net debt of ₹9,811 crore.
- Revenue, FY26 (₹ crore)
- 1,26,104
- consolidated
- Revenue growth, FY26
- +10.9%
- on FY25
- EBITDA margin, FY26
- 9.4%
- EBITDA (revenue less cost stack) / revenue
- Net profit, FY26 (₹ crore)
- 3,860
- to owners
- Return on equity, FY26
- 9.6%
- on average equity
- Net debt, FY26 (₹ crore)
- 9,811
- Effective net debt including leases and all liquidity funds
- Market capitalisation (₹ crore)
- 1,70,309
- at the close of 26 Oct 2026
Company profile
SAMIL is a globally diversified supplier of wiring harnesses, vision systems, modules and polymer products, and integrated assemblies to automotive OEMs, with expanding aerospace and consumer-electronics activities. Consolidated industrial reporting captures the operating group; company economic revenue measures including all JV revenue require separate treatment. Products serve ICE, hybrid and EV platforms, but customer production schedules, model launches and regional OEM competitiveness remain material drivers.
| Item | Value |
|---|---|
| Legal name | Samvardhana Motherson International Limited |
| Exchange and ticker | NSE: MOTHERSON; BSE: 517334 |
| ISIN | INE775A01035 |
| CIN | L35106MH1986PLC284510 |
| Sector | Automotive components |
| Industry | Global diversified automotive systems and components |
| Headquarters | Noida, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S. R. Batliboi & Co. LLP |
| Market capitalisation | ₹1,70,309 crore (26 Oct 2026) |
| Shares outstanding | 1,055 crore shares (FY26) |
| Price | ₹153.8 (close, 26 Oct 2026) |
| 52-week range | ₹101.1 - ₹173.3 (to 26 Oct 2026) |
| Website | https://www.motherson.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Samvardhana Motherson Automotive Systems Group B.V. (SMRP B.V.) | 100% | Netherlands group platform. FY26 report describes wholly owned; direct/effective chain and explicit 31 March dates not retrieved. |
| PKC Group (legal entity resolution pending) | n.d. | Requested wiring-harness group; FY26/FY25 ownership schedule, exact entity and chain not retrieved. |
| SMP Deutschland GmbH | n.d. | Material subsidiary confirmed in FY26 report; modules/polymers. FY26/FY25 holding percentages and chain not retrieved. |
| Samvardhana Motherson Reflectec Group Holdings Limited, Jersey | n.d. | Historical SMR subsidiary; ceased via dissolution 10 April 2026 per FY26 report. Not a continuing legal subsidiary at research cutoff; successor/ownership chain not retrieved. |
| Yachiyo (legal entity resolution pending) | n.d. | Honda asset partnership referenced in FY26 report; FY26/FY25 subsidiary holdings and exact chain not retrieved. |
| SAS (legal entity resolution pending) | n.d. | Requested assembly business; FY26/FY25 subsidiary holding percentages, exact legal entity and chain not retrieved. |
| Dr Schneider (legal entity resolution pending) | n.d. | Requested components business; FY26/FY25 subsidiary holding percentages, exact legal entity and chain not retrieved. |
| Motherson Electronic Components Private Limited (MECPL) | 90% | Consumer electronics through wholly owned SMISL; SMISL 90%, BIEL 10% fully diluted after CCPS allotment, FY26 report disclosure; not an explicitly dated 31 March table. |
Holdings are partial FY26 corporate disclosures, not verified FY26/FY25 AOC-1 snapshots; full schedules unavailable and FY25 archive returned cover only (S49). Requested 'Motherson Electronics' corrected to MECPL. MSWIL/MSUMI is separately listed and described as JV, not a wholly owned subsidiary; JV percentage not retrieved. SMR Jersey entry retained historically, dissolved 10Apr2026. Parent legal entity and former name not retrieved.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 48.60% | 48.60% | 48.60% | 48.60% |
| Promoter holding pledged | 2.90% | 2.90% | 2.34% | 2.34% |
| Foreign institutions | 11.75% | 12.45% | 12.87% | 13.04% |
| Domestic institutions | 21.61% | 21.13% | 20.65% | 20.80% |
| of which mutual funds | 17.25% | 16.51% | 15.68% | 15.58% |
| Retail | 6.99% | 6.73% | 6.53% | 6.43% |
| Other | 11.05% | 11.10% | 11.35% | 11.13% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Samvardhana Motherson International (NSE: MOTHERSON) is a globally diversified automotive supplier across wiring harnesses, vision systems, modules/polymer products and integrated assemblies. The operating case is consolidated, INR crore and March year-end; economic division revenue, which includes 100% of JVs, is not added to statutory profit.
| Segment | revenue, FY26 (₹ crore) | Share | ebitda, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Wiring Harness (economic basis) | 36,508 | 24.6% | 3,928 | 27.2% |
| Modules & Polymer Products (economic basis) | 62,894 | 42.4% | 5,120 | 35.5% |
| Vision Systems (economic basis) | 21,001 | 14.1% | 2,042 | 14.2% |
| Integrated Assemblies (economic basis) | 11,035 | 7.4% | 1,504 | 10.4% |
| Emerging Businesses (economic basis) | 17,072 | 11.5% | 1,825 | 12.7% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Bosch Limited (BOSCHLTD) | Engineering/OEM supplier benchmark; engine/fuel-system exposure differs from diversified SAMIL. |
| Uno Minda Limited (UNOMINDA) | Diversified lighting/electrical/component content-per-vehicle comparator; greater India orientation. |
| Sona BLW Precision Forgings Limited (SONACOMS) | Global OEM drivetrain and BEV traction-motor comparator; more electrification-specific mix. |
| Bharat Forge Limited (BHARATFORG) | Global auto/industrial engineering and diversification comparator; forgings mix differs. |
| Endurance Technologies Limited (ENDURANCE) | Casting, suspension, braking and transmission comparator; greater two-/three-wheeler exposure. |
| Motherson Sumi Wiring India Limited (MSUMI) | Separately listed domestic wiring-harness JV comparator; not interchangeable with MOTHERSON. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 62,937 | 77,871 | 98,692 | 1,13,663 | 1,26,104 |
| Cost of revenue (vendor classification) * | 36,736 | 46,064 | 55,305 | 62,169 | 69,151 |
| Other operating costs (vendor classification) * | 8,920 | 8,027 | 9,968 | 11,815 | 12,760 |
| EBITDA (vendor classification) * | 5,011 | 6,146 | 8,760 | 11,076 | 12,626 |
| EBIT * | 1,967 | 2,798 | 4,515 | 6,852 | 7,049 |
| Finance costs | 542.6 | 392.9 | 1,811 | 1,882 | 1,624 |
| Profit before tax | 1,424 | 2,405 | 3,840 | 5,261 | 5,625 |
| Total tax expense / (credit) | 606.8 | 735.2 | 820.6 | 1,116 | 1,539 |
| Profit for the period (including non-controlling interests) | 1,182 | 1,670 | 3,020 | 4,146 | 4,086 |
| Diluted EPS (bonus-adjusted) (₹) | 1.67 | 2.21 | 2.67 | 3.67 | 3.66 |
| Materials consumed, traded purchases and inventory changes | 54,415 | 61,055 | 67,847 | ||
| Employee benefits expense | 23,538 | 28,387 | 31,478 | ||
| Other expenses | 11,452 | 13,672 | 14,876 | ||
| EBITDA (revenue less cost stack) | 9,287 | 10,549 | 11,903 | ||
| Other income | 187.6 | 557.7 | 310.5 | ||
| Depreciation and amortisation | 3,811 | 4,493 | 5,134 | ||
| Exceptional income / (expenses) | -249.9 | 0.00 | -413.5 | ||
| Share of profit of associates and joint ventures (net of tax) | 237.6 | 527.5 | 583.2 | ||
| Profit attributable to non-controlling interests | 303.4 | 342.7 | 225.9 | ||
| Profit attributable to owners of the company | 2,716 | 3,803 | 3,860 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity (owners plus NCI) | 22,365 | 24,377 | 28,216 | 37,129 | 43,659 |
| Borrowings excluding leases; including CCD carrying amount | 14,130 | 13,792 | 17,351 | 14,644 | 15,895 |
| Cash and cash equivalents including classified mutual funds | 4,878 | 4,538 | 6,743 | 5,643 | 7,516 |
| Current trade receivables, net | 6,573 | 8,514 | 15,637 | 17,431 | 19,881 |
| Inventories | 6,442 | 7,823 | 9,139 | 10,787 | 12,647 |
| Trade payables including micro and small enterprises | 11,361 | 14,136 | 22,617 | 23,669 | 28,165 |
| Net PPE excluding ROU assets, intangibles and CWIP | 16,128 | 17,563 | 18,773 | 20,855 | 24,543 |
| Capital work in progress excluding intangibles under development | 1,249 | 1,422 | 2,431 | 2,607 | 4,016 |
| Total consolidated assets | 56,270 | 61,852 | 85,022 | 92,847 | 1,10,495 |
| Equity attributable to owners of parent | 26,155 | 34,880 | 40,980 | ||
| Equity attributable to non-controlling interests | 2,061 | 2,248 | 2,680 | ||
| Current plus non-current lease liabilities | 2,571 | 2,578 | 3,275 | ||
| CCD carrying amount within borrowings | 0.00 | 1,494 | 1,494 | ||
| Current investments excluding funds already in cash equivalents | 98.6 | 69.1 | 94.1 | ||
| Deposits original maturity over3 months under12 months | 236.2 | 288.1 | 342.6 | ||
| Restricted unpaid-dividend bank accounts | 6.30 | 358.1 | 375.5 | ||
| Liquid mutual funds already in cash equivalents | 0.00 | 6.10 | 87.6 | ||
| Overnight mutual funds outside cash equivalents | 96.6 | 0.00 | 0.00 | ||
| Non-current trade receivables | 1,557 | 1,898 | 1,742 | ||
| Effective net debt including leases and all liquidity funds | 12,846 | 9,791 | 9,811 | ||
| Company effective net debt including leases excluding nominal CCD | 12,943 | 9,791 | 9,811 | ||
| Company reported net debt before lease and CCD adjustments | 10,372 | 8,713 | 8,036 | ||
| Right-of-use assets, net | 2,881 | 2,974 | 3,926 | ||
| Other intangible assets excluding goodwill | 2,134 | 2,107 | 1,922 | ||
| Intangible assets under development | 67.2 | 39.0 | 78.6 | ||
| Noncurrent borrowings excluding leases | 9,981 | 8,039 | 10,250 | ||
| Current borrowings excluding leases | 7,371 | 6,605 | 5,645 | ||
| Noncurrent lease liabilities | 1,925 | 1,978 | 2,568 | ||
| Current lease liabilities | 645.9 | 599.8 | 706.8 | ||
| Other bank balances including restricted dividend accounts | 242.5 | 646.2 | 718.1 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after cash taxes | -322.9 | -708.2 | 7,569 | 6,286 | 11,284 |
| Free cash flow (vendor definition) * | -45.4 | 2,422 | 3,444 | 1,725 | 5,230 |
| Dividends paid to parent shareholders, negative outflow | -472.4 | -293.8 | -440.9 | -575.1 | -597.5 |
| Net cash capital expenditure, positive outflow FY24 onwards | -2,436 | -2,183 | 4,010 | 4,433 | 5,911 |
| Gross cash purchases PPE and intangibles, positive outflow | 4,125 | 4,561 | 6,054 | ||
| Dividends paid to non-controlling interests, negative outflow | -234.2 | -171.2 | -108.9 | ||
| Subsidiary consideration net cash acquired, positive outflow | 2,723 | 551.6 | 275.0 | ||
| Long and short term borrowings repaid, positive outflow | 7,674 | 11,558 | 7,300 | ||
| ESOP trust treasury-share purchases, positive outflow | 0.00 | 278.9 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Year-end issued ordinary shares on July2025 bonus-adjusted basis | 523.26 | 677.64 | 1,016 | 1,055 | 1,055 |
| Actual year-end issued ordinary shares before retrospective bonus | 677.64 | 703.63 | 1,055 | ||
| Potential diluted weighted-average shares, bonus-adjusted | 1,016 | 1,043 | 1,067 | ||
| Basic weighted-average shares used for reported diluted EPS | 1,016 | 1,037 | 1,055 | ||
| Dividend attributable to fiscal year, bonus-adjusted (₹) | 0.53 | 0.57 | 0.60 | ||
| Potential year-end shares including full CCD conversion, bonus-adjusted | 1,016 | 1,067 | 1,067 | ||
| Year-end shares held by consolidated ESOP trust | 0.00 | 0.00 | 2.32 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 27,812 | 27,666 | 29,317 | 30,212 | 30,173 | 31,409 | 34,309 | 35,244 |
| Cost of revenue (vendor classification) * | 15,082 | 14,634 | 16,978 | 16,142 | 16,503 | 16,769 | 18,433 | 19,145 |
| Other operating costs (vendor classification) * | 3,399 | 3,229 | -1,884 | 3,675 | 3,619 | 3,798 | 3,783 | 4,057 |
| EBITDA (vendor classification) * | 2,891 | 2,900 | 2,331 | 2,663 | 2,878 | 3,235 | 4,021 | 3,350 |
| EBIT * | 1,789 | 1,788 | 1,386 | 1,297 | 1,624 | 1,868 | 2,461 | 1,992 |
| Finance costs | 546.2 | 466.1 | 425.6 | 425.0 | 386.5 | 341.1 | 471.8 | 459.0 |
| Profit before tax | 1,242 | 1,322 | 1,252 | 871.8 | 1,237 | 1,527 | 1,989 | 1,533 |
| Total tax expense / (credit) | 293.6 | 337.3 | 136.6 | 265.8 | 391.4 | 454.3 | 427.9 | 457.2 |
| Profit for the period (including non-controlling interests) | 948.8 | 984.4 | 1,115 | 606.1 | 845.6 | 1,072 | 1,562 | 1,076 |
| Diluted EPS (bonus-adjusted) (₹) | 0.86 | 0.83 | 0.99 | 0.48 | 0.78 | 0.97 | 1.42 | 0.98 |
| Materials consumed, traded purchases and inventory changes | 15,082 | 14,634 | 15,862 | 16,142 | 16,503 | 16,769 | 18,433 | 19,145 |
| Employee benefits expense | 6,883 | 7,117 | 7,216 | 7,936 | 7,440 | 7,800 | 8,302 | 8,946 |
| Other expenses | 3,399 | 3,229 | 3,596 | 3,675 | 3,619 | 3,798 | 3,783 | 4,057 |
| EBITDA (revenue less cost stack) | 2,448 | 2,686 | 2,643 | 2,458 | 2,611 | 3,043 | 3,791 | 3,096 |
| Other income | 259.2 | 111.2 | 116.4 | 80.5 | 121.2 | 51.4 | 57.5 | 81.6 |
| Depreciation and amortisation | 1,103 | 1,112 | 1,214 | 1,230 | 1,218 | 1,321 | 1,365 | 1,358 |
| Exceptional income / (expenses) | 0.00 | 0.00 | 0.00 | -136.5 | -36.2 | -46.5 | -194.4 | 0.00 |
| Share of profit of associates and joint ventures (net of tax) | 184.2 | 103.2 | 132.1 | 124.3 | 145.6 | 140.5 | 172.8 | 172.3 |
| Profit attributable to non-controlling interests | 69.1 | 105.7 | 64.9 | 94.3 | 18.6 | 48.6 | 64.4 | 43.6 |
| Profit attributable to owners of the company | 879.7 | 878.6 | 1,051 | 511.8 | 827.0 | 1,024 | 1,497 | 1,032 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 10.5% | 23.7% | 26.7% | 15.2% | 10.9% |
| EBITDA margin | 9.4% | 9.3% | 9.4% | ||
| Net margin | 2.8% | 3.3% | 3.1% | ||
| Return on equity | 10.3% | 11.6% | 9.6% | ||
| Return on capital employed | 6.1% | 7.5% | 10.8% | 14.1% | 12.7% |
| Return on assets | 3.7% | 4.3% | 3.8% | ||
| Net debt (₹ crore) | 12,846 | 9,791 | 9,811 | ||
| Net debt / EBITDA | 1.38x | 0.93x | 0.82x | ||
| Interest cover | 3.62x | 7.12x | 2.49x | 3.64x | 4.34x |
| Asset turnover | 1.21x | 1.32x | 1.34x | 1.28x | 1.24x |
| Receivable days | 38 | 40 | 58 | 56 | 58 |
| Inventory days (on revenue) | 37 | 37 | 34 | 35 | 37 |
| Payable days (on revenue) | 66 | 66 | 84 | 76 | 82 |
| Cash conversion | 2.79x | 1.65x | 2.92x | ||
| Capex intensity | 3.9% | 2.8% | 4.1% | 3.9% | 4.7% |
| Free cash flow (₹ crore) | -2,759 | -2,891 | 3,559 | 1,853 | 5,373 |
| Dividend payout | 16.2% | 15.1% | 15.5% | ||
| EPS, diluted (₹) | 1.67 | 2.21 | 2.67 | 3.67 | 3.66 |
| Book value per share (₹) | 42.74 | 35.97 | 27.76 | 35.18 | 41.37 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less cost stack) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Effective net debt including leases and all liquidity funds; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (revenue less cost stack).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (bonus-adjusted)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 26 Oct 2026); market data at the close of 26 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Report history
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