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Research updated
Motherson Sumi Wiring India Ltd.
NSE: MSUMIConsumer CyclicalAuto Parts
- Last close
- ₹34.60
- Day change
- −₹0.35 (−1.00%)vs
- Market cap
- ₹23,184 crIndian rupees
- Research updated
- 1 report
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About Motherson Sumi Wiring India
Motherson Sumi Wiring India Ltd. is a leading manufacturer of wiring harnesses, components, and wires for the automotive industry. The company specializes in producing high-quality wiring systems that serve as critical electrical connectivity solutions for vehicles, supplying primarily to automotive original equipment manufacturers. As a joint venture between Sumitomo Wiring Systems and the Motherson Group, it holds a dominant position in the Indian wiring harness market with a substantial share. Motherson Sumi Wiring India Ltd. operates multiple manufacturing facilities across India, focusing on advanced production processes to meet the demands of passenger vehicles, commercial vehicles, and other automotive segments. Its product portfolio includes complex wire harness assemblies, terminals, connectors, and related components essential for modern vehicle electrification and safety systems. Founded in 2020 and headquartered in Mumbai, India, the company plays a pivotal role in the automotive supply chain, supporting domestic and export markets with reliable, engineered solutions for the evolving mobility sector.
- Sector
- Consumer Cyclical
- Industry
- Auto Parts
- Listing
- NSE: MSUMI
- Next results
- Employees
- 6,463
- Headquarters
- Noida, India
- ISIN
- INE0FS801015
- Website
- mswil.motherson.com
Public research · Report of
Business model & financial foundation
MSWIL (NSE: MSUMI), Auto components - wiring harnesses (domestic OEM): revenue of ₹11,478 crore in FY26 (+23.1% on FY25), an EBITDA margin of 9.2%, net profit of ₹625.2 crore and net debt of ₹167.0 crore.
- Revenue, FY26 (₹ crore)
- 11,478
- standalone
- Revenue growth, FY26
- +23.1%
- on FY25
- EBITDA margin, FY26
- 9.2%
- EBITDA excluding other income / revenue
- Net profit, FY26 (₹ crore)
- 625.2
- to owners
- Return on equity, FY26
- 32.4%
- on average equity
- Net debt, FY26 (₹ crore)
- 167.0
- FCFF net debt including leases
- Market capitalisation (₹ crore)
- 23,523
- at the close of 16 Oct 2026
Company profile
Motherson Sumi Wiring India (MSWIL) designs and makes wiring harnesses and electrical distribution systems for Indian vehicle makers across passenger vehicles, two-wheelers, commercial vehicles and off-highway. It is a joint venture of Samvardhana Motherson International and Sumitomo Wiring Systems, from whom it licenses technology for a royalty, and runs 30 plants in India. Revenue tracks domestic vehicle production and content per vehicle; copper is passed through to customers with a lag.
| Item | Value |
|---|---|
| Legal name | Motherson Sumi Wiring India Limited |
| Exchange and ticker | NSE: MSUMI; BSE: 543498 |
| ISIN | INE0FS801015 |
| CIN | L29306MH2020PLC341326 |
| Sector | Automobile & Auto Components |
| Industry | Auto components - wiring harnesses (domestic OEM) |
| Headquarters | Noida, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | S.R. Batliboi & Co. LLP |
| Market capitalisation | ₹23,523 crore (16 Oct 2026) |
| Shares outstanding | 663.17 crore shares (FY26) |
| Price | ₹34.96 (close, 16 Oct 2026) |
| 52-week range | ₹32.70 - ₹53.59 (to 16 Oct 2026) |
| Website | https://www.mswil.motherson.com |
Corporate structure and shareholding
Parent: Joint venture of Samvardhana Motherson International Ltd (33.43%) and Sumitomo Wiring Systems Ltd, Japan (25.10%); promoter group 61.73%.
No subsidiary is recorded.
No subsidiaries, associates or JVs as of 31 Mar 2026 (FY26 annual report). Demerged from SAMIL's domestic wiring harness business; listed March 2022.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 61.73% | 61.73% | 61.73% | 61.73% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 10.27% | 10.14% | 9.74% | 8.91% |
| Domestic institutions | 16.58% | 17.17% | 17.42% | 17.85% |
| of which mutual funds | 14.69% | 15.06% | 15.09% | 15.23% |
| Retail | 11.40% | 10.94% | 11.09% | 11.49% |
| Other | 0.02% | 0.02% | 0.02% | 0.02% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
MSWIL is the standalone listed domestic wiring-harness business (NSE MSUMI), jointly controlled by SAMIL and Sumitomo Wiring Systems; it has no subsidiaries, associates or JVs. Harness design, OEM qualification and local just-in-time assembly tie it to Indian vehicle production. Technology and substantial components come from parents; customer pricing passes copper and FX through with three-to-six-month lag. Qualification is durable, but OEM bargaining and input timing limit pricing power. FY26 mix is64%PV/12%2W/10%CV/6%offroad and8%other,30plants.
| Peer | Why the dossier compares them |
|---|---|
| Samvardhana Motherson International (MOTHERSON) | Co-promoter; global auto component platform including wiring harnesses outside India |
| Uno Minda (UNOMINDA) | Domestic auto component peer with a wiring harness business; electrical content per vehicle play |
| Sona BLW Precision Forgings (SONACOMS) | Auto component peer exposed to EV/electrification content growth |
| Bosch (BOSCHLTD) | Domestic auto electrical/electronics supplier to Indian OEMs |
| Endurance Technologies (ENDURANCE) | Domestic OEM-facing auto component supplier with 2W/PV exposure |
| Suprajit Engineering (SUPRAJIT) | Domestic cable/control systems supplier to 2W and PV OEMs; similar labour-intensive assembly |
| Minda Corporation (MINDACORP) | Domestic wiring harness and electrical distribution peer |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 5,587 | 7,023 | 8,328 | 9,320 | 11,478 |
| Cost of revenue (vendor classification) * | 3,679 | 4,743 | 5,454 | 6,258 | 7,930 |
| Other operating costs (vendor classification) * | 266.5 | 333.4 | 609.5 | 445.4 | 497.9 |
| EBITDA (vendor classification) * | 754.9 | 802.7 | 1,020 | 1,009 | 1,063 |
| EBIT * | 584.2 | 679.7 | 872.8 | 829.8 | 847.4 |
| Finance costs | 23.3 | 27.5 | 27.3 | 24.8 | 26.3 |
| Profit before tax | 560.9 | 652.2 | 845.5 | 805.4 | 821.9 |
| Total tax expense | 150.2 | 165.2 | 207.2 | 199.6 | 196.7 |
| Profit for the year | 410.7 | 487.0 | 638.3 | 605.9 | 625.2 |
| Diluted EPS post July 2025 bonus basis (₹) | 0.93 | 1.10 | 0.96 | 0.91 | 0.94 |
| Materials consumed plus changes in inventories | 5,454 | 6,076 | 7,742 | ||
| Employee benefits expense | 1,355 | 1,603 | 1,972 | ||
| Other expenses | 506.2 | 643.4 | 703.7 | ||
| EBITDA excluding other income | 1,013 | 997.1 | 1,060 | ||
| Other income | 6.89 | 11.9 | 3.94 | ||
| Depreciation expense | 147.3 | 178.9 | 216.1 | ||
| Exceptional income / expense | 0.00 | 0.00 | 0.00 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 1,115 | 1,331 | 1,677 | 1,698 | 2,162 |
| External borrowings excluding leases | 282.8 | 372.6 | 8.60 | 9.50 | 10.4 |
| Cash and cash equivalents | 293.3 | 36.1 | 167.0 | 14.3 | 66.2 |
| Trade receivables | 659.3 | 800.4 | 895.9 | 1,244 | 1,884 |
| Inventories | 960.0 | 1,210 | 1,140 | 1,282 | 1,730 |
| Trade payables | 912.9 | 925.7 | 924.5 | 1,179 | 1,983 |
| Net PPE excluding right-of-use assets | 432.2 | 579.2 | 376.9 | 461.0 | 576.7 |
| Capital work in progress | 39.8 | 63.0 | 23.7 | 36.7 | 1.70 |
| Total assets * | 2,562 | 2,898 | 3,139 | 3,729 | 4,746 |
| Current plus noncurrent lease liabilities | 250.5 | 259.7 | 222.8 | ||
| Other bank balances | 101.3 | 223.2 | 3.00 | ||
| FCFF net debt including leases | -7.90 | 254.9 | 167.0 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net operating cash flow after income taxes | 490.7 | 268.5 | 791.0 | 364.8 | 761.3 |
| Free cash flow (vendor definition) * | 399.3 | 25.0 | 679.9 | 193.0 | 559.9 |
| Dividends paid positive cash outflow magnitude | -267.7 | 286.8 | 352.8 | 374.9 | |
| Gross cash capital purchases positive magnitude | -100.8 | -197.7 | 111.3 | 171.8 | 201.4 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Model equivalent shares post 1:2 bonus | 441.61 | 442.11 | 663.17 | 663.17 | 663.17 |
| Management net external debt excluding leases | -258.4 | -4.80 | -55.8 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,326 | 2,300 | 2,510 | 2,494 | 2,762 | 2,887 | 3,335 | 3,407 |
| Cost of revenue (vendor classification) * | 1,494 | 1,649 | 1,613 | 1,950 | 2,350 | 2,355 | ||
| Other operating costs (vendor classification) * | 156.8 | 174.8 | 160.7 | 176.8 | 193.0 | 192.3 | ||
| EBITDA (vendor classification) * | 238.2 | 272.8 | 245.1 | 263.3 | 275.4 | 263.6 | ||
| EBIT * | 191.2 | 225.2 | 195.9 | 206.8 | 218.1 | 203.5 | ||
| Finance costs | 7.18 | 6.56 | 5.54 | 6.30 | 6.37 | 7.23 | 6.35 | 8.11 |
| Profit before tax | 202.7 | 184.6 | 219.7 | 189.6 | 221.0 | 199.5 | 211.7 | 195.4 |
| Total tax expense | 50.6 | 44.7 | 54.8 | 46.5 | 55.7 | 50.1 | 44.4 | 50.1 |
| Profit for the period | 152.1 | 140.0 | 164.9 | 143.1 | 165.3 | 149.4 | 167.3 | 145.3 |
| Diluted EPS post July 2025 bonus basis (₹) | 0.23 | 0.21 | 0.25 | 0.22 | 0.25 | 0.23 | 0.25 | 0.22 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cost of materials consumed + change in inventories | 1,510 | 1,494 | 1,649 | 1,613 | 1,829 | 1,950 | 2,350 | 2,355 |
| Employee benefits expense | 401.2 | 412.3 | 414.1 | 475.9 | 480.1 | 498.1 | 517.8 | 601.5 |
| Other expenses | 164.5 | 156.8 | 174.8 | 160.7 | 173.2 | 176.8 | 193.0 | 192.3 |
| EBITDA excluding other income | 249.6 | 237.6 | 271.2 | 244.3 | 279.7 | 262.3 | 274.1 | 258.3 |
| Other income | 4.75 | 0.58 | 1.61 | 0.86 | 0.81 | 0.95 | 1.32 | 5.38 |
| Depreciation expense | 44.4 | 47.0 | 47.6 | 49.2 | 53.1 | 56.5 | 57.3 | 60.1 |
Standalone, 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 | 25.7% | 18.6% | 11.9% | 23.1% | |
| EBITDA margin | 12.2% | 10.7% | 9.2% | ||
| Net margin | 7.4% | 6.9% | 7.7% | 6.5% | 5.4% |
| Return on equity | 45.0% | 39.8% | 42.5% | 35.9% | 32.4% |
| Return on capital employed | 53.0% | 43.8% | 51.5% | 48.9% | 43.7% |
| Return on assets | 18.9% | 17.8% | 21.1% | 17.6% | 14.8% |
| Net debt (₹ crore) | -7.90 | 254.9 | 167.0 | ||
| Net debt / EBITDA | -0.01x | 0.26x | 0.16x | ||
| Interest cover | 25.1x | 24.7x | 32.0x | 33.5x | 32.3x |
| Asset turnover | 2.57x | 2.57x | 2.76x | 2.71x | 2.71x |
| Receivable days | 43 | 42 | 39 | 49 | 60 |
| Inventory days (on revenue) | 63 | 63 | 50 | 50 | 55 |
| Payable days (on revenue) | 60 | 48 | 41 | 46 | 63 |
| Cash conversion | 1.19x | 0.55x | 1.24x | 0.60x | 1.22x |
| Capex intensity | 1.8% | 2.8% | 1.3% | 1.8% | 1.8% |
| Free cash flow (₹ crore) | 389.9 | 70.8 | 679.7 | 193.0 | 559.9 |
| Dividend payout | 55.0% | 44.9% | 58.2% | 60.0% | |
| EPS, diluted (₹) | 0.93 | 1.10 | 0.96 | 0.91 | 0.94 |
| Book value per share (₹) | 2.52 | 3.01 | 2.53 | 2.56 | 3.26 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income / 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): FCFF net debt including leases; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA excluding other income.
- 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 post July 2025 bonus basis).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 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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What the full research on Motherson Sumi Wiring India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Motherson Sumi Wiring India
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