Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,299.70 last close on 23 Oct 2026 −1.16%
Research updated
Uno Minda Ltd.
NSE: UNOMINDAConsumer CyclicalAuto Parts
- Last close
- ₹1,057.00
- Day change
- −₹11.10 (−1.04%)vs
- Market cap
- ₹63,775 crIndian rupees
- Research updated
- 1 report
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About Uno Minda
Uno Minda Ltd. is a dynamic and multifaceted player in the automotive industry, specializing in providing a comprehensive range of components to vehicle manufacturers around the world. The company focuses on designing, developing, and manufacturing automotive products such as lighting systems, acoustic systems, alloy wheels, and electrical components. It serves a diverse clientele that includes major global automotive brands, enhancing the functionality, safety, and aesthetics of vehicles. Uno Minda’s innovative approach to product development and commitment to quality has made it a critical partner in the automotive supply chain. Its influence spans several sectors within the automotive industry, including passenger vehicles and commercial vehicles, thereby reinforcing its position as a pivotal entity in advancing automotive technology and design. The company's extensive reach and impact underscore its significance in shaping the future of automotive solutions and catering to the ever-evolving needs of the market.
- Sector
- Consumer Cyclical
- Industry
- Auto Parts
- Listing
- NSE: UNOMINDA
- Chief executive
- Mr. Amit Kumar Jain
- Employees
- 14,608
- Headquarters
- Gurugram, India
- ISIN
- INE405E01023
- Website
- unominda.com
Public research · Report of
Business model & financial foundation
Uno Minda (NSE: UNOMINDA), Automotive components and systems: revenue of ₹19,658 crore in FY26 (+17.2% on FY25), an EBITDA margin of 11.5%, net profit of ₹1,197 crore and net debt of ₹2,179 crore.
- Revenue, FY26 (₹ crore)
- 19,658
- consolidated
- Revenue growth, FY26
- +17.2%
- on FY25
- EBITDA margin, FY26
- 11.5%
- EBITDA, company definition / revenue
- Net profit, FY26 (₹ crore)
- 1,197
- to owners
- Return on equity, FY26
- 17.9%
- on average equity
- Net debt, FY26 (₹ crore)
- 2,179
- Net debt, company reported
- Market capitalisation (₹ crore)
- 70,796
- at the close of 13 Oct 2026
Company profile
Uno Minda manufactures and supplies automotive components and systems to OEMs and the aftermarket across two-wheelers, passenger vehicles, commercial vehicles and off-road applications. Its portfolio includes switches, lighting, acoustics, alloy wheels, seating, safety and electronics, alongside EV powertrain technologies. Controlled subsidiaries are consolidated and joint ventures/associates use equity accounting; the audited operating-segment note identifies one reportable auto-ancillary segment (S46:p548).
| Item | Value |
|---|---|
| Legal name | Uno Minda Limited (formerly Minda Industries Limited) |
| Exchange and ticker | NSE: UNOMINDA; BSE: 532539 |
| ISIN | INE405E01023 |
| CIN | L74899DL1992PLC050333 |
| Sector | Automotive |
| Industry | Automotive components and systems |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S. R. Batliboi & Co. LLP (since 2021) |
| Market capitalisation | ₹70,796 crore (13 Oct 2026) |
| Shares outstanding | 57.69 crore shares (FY26) |
| Price | ₹1,104 (close, 13 Oct 2026) |
| 52-week range | ₹994.0 - ₹1,355 (to 13 Oct 2026) |
| Website | https://www.unominda.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Uno Minda Kyoraku Limited | 67.68% | Controlled auto-component group entity. |
| Uno Mindarika Private Limited | 51% | Automotive switch systems; controlled subsidiary. |
| Uno Minda Katolec Electronics Services Private Limited | 51% | Electronic manufacturing services; controlled subsidiary. |
| MI Torica India Private Limited | 60% | Controlled auto-component group entity. |
| MITIL Polymer Private Limited | 60% | Step-down subsidiary of MI Torica India; group ownership interest. |
| Uno Minda EV Systems Private Limited | 100% | EV systems; FRIWO minority stake acquired during FY26. |
| Uno Minda Tachi-S Seating Private Limited | 51% | Automotive seating systems; controlled subsidiary. |
| Uno Minda Mobility Solutions Private Limited | 100% | Formerly Uno Minda Buehler Motor; became wholly owned in FY26. |
| Minda Westport Technologies Limited | 75.99% | Alternative-fuel automotive systems; controlled subsidiary. |
| Minda Onkyo India Private Limited | 80% | Automotive speakers; controlled subsidiary. |
| Minda Storage Batteries Private Limited | 100% | Controlled group entity; subsidiary per note46. |
| Uno Minda Auto Systems Private Limited | 100% | Controlled group entity; subsidiary per note46. |
| Uno Minda Auto Technologies Private Limited | 100% | Controlled group entity; subsidiary per note46. |
| Uno Minda Auto Innovations Private Limited | 100% | Controlled group entity; subsidiary per note46; FY26 year-end ownership, not later Inovance JV ownership. |
| Global Mazinkert S.L. | 100% | Spain subsidiary; overseas group holding platform. |
| Clarton Horn, Spain | 100% | Spain horn operations; step-down through Global Mazinkert. |
| Light & Systems Technical Centre, S.L. Spain | 100% | Spain; step-down through Global Mazinkert. |
| Clarton Horn, Signalkoustic | 100% | Germany; step-down through Clarton Horn Spain. |
| Clarton Horn, Mexico | 100% | Mexico; step-down through Clarton Horn Spain. |
| PT Minda Asean Automotive | 100% | Indonesia auto-component subsidiary. |
| PT Minda Trading | 100% | Indonesia; step-down through PT Minda Asean Automotive. |
| Sam Global Pte Ltd. | 100% | Singapore; overseas group holding entity. |
| Minda Industries Vietnam Company Limited | 100% | Vietnam; step-down through Sam Global. |
| Minda Korea Co Ltd | 100% | Korea; step-down through Sam Global. |
| Uno Minda Auto Spare Parts and Components Trading L.L.C | 100% | Dubai; step-down through Sam Global. |
| Uno Minda Europe GMBH | 100% | Germany; European group holding platform. |
| Uno Minda Systems GmbH | 100% | Germany; step-down through Uno Minda Europe. |
| CREAT GmbH | 100% | Germany; step-down through Uno Minda Europe. |
| CREAT Czech S. R.O | 100% | Czech Republic; step-down through CREAT GmbH. |
Ownership at31-Mar-2026. Equity-accounted JVs (S46:p582): Roki49%, D-Ten51%, Denso Ten49%, Tokai Rika30%, Toyoda Gosei49.90%, Rinder Riduco50%, TTE DAPS50% (liquidation). Associates: Strongsun28.10%, CSE Dakshina27.71%, Nabtesco49%. Five controlled partnership firms also consolidated (S46:p581); not listed above. Accounting consolidation differs from Companies Act classification (S46:p172). Subsequent Inovance JV ownership not reverified here; S7 is promoter-family SHA, not an Inovance filing.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 68.41% | 68.37% | 68.36% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 9.83% | 8.96% | 8.15% | |
| Domestic institutions | 15.97% | 16.89% | 17.52% | |
| of which mutual funds | 12.31% | 12.01% | 11.74% | |
| Other | 5.79% | 5.79% | 5.96% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Uno Minda (NSE:UNOMINDA) supplies OEM-engineered switching, lighting, castings/alloy wheels, seating and green-mobility components. OEM nominations and customer-funded designs are sticky, but production volumes, commodity pass-through and labour costs are not controlled by the supplier. The listed group consolidates controlled JVs such as Mindarika, Kyoraku and Tachi-S; equity-accounted Toyoda Gosei, Roki, Denso Ten and Tokai Rika contribute profit below the line. One reportable segment is auto ancillary equipment; product charts are management revenue classifications, not IFRS segment profit disclosures. In Q1FY27 4W and 2W each account for45%, international11%, aftermarket6%.
| Segment | revenue, FY26 (₹ crore) | Share |
|---|---|---|
| Manufacturing, trading and sale of auto ancillary equipment | 19,658 | 100.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Endurance Technologies (ENDURANCE) | Analyst-selected: shared 2W/3W OEM exposure and aluminium casting content; manufacturing/capex comparator (S53). |
| Sona BLW Precision Forgings (SONACOMS) | Analyst-selected: EV traction motors and drivetrain systems benchmark Uno Minda's electrification growth portfolio (S53). |
| Samvardhana Motherson International (MOTHERSON) | Analyst-selected: diversified global Tier-1 OEM components and modules; scale, acquisition and customer-diversification comparator (S53). |
| Bosch (BOSCHLTD) | Analyst-selected: technology-led automotive electrical/engine-management systems; higher-value systems and R&D comparator (S53). |
| Schaeffler India (SCHAEFFLER) | Analyst-selected: precision engine/transmission/chassis systems; engineering quality and automotive content comparator (S53). |
| Varroc Engineering (VARROC) | Analyst-selected: lighting/electrical components and 2W/3W OEM exposure overlap directly with Uno Minda (S53). |
| Lumax Industries (LUMAXIND) | Analyst-selected: headlamp, tail-lamp and LED automotive lighting specialist; closest lighting product comparator (S53). |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 8,222 | 11,084 | 14,031 | 16,775 | 19,658 |
| Cost of revenue (vendor classification) * | 5,521 | 7,563 | 9,446 | 11,256 | 13,112 |
| Other operating costs (vendor classification) * | 663.8 | 926.3 | 1,186 | 1,442 | 1,665 |
| EBITDA (vendor classification) * | 963.0 | 1,359 | 1,792 | 2,071 | 2,513 |
| Operating EBIT excluding other income and JV share | n.r. | n.r. | 1,059 | 1,259 | 1,548 |
| Finance cost | 48.6 | 58.0 | 113.0 | 170.4 | 187.0 |
| Profit before JV share and tax | 559.4 | 891.4 | 1,006 | 1,126 | 1,368 |
| Tax | 146.8 | 191.1 | 267.1 | 286.0 | 332.3 |
| Net profit after JV share | 412.6 | 700.2 | 924.7 | 1,021 | 1,284 |
| Diluted EPS (₹) | 6.30 | 11.37 | 15.24 | 16.37 | 20.75 |
| Materials, traded goods and inventory change | 9,064 | 10,868 | 12,626 | ||
| Employee cost | 1,779 | 2,165 | 2,583 | ||
| Other expenses | 1,603 | 1,868 | 2,197 | ||
| EBITDA, company definition | 1,585 | 1,874 | 2,251 | ||
| Other income | 33.8 | 29.3 | 34.4 | ||
| Depreciation | 526.2 | 614.9 | 703.6 | ||
| Exceptional profit/(loss) | 26.6 | 8.54 | -27.6 | ||
| Share of profit of JVs/associates | 185.4 | 180.3 | 248.9 | ||
| NCI | 49.3 | 77.6 | 86.9 | ||
| PAT attributable to owners | 875.4 | 943.0 | 1,197 | ||
| Raw materials and components consumed | 8,171 | 9,693 | 11,983 | ||
| Purchase of traded goods | 989.7 | 1,079 | 841.5 | ||
| Inventory change: finished goods, traded goods and WIP | -97.2 | 96.5 | -197.9 | ||
| Statutory profit before tax including JV share | 1,192 | 1,307 | 1,616 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 3,765 | 4,434 | 5,265 | 6,113 | 7,260 |
| Current and non-current borrowings, excluding leases | 948.2 | 1,395 | 1,573 | 2,294 | 2,537 |
| Cash and cash equivalents | 202.3 | 121.4 | 240.6 | 197.9 | 277.0 |
| Trade receivables | 1,377 | 1,723 | 2,065 | 2,496 | 2,706 |
| Inventories | 1,046 | 1,331 | 1,638 | 1,717 | 2,131 |
| Trade payables | 1,412 | 1,701 | 1,992 | 2,164 | 2,582 |
| Net property, plant and equipment excluding right-of-use | 2,236 | 2,726 | 2,964 | 3,690 | 4,428 |
| Capital work in progress | 335.3 | 291.1 | 214.3 | 730.4 | 739.4 |
| Total assets | 6,832 | 8,309 | 9,903 | 11,743 | 13,705 |
| Net debt, company reported | 1,318 | 2,091 | 2,179 | ||
| Current and non-current lease liabilities | 133.2 | 178.4 | 202.8 | ||
| Bank balances other than cash equivalents | 13.8 | 5.69 | 81.1 | ||
| Current investments; verify liquidity eligibility separately | 14.6 | 3.18 | 3.37 | ||
| Non-current investments excluding equity-accounted JVs | 129.7 | 33.6 | 24.3 | ||
| Right-of-use assets | 381.8 | 473.2 | 619.1 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after income tax | 100.7 | 370.2 | 979.3 | 1,071 | 1,720 |
| Free cash flow (vendor definition) * | -194.8 | -171.9 | -70.0 | -584.2 | 148.0 |
| Dividends paid and drawings by NCI, positive outflow | -37.4 | -57.3 | 105.3 | 143.1 | 163.1 |
| Cash capital expenditure, positive outflow | -565.0 | -948.4 | 1,049 | 1,656 | 1,572 |
| Cash proceeds from sale of capital assets | 16.5 | 12.3 | 55.7 | ||
| Income tax paid net of refund, positive outflow | 275.2 | 334.9 | 358.5 | ||
| CFO less gross cash capex | -70.0 | -584.2 | 148.0 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Diluted weighted-average shares for EPS | 56.28 | 57.23 | 57.43 | 57.59 | 57.69 |
| Cumulative CFO / all-group PAT, FY24-26 (x) | 1.17x | ||||
| Receivable growth less revenue growth (%) | 1.3% | -8.7% | |||
| Company net debt / EBITDA (x) | 0.97x | ||||
| Operating EBIT / finance cost (x) | 8.28x | ||||
| Contingent liabilities / group net worth (%) | 2.5% | ||||
| Cash dividends received from associates and JVs | 54.3 | 137.1 | 136.8 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 4,245 | 4,184 | 4,528 | 4,489 | 4,814 | 5,018 | 5,336 | 5,557 |
| Cost of revenue (vendor classification) * | 2,754 | 2,740 | 3,303 | 2,836 | 3,092 | 3,218 | 3,480 | 3,706 |
| Other operating costs (vendor classification) * | 480.6 | 453.5 | -421.3 | 486.0 | 534.6 | 587.0 | 589.2 | 560.1 |
| EBITDA (vendor classification) * | 533.0 | 505.9 | 576.6 | 602.4 | 628.1 | 631.3 | 672.8 | 625.5 |
| EBIT * | 390.6 | 348.3 | 417.7 | 443.1 | 454.6 | 424.7 | 481.0 | 448.9 |
| Finance cost | 46.0 | 47.0 | 41.0 | 44.0 | 45.4 | 53.0 | 45.0 | 46.1 |
| Profit before JV share and tax | 296.0 | 261.0 | 329.0 | 352.0 | 345.9 | 298.0 | 372.0 | 355.3 |
| Tax | 78.0 | 47.0 | 94.0 | 90.0 | 86.5 | 71.0 | 84.0 | 87.3 |
| Net profit after tax and JV share | 266.0 | 254.0 | 289.0 | 309.0 | 322.8 | 300.0 | 352.0 | 315.5 |
| Diluted EPS (₹) | 4.26 | 4.04 | 4.62 | 5.05 | 5.27 | 4.79 | 5.64 | 5.11 |
| Aggregate material cost including inventory change | 2,754 | 2,740 | 2,914 | 2,836 | 3,092 | 3,218 | 3,480 | 3,706 |
| Employee cost | 528.0 | 534.0 | 586.0 | 624.0 | 635.7 | 659.0 | 664.0 | 718.7 |
| Other expenses | 481.0 | 453.0 | 501.0 | 486.0 | 534.6 | 587.0 | 589.0 | 560.1 |
| EBITDA, company definition | 482.0 | 457.0 | 527.0 | 543.0 | 551.8 | 554.0 | 603.0 | 571.7 |
| Other income | 2.00 | 8.00 | 8.00 | 12.0 | 12.9 | 4.00 | 5.43 | 6.31 |
| Depreciation | 151.0 | 158.0 | 165.0 | 159.0 | 173.4 | 179.0 | 192.0 | 176.6 |
| Exceptional items | 9.00 | 0.00 | 0.00 | 0.00 | 0.00 | -27.6 | 0.00 | 0.00 |
| Share of profit of JVs/associates | 48.0 | 40.0 | 55.0 | 47.0 | 63.4 | 74.0 | 64.0 | 47.6 |
| NCI | 21.0 | 22.0 | 23.0 | 18.0 | 18.8 | 24.0 | 26.0 | 19.7 |
| PAT attributable to owners | 245.0 | 233.0 | 266.0 | 291.0 | 304.0 | 277.0 | 326.0 | 295.8 |
| Raw materials and components consumed | 2,871 | 3,540 | ||||||
| Purchases of traded goods | 177.6 | 282.1 | ||||||
| Change in finished goods, traded goods and WIP | 43.7 | -115.4 | ||||||
| PBT including JV share and exceptional items | 409.3 | 402.9 |
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 | 30.8% | 34.8% | 26.6% | 19.6% | 17.2% |
| EBITDA margin | 11.3% | 11.2% | 11.5% | ||
| Net margin | 6.2% | 5.6% | 6.1% | ||
| Return on equity | 18.1% | 16.6% | 17.9% | ||
| Return on capital employed | 16.7% | 16.5% | 17.0% | ||
| Return on assets | 9.6% | 8.7% | 9.4% | ||
| Net debt (₹ crore) | 1,318 | 2,091 | 2,179 | ||
| Net debt / EBITDA | 0.83x | 1.12x | 0.97x | ||
| Interest cover | 9.37x | 7.39x | 8.28x | ||
| Asset turnover | 1.28x | 1.46x | 1.54x | 1.55x | 1.54x |
| Receivable days | 61 | 57 | 54 | 54 | 50 |
| Inventory days (on revenue) | 46 | 44 | 43 | 37 | 40 |
| Payable days (on revenue) | 63 | 56 | 52 | 47 | 48 |
| Cash conversion | 1.12x | 1.14x | 1.44x | ||
| Capex intensity | 6.9% | 8.6% | 7.5% | 9.9% | 8.0% |
| Free cash flow (₹ crore) | -464.3 | -578.2 | -70.0 | -584.2 | 148.0 |
| Dividend payout | 12.0% | 15.2% | 13.6% | ||
| EPS, diluted (₹) | 6.30 | 11.37 | 15.24 | 16.37 | 20.75 |
| Book value per share (₹) | 66.90 | 77.48 | 91.68 | 106.2 | 125.8 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA, company definition / 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): Net debt, company reported; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA, company definition.
- 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).
- 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 13 Oct 2026); market data at the close of 13 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 Uno Minda 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
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- The claims the view rests on, and what would change it
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- 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 Uno Minda
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 13 Oct 2026; page updated 25 Oct 2026.
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