UNO Minda's Revenue Jumps 38% to a Record ₹6,655 Crore as Its Green Mobility Business Doubles, and It Expands Sunroof Production

UNO Minda, one of India's largest suppliers of automotive components, reported record quarterly revenue as demand from carmakers and two-wheeler makers surged and its electric vehicle-related business more than doubled, underlining how the shift to cleaner vehicles is reshaping India's auto parts industry.

The Gurugram-based company reported consolidated revenue of ₹6,655 crore for the July-September quarter, the second quarter of the 2026-27 financial year, up 38% from ₹4,814 crore a year earlier, according to BW Auto World, citing results announced on Thursday, November 5. Profit after tax attributable to shareholders rose 38% to ₹420 crore from ₹304 crore.

EBITDA rose 33% to ₹733 crore from ₹552 crore. The EBITDA margin was 11%, down 44 basis points from a year earlier but up 73 basis points from the previous quarter, according to Business Today.

Green mobility doubles

UNO Minda's green mobility segment, which supplies components for electric and alternative-fuel vehicles, was the fastest-growing part of its business. Revenue from the segment rose 102% to ₹649 crore, accounting for about 10% of consolidated revenue, according to Business Today.

The segment includes products such as motor controllers, chargers, battery management systems and other components for electric two-wheelers, three-wheelers and cars. India's electric two-wheeler market has grown rapidly, and electric car sales are rising, creating strong demand for EV components. The company said its electric vehicle systems and alternative fuel businesses contributed to its performance, according to BW Auto World.

Broad-based growth

Growth was strong across UNO Minda's businesses. Revenue from its casting business, which includes alloy wheels, rose 57% to ₹1,441 crore, and switching systems revenue rose 37% to ₹1,609 crore, according to Business Today. Lighting grew 25% and seating grew 34%.

The company attributed its growth to higher volumes, increased value addition and product mix, as well as the ramp-up of recently commissioned plants, according to BW Auto World.

For the first half of the financial year, revenue rose 32% to ₹12,212 crore, and profit attributable to shareholders rose 32% to ₹716 crore.

Sunroof expansion

UNO Minda's board approved an additional investment of about ₹85 crore to expand sunroof manufacturing at its plant in Bawal, Haryana, according to BW Auto World. The added capacity is expected to be commissioned by the second quarter of the 2027-28 financial year.

Sunroofs have become one of the most sought-after features among Indian car buyers, particularly in SUVs, and carmakers are offering them on an increasing range of models. The investment reflects UNO Minda's strategy of supplying higher-value components as Indian cars become more feature-rich.

The company has a large capital expenditure pipeline of ₹5,200 crore to ₹5,300 crore, including four strategic projects worth ₹1,415 crore in aluminium die casting, two-wheeler alloy wheels, moulding and a joint venture, according to Business Today.

Analysts upgrade

Axis Securities raised its target price for UNO Minda to ₹1,525 from ₹1,360 and maintained its "buy" rating, according to Business Today. The brokerage said the results beat its estimates, with revenue 12.4% above expectations, EBITDA 14.7% above and adjusted profit 12.9% above.

Axis said UNO Minda "continued to outperform underlying automotive industry growth," citing domestic demand, market share gains, premiumisation and higher content per vehicle. It raised its profit estimates for the 2026-27 and 2027-28 financial years by 11.1% and 15%, respectively.

The shares fell as much as 2% on Friday, November 6, to ₹1,309.25, according to Business Today.

Riding India's auto boom

UNO Minda's results reflect the strength of India's automotive industry. Passenger vehicle and two-wheeler sales have been strong this year, supported by tax cuts, rising incomes and new model launches, with record sales during the festive season. Carmakers such as Mahindra & Mahindra, which reported a 26% rise in vehicle volumes on the same day, have benefited from booming demand for SUVs.

Premiumisation, the trend of consumers buying more expensive vehicles with more features, has been particularly beneficial for component suppliers, as each vehicle contains more and higher-value parts.

The EV transition

The shift to electric vehicles is transforming the auto components industry. EVs eliminate some traditional components, such as engines and exhaust systems, but require new ones, including batteries, motors, power electronics and charging systems. Component makers that adapt successfully can capture a larger share of the value in each vehicle.

The Indian government has supported the EV transition through incentive schemes such as PM E-DRIVE and production-linked incentives for advanced automotive technology and battery manufacturing, encouraging companies such as UNO Minda to invest in EV components.

Content per vehicle

A key driver of UNO Minda's growth is increasing content per vehicle, the value of components it supplies for each car or two-wheeler. As vehicles become more sophisticated, with more electronics, lighting, sensors and comfort features, the opportunity for component suppliers grows. UNO Minda has expanded its product range to capture more of this value, from switches and lights to alloy wheels, seating and sunroofs.

The company's growth of 38% far exceeded the growth of the underlying vehicle market, reflecting these gains in content and market share.

Two-wheeler strength

UNO Minda has a strong position in supplying components for two-wheelers, India's largest vehicle segment by volume. Electric two-wheelers, in particular, offer opportunities for the company's green mobility products, and two-wheeler alloy wheels are among its expansion projects. Strong two-wheeler sales during the festive season are likely to support its performance in the coming quarter.

UNO Minda, founded by Nirmal Kumar Minda, has grown into one of India's leading component makers through a combination of organic expansion, joint ventures with global technology partners and acquisitions. Its partnerships with international component makers have given it access to technology across lighting, seating, electronics and EV systems, enabling it to supply both Indian and global carmakers. The company's large capital expenditure programme signals confidence in sustained demand from India's vehicle market over the coming years.

Its expanding footprint of manufacturing plants across India also positions it close to major vehicle clusters, reducing logistics costs and enabling faster deliveries to carmakers.

What comes next

Investors will watch the continued growth of UNO Minda's green mobility business, the execution of its large capital expenditure programme and its ability to improve margins. With strong demand from carmakers and a growing EV portfolio, UNO Minda is positioning itself as a key supplier for India's evolving automotive industry.