Motherson Sumi Wiring India Achieves Record FY26 Revenue of ₹11,478 Crore

Key Financial Highlights

• FY26 Revenue: ₹11,478 crore
• FY26 Profit After Tax (PAT): ₹625 crore
• Q4 FY26 Revenue: ₹3,335 crore
• Net Debt (including lease liabilities) as of March 31, 2026: ₹167 crore

Motherson Sumi Wiring India (MSWIL) has announced its strongest financial performance to date for both the fourth quarter and the full fiscal year FY26. The company reported revenue of ₹3,335 crore for Q4 FY26, a significant 32.9% increase year-on-year from ₹2,510 crore in Q4 FY25.

For the full fiscal year FY26, revenue surged by 23.2% to ₹11,478 crore, compared to ₹9,320 crore in FY25. This growth rate significantly outpaced the overall automotive industry volume growth by approximately 11% year-on-year. Profit After Tax (PAT) for FY26 reached ₹625 crore, a slight increase from ₹606 crore in the previous fiscal year, indicating that rising costs, such as copper prices and ramp-up expenses, are impacting margins despite strong revenue gains.

Growth Drivers and Market Position

This performance highlights MSWIL's strategic positioning and operational execution. The company has achieved revenue growth at a Compound Annual Growth Rate (CAGR) of 19.3% since FY22. This sustained outperformance of industry volume growth underscores its strong relationships with leading Original Equipment Manufacturers (OEMs).

MSWIL's increasing focus on electric mobility is also evident, with its electric vehicle (EV) share of revenues reaching 8.6% in Q4 FY26. This strategic adaptation aligns with the automotive industry's rapid shift towards electrification.

Company Expansion and Investment

Motherson Sumi Wiring India was established in FY22 as a dedicated entity for the domestic wiring harness business following a demerger from its parent, Samvardhana Motherson International (SAMIL). The company has been actively expanding its manufacturing footprint, launching seven new greenfield projects over the last three years. By FY24-25, its total facility count reached 30 across India.

These expansions are supported by investments totaling ₹381 crore made over the past two years. Key greenfield projects in Pune, Navagam (Gujarat), and Kharkhoda (Haryana) are either operational or nearing final ramp-up stages, poised to contribute significantly to future revenue streams.

Key Developments Ahead

The commissioning and ramp-up of new greenfield units are set to significantly boost manufacturing capacity, catering to increased OEM demand. The growing contribution from EV platforms (8.6% of Q4 FY26 revenue) positions MSWIL to capitalize on the accelerating shift to electric mobility. Continued strong revenue growth reinforces its dominant position in the Indian wiring harness market, estimated at over 40% share. Revenue diversification across Passenger Vehicles (64% of FY26 revenue), commercial vehicles, and other segments provides a balanced revenue base.

Potential Risks

Input cost volatility, particularly elevated copper prices, presents a short-term risk to profitability, although the company has mechanisms to pass on these costs. New facilities are also facing ramp-up challenges: the Pune unit has seen lower-than-planned customer volumes and delays, while the Navagam and Kharkhoda units are still in their initial ramp-up phases. Additionally, unfavorable currency movements during the quarter impacted results. The wiring harness market also involves global players like Yazaki and Sumitomo Electric, posing competitive challenges.

Competitive Landscape

Motherson Sumi Wiring India competes with domestic auto ancillaries such as its parent, Samvardhana Motherson International, as well as UNO Minda and Bosch Ltd. Globally, key competitors in the wiring harness segment include Yazaki Corporation and Sumitomo Electric. These companies are all vying for market share in the growing Indian automotive sector, especially as electrification and advanced features increase the content per vehicle.

Key Metrics

• Revenue growth CAGR (since FY 2022): 19.3%
• Passenger Vehicles revenue contribution (FY26): 64%
• EV share of revenues (Q4 FY26): 8.6%

Looking Ahead

Investors will be monitoring the ramp-up progress at the new Navagam and Kharkhoda facilities to ensure they meet volume and profitability targets. The impact of sustained high copper prices and currency volatility on future margins, along with the effectiveness of cost-pass-through mechanisms, will be key. Tracking the resolution of volume issues at the Pune plant and the overall customer order visibility for these new facilities will also be important. Finally, assessing the company's continued ability to outpace industry growth amid evolving automotive trends, particularly EV adoption, will be crucial.