1. Opening Hook
While the world was busy arguing whether EVs can survive Indian potholes, Motherson Sumi Wiring quietly did what it does best — soldered together its best-ever quarter. The Chairman walked in, dropped a “Guru Purab Mubarak,” and then casually announced record revenue and 12% EBITDA growth. Somewhere between copper prices spiking and Greenfields warming up, MSWIL made wiring look like an art form. Keep reading — because beneath those cables lie some electrifying truths. ⚡
2. At a Glance
- Revenue ₹2,762 crore– Their best quarter ever; even copper couldn’t resist the current.
- EBITDA ₹280 crore (+12% YoY)– Efficiency beats inflation; copper be damned.
- Greenfield contribution ₹190 crore– The new kids are learning fast, even if not yet profitable.
- Utilization 36%– Plants flexing their muscles but still warming up.
- EV share 7% (up from 5%)– Plugged firmly into the electric revolution.
- Capex ₹210 crore (FY26)– Because wiring dreams needs more wires.
3. Management’s Key Commentary
Vivek Chaand Sehgal (Chairman):“We’ve delivered our best-ever quarterly performance.”(Translation: We broke our own records and copper prices didn’t stop us.)
“Greenfields are ramping up well with strong OEM traction.”(Translation: The new factories aren’t just pretty — they’re finally earning their keep.)
Anurag Gahlot (COO):“Utilization is at 36% and will rise as customer volumes grow.”(Translation: Don’t panic, these plants are stretching before the sprint.)
Gulshan (CFO):“Copper prices rose 13% YoY, but we recover that from customers with a lag.”(Translation: Inflation shocks us for one quarter, then we shock the customers back.)😏
Pankaj Mital (SAMIL COO):“We don’t guide margins; we focus on return on capital.”(Translation: Percentages are for analysts; we count actual rupees.)
“EV, hybrid, ICE — we supply everyone. No discrimination in wiring.”(Translation: Whoever builds a car, we wire it. Neutral in the EV war.)
4. Numbers Decoded
| Metric | Q2 FY26 | YoY Change | Commentary |
|---|---|---|---|
| Revenue | ₹2,762 Cr | +12% | Copper may burn pockets, but not profits. |
| EBITDA | ₹280 Cr | +12% | Smooth current, strong insulation. |
| EBITDA Margin | 10.1% (Adj. 12.7%) | Flat | Startup losses still tripping breakers. |
| Greenfield Sales | ₹190 Cr | +58% QoQ | Growing, but still a voltage leak. |
| Greenfield Loss | ₹46 Cr | Down from ₹70 Cr gross | Progress in disguise. |
| Capex (FY26) | ₹210 Cr | — | New plants, new wires, new sparks. |
In wiring terms — resistance is temporary, current is permanent.
5. Analyst Questions
Nuvama:“When will Greenfields reach 70–80% utilization?”Mgmt:“Depends on customer volumes — we’re optimistic, not psychic.”
Nomura:“Why are Greenfield losses rising?”Mgmt:“They’re actually falling, it just looks bad — math’s tricky when you have one-offs.”
Elara:“Will EV-heavy mix dilute margins?”Mgmt:“No, wires don’t care what’s under the hood.”
HSBC:“Copper inflation effect?”Mgmt:“Price hikes pass through — with a polite quarterly delay.”
6. Guidance & Outlook
Management refused margin guidance (classic Motherson move) but hinted that ramping utilization at Greenfields will improve profitability by FY27. EV
