Uno Minda Limited Q2 FY26 Concall Decoded – When the auto ancillaries start flexing harder than the OEMs

1. Opening Hook

Indian roads might still have potholes, but Uno Minda’s numbers sure don’t. While global peers are crying over tariffs and supply chains, these guys are busy printing record highs. From GST 2.0 drama to EV hype, they’ve managed to ride every curve — and profit from it. The CFO clearly had more torque than most automakers this quarter.
But hold on — beneath the smooth ride lies some serious revving in JVs, start-up costs, and alloy wheel gymnastics. Keep reading; things get wheelie interesting. 😏

2. At a Glance

• Revenue up 13.4% – CFO swears it’s “broad-based” growth, not just a festive illusion.
• EBITDA up 14% – Margins hold firm at 11.5%; apparently, cost inflation took a holiday.
• PAT up 24% – Profit party continues even after stripping out last year’s one-time gain.
• Net debt ₹2,362 crore – Expansion’s expensive, but leverage still under control.
• ROCE 19.6% – CFO proudly says it’d be higher “if we excluded land that’s just chilling.”
• Aftermarket revenue ₹332 crore – Even spares are sparking.

3. Management’s Key Commentary

“We delivered our highest-ever quarterly revenue of ₹4,814 crore.”
(Translation: We’re running out of adjectives for ‘record-breaking’.)

“Margins improved to 11.5% despite start-up costs.”
(Translation: Our new plants aren’t freeloaders anymore.)

“Lighting systems contributed 23% of revenue, driven by LED adoption.”
(Translation: Indians love headlights that look more expensive than their cars.)

“Seating business grew 22% YoY.”
(Translation: We made chairs; people sat; money followed.)

“EV Systems revenue jumped to ₹115 crore.”
(Translation: We’re plugging into the EV hype before it plugs us out.)

“We’ve invested ₹728 crore in H1 and plan ₹2,356 crore more.”
(Translation: Capex party’s just getting started — CFO’s heart rate, not so much.)

“Targeting 60% renewable energy by 2030.”
(Translation: Even our factories will soon run on sunlight and optimism. ☀️)

4. Numbers Decoded