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
