1. At a Glance
India’s wiring harness boss, Motherson Sumi Wiring (MSWIL), posted Q1 FY26 revenue of ₹2,494 Cr (+14% YoY) with PAT at ₹143 Cr (-4% YoY). Margins are under slight voltage drop, but ROCE and ROE are still sizzling hot.
2. Introduction
If the auto industry is the brain, wiring harnesses are the nerves. MSWIL keeps those nerves firing, with a market share north of 40%. But Q1’s profit slip hints at some loose connections in the margin department.
3. Business Model – WTF Do They Even Do?
- Core: Manufactures wiring harnesses for Indian OEMs.
- Parentage: JV between Sumitomo Wiring Systems (Japan) & Motherson Group.
- Edge: Dominance in supply chains, scale with Indian OEM contracts, global tech backing.
4. Financials Overview
- Revenue Q1 FY26: ₹2,494 Cr (+14%)
- PAT: ₹143 Cr (-4%)
- OPM: 10% (was 11–12%
