Samvardhana Motherson International Limited (MOTHERSON) share price

₹153.08 on NSE as of 2026-10-08. -3.84% on the day. market cap ₹161,567 Cr. P/E 36.9. 52-week range ₹101.64 to ₹170.68. Automobile and Auto Components.

www.motherson.com

Samvardhana Motherson Q1 FY27: Revenue ₹35,244 Cr, Copper Up 40% YoY, and a Leverage Ratio of 0.8x

At a glance

Motherson makes mirrors for cars, which understates the list considerably. The quarter also brought wiring harnesses, the bundled cabling inside a vehicle, plus dashboards and bumpers. Aerospace parts are on the list, and so, increasingly, is glass for consumer electronics.

Revenue for the three months to June 2026 was ₹35,244 crore. The same quarter a year earlier brought ₹30,212 crore. Operating profit was ₹3,096 crore, against ₹2,458 crore. Net profit was ₹1,032 crore, against ₹512 crore in the base quarter. Management noted that the base carried about ₹45 crore of accelerated amortisation after tax. Amortisation is the writing down of an asset's value over several years. The base also carried ₹110 crore after tax of European restructuring provisions. Management stated there were no one-off items affecting profit this quarter.

Input costs moved. Copper averaged 40% higher than a year earlier. Polymer prices in Germany rose 55% over the year and 66% over the quarter. The company attributes that to crude oil inflation from Middle East geopolitics. The World Container Index, a measure of container freight rates, rose 40% over the year. It rose 83% over the previous quarter. Global light vehicle production fell 1.8%.

The company closed two acquisitions in July and announced a third in China. It issued a corporate guarantee for a ₹1,600 crore bank facility. Capital spending across the three months was ₹1,614 crore. Leverage stood at 0.8 times, which the company's presentation labels its lowest ever.

Introduction

Samvardhana Motherson International was promoted in 1986. It was set up in technical and financial collaboration with Sumitomo Wiring Systems and Sojitz Corporation of Japan. It began with one product: the wiring harness, the bundled cabling that carries power around a vehicle. The company now calls itself a D.E.M.A.L. specialist. The letters stand for design, engineering and manufacturing, alongside assembly and logistics. It operates across 44 countries.

The corporate structure has been rearranged more than once. In FY2022 the domestic wiring harness business was demerged into Motherson Sumi Wiring India Limited. SAMIL kept a 33.4% stake in it. In March 2024 most international operations were consolidated under SMRP B.V. in the Netherlands. ICRA, a credit-rating agency, describes the outcome as three core entities: SAMIL, MSWIL and SMRP B.V.

The recent record is a list of transactions. In March 2026 the company signed a joint venture with Hellmann to form a Dubai-based global automotive logistics business, excluding Japan. In April it agreed to buy 49% of Vacuform for ZAR 45.18 million. It also completed a 51% purchase of Nissin Advanced Coating Indo. In May the board approved a private placement of listed non-convertible debentures of up to ₹5,000 crore. Debentures are borrowings that cannot later be turned into shares. In June it announced the purchase of 64.76% of Shenzhen Autocruis. The price is CNY 153.3 million and the stake may rise to 67.78%. In July it closed the Nexans autoelectric and Elektrokontakt acquisition. It also completed Yutaka Giken, where MGI BV holds 81% and Honda Motor 19%. The Vacuform purchase completed on 3 August. On 13 August the company issued a corporate guarantee for MECPL's ₹1,600 crore Axis Bank facility.

Also in the file: Abu Dhabi's investment office, ADIO, is supporting a Motherson automotive facility at KEZAD. Construction is underway and over 1,000 jobs are expected.

Management told the August call that Nexans and Yutaka bring combined annualised revenue of roughly USD 2 billion. Management added that these businesses are not yet meeting comparable industry benchmarks on margin, and that it intends to improve them.

Business model

Motherson sells the parts of a car that nobody looks at twice. Five divisions carry the load.

Wiring Harness brought 25% of FY25 revenue. A harness is copper in a plastic sleeve, arranged so a headlight works when the switch is flicked. Motherson is the largest maker of passenger vehicle wiring harnesses in India. Vision Systems brought 15%. It covers interior and exterior mirrors plus camera-based detection, and supplies nearly every major carmaker. Modules and Polymer Products is the giant at 46%. It runs from plastic parts through to fully integrated interior and exterior modules. Mould design, tooling and elastomer processing sit behind that.

Integrated Assemblies brought 8%. It assembles highly customised components from parts bought from suppliers the customer picked. Under Ind AS 115, an accounting rule on revenue, the company counts as an agent here. It therefore books only the fee it keeps, not the value of the parts. Emerging Businesses brought 6%. It covers aerospace, lighting and electronics, precision metals and logistics. Health and medical work and consumer electronics sit in the same division. The aerospace operation runs 17 facilities across four countries.

The FY25 footprint was 270 facilities in 41 countries. ICRA, a credit-rating agency, puts the country count at 44 in its August 2026 note.

Customer concentration has come down. The top eight customers account for 46% of revenue, against 58% earlier. Volkswagen is the largest at 9%. Mercedes-Benz has gone from 14% to 7%. India accounts for roughly 40% of revenue and the USA for about 19%.

The newest line is glass for consumer electronics. Management described the third facility as potentially the largest in Motherson. Management sized it at "thirty-three football fields in a row". A company that began by wrapping copper in plastic now measures a factory in football pitches. By management's own description, the first two plants handle prototypes and small-batch production. They are being used to master a 17-stage process.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Samvardhana Motherson International Limited.

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