Motherson Sumi Wiring India Ltd manufactures wiring harnesses for automotive OEMs across ICE, EV and hybrid platforms, operating 30 facilities across India. This quarter's print will speak to whether EBITDA margin recovers from 7.6% as copper pass-through catch-up flows in, and whether the greenfield plants turn from negative 3% margins toward bottom-line contribution.
| Results date | October 30, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 3,407.26 Cr |
| Previous quarter PAT | Rs. 145.32 Cr |
| Previous quarter EBITDA margin | 7.6% |
| Market cap | Rs. 22,945.55 Cr |
| CMP | Rs. 34.6 |
The Board is scheduled to meet on Friday, October 30, 2026, to approve un-audited financial results for the quarter and half-year ended September 30, 2026, per Regulation 29 of SEBI LODR.
A conference call for Q2 and the half-year ended September 30, 2026 is scheduled for October 30, 2026 (Friday) at 18:00 hrs IST, under Regulation 30 of SEBI LODR. Participants include Vivek Chaand Sehgal (Chairman), Laksh Vaaman Sehgal (Director), Anurag Gahlot (COO, MSWIL), Gulshan (CFO, MSWIL) and Pankaj Mital (President & WTD, SAMIL).
The quarter tests whether the guided copper pass-through recovery lifts EBITDA margin off 7.6%, after four straight quarters of margin decline from 12.7% in Q2 FY26. The demand backdrop is the strongest of the year — SIAM PV dispatches grew 30.7% YoY in Q2 FY27 versus +17% in Q1 FY27, with UVs at 68% of PV sales and growing 34.2% — while PV contributes 64% of MSUMI's FY26 revenue. But the cost base kept rising into the quarter: LME copper set records of $14,533–14,635/t in early September against a Q1 FY27 company average of 13,324 USD/MT, and the rupee weakened to ~₹95.9 in mid-September versus the 94.66 Q1 average, so the unlagged copper cost in Q2 was higher than Q1. Management has guided that March-quarter price hikes plus pending June-quarter adjustments flow into Q2 FY27, with the lag impact already narrowed from 17% to 7% QoQ as of Q1, though the 'denominator effect' it flags means full cost recovery still leaves the EBITDA percentage dented. The NCR 30–40% minimum wage increase remains absorbed in the employee-cost base of ₹601.5 Cr with customer recovery still unquantified, and the greenfield bottom-line contribution window of 'the next one to two quarters' (stated August 4, 2026) opens with this quarter against negative 3% greenfield margins and a ~₹450 Cr quarterly run-rate versus the ₹2,000 Cr annualized target. The call is also expected to cover the H1 FY27 view approved at the same board meeting and EV share versus 8.5% in Q1 FY27.
Performance vs previously stated guidance: Several management commitments fall due in or around this quarter.
Greenfield utilization and margin parity
Operating metric trajectory
Copper is 24%–28% of the raw material cost basket and pass-through operates on 3-month or 6-month cycles, creating a temporal margin hit that management estimated at 2%–2.5% on the bottom line in Q4 FY26. The CFO has said 'the cost will be recovered fully with the lag', with a denominator effect that dents the EBITDA percentage even after full recovery, and management confirmed that if copper stabilizes, margins normalize.
Greenfields achieved break-even in Q4 FY26 excluding copper impact, but recorded negative 3% margins in Q1 FY27 on a ~₹450 Cr quarterly revenue run-rate against a ₹2,000 Cr annualized target. Management guided to bottom-line contribution 'in the next one to two quarters' from August 4, 2026, and to margin parity with existing plants at 90%–95% utilization.
NCR minimum wage increases of 30%–40% were fully absorbed in Q1 FY27 employee costs, and management has said discussions with customers are constructive. However, it has committed to no timeline or recovery percentage so far.
FY 2026-27 capex is guided at approximately Rs. 190–200 Cr, funded through internal accruals and broadly in line with FY26 levels, with FY26 actual capex of ₹201 Cr against operating cash flow of ₹761 Cr. All future capex is contingent on firm customer orders, and the company remains debt-free.