Motherson Sumi Wiring India Ltd(MSUMI)

NSE: MSUMIBSE: 543498

₹ 34.65-0.83%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 22,979 crNext results: 30 Oct 2026Website: www.mswil.motherson.comUpdated: 24 Oct 2026

About

Motherson Sumi Wiring India Limited (MSWIL) is a leading full-system wiring harness solutions provider to automotive OEMs in India, operating across passenger vehicles, commercial vehicles, two-wheelers, and off-road segments. The company runs 30 plants and 4 offices across 34 locations in 16 states and 3 union territories, with a workforce of over 60,000 employees. FY26 revenue was INR 11,478 Cr, crossing the INR 10,000 Cr milestone for the first time. MSWIL is a joint venture between SAMIL (33.43%) and Sumitomo Wiring Systems Limited, Japan (25.34% including affiliates).^[1][2][3]

Vehicle segment mix

Passenger vehicles accounted for 64% of FY26 revenue of INR 11,478 Cr; two-wheelers 12%, commercial vehicles 10%, off-road/agriculture 6%, and others 8%.^[1]
EV programs accounted for 8.5% of revenue in Q1 FY27, up from 6.6% for full FY26 and 8.6% in Q4 FY26, reflecting ongoing greenfield EV customer ramp-ups.^[4][2]
Company follows a powertrain-agnostic strategy, winning wiring harness orders across ICE, EV, and hybrid platforms, and supplied 9 out of the top 10 selling PV models in India in FY26.^[2]

Operations and plants

MSWIL operates 30 plants and 4 offices across 34 national locations in 16 states and 3 union territories; no international locations.^[1]
Existing legacy plants were operating at approximately 80% capacity utilisation as of Q4 FY26; management initiates expansion only upon reaching the 80% threshold and backed by firm customer orders.^[2]
All units are certified to IATF 16949; cybersecurity systems are ISO 27001-certified and managed centrally.^[1]

Greenfield expansion

Three greenfield plants delivered combined quarterly revenue of INR 443 Cr in Q4 FY26 and INR 1,188 Cr for full FY26, with net start-up costs of INR 127 Cr for FY26.^[2]
Kharkhoda (Haryana) greenfield reached approximately 80% utilisation as of Q4 FY26; Navagam (Gujarat) was at approximately 60% with one model still ramping; Pune at approximately 40 - 50% due to lower-than-planned customer volumes.^[2]
Greenfield plants maintained a revenue run rate of approximately INR 450 Cr per quarter in Q1 FY27, with break-even maintained but EBITDA contribution in aggregate yet to turn positive.^[4]
A new capacity expansion announcement is expected within the next few quarters as overall plant utilisation approaches 80%; FY27 capex to be funded entirely from internal accruals.^[4]

Key operating metrics

Q1 FY27 revenue was INR 3,407 Cr, +37% YoY, against Indian passenger vehicle industry growth of 17% YoY; of the 37% growth, 7 percentage points came from copper price inflation.^[4]
FY26 full-year revenue grew 23.2% YoY to INR 11,478 Cr, crossing the INR 10,000 Cr level for the first time; Q4 FY26 revenue was INR 3,335 Cr, +32.9% YoY.^[2]
MSWIL grew revenues 25% YoY in Q3 FY26 against PV industry growth of 19%, 2-wheeler growth of 15%, and CV growth of 18% in the same quarter.^[5]
ROCE target maintained above 40%; management describes itself as ROCE-focused rather than margin-focused.^[4]

Raw materials and cost pass-through

Copper is the key raw material, representing 24 - 28% of COGS; prices are LME-linked with a contractual pass-through lag of one quarter for most customers and six months for others.^[2][1]
LME copper averaged USD 13,324/MT in Q1 FY27, approximately 53% higher YoY and 7% higher QoQ; the 7% QoQ increase remained unrecovered in Q1 FY27 results.^[4]
Minimum wage revisions in the NCR region rose 35 - 40% and were fully reflected in Q1 FY27 results; potential hikes from other state governments remained unconfirmed as of the Q1 FY27 call.^[4]
Polymer (PVC and insulation compound) prices have begun rising due to global disruptions; less material than copper but acknowledged as an emerging cost pressure with no formal pass-through mechanism.^[2]

Customers and distribution

MSWIL supplies wiring harnesses across all major Indian automotive OEMs; revenue is drawn from passenger vehicles (64%), two-wheelers (12%), commercial vehicles (10%), off-road/agriculture (6%), and others (8%) as of FY26.^[1]
No single customer, country, or component is permitted to exceed the group concentration threshold, per stated policy.^[2]

Technology and products

MSWIL has an ongoing technology agreement with Sumitomo Wiring Systems Limited covering high-voltage, data, and SMART wiring solutions in serial production.^[1]
MSWIL is among the largest automotive cross-linked wire producers in India through absorption of electron beam technology; it has also adopted infrared curing technology for automotive and rolling stock wires.^[1]
MSWIL sources wires, terminals, connectors, PVC tubes, and rubber components from SAMIL group companies and a diverse range of child parts from SWS, leveraging vertical integration.^[1]

Balance sheet and ratings

Net debt (excluding leases) was INR 40 Cr as of 30 June 2026; the company describes its balance sheet as debt-free.^[4][1]
MSWIL holds a CRISIL AA+/Stable long-term rating, CRISIL A1+ short-term rating, and an IND A1+ short-term rating assigned by India Ratings.^[1]

Market Cap

₹22,979 Cr

High / Low

₹54 / 33

Stock P/E

36.5

Price / Book

10.6

Book Value

₹3

EPS

₹0.9

No. of Shares

663.17 Cr

ROCE

38.6%

ROE

32.4%

OPM

7.4%

Debt / Equity

0.11

Sales

₹11,478 Cr

Net Profit

₹625 Cr

Promoter holding

61.7%

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