Motherson Sumi Wiring India Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Motherson Sumi Wiring India Ltd filed with BSE on 04 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Motherson Sumi Wiring India reported that annual revenue crossed Rs 10,000 crore for the first time, with quarterly revenue growth of around 33% year-on-year. Management attributed part of the growth to volume increases and part to rising copper prices, which are passed through to customers with a 3-to-6 month lag causing transitional margin compression. The three greenfield plants at Kharkhoda, Pune and Navagam are ramping up at different utilization levels and contributed a combined quarterly revenue run rate of over Rs 400 crore.
Numbers mentioned
Annual revenue: more than INR10,000 crores (FY26)
p. 3
“their yearly performance has crossed INR10,000 crores of yearly revenues for the first time.”
Vivek Chaand Sehgal, page 3 of the filed PDF · View the filing
Sales revenue growth: around 33% (FY26)
p. 3
“As you have seen that we have grown with around 33% on the sales revenue and the market has grown in the single digit for the whole year.”
Anurag Gahlot, page 3 of the filed PDF · View the filing
Capex incurred: around INR190 crores (FY26)
p. 4
“we have done the capex of around INR190 crores in last year.”
Anurag Gahlot, page 4 of the filed PDF · View the filing
Kharkhoda plant capacity utilization: around 80% (Q4 FY26)
p. 4
“As far as capacity is concerned for 3 greenfield, like Kharkhoda is coming around 80%.”
Anurag Gahlot, page 4 of the filed PDF · View the filing
Pune plant capacity utilization: approximately 50% (Q4 FY26)
p. 4
“Pune location, whereas the volumes has not gone to the forecasted number. So it is approximately 50%.”
Anurag Gahlot, page 4 of the filed PDF · View the filing
Navagam plant capacity utilization: approximately 60% (Q4 FY26)
p. 4
“the third location is in Gujarat in Navagam, which is approximately 60% because one of the model is ramping up right now in the Q1 also.”
Anurag Gahlot, page 4 of the filed PDF · View the filing
Existing plants capacity utilization: around 80% (current)
p. 4
“Regarding the capacities, our existing plants, they are running around 80% of capacity utilization at this moment.”
Anurag Gahlot, page 4 of the filed PDF · View the filing
Sequential copper price increase: 18% (Q4 vs prior quarter)
p. 5
“So with respect to the copper prices, if you see on a sequential basis, there's an 18% increase in the copper prices.”
Gulshan, page 5 of the filed PDF · View the filing
Copper content in cost of goods sold: 24% to 28%
p. 6
“it's fairly in the percentages ofI mean, 24% to 28% roughly sitting in the cost on account of copper.”
Gulshan, page 6 of the filed PDF · View the filing
Bottom line impact from copper lag: around 2% to 2.5%
p. 6
“you can just put it around 2% to 2.5% on the bottom line effect on account of increase in copper prices due to some lag in the recovery from the customer.”
Gulshan, page 6 of the filed PDF · View the filing
ROCE: close to 40% (FY26)
p. 14
“if you look at the ROCE, we are ROCE-focused company, and we look at the ROCE for any year, it's already pretty there, close to 40% for this year as well.”
Gulshan, page 14 of the filed PDF · View the filing
Copper price impact on sales growth: around 5% (FY26 vs FY25)
p. 14
“if you see in terms of the copper prices, it contributes around 5%.”
Gulshan, page 14 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Capex — approximately INR200 crores · FY27
stated firmly by Gulshan
p. 14
“It will be largely in line with what we have incurred in the current year, approximately INR200 crores.”
Gulshan, page 14 of the filed PDF · View the filing
Capacity expansion — FY27
stated conditionally by Anurag Gahlot
p. 4
“as soon as we are touching to the 80% capacity, we started expanding ourselves but backed by the customer firm orders only.”
Anurag Gahlot, page 4 of the filed PDF · View the filing
Greenfield combined revenue run rate — around INR2,000 crores
stated conditionally by Anurag Gahlot
p. 4
“as we have projected earlier also that it will be in the tune of around INR2,000 crores on the annualized basis. So we are going to touch soon if the volumes forecasted by the customer to met.”
Anurag Gahlot, page 4 of the filed PDF · View the filing
Copper cost pass-through — quarter 1
stated firmly by Gulshan
p. 6
“the increase, which is there in the quarter 4, we would be able to offset in the quarter 1 volumes.”
Gulshan, page 6 of the filed PDF · View the filing
Greenfield profitability normalization — a couple of quarters
stated conditionally by Gulshan
p. 6
“I think it will take I mean, a couple of quarters, the profitability will be there with respect I mean, we will be able to compare with our existing plants.”
Gulshan, page 6 of the filed PDF · View the filing
Sales growth — next year
stated as an aspiration by Laksh Vaaman Sehgal
p. 12
“We are really bullish on the market and I think that the sales will grow nicely in the next year, and that will even out this growth that we had on the cost side.”
Laksh Vaaman Sehgal, page 12 of the filed PDF · View the filing
Customer concentration — not be more than a certain percentage
stated firmly by Laksh Vaaman Sehgal
p. 16
“no customer, no country, no component as a group philosophy should not be more than a certain percentage of our overall sales, which we are constantly bringing down also every single year.”
Laksh Vaaman Sehgal, page 16 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Yes, currency movement is passed through with a 3-6 month lag depending on the customer.
Answered by Anurag Gahlot
Asked by Raghunandhan: Whether the currency impact is also passed through to customers on a lag basis.
p. 4
“As far as currency is concerned, yes, currency is also as we have the back-to-back arrangement with the customer on 3 to 6 months lag.”
Anurag Gahlot, page 4 of the filed PDF · View the filing
The cost will be fully recovered but there will be a marginal denominator effect on EBITDA margin.
Answered by Gulshan
Asked by Siddhartha Bera: Whether the full copper cost increase will be recovered once the pass-through happens.
p. 5
“the cost will be recovered fully with the lag, and there will be a denominator effect, which will be there, right?”
Gulshan, page 5 of the filed PDF · View the filing
Some plants ramped up later than planned, and profitability at greenfield plants is expected to improve over the next few quarters as volumes stabilize.
Answered by Gulshan
Asked by Gunjan Prithyani: How to reconcile the Rs 440 crore quarterly greenfield revenue with the Rs 2,000 crore annualized target and continuing start-up costs.
p. 6
“Kharkhoda is going as per plan. Navagam is going as per plan. The volumes will be ramped up in 1.5 quarters. Pune is one thing where the volumes have not come up”
Gulshan, page 6 of the filed PDF · View the filing
Possibly, but breakeven and positive profitability are expected once volumes ramp up.
Answered by Gulshan
Asked by Preet: Whether the company would have been EBITDA breakeven in greenfield without the copper price impact.
p. 7
“Could be. But as I told that there will some time where we are seeing improvements in the greenfield. Once the volumes will be ramped up, I think that we will be breakeven and the profitability will start positive.”
Gulshan, page 7 of the filed PDF · View the filing
The target was set for all three greenfield plants combined, not plant-specific.
Answered by Pankaj Mital
Asked by Vijay Pandey: Whether the Rs 2,000 crore greenfield revenue target applies to Kharkhoda alone or all three plants.
p. 10
“that was for all the plants put together, around INR2,000 crores, INR2,100 crores.”
Pankaj Mital, page 10 of the filed PDF · View the filing
There was a marginal currency impact this quarter that will be passed through next quarter.
Answered by Gulshan
Asked by Sonal Gupta: Whether rupee depreciation against the yen has had any material impact beyond copper.
p. 10
“there is a marginal impact with respect to the currency movement sitting in this quarter because if you have noticed the JPY has appreciated in this quarter.”
Gulshan, page 10 of the filed PDF · View the filing
Yes, margins would return to normal levels if copper prices remain at the same base used for selling prices.
Answered by Gulshan
Asked by Neel Shah: If copper prices stay at Q4 levels, would gross margin bounce back.
p. 15
“Absolutely. If the copper prices will remain same as the base of the selling prices, obviously, the margins will be back to the normal, which is there.”
Gulshan, page 15 of the filed PDF · View the filing
Utilization remains around 40-50% pending further customer volumes.
Answered by Anurag Gahlot
Asked by Pranav Doshi: Current utilization level of the Pune plant.
p. 16
“that was coming around 40% to 50%, but we have to see how if the volumes comes up again from these customers.”
Anurag Gahlot, page 16 of the filed PDF · View the filing
Risks flagged
Elevated copper prices under pass-through arrangements causing transitional profitability impact.
p. 3
“During the quarter, we have seen copper prices rise significantly and expect to remain at elevated levels as these are under pass-through arrangements with the customers with the time lag, the impact on our profitability is transitional.”
Vivek Chaand Sehgal, page 3 of the filed PDF · View the filing
Delay in customer volume ramp-up at certain greenfield plants versus original forecasts.
p. 4
“Pune location, whereas the volumes has not gone to the forecasted number.”
Anurag Gahlot, page 4 of the filed PDF · View the filing
Rising polymer/PVC prices due to global situation adding cost pressure.
p. 11
“Yes, I think polymer prices due to the situation global situation are growing.”
Pankaj Mital, page 11 of the filed PDF · View the filing
Customer OEMs postponing project or model launches, delaying volume ramp-up at greenfield plants.
p. 11
“in these plants, the customer has also postponed their project launch also model launch also. So it has gone delayed.”
Anurag Gahlot, page 11 of the filed PDF · View the filing
Uncertainty and volatility in copper prices affecting future margins.
p. 6
“I wish I could predict the copper prices where it will be in the future.”
Gulshan, page 6 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.