UNO Minda
UNO Minda
Automobiles F&OKey Fundamentals
MidcapAuto ComponentsAutomobilesTapetide Score
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Key Insights
Strengths
3- Company has delivered good profit growth of 42.8% CAGR over last 5 years
- Company's median sales growth is 27.6% of last 10 years
- Company's working capital requirements have reduced from 14.9 days to 11.8 days
Weaknesses
1- Stock is trading at 9.39 times its book value
Growth Rate
AI Analysis — Bull vs Bear
Uno Minda Ltd is an auto components maker with a market cap of about ₹70,664 crore. Its sales have compounded at 25% over 5 years and 19% on a TTM basis, while profit has grown at a 43% CAGR over 5 years and 19% TTM. The stock trades at 54.8x earnings and 10.36x book value. It has returned -4% over the last year, compared with a 27% CAGR over both 3 and 5 years.
- Profit has compounded at 42.8% CAGR over the last 5 years and 28% over 10 years, which shows earnings have grown steadily over long periods
- Median sales growth over the last 10 years is 27.6%, and 10-year compounded sales growth is 23%, which points to consistent top-line expansion
- ROE has stayed in a narrow 17-19% band across 10-year (17%), 5-year (18%), 3-year (19%) and last-year (19%) periods, and has edged up over time
- Working capital days have fallen from 14.9 to 11.8, a sign of better cash conversion and operating efficiency
- Growth has held up recently: TTM sales growth of 19% and TTM profit growth of 19% come on top of a 3-year sales CAGR of 20% and profit CAGR of 23%
- Over 10 years the stock has compounded at 38% annually, and 3-year and 5-year returns are both 27% CAGR
- With a market cap of about ₹70,664 crore, the company is one of the larger listed Indian auto component makers, giving it scale when dealing with OEM customers
- At 10.36x book value, the stock carries a large premium to the net assets that support it
- A P/E of 54.8 against TTM profit growth of 19% gives a PEG ratio of roughly 2.9, so the valuation already assumes growth stays strong for a long time
- Profit growth has slowed sharply, from a 43% 5-year CAGR to 23% over 3 years and 19% TTM, which may mean the fastest phase of margin expansion is over
- The stock has returned -4% over the last year, well below its 27% 3-year CAGR, which suggests investor enthusiasm has cooled at current valuations
- Dividend yield is only 0.22%, so investors get almost no income cushion if the valuation compresses
- Sales growth has slowed from a 25% 5-year CAGR to 20% over 3 years and 19% TTM, which leaves the business exposed to the cyclical auto sector
- ROE of 19% is solid but does not stand out when set against a 10.36x price-to-book multiple, implying an earnings yield on book of under 2%
- Data on leverage (debt-to-equity), ROCE and 52-week price range is missing, so balance-sheet risk cannot be fully checked from the figures available
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Debt-funded expansion lifts leverage Sep 14
Term loans and internal accruals will fund the ₹1,415 cr capex, and the board approved up to ₹600 cr of NCDs plus a ₹500 cr revolving commercial paper limit. Most new capacity starts producing only in Q4FY28 to Q4FY29, so returns will lag the spending.
- ₹1.14 Cr Pune VAT demand Sep 24
Pune VAT authorities raised a net tax demand of ₹1.14 cr for FY2016-18. Uno Minda will contest the order and says it has no material impact on operations.
- ₹1,415 Cr capex for four plants Sep 14
The board approved ₹1,415 cr of incremental capex across four projects: ₹155 cr for a Kharkhoda alloy wheel plant, ₹510 cr for a Hosur casting plant, ₹80 cr for the Kyoraku Bengaluru plant and ₹670 cr for the TGSIN plant. One report gave ₹1,395 cr, but the four project costs add up to ₹1,415 cr. Management says each project is backed by orders or firm demand visibility.
- Hosur casting capacity more than doubles Sep 14
Existing casting capacity of 13,255 MT per annum is running at 100% utilisation. The new Hosur greenfield plant adds 20,557 MT per annum for engine, EV, structural and HPDC two-wheeler alloy wheel products, taking peak capacity to about 34,000 MT, with phased production from Q4FY28.
- TGSIN airbag and sealing plant Sep 14
Toyoda Gosei South India will invest ₹670 cr in a Chhatrapati Sambhajinagar plant making interior and exterior parts, airbags, hoses and body sealing parts. Operations are targeted to start by Q4FY29.
- North India alloy wheel expansion Sep 14
A new 3.3 mn-unit two-wheeler alloy wheel plant at Kharkhoda takes over 2 mn units moved from Supa and adds 1.3 mn units of net capacity, with production in Q4FY28. Existing alloy wheel capacity is 8 mn wheels per annum at about 70% utilisation.
- Kyoraku Bengaluru capacity boost Sep 14
An ₹80 cr expansion adds 1.38 mn units per annum to the 3.28 mn-unit Bengaluru plant, which runs at 91.9% utilisation. Commercial production is scheduled for Q1FY28.
- Global investor roadshow scheduled Sep 7
Uno Minda will meet analysts and institutional investors from Sep 16-24, 2026, including the Jefferies India Forum and a US non-deal roadshow across San Francisco, Boston, New York and Chicago.
- NSE ESG rating of 68 Sep 3
NSE Sustainability Ratings gave Uno Minda an independent ESG rating of 68 for FY26, covering environmental, social and governance performance.
TL;DR: Uno Minda is investing heavily: ₹1,415 cr across castings, alloy wheels, moulding and airbags/sealing, backed by orders and high utilisation, with casting at 100% and Kyoraku at 91.9%. The main risks are higher debt from up to ₹1,100 cr of NCD/CP limits and the time before new capacity contributes, since most plants start between Q1FY28 and Q4FY29. The tax demand is immaterial. The growth outlook is improving, and the key things to watch are execution, balance sheet leverage and investor feedback from the September roadshow.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,093 | 3,621 | 3,523 | 3,794 | 3,818 | 4,245 | 4,184 | 4,528 | 4,489 | 4,814 | 5,018 | 5,336 | 5,557 |
| Expenses | 2,763 | 3,220 | 3,143 | 3,320 | 3,410 | 3,762 | 3,727 | 4,002 | 3,946 | 4,262 | 4,465 | 4,734 | 4,985 |
| Operating Profit | 330 | 402 | 380 | 474 | 408 | 482 | 457 | 527 | 543 | 552 | 554 | 603 | 572 |
| OPM % | 11% | 11% | 11% | 12% | 11% | 11% | 11% | 12% | 12% | 11% | 11% | 11% | 10% |
| Other Income | 38 | 62 | 52 | 94 | 48 | 59 | 49 | 62 | 59 | 76 | 50 | 70 | 54 |
| Interest | 25 | 27 | 29 | 32 | 36 | 46 | 47 | 41 | 44 | 45 | 53 | 45 | 46 |
| Depreciation | 119 | 125 | 133 | 149 | 142 | 151 | 158 | 165 | 159 | 173 | 179 | 192 | 177 |
| PBT | 224 | 311 | 270 | 387 | 277 | 345 | 301 | 384 | 399 | 409 | 372 | 436 | 403 |
| Tax % | 20% | 24% | 24% | 22% | 24% | 23% | 15% | 25% | 23% | 21% | 19% | 19% | 22% |
| Net Profit | 180 | 238 | 205 | 302 | 211 | 266 | 254 | 289 | 309 | 323 | 300 | 352 | 316 |
| EPS in Rs | 3.01 | 3.93 | 3.37 | 5.01 | 3.46 | 4.27 | 4.05 | 4.64 | 5.06 | 5.27 | 4.79 | 5.64 | 5.12 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,232 | 2,527 | 3,386 | 4,471 | 5,908 | 6,222 | 6,374 | 8,313 | 11,236 | 14,031 | 16,775 | 19,658 | 20,725 |
| Expenses | 2,078 | 2,290 | 3,012 | 3,935 | 5,182 | 5,549 | 5,649 | 7,428 | 9,995 | 12,446 | 14,901 | 17,406 | 18,446 |
| Operating Profit | 154 | 238 | 374 | 535 | 726 | 673 | 725 | 885 | 1,242 | 1,585 | 1,874 | 2,251 | 2,280 |
| OPM % | 7% | 9% | 11% | 12% | 12% | 11% | 11% | 11% | 11% | 11% | 11% | 11% | 11% |
| Other Income | 33 | 19 | 14 | 70 | 26 | 5 | 49 | 128 | 149 | 246 | 218 | 256 | 250 |
| Interest | 25 | 26 | 40 | 35 | 63 | 94 | 74 | 62 | 70 | 113 | 170 | 187 | 189 |
| Depreciation | 83 | 93 | 136 | 165 | 234 | 340 | 375 | 392 | 430 | 526 | 615 | 704 | 721 |
| PBT | 79 | 139 | 212 | 405 | 455 | 244 | 325 | 559 | 891 | 1,192 | 1,307 | 1,616 | 1,620 |
| Tax % | 25% | 20% | 22% | 24% | 29% | 28% | 31% | 26% | 21% | 22% | 22% | 21% | — |
| Net Profit | 68 | 123 | 185 | 331 | 339 | 188 | 248 | 413 | 700 | 925 | 1,021 | 1,284 | 1,291 |
| EPS in Rs | 1.38 | 2.25 | 3.34 | 5.73 | 5.25 | 2.85 | 3.8 | 6.23 | 11.41 | 15.33 | 16.42 | 20.73 | 20.82 |
| Div. Payout % | 14% | 10% | 11% | 8% | 10% | 7% | 11% | 12% | 13% | 13% | 14% | 13% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 16 | 16 | 16 | 17 | 52 | 52 | 54 | 57 | 115 | 115 | 115 | 115 |
| Reserves | 346 | 452 | 1,044 | 1,374 | 1,652 | 1,809 | 2,202 | 3,381 | 4,041 | 4,828 | 5,612 | 6,714 |
| Borrowings | 236 | 396 | 510 | 614 | 1,083 | 1,317 | 1,159 | 948 | 1,395 | 1,706 | 2,473 | 2,740 |
| Other Liabilities | 399 | 622 | 829 | 1,360 | 1,444 | 2,403 | 2,562 | 2,411 | 2,716 | 3,235 | 3,530 | 4,129 |
| Total Liabilities | 997 | 1,487 | 2,398 | 3,365 | 4,231 | 5,581 | 5,977 | 6,798 | 8,267 | 9,884 | 11,730 | 13,698 |
| Fixed Assets | 411 | 573 | 885 | 1,350 | 1,861 | 2,674 | 2,797 | 2,805 | 3,316 | 3,931 | 4,749 | 5,658 |
| CWIP | 9 | 130 | 117 | 211 | 150 | 360 | 134 | 347 | 293 | 216 | 730 | 746 |
| Investments | 28 | 44 | 111 | 155 | 356 | 398 | 531 | 607 | 869 | 951 | 848 | 951 |
| Other Assets | 548 | 740 | 1,285 | 1,649 | 1,864 | 2,148 | 2,515 | 3,040 | 3,789 | 4,786 | 5,403 | 6,343 |
| Total Assets | 997 | 1,487 | 2,398 | 3,365 | 4,231 | 5,581 | 5,977 | 6,798 | 8,267 | 9,884 | 11,730 | 13,698 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 135 | 146 | 335 | 364 | 414 | 1,049 | 343 | 383 | 803 | 979 | 1,071 | 1,720 |
| Investing | -39 | -257 | -267 | -640 | -815 | -810 | -361 | -697 | -1,185 | -951 | -1,479 | -1,651 |
| Financing | -98 | 123 | 253 | 44 | 368 | -96 | -40 | 311 | 301 | 90 | 365 | 10 |
| Net Cash Flow | -2 | 13 | 320 | -232 | -33 | 143 | -58 | -3 | -81 | 119 | -43 | 79 |
| Free Cash Flow | 71 | -38 | 95 | -131 | -248 | 457 | 55 | -182 | -146 | -54 | -572 | 204 |
| CFO/OP | 99 | 72 | 104 | 84 | 73 | 173 | 59 | 59 | 82 | 79 | 75 | 92 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 47 | 53 | 54 | 64 | 56 | 51 | 69 | 60 | 56 | 54 | 54 | 50 |
| Inventory Days | 35 | 42 | 41 | 55 | 57 | 58 | 70 | 72 | 67 | 66 | 58 | 62 |
| Days Payable | 66 | 73 | 84 | 105 | 80 | 107 | 120 | 98 | 86 | 80 | 73 | 75 |
| Cash Conversion Cycle | 16 | 21 | 11 | 14 | 32 | 2 | 18 | 35 | 37 | 39 | 39 | 37 |
| Working Capital Days | 1 | -7 | -11 | 0 | 9 | -38 | -20 | 16 | 14 | 15 | 18 | 12 |
| ROCE % | 13% | 20% | 19% | 21% | 20% | 11% | 11% | 14% | 18% | 20% | 19% | 20% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY10–FY27.
Documents
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Company Information
Incorporated in 1958, Uno Minda Ltd is a manufacturer and supplier of Automotive Solutions and systems to Original Equipment Manufacturers[1]
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