Motherson Sumi Wiring India Ltd reported strong revenue growth in the December quarter, with revenue climbing sharply by 25.5% to ₹2,887 crore from ₹2,300 crore a year ago, reflecting healthy demand from automotive customers. The company's net profit rose 6.8% year-on-year to ₹150 crore, compared with ₹140 crore in the same quarter last year. According to latest reports, this growth trajectory is underpinned by robust demand from the automotive clientele, demonstrating the company's strong market position in the wiring harness segment. The passenger vehicle volumes industry grew 19% year-over-year for Q3 FY26, providing a favorable backdrop for the company's performance.
EBITDA increased 10.5% year-on-year to ₹263 crore from ₹238 crore, but operating margin softened to about 9% compared with over 10% in the year-ago period. The margin compression was primarily due to higher copper prices and a timing gap in customer settlements. As per latest reports, management has attributed this compression primarily to external cost pressures, specifically the elevated prices of copper, a key raw material. A timing mismatch in customer settlements further exacerbated this impact, creating a temporary drag on reported margins. However, the company stated that the underlying profitability of its non-greenfield units remained stable when adjusted for these specific cost and timing factors, suggesting operational efficiencies are being maintained.
Performance at greenfield units improved during the quarter, aiding overall profitability. As reported by CNBC TV18, Motherson Sumi Wiring also continued to maintain a debt-free balance sheet. Revenue from electric vehicle programmes accounted for 5.8% of total revenue in Q3 FY26, reflecting gradual traction in the EV segment. The company provided updates on its greenfield projects, with Navagam (Gujarat) operational for EV and EV+ICE segments, Kharkhoda (Haryana) ICE operational with volumes ramping up as planned, and Pune (Maharashtra) EV+ICE operational with lower than planned customer volumes. The enhanced performance and profitability from these newer facilities are now contributing more meaningfully to the consolidated results, demonstrating the company's successful expansion strategy.
For the nine months ended December 31, 2025, revenue increased by 19.6% to ₹8,143 crore and EBITDA rose by 8.4% to ₹787 crore. Excluding Greenfield units, revenue grew by 18.8% to ₹2,637 crore and EBITDA increased by 7.6% to ₹299 crore. The stock closed at ₹43.05 on the NSE ahead of the earnings announcement, reflecting a 2.14% increase, suggesting some investor optimism in the company's operational execution. The current market price of ₹45.50 as of January 30, 2026, coupled with above-average trading volumes, indicates continued investor interest. The company holds a market capitalization of approximately ₹25,000 crore with a Price-to-Earnings (P/E) ratio around 30.
Commenting on the results, Chairman Vivek Chaand Sehgal said the quarter's performance reflected customer trust and improving operational efficiencies across plants, alongside better contributions from greenfield facilities. The company's steady operating performance was led by strong topline growth and improved contribution from its greenfield facilities, while margins came under pressure year-on-year amid higher copper costs. The ability to manage input costs and capitalize on the expanding EV market will be key determinants of the company's future performance and valuation, as the industry adapts through various strategies including raw material hedging and renegotiating supply contracts. The company noted that copper prices continued a sustained upward trajectory, adding to the cost pressures faced during the quarter.
