Uno Minda Limited, previously referred to as Minda Industries Limited, is a prominent global provider of unique automotive solutions and components. With a history that extends over several decades, the company has positioned itself as a reliable partner to major automotive manufacturers around the globe. Uno Minda focuses on the design, manufacture, and supply of an extensive array of automotive components, which include lighting, switches, seating systems, acoustic solutions, alloy wheels, sensors, controllers, and components for electric vehicles.
In this article, we will learn about the company’s Q3 earnings conference call summary in detail. Let’s Begin
Macroeconomic & Industry Overview
The global economy is to grow at 3.3% in 2025 and 2026, below the historical average of 3.7%.
The US economy is strong at 2.7% growth in 2025, supported by robust consumer demand and a stable labor market.
The European market is facing challenges due to weak manufacturing and geopolitical issues.
China’s economy is expected to grow at 4.6% in 2025 as property market challenges persist.
Further, the global outlook looks challenging due to trade and geopolitical risks. This may disrupt global supply chains, reduce investments and delay growth prospects, particularly in trade intensive sectors.
The geopolitical scenario, including tension in the Middle East and some of the provinces, remain unresolved. Meanwhile, emerging markets are showing mixed performance.
On other hand, India stands out with 6.5% GDP growth, supported by strong domestic demand and infrastructure development, making it resilient to global economic headwinds.
Automobile Industry Performance (Q3 FY25)
The Indian automobile sector grows at 7% YOY. It produced 7.8 million units during Q3.
Segment wise performance
Passenger Vehicles (PV) grew by 3% YoY, reaching 1.17 million units.
Two-Wheelers (2W) saw 8% growth, producing 5.92 million units, driven by strong rural demand.
Three-Wheelers (3W) had muted growth due to financing challenges.
Commercial Vehicles (CV) declined by 2% YoY due to weak industrial activity and delayed government spending.
Union Budget 2025 impact
The most newsworthy and important announcement is the increase in income tax exemption limit to 12 lakhs.
For consumers, this opens access to more disposable income, which has the potential to translate into increased spending and may have positive impact on automotive demand.
Presenting the Union Budget 2025, the Finance Minister highlighted a strategic push for the EV industry, focusing on enhancing both supply and demand.
The government’s commitment to indigenous manufacturing is clear from substantial allocation of funds to various schemes like PM E-DRIVE, AUTO PLI and ACC PLI.
Company Performance (Q3 FY25 & 9M FY25)
Q3 revenue grew 14% YOY to 5056 crore.
Q3 EBITDA grew 20% YOY to 457 crore.
Q3 EBITDA margin s 10.9 % vs 10.8% YOY.
Net profit grew by 21% YOY to 233 crore.
9M FY25 revenue Grew by 20%YOY to 12,246 crore.
9M FY25 EBITDA grew by 21% to 1,347 crore.
9M FY25 Net Profit grew by 15% YOY to 677 crore.
Segment-wise Business Updates
Switching Systems
Q3 revenue is Rs. 1,045 crores, contributing 25% to consolidated revenues.
a year-on-year growth of 20% driven by increased kit value from high content with a share of business with some customers and a robust recovery in the domestic two-wheeler segment.
Haptic capacitive switches introduced in passenger vehicles.
The consolidation of four-wheeler switch plant from Manesar to Farukhnagar is progressing as planned and is expected to be completed by Q3 FY27.
Lighting Business
In Q3 FY25, the segment generated impressive revenues of Rs. 982 crores marking a 15% year-on-year growth and accounting for 24% of consolidated revenues.
This quarter also saw the lighting business achieved its higher ever quarterly revenues driven by strong growth in both the domestic four-wheeler and two-wheeler lighting business to OEMs.
During the quarter, new four-wheeler lighting plant at Khed started supplies of pixelated digital tail lamps for recently launched passenger car.
As announced last quarter, the implementation of our expansion project in Indonesia has begun and is expected to be commissioned in phases starting from Q4 FY26.
Casting business
In Q3 FY25, the revenue is Rs. 768 crores, contributing 18% to consolidated revenues.
This includes Rs. 408 crores from the four-wheeler alloy wheel segment, Rs. 223 crores from the two-wheeler alloy wheel segment and the remainder from the die casting business.
The casting business experienced 13% year-on-year growth led by the two-wheeler alloy wheel segment.
The company is expanding its four-wheel alloy wheel facility in Bawal by an additional 30K capacity scheduled for commissioning in Q4 FY25.
Additionally, the construction of a new Greenfield plant at IMT Kharkhoda with a capacity of 120 K wheels per month and a 2 million alloy wheel plant for the two-wheeler segment at Supa, Maharashtra is progressing as planned.
The aluminum die casting business has grown approximately from Rs. 200 crores in FY21 to over Rs. 500 crores now.
The Board has approved a CAPEX of Rs. 72 crores for the expansion of the aluminium die casting plant in Hosur from 11,000 tons per annum to 15,000 metric tons per annum. The enhanced capacity is expected to commence in phases from Q4 FY26.
Seating business
generated revenues of Rs. 273 crores in revenue during Q3 FY25, contributing 7% to consolidated revenues.
the export segment faced headwinds due to a downtrend in the European market, particularly impacting one of our key customers.
Overall export for seating year-on-year is lower by around 18%.
As you progress into subsequent quarter, we anticipate boosting revenues from a ramp up of volumes of a newly added OEM customer driven by 4 new model launches by them, increased volume from e-two-wheeler OEMs and the commencement of supply of pneumatic suspended seat.
Acoustics business
generated revenues of around Rs. 184 crores for the quarter, representing a stable 4% contribution to our consolidated revenues.
European subsidiary, Clarton Horn was adversely impacted by downward trend in the European auto industry.
other product businesses
The segment achieved revenues of Rs. 933 crores for the quarter, contributing 22% to the overall topline.
. Of this, almost Rs. 150 crore came from controllers, around Rs. 209 crores from sensors and ADAS, Rs. 119 crores from blow molding products, Rs. 136 crores from Minda Westport and Rs. 123 crores from the UMEVSPL.
Electric Vehicles (EV) Business
Revenue from EV two-wheeler OEMs was Rs. 238 crores in quarter as against Rs. 228 in the last quarter and Rs. 164 in the corresponding quarter last year.
During the quarter, company started supply of 500-watt onboard charges and 950-watt onboard chargers with SOP of multiple orders lined up in the next 3-6 months.
revenue from e-three-wheeler is around Rs. 74 crores primarily comprising of EV specific components.
Aftermarket & International Sales
Aftermarket revenue: ₹319 crores, +17% YoY (8% of total revenue).
International sales: 11% of total revenue, still below peak levels due to weak EU & US auto markets.
Financial Position & Capital Allocation
net debt as of December ‘24 was at Rs. 1,964 crores compared to Rs. 1,319 crores as on March 31, 2024.
The net debt has increased on account of expansion CAPEX as well as expenditure for land bank at Kharkhoda, Hosur, and Bawal of around Rs. 340 crores.
The total capital expenditure including the Land Bank for the 9-month period was Rs. 1,324 crores.
net debt to equity as at 31st December stands healthy at 0.34.
achieved return on capital employed of 18.6% basis annualizing profits of 9 months FY25.
Strategic Developments & Future Outlook
received the final NCLT order for merger of Kosei JV entities with Uno Minda Limited.
Consequent to the order, all three Kosei JV entities, namely Minda Kosei Aluminum Wheel Private Limited, Kosei Minda Aluminum Company Private Limited and Kosei Minda Mould Private Limited, has been merged with Uno Minda Limited, with effect from 1st of April 23.
Indian automotive industry is on a path of rapid evolution, driven by innovation, sustainability and a favorable economic environment.
With our existing diversified product portfolio, new product and technologies, we are confident of sustained outperformance over the long term.