Motherson Wiring – Q4 FY26 Results

key financial highlights

• Revenue from Operations:
  • Revenue (Q4 FY26): ₹3,334.62 Cr
    • QoQ Change: +15.5%
    • YoY Change: +33.1%
  • Previous Quarter (Q3 FY26): ₹2,887.07 Cr
  • Previous Year (Q4 FY25): ₹2,509.52 Cr
• Profit After Tax (PAT):
  • PAT (Q4 FY26): ₹167.30 Cr
    • QoQ Change: +12.0%
    • YoY Change: +1.4%
  • Previous Quarter (Q3 FY26): ₹149.44 Cr
  • Previous Year (Q4 FY25): ₹164.93 Cr
• QoQ Performance
  • Revenue Trend: Strong growth
  • Profit Trend: Moderate growth

Margin Analysis

Key Drivers:

• Increase in raw material costs (₹2,341 Cr)
• Rising employee benefit expenses
• Higher operating expenses due to scale
• Limited pricing power in OEM-driven business

Key Signal: Revenue growth is strong, but margin expansion remains limited due to cost pressures

Segment insight

Summary:

• Business is driven by automotive wiring harness supply, closely linked to OEM production cycles

Characteristics:

• OEM-dependent demand
• Volume-driven growth
• Thin margin profile
• High working capital cycle

Earning quality check

Drivers:

• Strong operating cash flow: ₹761.32 Cr
• Significant working capital changes
• Stable depreciation and finance costs

Interpretation:

• Earnings quality is strong, with profits well supported by cash flows, indicating operational stability

balance sheet Analysis

• Total Assets: ₹4,745.70 Cr
• Total Liabilities: ₹2,583.99 Cr

Insight:

• Strong equity base (~₹2,161 Cr)
• Increase in working capital (inventory & receivables)
• Low leverage structure

key risks

• Dependence on automotive sector cycles
• Margin pressure due to input costs
• Customer concentration risk (OEMs)
• Working capital intensity

management strategy signals

Focus Area:

• Scaling with OEM demand
• Cost optimization
• Strengthening supply chain efficiency
• Capacity expansion

Financial Metrics

Quarterly Performance Context