External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>Strong Growth Across All Verticals: Uno Minda's outperformance across all segments is evident, led predominantly by the Lightning, Switches, Casting, Seatings and other divisions (sensors, motors, and controllers), which grew 14%, 11%, 9%, 24%, and 18% YoY, respectively, in Q2FY26.</li><li>Capex: During H1FY26, total capex stood at Rs 728 Cr, comprising Rs 354 Cr for expansion, Rs 130 Cr for land acquisition at CSN, and the balance for sustaining requirements.</li><li>UNO Minda has 10 ongoing expansion projects with a total commitment of ~Rs 2,036 Cr.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strong Growth Across All Verticals: Uno Minda's outperformance across all segments is evident, led predominantly by the Lightning, Switches, Casting, Seatings and other divisions (sensors, motors, and controllers), which grew 14%, 11%, 9%, 24%, and 18% YoY, respectively, in Q2FY26.Capex: During H1FY26, total capex stood at Rs 728 Cr, comprising Rs 354 Cr for expansion, Rs 130 Cr for land acquisition at CSN, and the balance for sustaining requirements.UNO Minda has 10 ongoing expansion projects with a total commitment of ~Rs 2,036 Cr.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

UNO MINDA Ltd - Structural Growth Story Intact; Upside Potential Fully Valued in CMP

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Uno Minda, a legacy auto components player, is rapidly transforming its business mix by winning high-value orders in the EV and premium segments, significantly outperforming broader industry growth.</li>
<li>A strategic pivot, fueled by capex, is set to elevate thecompany's "kit value" per vehicle, diversify revenue streams, and strengthen its leadership in the dynamic auto market.</li>
<li>With its strong order book and aggressive expansion into new technologies, Uno Minda is positioning itself for sustained, profitable growth, but its premium valuation requires a keen eye on execution.</li>
</ul>


Uno Minda, a legacy auto components player, is rapidly transforming its business mix by winning high-value orders in the EV and premium segments, significantly outperforming broader industry growth.
A strategic pivot, fueled by capex, is set to elevate thecompany's "kit value" per vehicle, diversify revenue streams, and strengthen its leadership in the dynamic auto market.
With its strong order book and aggressive expansion into new technologies, Uno Minda is positioning itself for sustained, profitable growth, but its premium valuation requires a keen eye on execution.


The Beat Ideas: Uno Minda - Can It Balance Legacy and Next-Gen Mobility?

<ul><li>Strategic Consolidation: Uno Minda has acquired the remaining 49.9% stake in its JV with FRIWO AG, gaining full ownership and reinforcing its position in EV power electronics.</li><li>Additionally, it plans to acquire the remaining stake in its JV with Buehler Motor GmbH in the coming months.</li><li>These strategic moves aim to deepen integration, enhance control over key EV motor system technologies, and position the company as a full-stack solutions provider in the electric mobility space.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strategic Consolidation: Uno Minda has acquired the remaining 49.9% stake in its JV with FRIWO AG, gaining full ownership and reinforcing its position in EV power electronics.Additionally, it plans to acquire the remaining stake in its JV with Buehler Motor GmbH in the coming months.These strategic moves aim to deepen integration, enhance control over key EV motor system technologies, and position the company as a full-stack solutions provider in the electric mobility space.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Uno Minda - Structural Growth Story Intact; Upside Potential Fully Valued in CMP

<ul><li>Operational Highlights in Q4FY25: (1) Uno Minda began commercial production of additional capacity of 2 Mn per annum wheels at the 2W alloy wheel plant at Supa.</li><li>(2) Board approved capex for expansion of 2WAW capacity by an additional 1.5 Mn per annum at Bawal, Haryana – expected SOP Q2 FY27.</li><li>(3) 30K wheels per month facility of alloy wheel four-wheeler at Bawal commissioned. Powertrain products at Khed City, Pune with estimated capex of Rs 423 Cr.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Operational Highlights in Q4FY25: (1) Uno Minda began commercial production of additional capacity of 2 Mn per annum wheels at the 2W alloy wheel plant at Supa.(2) Board approved capex for expansion of 2WAW capacity by an additional 1.5 Mn per annum at Bawal, Haryana – expected SOP Q2 FY27.(3) 30K wheels per month facility of alloy wheel four-wheeler at Bawal commissioned. Powertrain products at Khed City, Pune with estimated capex of Rs 423 Cr.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Uno Minda - PAT Misses Estimates on Higher Depreciation & Financing Costs

<ul><li>UNO MINDA is a leading Tier 1 supplier of proprietary automotive solutions to OEMs.</li><li>It operates over 73 manufacturing plants across India, Indonesia, Vietnam, Spain, Morocco, Mexico, Colombia, and Germany, with design centers in Taiwan, Japan, and Spain, and sales offices in North America, Europe, and ASEAN countries.</li><li>With more than 26 product lines, over 1,000 business partners, and a workforce of over 23,000, the company reaches more than 50,000 touch points. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

UNO MINDA is a leading Tier 1 supplier of proprietary automotive solutions to OEMs.It operates over 73 manufacturing plants across India, Indonesia, Vietnam, Spain, Morocco, Mexico, Colombia, and Germany, with design centers in Taiwan, Japan, and Spain, and sales offices in North America, Europe, and ASEAN countries.With more than 26 product lines, over 1,000 business partners, and a workforce of over 23,000, the company reaches more than 50,000 touch points. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Axis Punch: UNO MINDA Ltd - 08th April, 2025

India

UNO Minda Limited designs, develops, and manufactures sales diverse auto components. The Company offers alternate fuel and air filtration systems, canisters, brake and fuel hoses, noise suppressor caps, alloy wheels, seat belts, air brakes, air ducts and washer bottle, and body sealing products. UNO Minda serves customers worldwide.

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UNO Minda (UNOMINDA IN)

UNO MINDA Ltd - Structural Growth Story Intact; Upside Potential Fully Valued in CMP

Uno Minda's outperformance across all segments is evident, led predominantly by the Lightning, Switches, Casting, Seatings and other divisions...

Axis Direct

The Beat Ideas: Uno Minda - Can It Balance Legacy and Next-Gen Mobility?

Uno Minda is rapidly transforming its business mix by winning high-value orders in the EV and premium segments, fueling growth and positioning...

Sudarshan Bhandari

Uno Minda - Structural Growth Story Intact; Upside Potential Fully Valued in CMP

Uno Minda has acquired the remaining 49.9% stake in its JV with FRIWO AG, gaining full ownership and reinforcing its position in EV power electronics.

Axis Direct

Uno Minda - PAT Misses Estimates on Higher Depreciation & Financing Costs

Uno Minda began commercial production of additional capacity of 2 Mn per annum wheels at the 2W alloy wheel plant at Supa.

Axis Direct

Axis Punch: UNO MINDA Ltd - 08th April, 2025

UNO MINDA is a leading Tier 1 supplier of proprietary automotive solutions to OEMs. It operates over 73 manufacturing plants across India,...

Axis Direct

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UNO MINDA Ltd - Structural Growth Story Intact; Upside Potential Fully Valued in CMP

Uno Minda's outperformance across all segments is evident, led predominantly by the Lightning, Switches, Casting, Seatings and other divisions...

Axis Direct

The Beat Ideas: Uno Minda - Can It Balance Legacy and Next-Gen Mobility?

​Uno Minda is rapidly transforming its business mix by winning high-value orders in the EV and premium segments, fueling growth and positioning...

Sudarshan Bhandari

Uno Minda - Structural Growth Story Intact; Upside Potential Fully Valued in CMP

Uno Minda has acquired the remaining 49.9% stake in its JV with FRIWO AG, gaining full ownership and reinforcing its position in EV power electronics.

Axis Direct

Uno Minda - PAT Misses Estimates on Higher Depreciation & Financing Costs

Uno Minda began commercial production of additional capacity of 2 Mn per annum wheels at the 2W alloy wheel plant at Supa.

Axis Direct

Axis Punch: UNO MINDA Ltd - 08th April, 2025

UNO MINDA is a leading Tier 1 supplier of proprietary automotive solutions to OEMs. It operates over 73 manufacturing plants across India,...

Axis Direct

Uno Minda is rapidly transforming its business mix by winning high-value orders in the EV and premium segments, fueling growth and positioning...