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>Broad-Based Segmental Growth Momentum: Uno Minda continued to outperform industry growth across key business segments during Q4FY26, supported by healthy domestic demand, premiumization trends, EV penetration, and rising exports.</li><li>The Switches, Lighting, Casting, Seating, Green Mobility, and Other businesses reported strong YoY growth of 17%, 13%, 14%, 23%, 25%, and 25%, respectively.</li><li>Growth was driven by a higher share of business with OEMs, export momentum, and increasing adoption of feature-rich technologies across vehicle categories.</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.

Broad-Based Segmental Growth Momentum: Uno Minda continued to outperform industry growth across key business segments during Q4FY26, supported by healthy domestic demand, premiumization trends, EV penetration, and rising exports.The Switches, Lighting, Casting, Seating, Green Mobility, and Other businesses reported strong YoY growth of 17%, 13%, 14%, 23%, 25%, and 25%, respectively.Growth was driven by a higher share of business with OEMs, export momentum, and increasing adoption of feature-rich technologies across vehicle categories.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 - Capacity Expansion & Technology Investments Support Long-Term Growth

<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

<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

Thematic (Sector/Industry)

<ul><li>Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by ~8.5%/8.8%/9.3% YoY with flat EBITDA Margins.</li><li>The growth will be driven by i) Mid to High Single-digit volume growth in 2Ws, ii) Low to mid-singledigit growth for PVs/CVs, and iii) Low teens volume growth in the tractor industry.</li><li>The expected YoY EBITDA margin remains flattish due to higher discounts/ advertisement expenses and negative operating leverage being partly offset by price hikes taken over the past year. </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.

Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by ~8.5%/8.8%/9.3% YoY with flat EBITDA Margins.The growth will be driven by i) Mid to High Single-digit volume growth in 2Ws, ii) Low to mid-singledigit growth for PVs/CVs, and iii) Low teens volume growth in the tractor industry.The expected YoY EBITDA margin remains flattish due to higher discounts/ advertisement expenses and negative operating leverage being partly offset by price hikes taken over the past year. 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.

<ul><li>The companies under our coverage reported Revenue/EBITDA/PAT growth of 4.7%/4%/2.2% YoY, below expectations of 5.5%/8.9%/10.6%.</li><li>This lacklustre performance was due to weakness in passenger vehicles (while SUVs continue to grow) and Commercial vehicles.</li><li>The pressure on margins was majorly due to lower operational inefficiencies, higher discounting and lower domestic wholesale sales volumes. </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.

The companies under our coverage reported Revenue/EBITDA/PAT growth of 4.7%/4%/2.2% YoY, below expectations of 5.5%/8.9%/10.6%.This lacklustre performance was due to weakness in passenger vehicles (while SUVs continue to grow) and Commercial vehicles.The pressure on margins was majorly due to lower operational inefficiencies, higher discounting and lower domestic wholesale sales volumes. 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.

Top Conviction Ideas – “Auto and Auto Ancillaries”

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 - Capacity Expansion & Technology Investments Support Long-Term Growth

The Switches, Lighting, Casting, Seating, Green Mobility, and Other businesses reported strong YoY growth of 17%, 13%, 14%, 23%, 25%, and 25%,...

Axis Direct

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

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

Q4FY25 Earnings Preview - Automobile

Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by ~8.5%/8.8%/9.3% YoY with flat EBITDA Margins.

Axis Direct

Top Conviction Ideas – “Auto and Auto Ancillaries”

The companies under our coverage reported Revenue/EBITDA/PAT growth of 4.7%/4%/2.2% YoY, below expectations of 5.5%/8.9%/10.6%.

Axis Direct

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