Samvardhana Motherson International Limited announced its Unaudited Standalone and Consolidated Financial Results for the third quarter ended December 31, 2025. Consolidated Revenue grew 14% YoY to Rs 31,409 crores, driven by acquisitions, organic growth, and favorable FX. EBITDA increased 10% YoY to Rs 3,042 crores, while Normalized PAT (Concern Share) surged 21% YoY to Rs 1,061 crores, reflecting strong operational execution and lower finance costs.
Q3 FY26 Financial Performance Snapshot
Samvardhana Motherson International Limited reported strong operating performance for the third quarter of Fiscal Year 2025-26 (ending December 31, 2025), underscoring the benefits of its diversified business profile and execution excellence.
Consolidated Key Highlights (YoY Comparison vs Q3FY25)
- Revenue: Increased 14% to Rs 31,409 crores, supported by the Atsumitec acquisition, organic growth, commodity factors, and favorable foreign exchange.
- EBITDA: Rose 10% to Rs 3,042 crores. This growth was attributed to operational improvements and benefits realized from transformative measures in the MPP division.
- Normalized PAT (Concern Share): Jumped 21% to Rs 1,061 crores, benefiting from reduced finance costs and higher contributions from JVs and associates.
External Environment and Operational Drivers
The quarter saw external challenges, including a sharp increase in Copper prices (+20% YoY). Macroeconomic factors were largely stable. On the demand side, Emerging Markets continued to show growth in both Passenger Vehicles (PVs) and Commercial Vehicles (CVs), offsetting softness in developed PV markets. Notably, North America showed signs of recovery with a ~5% Q-o-Q growth in CVs after a cyclical downturn.
Key operational drivers for the performance included:
- The highest ever quarterly Revenue supported by M&A integration and favorable FX.
- Operational improvements bearing fruit in the MPP division through ongoing transformative measures in Central & Western Europe.
- Improvements in PAT driven by lower finance costs and better JV/associate contributions.
Financial Discipline and Growth Strategy
The company maintained financial discipline alongside significant investment:
- Net Leverage Ratio remained stable at 1.1x, despite investments and inflated working capital.
- Capex for the quarter was INR 1,594 Crores (representing 52% of EBITDA), primarily allocated to upcoming Greenfields and maintenance.
New Greenfield Announcements
Two new Greenfields were announced, bringing the total to 12 Greenfields at various completion stages. These new facilities are focused on Emerging Markets:
- Morocco (Wiring Harness)
- Pune (Vision Systems)
The company anticipates recently announced M&As will close in H1FY27. Furthermore, organic growth is set to accelerate with a sharp ramp-up in the Consumer Electronics and Aerospace businesses.
Business Division Performance Review (Q3FY26 vs Q3FY25)
Performance was strong across key divisions, detailed on an Economic Value basis (including JVs):
- Modules & Polymer Products: Revenue increased to Rs 15,775 crores (from Rs 14,614 crores), with EBITDA margin improving slightly to 9.4%.
- Vision Systems: Revenue grew to Rs 5,247 crores, maintaining a consistent EBITDA margin of 9.2%.
- Integrated Assemblies: Showed robust margin expansion, with EBITDA margin rising to 15.2% (from 13.3%), and Revenue growing to Rs 2,759 crores.
- Wiring Harness: Revenue increased to Rs 9,083 crores, though the EBITDA margin contracted slightly to 9.7%, impacted by CV downturns in North America and elevated commodity prices.
- Emerging Businesses: Revenue grew significantly to Rs 4,218 crores, driven by contributions from Atsumitec and early-stage integration of new assets.
Nine Month Performance Summary (9MFY26 vs 9MFY25)
For the first nine months of FY26:
- Consolidated Revenue reached Rs 91,794 crores (up from Rs 84,346 crores in 9MFY25).
- Consolidated EBITDA was Rs 8,227 crores (up from Rs 8,202 crores in 9MFY25, noting the prior year included a one-time gain).
- PAT (Concern Share) was Rs 2,584 crores (down from Rs 2,753 crores in 9MFY25, after adjusting for several exceptional items across both periods).
Long-Term Focus and D.E.M.A.L. Capabilities
The company emphasizes its focus on long-term value creation by leveraging its global Design, Engineering, Manufacturing, Assembly and Logistics (D.E.M.A.L) capabilities to power multi-industry expansion. Growth is targeted across new sectors including Aerospace, Health & Medical, Semi-Conductor, and Logistics, alongside core Automotive.
The Consumer Electronics facility ramp-up remains on track, aiming for an annual run rate of 16+ million units by end of FY26. The Aerospace business saw ~41% YoY growth in Q3, with expanded product offerings for business jets and rotary wing aircraft.
Source: BSE
