UNO Minda Ltd. share price target

FY26 Sales Mix: 93% OEM's, 7% aftermarket; Geographical mix: India: 90% Q4FY26 Result: On consolidated basis, at Uno Minda, topline for the quarter came in at 5,336 crore, up by 18% YoY. This is amidst underlying OEM volume growth of ~16% (2-W+PV). EBITDA in Q4FY26 came in at 603 crore with EBTDA margins at 11.3% (up 30 bps QoQ). PAT for the quarter came in at 326 crore (up 22% YoY). Strategic focus on EV & Technology-led segments but near-term margin pressure persists: Uno Minda proactive approach to EVs is reflected in its ramp up across both 2W and 4W platforms. Management expects the...

We maintain a BUY rating on the stock, supported by its strong growth outlook, well-diversified business mix, and powertrain-agnostic portfolio.

Uno Minda’s Q4 FY26 validates the structural compounding thesis: revenue alpha over industry persists at ~500 bps, ROCE is expanding at peak capex, and Green Mobility is inflecting from optionality to contribution.

We upgrade the stock rating from HOLD to BUY, supported by its strong growth outlook, well-diversified business mix, and powertrain-agnostic portfolio.

About stock: Uno Minda (MIL) is India's largest maker of automotive switches, horns, seats & PV alloy wheels and third largest automotive lighting player. FY25 Sales Mix: 93% OEM's, 7% aftermarket; Geographical mix: India: 89% Q3FY26 Result: On the consolidated basis, at Uno Minda, topline for the quarter came in at 5,018 crore, up by 20% YoY. This is amidst underlying OEM volume growth of ~16%. EBITDA in Q3FY26 came in at 554 crore with corresponding...

We maintain our BUY rating on the stock.

The demand environment remains stable with sustained momentum across key verticals, supported by premiumisation, new program wins, and upcoming capacity additions. Electronics-led content growth and a healthy order book continue to provide strong visibility, while softness in European acoustics remains a manageable drag.

We maintain our HOLD on the stock and recommend a BUY on dips strategy.

GST Rationalization: Structural boost for Automobile industry: Government has announced GST 2.0 reforms thereby reducing GST rates for the automobile sector across the segments and value chain. Small cars, 2-Ws up to 350cc, & 3-Ws will now attract 18% GST vs. 28% earlier, while CVs also shift to 18% rate. Total tax incidence for larger passenger cars, SUVs is also reduced from 43-50% to 40%. Furthermore, uniform 18% GST rate on all auto parts has been introduced, which will improve Uno Minda's cost competitiveness and demand across both OEM & aftermarket....

Uno Minda continues to demonstrate strong long-term growth prospects within the automotive sector, with robust growth across all verticals, outperforming industry benchmarks across both established and emerging product segments. The company's *over or under performance to benchmark index robust pipeline of new product launches, significant strategic investments in manufacturing capacity, advanced technologies, and localization initiatives especially within the EV power electronics domain, position it well to meet rising industry demand. Additionally, its healthy EV order book and ongoing capacity expansion initiatives is expected to yield tangible...

We downgrade our rating from “BUY” to ‘ACCUMULATE on the stock, as we expect elevated capex, minimal immediate revenue delta from localization, and a cautious domestic demand outlook in the near term.

We maintain our HOLD on the stock and recommend a buy on dips strategy.

Despite the slow ramp-up in electric vehicles, the company is actively increasing its kit value across all segments meticulously through capacity expansion and strategic tie-ups. UNO Minda has always outperformed the underlying benchmark auto production by 1.5-2x growth. We expect the channel inventory correction has shown signs of improvement in the...

We recommend a BUY on the stock with a target price of Rs 900/share, implying an upside of 10% from the CMP.

We maintain our BUY rating on the stock.

Uno Minda posted healthy Q2 results with outperformance vs MSIL accelerating further and logging a ~6% beat on consolidated EBITDA.