Uno Minda (UNOMINDA IN) (Buy) - Healthy growth outlook intact

研报英文原文证据摘录

Uno Minda (UNOMINDA IN) (Buy) - Healthy growth outlook intact

Global Markets Research

Uno Minda UNOI.NS UNOMINDA IN 4 June 2026

EQUITY: AUTOS & AUTO PARTS

RatingHealthy growth outlook intact Remains Buy

Target priceMarket share gain in existing segments, new customers Remains INR 1,494

in new segments, strong potential export growth levers

Closing price INR 1,083 4 June 2026WehostedUnoMindaatNomuraInvestmentForumAsia(NIFA)2026.Somekeyhighlightsare:

Demand: Management noted that the near-term demand outlook remains healthy from its Implied upside +38.0%customers with no impact from recent production disruptions. While in the medium term it continues

to expect the company to grow 1.5x of the industry, the rising share of entry-variant sales (where Market Cap (USD mn) 6,528.3

content per vehicle is relatively lower) has impacted Uno Minda’s near-term value growth. ADT (USD mn) 12.8

Segment-wise: It has sustained leadership in switches despite competition (50%/55%+ market

share in 4W/2W). In Alloy Wheels, management believes there is scope for further market share Relative performance chart

gain from 40-45% now as the new LPDC (low pressure die casting) capacities preferred by

Germany/Korea OEs come onstream. Lights – it is already supplying internally developed lights in

robotaxis in the US which proves its capabilities and sees potential for strong growth. According to

management, an INR4.5bn order received in 2W lights for an unreserved model should increase

Uno Minda’s market share. EV components – in its domestic 4W EV component plant with

Innovance (300124 CH, Buy), scheduled for completion in H2FY27E, management believes the

EDU content can increase to ~USD150k in premium EV models (~USD100k now) with more

customers being added as production starts.