Slides
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Q2 FY 2026 - 27 Results November 2026 Samvardhana Motherson International Limited . (All figures are Rs. in Crores unless specifically mentioned)
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Key Highlights 01/02.Record Revenues cap off a strong First Half. External Environment (Q2FY27) 2 Notes :1. Please refer slides 8&9 for details on Normalized PAT •Global LV production declined, led by China, while South Asia supported volumes;new launches to drive FY28 growth•Broad-based CV growth across North America, India and Europe lifted global CV production, with momentum expected to continue into H2FY27•Copper pricescontinued to rise, increasing6% QoQ, continuing commodity cost pressures•Softening crude oil prices eased input cost pressures during the quarter. However, prices have surged ~24% since Aug-end Performance at a glance.Q2FY27 vs Q2FY26.RevenueRs 38,280 Crores 27%EBITDARs 3,353Crores 23%Normalized PAT1(Concern Share)Rs 1,175Crores 37% H1FY27 vs H1FY26.RevenueRs 73,524 Crores 22%EBITDARs 6,457Crores 25% Rs 2,207 Crores Normalized PAT1(Concern Share)45% Highest ever quarterly and half yearly revenue driven by acquisitions and strong growth in wiring harness business MPP margin improvement through cost optimization, offset rising input costs and acquired assets integration impacts
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Key Highlights 02/02.Positioned for Sustained Growth. 3 Stable Net Leverage Ratio at 0.8x Strong balance sheet provides ample capacity to pursue inorganic growth Capex of Rs. 1,971 Crores(59% of EBITDA)Capex in-line with growth priorities and yearly guidance 01 New Acquisition Announced Capacity Expansion01 plant operationalized during the quarter05 expansions announced Adds MIL-spec connector capabilities to Motherson’sAerospace and Defence portfolio, strengthening its position in EWIS (Electrical Wiring Interconnection Systems). Rotary Connectors(India); Circular Connectors and Interconnection Solutions •Aerospace •Defence Other Highlights Industries Served Strong Booked Business of USD 106 billion*All-time high •India•USAKey Geographies Served *Note: Booked business total excludes Consumer Electronics
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4 Macroeconomic and Automotive Industry Outlook .
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1,524 1,386 1,991 1,995 Q2FY25Q2FY26Q2FY27Oct-26 3,691 1,761 4,468 4,429 Q2FY25Q2FY26Q2FY27Oct-26 9,210 9,797 14,104 14,536 2,382 2,620 3,228 3,059 Q2FY25Q2FY26Q2FY27Oct-26 CopperAlum inium Sources: Bloomberg1. Based on average of spot rates for the quarter; 2. All the data points are average for the closing numbers for each month in the quarter EU, USA, India & China Inflation2(in %) EU, USA , India & China Interest rates2(in %) Copper & AluminiumUSD / Metric Tonne1 World Container Index(USD2) CHINAINDIAUSAEU 2.2 2.1 3.3 2.6 2.9 3.5 4.3 1.7 4.9 0.5 -0.2 0.7 Q2FY25Q2FY26Q2FY27 5.0%4.3%4.0% 3.6%2.2%2.7% 6.5%5.5%5.3% 3.4%3.0%3.0% Q2FY25Q2FY26Q2FY27 154% YoY & 7% QoQdue to ME crisis Geopolitical Tensions Driving Cost Inflation & Monetary Tightness.Polymer Price for GermanyEuro/ Metric Tonne44% YoY & -12% QoQ due to ME crisisCopper: 44% YoYAluminium: 23% YoY Rising inflation and interest rates across geographies may weigh on demand 5 RBI increased repo rate to 5.5% in Oct-26
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22.121.624.422.322.923.124.821.923.122.6 Q1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27Q2 FY27 China Weakness and Geopolitical Disruption Drives Industry Slowdown. Note: YoY represents production volume comparison between Q2FY27 vs Q2FY26Source: Light Vehicles: Mobility Global; Light Vehicle Engine Type Production Forecast September 2026/Commercial Vehicles: GlobalData; Commercial Vehicle Production Forecast October 2026 -2.3% 7.6%Light VehiclesCo mmer cial V ehicles -0.6% 2.7% Europe. Global. North America. India. Greater China.Production Volumes.Global Light Vehicles (Nos are in million) Global Commercial Vehicles (Nos are in thousand)15.4%18.9% Light VehiclesCommercial Vehicles Light VehiclesCommercial Vehicles Light VehiclesCommercial Vehicles 6 Data represents automotive production volumes on YoY basis -5.5% -1.9% Light VehiclesCo mmer cial V ehicles 852 746 824 873 858 805 929 942 960 866 Q1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27Q2 FY27 -3.8% 43.6%
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7 .Financial performance.
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Best-ever Half Yearly Revenues.RevenueEBITDANormalized PAT (Concern Share) Consolidated Financial Performance H1FY27 vs H1FY26 2 60,385 73,524 1 0 , 0 0 0 1 1 , 0 0 0 1 2 , 0 0 0 1 3 , 0 0 0 1 4 , 0 0 0 1 5 , 0 0 0 1 6 , 0 0 0 1 7 , 0 0 0 1 8 , 0 0 0 1 9 , 0 0 0 2 0 , 0 0 0 2 1 , 0 0 0 2 2 , 0 0 0 2 3 , 0 0 0 2 4 , 0 0 0 2 5 , 0 0 0 2 6 , 0 0 0 2 7 , 0 0 0 2 8 , 0 0 0 2 9 , 0 0 0 3 0 , 0 0 0 3 1 , 0 0 0 3 2 , 0 0 0 3 3 , 0 0 0 3 4 , 0 0 0 3 5 , 0 0 0 3 6 , 0 0 0 3 7 , 0 0 0 3 8 , 0 0 0 3 9 , 0 0 0 4 0 , 0 0 0 4 1 , 0 0 0 4 2 , 0 0 0 4 3 , 0 0 0 4 4 , 0 0 0 4 5 , 0 0 0 4 6 , 0 0 0 4 7 , 0 0 0 4 8 , 0 0 0 4 9 , 0 0 0 5 0 , 0 0 0 5 1 , 0 0 0 5 2 , 0 0 0 5 3 , 0 0 0 5 4 , 0 0 0 5 5 , 0 0 0 5 6 , 0 0 0 5 7 , 0 0 0 5 8 , 0 0 0 5 9 , 0 0 0 6 0 , 0 0 0 6 1 , 0 0 0 6 2 , 0 0 0 6 3 , 0 0 0 6 4 , 0 0 0 6 5 , 0 0 0 6 6 , 0 0 0 6 7 , 0 0 0 6 8 , 0 0 0 6 9 , 0 0 0 7 0 , 0 0 0 7 1 , 0 0 0 7 2 , 0 0 0 7 3 , 0 0 0 7 4 , 0 0 0 7 5 , 0 0 0 7 6 , 0 0 0 7 7 , 0 0 0 7 8 , 0 0 0 7 9 , 0 0 0 8 0 , 0 0 0 H1 FY26H1 FY27 1,338 2,207 184 11,522 - 2 , 0 0 0 4 , 0 0 0 H1 FY26H1 FY27 Notes:1.H1FY26 PAT includes adjustment for (1) impact of accelerated amortization of certain intangible assets of approximately Rs. 45 Crores post-tax in Q1FY26, (2) Exceptional expense pertaining to provisions made in respect to business transformative measures in Central & Western Europe, amounting to Rs. 110 Crores post-tax (Rs. 136 Crores pre-tax) in Q1FY26 and for Q2FY26 amounting to Rs. 29 Crores post-tax (Rs. 36 Crores pre-tax) RevenueGrowth driven by strong momentum in the wiring harness business, complemented by acquisitions integration EBITDAMPP led operational efficiencies via cost optimizationand automationinitiatives supported margin improvement, mitigating commodity and input cost inflation and the impact of integrating acquired assets PATPAT growth driven by scale-up in businesses (all figures are Rs. in Crores) 8 22% YoY 25% YoY45% YoY 5,185 6,457 8.6%8.8% 3 , 0 0 0 5 , 0 0 0 7 , 0 0 0 9 , 0 0 0 H1 FY26H1 FY27
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Highest-ever Quarterly Revenues.Consolidated Financial Performance Q2FY27 vs Q2FY26 9 827 29 1856 1,175 - 2 0 0 4 0 0 6 0 0 8 0 0 1 , 0 0 0 1 , 2 0 0 1 , 4 0 0 1 , 6 0 0 1 , 8 0 0 2 , 0 0 0 Q2FY26Q2FY27 2,719 3,353 9.0%8.8% 6. 0% 8. 0% 10. 0% 12. 0% 14. 0% 16. 0% 18. 0% 20. 0% 22. 0% 1, 500 3, 500 Q2FY26Q2FY27RevenueStrong growth driven by Autoelectricand Yutaka Giken integration, alongside robust performance in the wiring harness business .EBITDAMargins declined on account of integration of newly acquired assets. Excluding the impact, margins witnessed both year-on-year and sequential improvement PATPAT growth driven by scale-up in businesses Notes: 1.Q2FY26 PAT Includes a normalisation adjustment for Exceptional expense pertaining to provisions made in respect to business transformative measures being undertaken in Central & Western Europe, amounting to Rs. 29 Crores post-tax (Rs. 36 Crores pre-tax) 30,173 38,280 2 0 , 0 0 0 2 2 , 0 0 0 2 4 , 0 0 0 2 6 , 0 0 0 2 8 , 0 0 0 3 0 , 0 0 0 3 2 , 0 0 0 3 4 , 0 0 0 3 6 , 0 0 0 3 8 , 0 0 0 4 0 , 0 0 0 4 2 , 0 0 0 4 4 , 0 0 0 Q2FY26Q2FY27 27% YoY 23% YoY37% YoYRevenueEBITDANormalized PAT (Concern Share)(all figures are Rs. in Crores)
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Globally Local Diversification at Play Strong & Diversified Booked Business. 10 29% 34%17%7%13%Wiring HarnessMPPVi sion Sy st emsIntegrated Ass embli esEm erg ing Business 35% 22%23% 8%12%Eur opeNo rth A mer icaIndiaChinaRoW*Note:•Booked business total excludes Consumer Electronics•Booked businesses includes JVs which are unconsolidated•EV booked business includes only pure EV programs and not electric versions of multi powertrain vehicles•Booked business by geography is as per manufacturing location Automotive79% Automotive (EV)19% Non-Automotive2% USD 106 Bn*(as on 30thSeptember 2026) Segment-wise Breakup of automotive booked business (EV included) Booked Business by Segments Booked Business by Geography 76%LVs 14%CVs 4%Off Highway & Rolling Stock4%2-Wheelers 2%Others
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Continued Investments across Businesses to Support Customers.Capex(all figures are Rs. in Crores) Capex spend well within the reduced guidance for the year Growth capex specially in Emerging markets (non-auto businesses), continuesunabated ~50%GrowthCapex~50% Regular Capex ~60% on Non-Auto businesses Capex guidance for FY27 is Rs. 6,000 Cr (+/-10%) 11 1,078 946 891 1,518 1,208 1,445 1,594 1,664 1,614 1,971 39%36%32% 57%49%53%52%44%52%59% 0% 10% 20% 30% 40% 50% 60% - 5 0 0 1 , 0 0 0 1 , 5 0 0 2 , 0 0 0 2 , 5 0 0 Q1FY25Q2FY25Q3FY25Q4FY25Q1FY26Q2FY26Q3FY26Q4FY26Q1FY27Q2FY27CapexCapex / EBITDA Ratio
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Business DivisionNo. of Ongoing ProjectsCountryProduct CapabilitySOP Wiring Harness03IndiaWiresBackward IntegrationQ1FY28*MoroccoWiring HarnessCapacity ExpansionQ4FY28*PolandWiresBackward IntegrationQ4FY27Vision System02MoroccoRear-view MirrorsCapacity ExpansionQ3FY28India ORVMs and SMTCapacity ExpansionQ3FY28 Modules and Polymer Products05 UAEPolymer ProductsCapacity ExpansionQ4FY27 IndiaPolymer ProductsCapacity ExpansionQ4FY28Polymer ProductsCapacity ExpansionQ4FY28Paint LineBrownfield ExpansionQ3FY27MexicoPaint LineBrownfield ExpansionQ3FY27Lighting and Electronics01IndiaConsumer ElectronicsCapacity Expansion and Backward IntegrationQ4FY27Aerospace01IndiaSurface TreatmentCapacity ExpansionQ4FY27Elastomer01UAERubber ComponentsCapacity ExpansionQ4FY27*Logistics02IndiaPackage Handling SolutionsNew Capability Q3FY27Hungary New Capability Q3FY27Energy01IndiaWind Power GenerationCaptive ConsumptionQ3FY28Technology & Industrial Solutions01IndiaOffice CampusQ4FY27Notes:*SOP in alignment with delayed customer programs ORVM: Outside Rear-View MirrorSMT: Surface Mount Technology Capacity Expansion: 17 Facilities at Different Stages of Completion. 12 Emerging Markets (EMs) are the focal point of organic growth, with all expansion being done in EMs Actual photograph of an upcoming Greenfield Photograph to be added
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6,0879,1379,10112,9439,7919,8119,75711,292 1.2 1.91.41.40.90.80.80.8 0. 0 0. 5 1. 0 1. 5 2. 0 2. 5 0 5 , 0 0 0 1 0 , 0 0 0 1 5 , 0 0 0 2 0 , 0 0 0 2 5 , 0 0 0 3 0 , 0 0 0 3 5 , 0 0 0 Mar-21Mar-22Mar-23Mar-24Mar-25Mar-26Jun-26Sep-26Effective Net Deb tLeverage Ratio Leverage Ratio1,2 Financial Policy 2.5x Notes : 1.Please refer to Slide 29 for definition of Effective net debt. CCD related debt has not been considered as it is a mandatorily convertible instrument without any actual payout of this debt, except for the contracted coupon rate2.For less than 1 year old acquired assets, LTM EBITDA is considered for a like for like comparison for FY24 and FY25 Sustaining financial discipline and robust balance sheet strength (all figures are Rs. in Crores) Stable Leverage Ratio despite sizeable acquisitions and capex Stable Leverage Underpinned by Disciplined Capital Allocation and Prudent Growth Investments. 13
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14 Focus on long - term value creation with industry agnostic capabilities.
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Component Design Prototyping Supply chain management Advanced ManufacturingAssembly & Integration Project lifecycle management Sales & Marketing Support Sustainability Trained Human CapitalFinancial Prudence Agile plant setup Experienced management teamOwn IT infrastructure management Seamless integration of acquired entities Well diversified global presence Fastest to React to customer requirements Operational CapabilitiesMindset Capabilities Automotive Rolling StockLogistics AerospaceConsumer Electronics Health & MedicalTechnology and Software Semi Conductor Not yet company. Unlocking new growth opportunities across multiple industries Our VisionTo be a globally preferred sustainable solutions provider Combining operational excellence, capabilities and strategic global presence to power multi-industry expansion 15 Aglobal Design, Engineering, Manufacturing, Assembly and Logistics (D.E.M.A.L.) specialist…
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…with a Well-Diversified Global Presence. 1Argentina2 Brazil3Mexico4USA 5Cyprus6Turkey7 Serbia8Croatia9 Slovakia10Austria11 Italy12 Tunisia 13 Morocco14 Spain15 Portugal16 France17 Jersey18 Ireland19 UK20 Luxembourg 21 Netherlands22Switzerland23 Germany24 Czech Republic25 Poland26 Lithuania27 Estonia28 Finland 29Ukraine30 Russia31 Hungary32Romania 33 China34 Japan35 South Korea36 Thailand37 Vietnam38 Philippines39 Singapore40Indonesia 41 Australia42 New Zealand43 Sri Lanka44 India45 Middle East46 Mauritius47 South Africa AmericasEurope and North AfricaChinaSoutheast AsiaSouth Asia Supporting customers from over 475 facilities across 47 countries A mix of design & engineering centres, manufacturing plants, and assembly facilities Bases established for Aerospace, Logistics, Health and Medical & Technology, businessesoutside India Five Regional Chairman’s Offices for Motherson 16 1 2 3 4 131211 141516171819 25 2021 98 24 26 10 272829 76 3132 2223 5 343536 33 37383940 41424443464547 30
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1Emerging markets defined as Brazil, China, India, Mexico Thailand, South Korea, South Africa, Czech Republic, Hungary, UAE, Turkey, Philippines, Indonesia, Poland as per MSCI Emerging Markets Index Note:1. Total revenue considered is Revenue from operations (gross) which includes revenue from operations,100% of revenue from joint ventures and associates which are accounted as per the equity method.2. Revenue by country is based on manufacturing locations except in certain cases of job works locations like Mexico and India.3. Data is for H1FY27* Under Modules and Polymer Products business division Consistently Improving Diversification Across all 3 Cs (3CX10). 17 30%13%10%7%6%4%3%3%12%12% Wirin g Ha rne ssVision SystemBumpers*Integra tedAssembliesDo or pan els*Su nroo f and fu eltank*En ginee ringInstrumentpanels*Other polymerpro ducts*Others Component wise.8%7%6%6%5%5%4%3%3%3%3%2%2%2%2%2%2%1%1%1% Volks wag enMer cedes BenzMar uti Suzuk iAud iHonda Ca rsBMWSt ellantisDaimler Gro upFor dAm er ican EV OEMHyundaiMahindr a & M ahindraPorscheRenaultPaccarTa ta Mot orsHonda Motorcycle…Volv o CarVolv o Comm ercialSeat 23%19%15%8%6%5%4%3%2%2%2%2%9% IndiaUS AGerman yCh inaSp ainHu ngaryMe xicoPolandBrazilFra nc eJapanSo uth KoreaOthers Customer wise.(top 20 customers)Country wise. 3CX achieved, well diversified customer base across segments >50% coming from emerging markets
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18 Divisional Performance.
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Expanding the Product Portfolio to Unlock New Growth Opportunities. 07Lighting& Electronics08PrecisionMetals &Modules09Technology & Industrial Solutions10Aerospace11 LogisticsSolutions12Health & Medical13Services06Elastomers 01Wiring Harness02Vision Systems03 Modules& Polymer Products04IntegratedAssemblies05 EmergingBusinesses 19 05VehicleSystems Key Product range of Motherson Autoelectric•PV & CV Wiring Harnesses•Specialty Harnesses•Safety Components•Body Harnesses Key Product range of Motherson Yutaka•Exhaust Systems•Brake Discs •Drive Systems•EV Motor Components Key Product range of Shenzhen Autocruis•Camera Monitoring Systems (CMS)•Full Display Mirrors (FDM)•360 degree Around View Monitor Systems•Driver Monitoring Systems (DMS)•Dashcam with Video Recording (DVR) Key Product range of Rotary Connectors•Circular connectors for Aerospace and Defence
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2,468 2,096 6.9%7.6% 0. 0%2. 0%4. 0%6. 0%8. 0%10. 0%12. 0%14. 0%16. 0%18. 0% - 5 0 0 1 , 0 0 0 1 , 5 0 0 2 , 0 0 0 2 , 5 0 0 3 , 0 0 0 3 , 5 0 0 4 , 0 0 0 H1 FY26H1 FY27 17,19025,662 1 , 0 0 0 2 1 , 0 0 0 H1 FY26H1 FY27 30,382 32,651 2 0 , 0 0 0 4 0 , 0 0 0 H1 FY26H1 FY27 942 1,019 9.2%9.2% 0. 0%2. 0%4. 0%6. 0%8. 0%10. 0%12. 0%14. 0%16. 0%18. 0% 1 5 0 3 5 0 5 5 0 7 5 0 9 5 0 1 , 1 5 0 1 , 3 5 0 1 , 5 5 0 1 , 7 5 0 1 , 9 5 0 H1 FY26H1 FY27 689948 8.9%8.4% 0. 0%2. 0%4. 0%6. 0%8. 0%10. 0%12. 0%14. 0%16. 0%18. 0%20. 0% 02004006008001, 0001, 2001, 4001, 6001, 8002, 000 H1 FY26H1 FY27 637 697 11.8%12.5% 0. 0%2. 0%4. 0%6. 0%8. 0%10. 0%12. 0%14. 0%16. 0%18. 0% - 2 0 0 4 0 0 6 0 0 8 0 0 1 , 0 0 0 1 , 2 0 0 1 , 4 0 0 1 , 6 0 0 H1 FY26H1 FY27 2,685 1,877 10.9%10.5% 0. 0%2. 0%4. 0%6. 0%8. 0%10. 0%12. 0%14. 0%16. 0%18. 0% - 5 0 0 1 , 0 0 0 1 , 5 0 0 2 , 0 0 0 2 , 5 0 0 3 , 0 0 0 3 , 5 0 0 4 , 0 0 0 H1 FY26H1 FY27 10,221 11,072 9 , 6 0 0 9 , 8 0 0 1 0 , 0 0 0 1 0 , 2 0 0 1 0 , 4 0 0 1 0 , 6 0 0 1 0 , 8 0 0 1 1 , 0 0 0 1 1 , 2 0 0 H1 FY26H1 FY27 18% Wiring Harness. Vision Systems.Revenues EBITDA Revenues EBITDA Revenues EBITDA Emerging Businesses.Revenues EBITDA Integrated Assemblies.Revenues EBITDA Modules and Polymer Products. Notes: 1.Divisional numbers reported are including 100% of joint ventures and associates accounted as per equity method (Economic Revenue)20 5,399 5,599 5 , 0 0 0 6 , 0 0 0 H1 FY26H1 FY27 49% 7% 8% 4% 46% 38%10%8%43% 7,70311,248 H1 FY26H1 FY27 Business Division Wise Financial Performance1: H1FY27 vs H1FY26.(all figures are Rs. in Crores)Healthy Revenue and EBITDA Growth Across Business Divisions.
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3805439.5%8.4% 0. 0% 2. 0% 4. 0% 6. 0% 8. 0% 10. 0% 12. 0% 14. 0% 16. 0% 18. 0% 20. 0% 150 250 350 450 550 650 750 850 950 Q2FY26Q2FY27 315 325 12.2%12.3% 0. 0% 2. 0% 4. 0% 6. 0% 8. 0% 10. 0% 12. 0% 14. 0% 16. 0% 18. 0% - 1 0 0 2 0 0 3 0 0 4 0 0 5 0 0 6 0 0 7 0 0 8 0 0 Q2FY26Q2FY27 469 499 9.2%9.2% 0. 0% 2. 0% 4. 0% 6. 0% 8. 0% 10. 0% 12. 0% 14. 0% 16. 0% 18. 0% 1 5 0 2 5 0 3 5 0 4 5 0 5 5 0 6 5 0 7 5 0 8 5 0 9 5 0 Q1FY26Q1FY27 1,432 894 10.5%10.0% 0. 0%2. 0%4. 0%6. 0%8. 0%10. 0%12. 0%14. 0%16. 0%18. 0% 1 5 0 3 5 0 5 5 0 7 5 0 9 5 0 1 , 1 5 0 1 , 3 5 0 1 , 5 5 0 1 , 7 5 0 1 , 9 5 0 Q2FY26Q2FY27 1,138 1,324 7.4%8.3% 0. 0%2. 0%4. 0%6. 0%8. 0%10. 0%12. 0%14. 0%16. 0%18. 0% 1 5 0 3 5 0 5 5 0 7 5 0 9 5 0 1 , 1 5 0 1 , 3 5 0 1 , 5 5 0 1 , 7 5 0 1 , 9 5 0 Q2FY26Q2FY27 8,55014,382 1 5 0 Q2 FY26Q2 FY27 2,580 2,650 1 5 0 1 , 1 5 0 2 , 1 5 0 Q2 FY26Q2 FY27 Business Division Wise Financial Performance1: Q2FY27 vs Q2FY26.Wiring Harness. Vision Systems.Revenues EBITDA Revenues EBITDA Revenues EBITDA (all figures are Rs. in Crores) Emerging Businesses.Revenues EBITDA Integrated Assemblies.Revenues EBITDA Modules and Polymer Products. Notes: 1.Divisional numbers reported are including 100% of joint ventures and associates accounted as per equity method (Economic Revenue)21 5,084 5,418 1 5 0 1 , 1 5 0 2 , 1 5 0 3 , 1 5 0 4 , 1 5 0 5 , 1 5 0 6 , 1 5 0 7 , 1 5 0 Q2FY26Q2FY27 15,374 15,956 1 5 0 Q2 FY26Q2 FY27 4,0016,452 Q2 FY26Q2 FY27 68%4% 7% 3% 61% 43%3%6%16%60% Robust Revenue and EBITDA Growth Across Business Divisions.
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8,550 11,280 14,382 17,190 25,662 Q2FY26Q1FY27Q2FY27H1 FY2 6H1 FY2 7 Wiring Harness: Strong Performance with Robust Growth Outlook. •Margins resilient despite cost headwinds and Autoelectricintegration; underlying margins, excluding integration impact, up both QoQ and YoY in Q2FY27 and during H1FY27•Acquisition synergies and continued cost pass-through are expected to support margin improvement •Acquisition integration, strong global CV market momentum, particularly in North America, and a robust Indian PV market drove revenue growth of 68% YoY in Q2FY27 and 49% YoY in H1FY27•Favourable industry momentum expected to continue over the coming quarters 68% YoYRevenueEBITDA Revenue by Geography (H1FY27) Notes:1. Divisional numbers reported are including 100% of joint ventures and associates accounted as per equity method (Economic Revenue)22 894 1,253 1,432 1,877 2,685 Q2FY26Q1FY27Q2FY27H1 FY2 6H1 FY2 7 11.1%10.9% (all figures are Rs. in Crores) 10.5% 49% YoY60% YoY43% YoY 10.0%10.5% 20% 29% 37% 8% 6%Eur opeNorth AmericaInd iaChinaRoW
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1,138 1,144 1,324 2,096 2,468 Q2FY26Q1FY27Q2FY27H1 FY2 6H1 FY2 7 15,374 16,695 15,956 30,382 32,651 Q2FY26Q1FY27Q2FY27H1 FY2 6H1 FY2 7 MPP: Muted Demand; Cost Optimization supports Margins. •Ongoing transformation and cost-efficiency initiatives in Europe supported a ~90 bps YoY margin improvement in Q2FY27•Focused on cost optimization to help mitigate input cost pressures •Continued weakness in key markets weighing on business performance •Focused on driving growth through expansion into whitespace geographies, broadening the product portfolio and customer-base 7.4%6.9% 7.6% Revenue EBITDA Revenue by Geography (H1FY27) 23 (all figures are Rs. in Crores) Notes:1. Divisional numbers reported are including 100% of joint ventures and associates accounted as per equity method (Economic Revenue) 8.3%6.9% 4% YoY7% YoY16% YoY18% YoY 54% 20% 10% 6% 10%Eur opeNorth AmericaInd iaChinaRoW
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469 520 499 942 1,019 Q2FY26Q1FY27Q2FY27H1 FY2 6H1 FY2 7 5,084 5,654 5,418 10,221 11,072 Q2FY26Q1FY27Q2FY27H1 FY2 6H1 FY2 7 Vision Systems: Resilient Performance with Continued Focus on Margin Sustainability. •Maintained stable margins despite seasonal softness in key markets•Focused on driving operational efficiencies to sustain margins amid subdued market conditions •Outpaced industry growth in a challenging environment, reflecting strong execution•Focused on increasing content per vehicle, expanding the premium SKU order book, onboarding new customers and broadening geographical presence Revenue EBITDA 9.2% 9.2%9.2% Revenue by Geography (H1FY27) 24 (all figures are Rs. in Crores) Notes:1. Divisional numbers reported are including 100% of joint ventures and associates accounted as per equity method (Economic Revenue) 9.2%9.2% 7% YoY8% YoY6% YoY8% YoY 41% 19% 6% 18% 16%Eur opeNorth AmericaInd iaChinaRoW
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2,580 2,9502,650 5,399 5,599 Q2FY26Q1FY27Q2FY27H1F Y26H1F Y27 Integrated Assemblies: Navigating Market Challenges While Maintaining Margins. •Margins stable reflecting normal business seasonality•Cost optimization and automation initiatives focused on enhancing operational excellence and sustaining margins •Demand softness in key markets, coupled with the transition from outgoing to new programs, impacted quarterly revenue performance•Strong pipeline of upcoming programs, alongside efforts to expand the customer base and geographical footprint, expected to drive growth momentum 315 372 325 637 697 Q2FY26Q1FY27Q2FY27H1 FY2 6H1 FY2 7 12.2%12.6%11.8% Revenue EBITDA Revenue by Geography (H1FY27) 25 (all figures are Rs. in Crores) 3% YoY4% YoY3% YoY10% YoY 12.5%12.3% 61% 27% 8% 4%Eur opeNorth AmericaChinaRoW
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•Delivered strong revenue growth and improved profitability during the year Consumer Electronics. Aerospace. •Aerospace business delivered 20%+ YoY revenue growth during the quarter Continued Investments to Drive Accelerated Growthwithin New Businesses entered leveraging D.E.M.A.L. Capabilities. 26 •Acquisition of Rotary Connectors tobroaden product offerings andstrengthen scale and profitability •Trial production at the 3rdfacility commenced in Q3FY27, with commercial production scheduled for Q4FY27 D.E.M.A.L.: Design, Engineering, Manufacturing, Assembly & Logistics
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Annexure
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Summary of Divisional Financial Performance.BusinessDivisionQ2FY26Q2FY27H1FY26H1FY27RevenueEBITDAEBITDA%RevenueEBITDAEBITDA%RevenueEBITDAEBITDA%RevenueEBITDAEBITDA%Wiring Harness8,550 894 10.5%14,382 1,432 10.0%17,190 1,877 10.9%25,6622,685 10.5%Modules & Polymer Products15,374 1,138 7.4%15,956 1,324 8.3%30,382 2,096 6.9%32,651 2,468 7.6%Vision Systems5,084 469 9.2%5,418 499 9.2%10,221 942 9.2%11,072 1,019 9.2%Integrated Assemblies2,580 315 12.2%2,650 325 12.3%5,399 637 11.8%5,599697 12.5%Emerging Businesses14,001 380 9.5%6,452 543 8.4%7,703 689 8.9%11,248 9488.4%Less: Eliminations/Intersegment Sales/ Unallocated1,210 (95)1,303(18)2,413 (37)2,685(26)Reported including JVs/ (Economic Value2)34,379 3,291 9.6%43,555 4,142 9.5%68,482 6,277 9.2%83,547 7,844 9.4%Less: JVs consolidated as per equity method34,206 572 5,275 789 8,097 1,092 10,0231,387 Reported30,173 2,719 9.0%38,280 3,353 8.8%60,385 5,185 8.6%73,524 6,457 8.8% Notes:1.Emerging businesses include –Elastomer, Lighting and electronics, Precision Metals and Modules, Services, Aerospace, Health andMedical, Logistics Solutions, Vehicle Systems and Technology and Industrial Solutions.2.Divisional numbers include 100% of joint ventures and associates which are accounted as per the equity method (Economic Revenue)3.Data for JVs consolidated as per equity method is net of intercompany transactions28 (all figures are Rs. in Crores)
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Consolidated Debt Status, Reference Rates, and Notes.A. Net Debt including Lease liabilities. All numbers are on Consolidated basis as per reported financials. Data above is as of the end of the stated quarter. Copper Rates. Exchange Rates (Average). Exchange Rates (Closing). Rs.In CroresJun-24Sep-24Dec-24Mar-25Jun-25Sep-25Dec-25Mar-26Jun-26Sep-26 Gross Debt20,11422,81916,35414,64417,99016,83017,66815,89516,60619,355 Cash & Bank6,74412,3236,8215,9318,223*6,6797,1087,8588,60610,295 NetDebt13,37010,4969,5338,7139,76710,15110,5608,0368,0009,060Add Lease liability2,6492,5982,5212,5782,9612,9482,9333,2753,2573,732 LessCCD1,5001,5001,5001,5001,5001,5001,5001,5001,500Effective Net Debt16,01911,59410,5549,79111,22811,59911,9939,8119,75711,292 AverageQ2 FY26Q1 FY27Q2 FY27LME Copper (USD / MT)9,79213,32414,121Copper (INR / KG)9291,3481,430 Currency (equal to Rs.)Q2 FY26Q1 FY27Q2 FY27INR to EUR102.03 110.03109.97INR to USD87.3294.6695.60INR to YEN0.5920.5940.601Euro to USD1.171.161.15 Currency30.09.202530.06.202630.09.2026Rs./Euro104.17108.11108.56Rs./USD88.7994.6695.83Argentine Peso / USD1,3801,4841,525* Cash & Bank balance is higher in June-25 due to NCD amounting to INR 2,025 crores raised during the quarter 29 (all figures are Rs. in Crores)
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Note:1.Rs ~1,500 cr of CCD portion of fund raise, assumed as equity and is not included in the debt stack on the chart due to its nature of being compulsorily convertible instrument Robust Balance Sheet with Comfortable Debt Maturities and Strong Liquidity. 30 Liquidity –Rs. 17,474 Crores(as of 30thSep 2026) Gross Debt –Rs. 19,355 Crores(as of 30thSep 2026)Comfortable Debt Repayment Schedule1 Unrestricted cash and cash equivalents10,309 Commited Undrawn Facilities7,165 852657631,868 4,3134,4322,8682,694 Q3 FY27Q4 FY27FY28FY29FY30FY31FY32 andbeyond Short Term Debt Including RCF Roll Over facilities
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FY2026Q2FY26Q2FY27H1FY26H1FY27Gross Amount of Consideration194,01045,98558,17492,9781,12,598Less: Throughput revenue1 50,72211,60614,619 24,49629,051 Economic Revenue(including JVs)143,28834,37943,55568,48283,547 Less: JVs consolidated as per equity method17,1844,2065,275 8,09710,023 Reported/ Net Revenue126,10430,17338,28060,38573,524 Gross Amount of Consideration.(all figures are Rs. in Crores) 31Note:1. Some business divisions such as Integrated assembly perform assembly of highly customized components by procuring various parts from suppliers identified by the customers. It acts as an agent as per IndAS15 under these contracts and as required under the standard, it recognizes revenue only for the net amount it retains for the assembly services
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Safe Harbour Statement. 32 Thecontentsofthispresentationareforinformationalpurposesonlyandforthereader’spersonalnon-commercialuse.Thecontentsareintended,butnotguaranteed,tobecorrect,complete,orabsolutelyaccurate.Thispresentationalsocontainsforward-lookingstatementsbasedonthecurrentlyheldbeliefsandassumptionsofthemanagementoftheCompany,whichareexpressedingoodfaithand,intheiropinion,arereasonable.Forward-lookingstatementsinvolveknownandunknownrisks,contingencies,uncertainties,marketconditionsandotherfactors,whichmaycausetheactualresults,financialcondition,performance,orachievementsoftheCompanyorindustryresults,todiffermateriallyfromtheresults,financialcondition,performanceorachievementsexpressedorimpliedbysuchforward-lookingstatementTheCompanydisclaimsanyobligationorliabilitytoanypersonforanylossordamagecausedbyerrorsoromissions,whetherarisingfromnegligence,accidentoranyothercause.Recipientsofthispresentationarenottoconstrueitscontents,oranypriororsubsequentcommunicationsfromorwiththeCompanyoritsrepresentativesasinvestment,legalortaxadvice.Inaddition,thispresentationdoesnotpurporttobeall-inclusiveortocontainalloftheinformationthatmayberequiredtomakeafullanalysisoftheCompany,targetentitiesorproposedtransaction.RecipientsofthispresentationshouldeachmaketheirownevaluationoftheCompanyandoftherelevanceandadequacyoftheinformationandshouldmakesuchotherinvestigationsastheydeemnecessary.Also,thesematerialsarenotfordistribution,directlyorindirectly,inorintotheUnitedStates(includingitsterritoriesandpossessions,anyStateoftheUnitedStatesandtheDistrictofColumbia).ThesematerialsdonotconstituteorformapartofanyofferorsolicitationtopurchaseorsubscribeforsecuritiesintheUnitedStates.AnysecuritiesoftheCompanymentionedhereinhavenotbeen,andwillnotbe,registeredundertheUnitedStatesSecuritiesActof1933(the“SecuritiesAct”).SuchsecuritiesmaynotbeofferedorsoldintheUnitedStatesexceptpursuanttoanexemptionfromtheregistrationrequirementsoftheSecuritiesAct.TherewillbenopublicofferofsecuritiesintheUnitedStates. 1.Revenue:Revenuefromoperations2.EBITDA:Profit/(Loss)beforeexceptionalitems+Financecost+amortizationexpenses&depreciationexpenses–interestincome–dividendincome3.BookedBusiness:Unexecutedportionoflifetimesalesofawardedprograms.Revenuesareafunctionofexecutionoforderbookandnetincrease/decreaseofongoingprograms4.Leverageratio=(EffectiveNetDebt+LeaseLiability)/LTMEBITDA Glossary.
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