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Swing Capital

Motherson Sumi Wiring India Ltd

NSE: MSUMI BSE: 543498

Motherson Sumi Wiring India, a JV between Sumitomo Wiring System and Motherson Group, is a market leader in the Indian wiring harness industry with a market share of over 40%.[1]

₹39.2
52W: ₹35.7 — ₹53.6
PE 41.6 · Book ₹3.26 · +1102% vs book
Market Cap₹25,976 Cr
Stock P/E41.6Price to Earnings
ROCE38.9%Return on Capital
ROE32.4%Return on Equity
Div. Yield1.46%Face Value ₹1

Strengths

  • +Company has a good return on equity (ROE) track record: 3 Years ROE 36.5%
  • +Company has been maintaining a healthy dividend payout of 47.5%

Weaknesses

  • −Stock is trading at 11.9 times its book value
  • −Debtor days have increased from 49.3 to 59.9 days.

Shareholding Pattern

Promoters61.72%
FIIs9.74%
DIIs17.41%
Public11.08%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters61.73%61.73%61.73%61.72%▼0.061.72%61.72%61.72%61.72%
FIIs10.78%10.52%▼0.39.86%▼0.710.16%▲0.310.37%▲0.210.27%▼0.110.14%▼0.19.74%▼0.4
DIIs16.23%16.34%▲0.116.74%▲0.416.21%▼0.516.24%▲0.016.59%▲0.417.17%▲0.617.41%▲0.2
Public11.26%11.41%▲0.211.67%▲0.311.92%▲0.311.65%▼0.311.4%▼0.310.93%▼0.511.08%▲0.2

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales2,1152,2332,1852,3262,3002,5102,4942,7622,8873,335
Expenses1,8531,9411,9462,0762,0632,2382,2502,4822,6253,061
Operating Profit262291239250238271244280262274
OPM %12%13%11%11%10%11%10%10%9%8%
Net Profit168191149152140165143165149167
EPS ₹0.250.290.220.230.210.250.220.250.230.25

AI Insights

Revenue Trend

Mar 2026 revenue at ₹11,478Cr, up 23.2% YoY. OPM at 9%.

Debt Position

Borrowings at ₹233Cr. Debt-to-equity ratio: 0.16x. Healthy balance sheet.

Capex Cycle

CWIP at ₹2Cr (0% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 17.41% (-0.36pp change). FIIs: 9.74% (-1.19pp change). Promoters hold 61.72%.

Margin & Efficiency

ROCE improving from 0% (Mar 2021) to 39% (Mar 2026). Working capital days: 44.

Valuation

PE 41.6x with 38.9% ROCE. Price is 1102% above book value of ₹3.26. Dividend yield: 1.46%.

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