Synopsis: Uno Minda’s growth is being powered by a diversified portfolio spanning switching, lighting, casting, seating, EV systems, sensors, and emerging safety technologies. Rising kit values, EV penetration, strong OEM relationships, and a Rs. 2,000 crore-plus capex pipeline position the company for sustained, technology-led expansion across vehicle segments.
As India’s auto component industry shifts gears toward electrification, premiumisation, and technology-heavy vehicles, one supplier has quietly embedded itself across almost every critical system that goes into a modern vehicle. From switches and lighting to alloys, electronics, and EV-specific components, the company’s growth story is no longer driven by just one product line but by a widening web of high-value businesses that scale with every new model launch. So, which are the segments truly powering Uno Minda’s next phase of growth?
About The Company
Uno Minda Limited, established in 1958, is a global leader in automotive technology, specializing in the design and manufacture of components and systems for vehicles. Serving top OEMs worldwide, the company offers more than 28 categories of products across all vehicle segments, including passenger cars, commercial vehicles, and two- and three-wheelers, catering to both conventional internal combustion engines and electric or hybrid platforms.
Built on the pillars of technology and innovation, Uno Minda has consistently stayed ahead of evolving trends in the automotive industry over the past six decades. The company operates on a truly global scale, with 76 manufacturing facilities across India, Indonesia, Vietnam, Germany, Spain, and Mexico, alongside 37 R&D and engineering centers in India, Germany, Czech Republic, Japan, Taiwan, Korea, and Spain. Additionally, it has 18 joint ventures or technical partnerships with renowned manufacturers from Japan, Germany, Korea, and China, further strengthening its global footprint.
What Does The Company Offer?
Uno Minda provides a comprehensive range of automotive components and systems across multiple vehicle segments. For four-wheelers, the company’s offerings include automotive lighting, alloy wheels, automotive switches, horns, infotainment systems, speakers, cameras, air ducts and washer bottles, wheel covers, socket assemblies, seat belts, shifters, EA pads, spoilers, steering wheels with airbags, body sealing, actuators, controllers, telematics, alternate fuel systems, fuel caps, brake hoses, fuel hoses, advanced sensors, air filtration systems, canisters, seat headrests, luggage boards, automotive wireless chargers, seat recliner mechanisms, and sunroofs.
In the two- and three-wheeler segment, Uno Minda manufactures automotive seats, alloy wheels, two-wheeler switches, two-wheeler lights, heated grips, advanced sensors, customized switches, actuators, combined braking systems, noise suppressor caps, relays, controllers, die-cast components, brake hoses, USB chargers, handlebar assemblies, horns, two-wheeler batteries, air filtration systems, and canisters.
For two-wheeler electric vehicles (EVs), the company offers alloy wheels, off-board chargers, battery management systems, two-wheeler lights, switches, horns, battery packs, DC-DC converters, motor controllers, traction motors, smart plugs, seats, RCD cables, sensors, actuators, and AVAS (Acoustic Vehicle Alerting Systems). In three-wheeler EVs, the portfolio includes cabin lamps, LED DRLs, LED headlamps, LED indicators, 350W solar panels with inverters, paper honeycomb cabins, RPAS, FRIWO motors of 6.5 kW, differential systems, and DC-DC converters.
For commercial vehicles, Uno Minda provides combination switches, lamps, horns, seats, telematics, and intelligent transport systems. In the off-road segment, the offerings include lamps, lever combination switches, sensors, horns, seats, FNR switches, and multi-mode drive switches.
What Are The Businesses That Are Powering Growth?
Switching Systems
Uno Minda’s Switching Systems business maintained its strong momentum in Q2 FY ’26, continuing to play a major role in the company’s overall revenue mix. The segment posted revenues of Rs. 1,176 crores during the quarter, marking an 11 percent year-on-year growth and contributing a significant 25 percent to consolidated revenues. Growth in the two-wheeler segment was supported by market share gains, a favorable customer mix, and consistent domestic volume expansion.
Although exports of two-wheeler switches were affected by supply disruptions in rare earth magnets, the situation has started to normalize. The four-wheeler switch business also showed robust performance, driven by a higher kit value per vehicle as OEMs increasingly adopt advanced, feature-rich switch systems. The expansion and relocation of the four-wheeler switch plant at Farrukhnagar is progressing as planned.
Lighting Systems
The Lighting Systems segment continued to be a key driver of Uno Minda’s growth, recording revenues of Rs. 1,106 crores in Q2 FY ’26, representing a 14 percent year-on-year increase and accounting for 23 percent of consolidated revenues. The growth was broad-based across both two-wheeler and passenger vehicle segments. In the passenger vehicle lighting business, performance was boosted by the commencement of tail lamp supplies for a newly launched customer model and the ramp-up of programs initiated in previous quarters.
The ongoing shift toward LED technology and rising customer demand for aesthetically refined, advanced lighting solutions, particularly for front and rear lamps, has led to a notable increase in kit value per vehicle. The two-wheeler lighting business also gained momentum, supported by accelerating adoption of LED systems, especially in electric two-wheelers where LED lighting is a standard. During the quarter, Uno Minda also began tail lamp exports for a prominent American two-wheeler OEM, further strengthening its global presence.
Casting Business
The Casting segment delivered another strong performance, generating revenues of Rs. 917 crores in Q2 FY ’26, reflecting a 9 percent year-on-year growth and contributing 19 percent to consolidated revenues. This includes Rs. 465 crores from the four-wheeler alloy business, Rs. 281 crores from the two-wheeler alloy segment, and Rs. 171 crores from aluminum die casting.
The growth was driven by capacity ramp-ups at the newly commissioned four-wheeler alloy facility in Bawal and the two-wheeler alloy wheel plant in Supa. However, growth was somewhat offset by a decline in aluminum prices, which fell around six percent during the quarter. This reduction was passed on to customers, particularly impacting realizations in the four-wheeler alloy wheel business. Additionally, the first phase of the Kharkhoda four-wheeler alloy wheel facility, with a capacity of 60,000 wheels per month, is now under commissioning.
Seating Systems
Uno Minda’s Seating Systems business continued to contribute significantly, reporting revenues of Rs. 354 crores in Q2 FY ’26, representing a 22 percent year-on-year growth and accounting for 7 percent of consolidated revenues. The segment’s growth was driven by a favorable customer mix in the two-wheeler segment, higher supply of suspended seats in the domestic market, and increased contributions from bus passenger seat programs.
Key two-wheeler OEM customers experienced strong volume growth during the quarter, which translated into higher seat demand and improved revenues. Looking ahead, the company expects continued momentum in this segment, supported by rising exports to new customers, expanded supply of suspended seats to additional domestic OEMs, and increased volumes from newly acquired two-wheeler seat clients.
Acoustics
The Acoustics business contributed Rs. 190 crores to consolidated revenues in the quarter, maintaining a steady 4 percent share. Domestic revenues rose by 15 percent, while revenues from the European business declined by around 13 percent, primarily due to softening end-market demand.
Other Product Businesses
The company’s other product businesses also delivered strong growth, generating Rs. 1,070 crores in Q2 FY ’26, an 18 percent year-on-year increase and contributing 22 percent to consolidated revenues. Within this portfolio, the Controllers business accounted for Rs. 129 crores, Sensors and ADAS Rs. 199 crores, Blow Molding Rs. 115 crores, Uno Minda EV Systems Rs. 115 crores, and the Alternate Fuel segment around Rs. 130 crores.
The remaining revenue came from aftermarket operations, including battery and external sales from Uno Minda Katolec, as well as engineering services in Europe. Notably, the EV Systems business saw a significant rise in revenue to Rs. 115 crores, partly due to the transfer of the three-wheeler EV charger business from the Controller segment to EV Systems.
The New Businesses & Future Outlook
Auto Vehicle Acoustic Solution (AVAS)
Uno Minda’s Auto Vehicle Acoustic Solution, commonly known as AVAS, has been in development for several years and is now ready for rapid commercialization. The company has been working closely with customers on this product for nearly three years, and it is now at a stage where it can be deployed at scale. While the kit value remains confidential due to competitive sensitivity, the company is well-positioned to capitalize on emerging regulatory requirements and growing demand in this space.
Airbag Joint Venture
The company’s joint venture for airbags recorded significant revenue growth of around 28 percent in the quarter. This increase reflects steady adoption of airbags across markets, with no one-off gains, indicating that the momentum is expected to continue in the coming quarters.
Seating Business
Uno Minda’s Seating Systems division continues to meet its long-term targets. In Q2 FY ’26, the segment posted revenues of Rs. 354 crores, putting the company on track to achieve its five-year goal of doubling revenue. The current run rate stands at Rs. 1,400-1,500 crores, demonstrating that the division has effectively achieved its targets for the year despite market challenges.
Lighting Segment
Growth in the lighting business has been driven primarily by the electric vehicle segment, where Uno Minda is a leader in LED tail lamps for four-wheelers and both headlamps and tail lamps for two-wheelers, covering ICE and EV platforms. The company sees near-full penetration in EV lighting, which is boosting kit value and overall segment growth. Additionally, Uno Minda is progressing on its joint venture with Inovance, having applied for PN3 government approval in July. While the exact timeline depends on government processes, the company is optimistic that approvals will be received within the current fiscal year.
EV Systems and Sensors/ADAS
Over time, Uno Minda plans to consolidate all EV-related businesses, including battery management systems (BMS) and chargers, under the Uno Minda EV Systems division to enhance operational focus and synergy. The Sensors and ADAS business continues to scale, supported by the successful launch of a new camera module production line in the previous quarter. This positions the company to capture growth opportunities in emerging automotive technologies.
Rs. 2,000 Crore Capex Plans
Uno Minda Ltd has outlined a comprehensive project expansion plan with a total capex of Rs. 2,356 crore across multiple product lines and locations. The 4W Alloy Wheels facility at Kharkhoda is planned with a capacity of 120,000 wheels per month, with Phase 1 for 60,000 wheels per month already under commissioning.
The 4W Lighting expansion in Indonesia is under implementation, with a combination of expansion and shifting, expected to start operations in Q4 FY26. The 4W Switches project at Farrukhnagar under Uno Mindarika involves shifting cum expansion and is expected to commence in Q3 FY27. A new Sunroof facility is being set up at Bawal, with operations expected from Q4 FY27. The Airbags greenfield project by TG Minda (JV) at Harohalli is slated for Q1 FY27, while the Casting expansion at Hosur is targeted for Q4 FY26.
In the 2W segment, an Alloy Wheels expansion at Bawal is under implementation and expected to start in Q2 FY27. The 4W EV Powertrain Products facility at Khed, under Uno Minda Auto Innovations Pvt Ltd, is a new facility with Phase 1 expected by Q2 FY27. At Kharkhoda, a 2W Lighting project involving shifting cum expansion is planned for Q3 FY27. The EV Casting Products facility at Chhatrapati Sambhajinagar is expected to start Phase 1 operations in Q2 FY27. These projects reflect a balanced focus on greenfield facilities, expansions, and shifting cum expansion initiatives across both 4W and 2W segments, including EV components.
Management expects margins to remain broadly stable during the ongoing rollout of these projects, in line with the company’s annual guidance of around 11 percent, with minor quarter-to-quarter fluctuations. As more projects are commissioned and capacities come online over the next one to two years, margins are expected to improve due to better fixed cost absorption and scale benefits.
Conclusion
Uno Minda’s growth is no longer dependent on any single product or vehicle segment. Instead, it is being driven by a wide mix of core businesses such as switching, lighting, casting, and seating, along with fast-scaling new-age segments like EV systems, sensors, ADAS, airbags, and acoustic solutions. Rising kit values, deeper EV penetration, and long-standing relationships with leading OEMs are steadily lifting both volumes and content per vehicle.
With a strong Rs. 2,000 crore-plus capex pipeline, expanding capacities, and increasing focus on technology-led products, Uno Minda is positioning itself to grow alongside India’s evolving auto market. As more projects get commissioned and newer businesses mature, the company appears well placed to deliver sustained, diversified, and structurally stronger growth over the medium to long term.
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