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Informist, Monday, Dec. 1, 2025

 

By Rajesh Gajra

 

NEW DELHI - Automotive components manufacturer Uno Minda Ltd.'s revenue from the aftermarket segments, covering direct and indirect sales, has been around 13-14% of the total revenue recently, executive director and group chief financial officer of the company Sunil Bohra said in an interaction with Informist. The company sells its products in the aftermarket segment through its network of over 40,000 retailers and over 1,600 business partners across around 600 districts in the country. It also does doorstep delivery of components through its online sales channel.

 

Apart from the business-to-consumer channel, Uno Minda's products find their way into the aftermarket through automotive original equipment manufacturers, Bohra said. "OEMs have their own spare parts division that goes to aftermarket only. So if you add both...around 13-14% of total revenue is actually the aftermarket," the CFO said. Sales to the spare part division of OEMs are only supply-based, according to Bohra. "It is not a line fitment," he said.

 

Uno Minda manufactures and sells automotive components such as switches, lights, horns, alloy wheels, filters, brakes, seats, and batteries. In the first half of 2025-26 (Apr-Mar), the business-to-consumer sales in the aftermarket segment by Uno Minda increased sharply by 28% on year to INR 6.61 billion, data from the company's post-earnings investor presentation showed. The segment's revenue accounted for 7.2% against 6.4% in the year-ago period.

 

This led to the revenue share of sales to automotive OEMs declining to 92.8% in Apr-Sept from 93.6% in the same period last year. Included in the company's sales to automotive OEMs were sales to their spare parts division, which was INR 5.08 billion for the first half of the current financial year and made up for 5.5% of total revenue.

 

The combined share of Uno Minda's sales to spare parts division of automotive OEMs and business-to-consumer aftermarket sales was, therefore, 12.7% for the period. This share "keeps on changing a couple of percentages here and there because it also depends on total sales," the company's CFO said. The company had reported a consolidated revenue from operations of INR 93.03 billion for Apr-Sept, up 15% on year.

 

CAPACITY EXPANSION UPDATES

Uno Minda had listed 10 projects in its project expansion update following its September quarter earnings, of which one is already under commissioning in the current quarter and another two are scheduled for commissioning in the March quarter. The first phase of the four-wheeler alloy wheels expansion project at Kharkhoda which is under commissioning currently will likely "start in the next quarter (Jan-Mar)," Bohra said.

 

In the current commissioning process, the production at the project site has commenced for testing, customer validation, and other checks. Uno Minda has pegged the total cost for the Kharkhoda expansion project, across two phases, at INR 5.42 billion. The company has kept a target of fourth quarter of FY28 for the commissioning of the second phase of this project.

 

The company aims to begin commissioning of its wholly-owned subsidiary PT Minda Asean Automotive's expansion-cum-shifting project in Indonesia, costing INR 2.1 billion, in the March quarter. "In Indonesia, we already have one plant. Now we are building much bigger plant. So existing plant also will move there," Bohra said.

 

Till the expanded production capacity in the new bigger plant becomes fully operational, the existing plant will continue its operations, the CFO said. The existing factory in Indonesia mainly manufactures four-wheeler lighting products.

 

There may be a slight delay in the commissioning of Uno Minda's casting project expansion in Hosur. According to Bohra, this will likely take place in the June quarter. In the post-earnings investor presentation, the company had listed March quarter as the target period for start of production for this project.

 

For the September quarter, Uno Minda had reported a 13% on-year rise in consolidated revenue to INR 48.14 billion and a 24% rise in net profit to INR 3.04 billion. The company's EBITDA margin increased marginally to 11.5% in the latest quarter from 11.4% in the year-ago quarter.

 

On Monday, shares of Uno Minda ended at INR 1,309.10, up 0.2%, on the National Stock Exchange.  End

 

Edited by Akul Nishant Akhoury

 

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