Uno Minda Q2 FY27 Results (NSE: UNOMINDA)
Signal: Growth reaccelerated
The read
Q2FY27 marks a margin recovery after the 10.46% standalone operating margin in Q1FY27: revenue accelerated to ₹4,907.98 crore, +35.2% YoY, and operating margin rose to 11.25%, but gross margin still compressed 220bps as raw-material intensity reached 62.06%; the next thesis test is whether this operating-margin recovery persists while the ₹85 crore sunroof expansion and wider capex cycle progress.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,907.98 Cr | +35.2% | +21.8% |
| Net profit | ₹392.58 Cr | +16.0% | |
| EPS | ₹6.8 | +15.6% | |
| EBIT margin | 11.25% |
P&L walk
The consolidated results statement is referenced in the filing but its financial-statement figures are not included in the supplied filing text; consolidated trends therefore cannot be independently transcribed.
Segments
The company reports a single primary operating segment, so no segment-level driver or drag is disclosed; the filing does disclose ₹18.57 crore of share of net profit from three partnership firms in the quarter within the standalone results.
Key positives
- Standalone revenue reached ₹4,907.98 crore, +35.2% YoY and +21.8% QoQ, accelerating from the ₹4,029.39 crore reported in Q1FY27.
- Operating margin recovered to 11.25% from 10.46% YoY and 9.49% QoQ as employee benefits plus other expenses grew 22.1% YoY, below revenue growth of 35.2%.
- PAT rose 16.0% YoY to ₹392.58 crore and basic EPS rose 15.6% YoY to ₹6.80, with the PAT-to-EPS cross-check clean.
- PPE plus CWIP increased ₹256.74 crore since March 2026, while depreciation rose 4.4% YoY, a clean sign that the expanding asset base is beginning to mature.
Key concerns
- Gross margin compressed 220bps YoY to 32.19% as raw-materials and components consumed rose to 62.06% of revenue from 59.00%; the filing does not disclose a clear mitigation or pricing driver.
- Other income was ₹105.38 crore, including ₹83.31 crore of dividend income, equal to 21.4% of standalone PBT and making reported PAT less representative of operating earnings.
- H1 operating cash flow of ₹420.25 crore covered only 75.9% of H1 capex outflow of ₹553.73 crore, while receivables increased to ₹2,424.21 crore from ₹1,948.00 crore at March 31, 2026.
- The filing references consolidated results, but the supplied text does not include the consolidated financial statement figures, preventing a direct group-level P&L walk.
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