UNO Minda Limited (UNOMINDA) AI Stock Analysis

• Market Cap: ₹594.25B
• Dividend Yield: 0.17%
• Average Volume (3M): 24.49K
• Price to Earnings (P/E): 67.1
• Beta (1Y): 1.47
• Revenue Growth: 17.14%
• EPS Growth: 17.75%
• Country: IN
• Employees: 15,429
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Auto - Parts
• EPS (TTM): 5.21
• Shares Outstanding: 577,415,800
• 10 Day Avg. Volume: 36,379
• 30 Day Avg. Volume: 24,488
• PEG Ratio: 7.18
• Price to Book (P/B): 8.93
• Price to Sales (P/S): 3.07
• P/FCF Ratio: -87.52
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹1,425.00
• Price Target Upside: 31.77% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 20.99
• Revenue Forecast (FY): ₹195.52B

• Rating: 66 Neutral
• Price Target: ₹1,111.00 ▲(2.74% Upside)
• Action: Reiterated Date: 11/11/25
• Date: Action: Reiterated 11/11/25

UNO Minda Limited's overall stock score is driven primarily by its strong financial performance, highlighted by robust revenue growth and efficient operational management. However, the high P/E ratio suggests potential overvaluation, and cash flow challenges could impact future growth. Technical indicators show a positive trend, but caution is advised due to potential short-term weakness.

Positive Factors

Diversified OEM product portfolio

UNO Minda’s broad product mix across two‑wheelers, passenger and commercial vehicles and aftermarket creates durable demand diversification. Multi‑product OEM relationships and aftermarket channels reduce single‑platform exposure, supporting stable revenue visibility and cross‑sell opportunities over cycles.

Strong revenue and margin performance

Sustained high revenue growth with a 20.6% increase and elevated gross and EBIT margins indicates structural pricing power and operational leverage. This profitability profile supports reinvestment in product engineering and electronics content, strengthening long‑term competitiveness and margin sustainability.

Moderate leverage and solid ROE

A debt/equity of 0.43 with near‑50% equity ratio and 16.5% ROE reflects a balanced capital structure and efficient use of equity. This position supports ongoing investments and access to finance while limiting over‑leverage risk, enabling strategic capex and partnerships without excessive financial strain.

Negative Factors

Negative free cash flow

Despite healthy operating cash generation, a materially negative free cash flow implies heavy capex or working capital stretch. Over the medium term this erodes internal funding capacity for growth, increases reliance on external financing, and could constrain dividends or share‑holder returns if persistent.

Rising absolute debt levels

An increase in total debt, even with moderate leverage ratios today, raises refinancing and interest‑cost risk if cash generation weakens. If higher leverage continues alongside negative free cash flow, financial flexibility for acquisitions, R&D or cyclical downturns could be impaired over the next several quarters.

Dip in EBITDA margin

A decline in EBITDA margin to 11.2% signals margin pressure from higher input costs, mix shifts or scaling costs. Lower operating cushion reduces ability to absorb commodity inflation or fund margin‑accretive investments, and if structural, it can materially weaken free cash flow and return profile.

UNO Minda Limited Business Overview & Revenue Model

Company Description

UNO Minda Limited, together with its subsidiaries, designs, develops, manufactures, and sells auto components in India and internationally. It provides auto electrical parts, including switches, horns, and lighting products. The company's products include switching systems and handle bar solutions for two/three-wheelers and off-road vehicles; sensors, actuators, and controllers, including start-stop sensors, contact and non-contact type speed sensors, HID ballasts, tire pressure monitoring systems, electronic accelerator pedal modules, and DC-DC converters; and lights for two, three, and four-wheelers, as well as off-road vehicles. It also provides automotive horns for two/four-wheelers, and off-road and commercial vehicles; trumpet and disc horns; alloy wheels; fuel caps; and LPG/CNG kits. In addition, the company offers batteries; lamps; general aluminum castings; 2W and 4W switches; HVAC products; wheel covers; car infotainment systems; air filters and canisters; spoilers; EA pads; air ducts; washer bottles; reverse parking sensors and ADAS products; speakers; air bags; steering wheels; body sealing products; hoses; blow moldings; telematics and connected car solutions; alternate fuel systems; cigarette lighter and socket assemblies; seat belts; shifters; and cameras. It sells its products to original equipment manufacturers. The company was formerly known as Minda Industries Limited and changed its name to UNO Minda Limited in July 2022. The company was founded in 1958 and is based in Gurugram, India.

How the Company Makes Money

UNO Minda primarily makes money by manufacturing and selling automotive components and sub-systems to vehicle original equipment manufacturers (OEMs). Revenue is largely generated through (1) OEM supply: long-term, high-volume supply of integrated parts (e.g., switches, lighting, horns, wheels, seating, sensors, wiring/connectivity, and electronics) that are designed-in to specific vehicle platforms, typically under multi-year sourcing arrangements aligned with OEM production programs; (2) Aftermarket/Replacement sales: distribution of replacement parts and accessories through dealers/distributors and service networks, where demand is driven by vehicle parc growth, maintenance cycles, and upgrades; and (3) Technology-led and value-added content: higher value per vehicle from electronics, sensors, and mechatronic modules, where the company earns by providing engineered solutions, validation, and manufacturing capabilities rather than commodity parts alone. Earnings are supported by scale manufacturing, product mix (greater electronic and system content), platform wins with major OEMs, and collaborations/joint ventures/technical partnerships used to access technology, expand product offerings, and localize manufacturing for India-focused and export demand. Specific customer-by-customer contract terms, pricing formulas, and partnership-by-partnership revenue contributions are not publicly detailed in a single consolidated source and are therefore null.

UNO Minda Limited Financial Statement Overview

Summary

UNO Minda Limited has shown impressive growth with strong revenue and efficient operational management, as reflected in increasing revenue and margins. The balance sheet remains robust with moderate debt levels, though rising debt warrants attention. Cash flow challenges persist, particularly in free cash flow generation, which may impact future growth investments and liquidity flexibility. Overall, the company's financial health is solid, but it needs to address cash flow issues to maintain its growth trajectory.

Income Statement

UNO Minda Limited has demonstrated strong revenue growth over the past years, evidenced by a substantial revenue increase of 20.6% from 2024 to 2025. The company maintains healthy margins, with a gross profit margin of 35.2% and a net profit margin of 5.6% in 2025. The EBIT margin rose to 22.3%, indicating efficient operational management. However, a dip in EBITDA margin to 11.2% suggests rising costs or other operational challenges.

Balance Sheet

With a debt-to-equity ratio of 0.43 in 2025, UNO Minda shows a balanced leverage position, supporting financial stability. The equity ratio of 48.8% highlights a solid capital base. Return on equity was 16.5%, reflecting effective use of shareholder funds. However, a significant increase in total debt over the years could pose future risks if not managed carefully.

Cash Flow

The company experienced challenges in free cash flow, with a negative free cash flow of -5.8 billion in 2025, although operating cash flow remains positive at 10.7 billion. The free cash flow to net income ratio is negative, indicating that the company is not generating enough cash relative to its net income, which may affect its capacity to self-fund future investments.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	180.15B	166.63B	139.71B	111.58B	82.84B	63.74B
Gross Profit	42.08B	21.63B	17.89B	13.53B	9.28B	7.24B
EBITDA	21.83B	19.11B	16.45B	12.90B	9.46B	7.74B
Net Income	10.93B	9.43B	8.75B	6.54B	3.56B	2.07B
Balance Sheet
Total Assets	127.68B	117.43B	99.03B	83.09B	68.32B	59.77B
Cash, Cash Equivalents and Short-Term Investments	6.68B	2.07B	2.68B	1.79B	2.46B	2.39B
Total Debt	28.52B	24.73B	17.06B	13.95B	9.44B	11.59B
Total Liabilities	61.57B	56.30B	46.38B	38.74B	30.67B	34.14B
Stockholders Equity	62.28B	57.27B	49.43B	41.56B	34.38B	22.57B
Cash Flow
Free Cash Flow	-513.00M	-5.84B	-700.00M	-1.72B	-1.95B	436.60M
Operating Cash Flow	6.78B	10.71B	9.79B	7.98B	3.83B	3.43B
Investing Cash Flow	-8.26B	-15.30B	-9.53B	-11.86B	-6.99B	-3.61B
Financing Cash Flow	2.48B	3.65B	904.90M	3.01B	3.11B	-402.40M

UNO Minda Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1081.40
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:UNOMINDA, the sentiment is Negative. The current price of 1081.4 is below the 20-day moving average (MA) of 1107.68, below the 50-day MA of 1159.18, and below the 200-day MA of 1195.11, indicating a bearish trend. The MACD of -41.10 indicates Positive momentum. The RSI at 36.96 is Neutral, neither overbought nor oversold. The STOCH value of 39.26 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:UNOMINDA.

UNO Minda Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VARROC	69 Neutral	₹72.55B	-220.37	―	0.16%	7.38%	-73.62%
UNOMINDA	66 Neutral	₹594.25B	67.05	―	0.17%	17.14%	17.75%
JBMA	65 Neutral	₹127.79B	67.30	―	0.15%	7.63%	11.25%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
MAHSCOOTER	61 Neutral	₹136.07B	987.71	―	1.57%	―	―
EXIDEIND	58 Neutral	₹247.18B	39.67	―	0.54%	2.19%	-5.70%
RAJESHEXPO	52 Neutral	₹26.50B	18.97	―	―	112.02%	244.77%

UNO Minda Limited Corporate Events

Uno Minda Clarifies GST Order, Says Tax Already Paid and Impact Not Material

Uno Minda Limited has clarified that the tax amount at the core of a recent dispute with the Office of the Commissioner of Goods & Service Tax and Central Excise in Salem had already been paid before the case arose. The order relates to alleged HSN misclassification for periods between November 2017 and October 2023, with the adjudicating authority appropriating tax of Rs 126.19 crore and imposing interest and penalties.

For November 2017 to March 2020, the company faces an interest demand and a penalty of Rs 4.24 crore, though it has opted for an amnesty scheme that it says removes exposure for that period. For April 2020 to October 2023, the order seeks interest and a penalty of Rs 8.38 crore, which Uno Minda plans to contest, while asserting that the matter is not expected to have any material impact on its financial, operational or other activities.

UNO Minda Allots 3.65 Lakh Shares Under ESOP 2019, Slightly Raises Equity Capital

UNO Minda Limited has allotted 364,806 equity shares of Rs 2 each following the exercise of options under its 2019 Employee Stock Option Scheme, with the Nomination and Remuneration Committee approving the issue on 21 February 2026. The move marginally increases the company’s paid-up equity share capital from Rs 1,15,41,03,180 to Rs 1,15,48,32,792, and while the company deems the allotment non-material, it underscores ongoing use of equity-based incentives and will lead to a slight dilution once the new shares are listed on BSE and NSE.

The newly issued shares, which will rank pari passu with existing equity, raise UNO Minda’s total issued equity shares to 57,74,16,396, with exercise prices ranging from Rs 470 to Rs 680 per share. The company is in the process of securing listing approvals from the stock exchanges, indicating that employees who exercised options are set to benefit from direct equity participation, a step that may support retention and alignment of management and staff with long-term performance.

UNO Minda to Take 30% Stake in Renewable Energy SPV for Gujarat Units

UNO Minda Limited has approved an investment of up to INR 6.50 crore, alongside its subsidiary Uno Minda Kyoraku Ltd., to acquire up to 30% equity in Hexa Sunshine Private Limited, a special purpose vehicle set up to generate and distribute renewable power in India. The funding, to be made in cash and in one or more tranches by the third quarter of FY 2026-27, will be used to source solar and wind energy under open access for the company’s and UMKL’s units in Gujarat, enabling a higher share of renewable power in their energy mix and supporting both cost efficiency and sustainability objectives.