Samvardhana Motherson International
Samvardhana Motherson International
Automobiles F&OKey Fundamentals
LargecapAuto ComponentsAutomobilesTapetide Score
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Key Insights
Strengths
2- Company has delivered good profit growth of 31.9% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 17.4%
Weaknesses
3- Stock is trading at 4.24 times its book value
- Company has a low return on equity of 11.6% over last 3 years.
- Promoter holding has decreased over last 3 years: -16.2%
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoSamvardhana Motherson International is a large-cap auto components company with a market cap of ₹1,71,626 Cr, trading at a PE of 38x and 4.2x book value. The company has delivered strong profit growth of ~32% CAGR over five years on the back of 17% sales CAGR, though return on equity remains moderate at around 11-12% and promoter holding has seen a notable decline of 16.2% over three years.
- Strong profit growth with compounded profit CAGR of 32% over 5 years and 40% over 3 years, indicating improving operational leverage
- Consistent top-line expansion with compounded sales CAGR of 17% over both 3-year and 5-year periods, reflecting durable revenue momentum
- TTM profit growth of 35% continues to outpace TTM sales growth of 14%, suggesting margin expansion is ongoing
- Long-term sales CAGR of 13% over 10 years demonstrates the company's ability to grow through multiple auto cycles
- Stock has delivered 62% return over the past 1 year and 36% CAGR over 3 years, reflecting strong market confidence
- Company has maintained a consistent dividend payout ratio of 17.4%, providing some income even at a modest 0.37% yield
- ROE has remained stable in the 10-12% band across 3, 5, and 10-year periods, showing earnings consistency even if not exceptional
- PE ratio of 38x is elevated, pricing in significant future growth and leaving limited margin of safety if execution slips
- Price-to-book ratio of 4.2x is high for an auto components business, indicating the stock is not cheap on asset-based metrics
- Promoter holding has declined by 16.2% over the last 3 years, which may signal reduced promoter conviction or dilution
- Return on equity of 11.6% over 3 years is modest relative to the premium valuation the market assigns
- Dividend yield of just 0.37% offers minimal income cushion in a downturn despite the company's large-cap status
- 10-year compounded profit CAGR of 13% is significantly lower than the recent 3-year figure of 40%, raising questions about whether the recent acceleration is sustainable
- 10-year stock CAGR of 12% versus the 1-year return of 62% suggests the recent rally has front-loaded returns, increasing the risk of mean reversion
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 3h ago- Dubai logistics JV with Hellmann Aug 20
Motherson incorporated MHSCL JVC Holding Limited in Dubai with Hellmann Worldwide Logistics, holding a 51% controlling stake in the new logistics entity.
- Pune EMS facility, ₹94cr investment Aug 26
Subsidiary Motherson Electro Components opened a new electronics manufacturing services facility in Pune with an investment of ₹94 crore, expanding the group's EMS footprint.
- Autocruis stake raised to 67.93% Aug 17
Subsidiary SMR Langfang acquired an additional 0.15% stake in Shenzhen Autocruis Technology for CNY 3 million, raising total holding to 67.93%.
- Michigan tax fine of USD 48,432 Sep 13
US subsidiary SMR Automotive Systems was fined USD 48,432 following a corporate income tax audit for Apr 2022–Mar 2024. The amount was settled on Sep 11 with no material impact on operations.
- Analyst meetings scheduled in Sep Aug 31
Motherson scheduled one-on-one analyst meetings with Haitong Securities and Emkay Global on Sep 7, plus sessions with Optimas Capital on Sep 4 and a Nomura roadshow in Japan on Sep 28.
- CCD interest record date set Aug 26
Samvardhana Motherson fixed Sep 11, 2026 as the record date for the second-year interest payment on its listed Compulsorily Convertible Debentures.
TL;DR: Motherson continues its inorganic and capacity expansion playbook with a new Dubai logistics JV (51% stake), a ₹94 crore EMS facility in Pune, and incremental stake consolidation in Autocruis. No material headwinds emerged — the USD 48,432 Michigan tax fine is negligible. Active investor engagement via multiple analyst meetings and roadshows signals management confidence. The trend remains constructive with global diversification efforts intact.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 22,462 | 23,474 | 25,644 | 27,058 | 28,868 | 27,812 | 27,666 | 29,317 | 30,212 | 30,173 | 31,409 | 34,309 | 35,244 |
| Expenses | 20,538 | 21,585 | 23,273 | 24,124 | 26,093 | 25,364 | 24,980 | 26,674 | 27,754 | 27,562 | 28,366 | 30,519 | 32,148 |
| Operating Profit | 1,925 | 1,889 | 2,370 | 2,935 | 2,775 | 2,448 | 2,686 | 2,643 | 2,458 | 2,611 | 3,043 | 3,791 | 3,096 |
| OPM % | 9% | 8% | 9% | 11% | 10% | 9% | 10% | 9% | 8% | 9% | 10% | 11% | 9% |
| Other Income | 76 | -10 | 117 | 161 | 179 | 443 | 214 | 248 | 68 | 231 | 145 | 36 | 254 |
| Interest | 253 | 488 | 620 | 450 | 444 | 546 | 466 | 426 | 425 | 387 | 341 | 472 | 459 |
| Depreciation | 839 | 867 | 1,016 | 1,088 | 1,065 | 1,103 | 1,112 | 1,214 | 1,230 | 1,218 | 1,321 | 1,365 | 1,358 |
| PBT | 909 | 523 | 851 | 1,557 | 1,445 | 1,242 | 1,322 | 1,252 | 872 | 1,237 | 1,527 | 1,989 | 1,533 |
| Tax % | 29% | 44% | 26% | 7% | 24% | 24% | 26% | 11% | 30% | 32% | 30% | 22% | 30% |
| Net Profit | 648 | 294 | 633 | 1,444 | 1,097 | 949 | 984 | 1,115 | 606 | 846 | 1,072 | 1,562 | 1,076 |
| EPS in Rs | 0.59 | 0.2 | 0.53 | 1.35 | 0.98 | 0.83 | 0.83 | 1 | 0.48 | 0.78 | 0.97 | 1.42 | 0.98 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 34,661 | 37,216 | 42,376 | 56,303 | 63,523 | 60,729 | 57,370 | 63,536 | 78,701 | 98,692 | 1,13,663 | 1,26,104 | 1,31,135 |
| Expenses | 31,817 | 33,668 | 38,204 | 51,174 | 58,174 | 56,075 | 53,000 | 59,060 | 72,537 | 89,370 | 1,02,903 | 1,13,980 | 1,18,595 |
| Operating Profit | 2,844 | 3,548 | 4,171 | 5,128 | 5,348 | 4,654 | 4,370 | 4,476 | 6,164 | 9,322 | 10,760 | 12,124 | 12,541 |
| OPM % | 8% | 10% | 10% | 9% | 8% | 8% | 8% | 7% | 8% | 9% | 9% | 10% | 10% |
| Other Income | 212 | 177 | 346 | 125 | 333 | 642 | 568 | 813 | 158 | 140 | 877 | 259 | 666 |
| Interest | 318 | 345 | 375 | 411 | 423 | 593 | 512 | 543 | 781 | 1,811 | 1,882 | 1,624 | 1,658 |
| Depreciation | 921 | 1,087 | 1,059 | 1,575 | 2,058 | 2,721 | 2,926 | 2,958 | 3,136 | 3,810 | 4,493 | 5,134 | 5,262 |
| PBT | 1,817 | 2,293 | 3,083 | 3,267 | 3,200 | 1,983 | 1,500 | 1,788 | 2,405 | 3,840 | 5,261 | 5,625 | 6,286 |
| Tax % | 29% | 23% | 30% | 31% | 34% | 35% | -5% | 34% | 31% | 21% | 21% | 27% | — |
| Net Profit | 1,292 | 1,774 | 2,172 | 2,260 | 2,098 | 1,294 | 1,569 | 1,182 | 1,670 | 3,020 | 4,146 | 4,086 | 4,555 |
| EPS in Rs | 1.29 | 1.93 | 2.19 | 2.25 | 2.27 | 1.65 | 1.46 | 0.86 | 1.47 | 2.67 | 3.6 | 3.66 | 4.15 |
| Div. Payout % | 31% | 26% | 18% | 30% | 29% | 40% | 46% | 34% | 29% | 20% | 16% | 16% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 88 | 132 | 140 | 210 | 316 | 316 | 316 | 452 | 678 | 678 | 704 | 1,055 |
| Reserves | 3,236 | 4,265 | 8,132 | 9,674 | 10,647 | 10,945 | 12,245 | 20,136 | 21,774 | 25,477 | 34,177 | 39,924 |
| Borrowings | 5,131 | 6,069 | 10,349 | 10,374 | 11,534 | 13,136 | 11,930 | 14,130 | 13,792 | 19,922 | 17,222 | 19,170 |
| Other Liabilities | 8,971 | 9,199 | 13,322 | 16,716 | 20,257 | 20,636 | 23,258 | 21,008 | 25,086 | 38,101 | 39,768 | 49,276 |
| Total Liabilities | 17,425 | 19,665 | 31,944 | 36,974 | 42,754 | 45,033 | 47,749 | 55,726 | 61,330 | 84,178 | 91,870 | 1,09,426 |
| Fixed Assets | 6,129 | 7,147 | 12,193 | 14,712 | 18,423 | 20,750 | 20,099 | 21,411 | 23,147 | 30,122 | 33,181 | 38,498 |
| CWIP | 956 | 1,397 | 1,935 | 2,585 | 1,067 | 852 | 877 | 1,310 | 1,478 | 2,498 | 2,646 | 4,094 |
| Investments | 65 | 590 | 474 | 792 | 855 | 796 | 846 | 6,462 | 6,290 | 6,521 | 6,600 | 7,238 |
| Other Assets | 10,276 | 10,531 | 17,343 | 18,885 | 22,409 | 22,635 | 25,926 | 26,543 | 30,415 | 45,037 | 49,444 | 59,596 |
| Total Assets | 17,425 | 19,665 | 31,944 | 36,974 | 42,754 | 45,033 | 47,749 | 55,726 | 61,330 | 84,178 | 91,870 | 1,09,426 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 3,390 | 2,188 | 3,800 | 3,264 | 4,312 | 6,352 | 5,051 | 2,463 | 4,643 | 7,569 | 6,286 | 11,284 |
| Investing | -2,844 | -1,906 | -6,145 | -3,194 | -3,318 | -2,220 | -1,886 | -2,304 | -2,248 | -6,644 | -4,836 | -6,136 |
| Financing | 494 | -263 | 5,518 | -2,221 | -225 | -2,803 | -2,098 | -1,217 | -2,734 | 1,281 | -2,551 | -3,275 |
| Net Cash Flow | 1,040 | 19 | 3,172 | -2,152 | 769 | 1,329 | 1,068 | -1,059 | -339 | 2,205 | -1,101 | 1,873 |
| Free Cash Flow | 1,551 | 258 | 1,021 | 233 | 1,627 | 4,158 | 3,119 | 26 | 2,460 | 3,559 | 1,853 | 5,373 |
| CFO/OP | 141 | 81 | 111 | 83 | 100 | 160 | 128 | 74 | 89 | 97 | 75 | 107 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 32 | 46 | 40 | 36 | 35 | 31 | 36 | 38 | 39 | 58 | 56 | 58 |
| Inventory Days | 63 | 37 | 44 | 43 | 46 | 52 | 53 | 64 | 63 | 61 | 64 | 68 |
| Days Payable | 82 | 84 | 103 | 96 | 106 | 104 | 118 | 113 | 114 | 152 | 142 | 152 |
| Cash Conversion Cycle | 13 | -1 | -20 | -17 | -24 | -21 | -29 | -11 | -11 | -33 | -21 | -26 |
| Working Capital Days | -10 | -6 | -2 | -7 | -14 | -30 | -32 | -27 | -25 | -32 | -16 | -16 |
| ROCE % | 25% | 24% | 21% | 18% | 15% | 8% | 6% | 6% | 9% | 14% | 14% | 13% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Company Information
Motherson Sumi Systems is engaged primarily in the manufacturer and sale of components to automotive original equipment manufacturers.[1]
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