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We do not publish one number for UNO Minda — and here is why.
On today's figures the market pays roughly 2.5 times what our model says UNO Minda is worth. On a company this widely followed, a gap that large almost always means our model is missing something rather than that thousands of investors are wrong. So we show the workings and say plainly that we cannot stand behind a single figure here.
- How it is valued: no single figure is published here — our model and the market disagree too far.
- What the price assumes: 35% growth, against 22% the model takes from its own record.
- Ten-year record: Between FY2018 and FY2026, UNO Minda's revenue went from ₹4,548 crore to ₹19,658 crore — it compounded at about 20% a year over 8 years.
- Biggest swing factor: Content per vehicle. Main risk: Auto cycles.
01A component maker riding content growth
UNO Minda, led by Nirmal Minda's family, makes automotive switches, lighting, alloy wheels, seating, horns, sensors and controllers for two-wheelers, cars and commercial vehicles.
It has partnered with global suppliers to make EV components such as chargers, motors and battery-management systems, aiming to supply more content per vehicle.
02What the market is assuming
Work backwards from today's share price and you can see what buyers are quietly taking for granted. Here is the growth that price implies for UNO Minda, next to what the model assumes from the company's own record.
The further apart these two numbers are, the bigger the bet a buyer at today's price is making.
03UNO Minda's record, in plain numbers
Between FY2018 and FY2026, UNO Minda's revenue went from ₹4,548 crore to ₹19,658 crore — it compounded at about 20% a year over 8 years. Net profit grew from ₹331 crore to ₹1,284 crore, about 18% a year — slower than revenue, so margins narrowed. In FY2026 it kept 6.5% of revenue as net profit — against a low of 3.4% in FY2020 and a high of 7.3% in FY2018. The latest year added 17.2% to revenue, close to its own long-run pace.
Revenue and earnings per share in ₹, return on equity and leverage as ratios — all from the filed statements.
Revenue and net profit by year (₹ crore)
| Year | Revenue | Net profit | Margin |
|---|---|---|---|
| FY2018 | 4,548 | 331 | 7.3% |
| FY2019 | 5,908 | 339 | 5.7% |
| FY2020 | 5,465 | 188 | 3.4% |
| FY2021 | 6,374 | 248 | 3.9% |
| FY2022 | 8,313 | 413 | 5.0% |
| FY2023 | 11,236 | 700 | 6.2% |
| FY2024 | 14,031 | 925 | 6.6% |
| FY2025 | 16,775 | 1,021 | 6.1% |
| FY2026 | 19,658 | 1,284 | 6.5% |
04How UNO Minda gets valued — and why
Estimate withheld — model and market disagree too farOur model and the market disagree so far apart on this company that the model is the more likely one to be wrong. Rather than publish a number we cannot stand behind, we show the workings and say so.
05What decides UNO Minda's value
Content per vehicle
Feature-rich and electric vehicles use more of its parts.
Vehicle volumes
Two-wheeler and car production drives sales.
EV components
New products could lift growth.
Capacity
New plants support growth.
06What could go wrong
- Auto cycles. Production slowdowns hit volumes.
- Customer concentration. A few vehicle makers matter a lot.
- The valuation. A high price assumes strong growth.
07What the full UNO Minda valuation shows
Sign in free to see the complete UNO Minda valuation
- ✓Fair value per share — from a ten-year discounted cash flow, every step shown
- ✓The Workbench — change revenue growth, the discount rate or terminal growth and watch UNO Minda's value move
- ✓Bull, base and bear cases — and exactly which assumptions move between them
- ✓Peer comparison — against Bosch India, Motherson and other auto-parts makers
- ✓Downloadable report — the full write-up, yours to keep
08Questions people ask about UNO Minda
What does UNO Minda make?
Switches, lighting, alloy wheels, seating, sensors and EV components.
How do EVs help UNO Minda?
Electric vehicles need chargers, controllers and electronics it is starting to supply.
Who controls UNO Minda?
The family of founder Nirmal Minda.
Is UNO Minda overvalued?
At ₹1,388 the market is pricing in roughly 35% sustained growth, against the ~22% its own record supports. That is more than it has delivered, so the price is justified only if the business can hold a rate it has not previously sustained.
What is the intrinsic value of UNO Minda?
This business is a group of operations with different economics, so a single blended figure would describe none of them. The parts are valued separately and the breakdown is in the report, rather than one number that cannot be defended.
How much debt does UNO Minda carry?
Debt to equity stands at 0.16, against 0.14 at the start of the period — the balance sheet is a core input to the cost of capital used here.