{"id":29786,"date":"2024-06-10T10:38:18","date_gmt":"2024-06-10T05:08:18","guid":{"rendered":"https:\/\/fundsindia.com\/blog\/?p=29786"},"modified":"2024-06-10T11:22:43","modified_gmt":"2024-06-10T05:52:43","slug":"alpha-motherson-sumi-wiring-india-ltd-equity-research-desk-2","status":"publish","type":"post","link":"https:\/\/fundsindia.com\/blog\/equities\/alpha-motherson-sumi-wiring-india-ltd-equity-research-desk-2\/29786","title":{"rendered":"Alpha | Motherson Sumi Wiring India Ltd. &#8211; Equity Research Desk"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/motherson-sumi-wiring-india-ltd.png\"><img loading=\"lazy\" width=\"1024\" height=\"512\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/motherson-sumi-wiring-india-ltd-1024x512.png\" alt=\"\" class=\"wp-image-29788\" srcset=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/motherson-sumi-wiring-india-ltd-1024x512.png 1024w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/motherson-sumi-wiring-india-ltd-300x150.png 300w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/motherson-sumi-wiring-india-ltd-768x384.png 768w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/motherson-sumi-wiring-india-ltd-1536x768.png 1536w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/motherson-sumi-wiring-india-ltd.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Motherson Sumi Wiring India Ltd. &#8211; Leading wiring harness player<\/span><\/strong><\/h2>\n\n\n\n<p>Incorporated in 2020, Motherson Sumi Wiring India Ltd. (MSUMI) is a prominent full-system solutions provider in the wiring harness segment for Original Equipment Manufacturers (OEMs) in India. MSUMI is a joint venture between Samvardhana Motherson International Limited (SAMIL) and Japan&#8217;s Sumitomo Wiring Systems, Ltd. (SWS), a global leader in wiring harnesses and components. With 26 facilities across India, the company offers comprehensive solutions from product design to manufacturing, assembly, and integrated electrical systems.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-13.png\"><img loading=\"lazy\" width=\"746\" height=\"504\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-13.png\" alt=\"\" class=\"wp-image-29796\" srcset=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-13.png 746w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-13-300x203.png 300w\" sizes=\"(max-width: 746px) 100vw, 746px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Products and Services<\/span><\/h2>\n\n\n\n<p>MSUMI offers a wide variety of harnesses for different vehicles including passenger and commercial vehicles, two and three-wheelers, farm equipment and off-road vehicles. Its services also encompass 3D computer-aided design (CAD), printed circuit board (PCB) design and routing, 3D printing, prototyping, virtual and physical validation and technology implementation support.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-7.png\"><img loading=\"lazy\" width=\"822\" height=\"306\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-7.png\" alt=\"\" class=\"wp-image-29790\" srcset=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-7.png 822w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-7-300x112.png 300w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-7-768x286.png 768w\" sizes=\"(max-width: 822px) 100vw, 822px\" \/><\/a><\/figure>\n\n\n\n<p><strong>Subsidiaries:<\/strong> As of FY23, the company does not have any subsidiary or associate companies.<\/p>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Growth Strategies<\/span><\/h2>\n\n\n\n<ul><li><strong>Market Leadership<\/strong>: Supplies to 10 out of 12 passenger vehicle models in India and expanded with three new facilities in FY23.<\/li><li><strong>Vertical Integration<\/strong>: Localizes production of components like cables and connectors.<\/li><li><strong>Strong Parentage<\/strong>: Benefits from SAMIL and SWS in terms of technology and R&amp;D capabilities.<\/li><li><strong>Industry Outperformance<\/strong>: Surpassed industry growth by 11% in FY24 due to increased demand and trends in premiumization and SUVs.<\/li><\/ul>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Financial Highlights<\/span><\/strong><\/h2>\n\n\n\n<p><img loading=\"lazy\" width=\"602\" height=\"457\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXfwgqUiH2Ypc4MELVIOTVSntPIutpTEiZerh8gRWKATqg4qzNK-fnj2eW5d1mIxCMopnEPJdvP7tUO4iIar6sdXEplCiAVMxubeC36d-d7Ut_9U91bFiptEVQIaDaF9kvNduYSLPrVyakprdFzoflU7d0NWjT60RMsZo7fzuA?key=GbQj1xH9Wn02Qi9uUlUnHw\"><\/p>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Q4FY24<\/span><\/h2>\n\n\n\n<ul><li><strong>Revenue:<\/strong> Rs. 2,233 crore, a 19% increase from Rs. 1,872 crore in Q4FY23.<\/li><li><strong>Operating Profit:<\/strong> Rs. 291 crore, a 32% increase from Rs. 221 crore in Q4FY23.<\/li><li><strong>Net Profit:<\/strong> Rs. 191 crore, a 38% increase from Rs. 138 crore in Q4FY23.<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">FY24<\/span><\/h2>\n\n\n\n<ul><li><strong>Revenue: <\/strong>Rs. 8,328 crore, an 18% increase compared to FY23.<\/li><li><strong>Operating Profit: <\/strong>Rs. 1,013 crore, up 27% YoY.<\/li><li><strong>Net Profit: <\/strong>Rs.638 crore, a growth of 31% YoY.<\/li><li><strong>Return on Capital Employed (ROCE): <\/strong>48%, compared to 44% in FY23.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-8.png\"><img loading=\"lazy\" width=\"750\" height=\"350\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-8.png\" alt=\"\" class=\"wp-image-29791\" srcset=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-8.png 750w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-8-300x140.png 300w\" sizes=\"(max-width: 750px) 100vw, 750px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Financial Performance (FY21-24)<\/span><\/h2>\n\n\n\n<ul><li>Revenue and PAT CAGR: 28% and 17%, respectively, over three years.<\/li><li>Average ROE &amp; ROCE: 48% and 60%, respectively, over the FY21-24 period.<\/li><li>Capital Structure: Debt-to-equity ratio of 0.15.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-9.png\"><img loading=\"lazy\" width=\"746\" height=\"215\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-9.png\" alt=\"\" class=\"wp-image-29792\" srcset=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-9.png 746w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-9-300x86.png 300w\" sizes=\"(max-width: 746px) 100vw, 746px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Industry Outlook<\/span><\/h2>\n\n\n\n<p><strong>Market Expansion:<\/strong> India&#8217;s auto components industry is growing due to increasing automobile demand and rising incomes.<\/p>\n\n\n\n<p><strong>Localization Efforts:<\/strong> The growing presence of global automobile OEMs has increased the localization of components.<\/p>\n\n\n\n<p><strong>Economic Contribution:<\/strong> By 2026, the sector is expected to be worth US$ 200 billion, contributing 5-7% of India&#8217;s GDP.<\/p>\n\n\n\n<p><strong>Investment Plans:<\/strong> By FY28, the industry aims to invest US$ 7 billion to boost the localization of advanced components.<\/p>\n\n\n\n<p><strong>Manufacturing Incentives:<\/strong> Increased incentives are driving the expansion and advancement of the sector.<\/p>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Growth Drivers<\/span><\/h2>\n\n\n\n<ul><li><strong>FDI Policy:<\/strong> 100% FDI is allowed under the automatic route for the auto components sector.<\/li><li><strong>BNCAP Initiative:<\/strong> The Bharat New Car Assessment Program (BNCAP) is expected to strengthen the auto component value chain.<\/li><li><strong>FDI Inflow:<\/strong> The Indian automotive industry attracted $35.65 billion in FDI from April 2000 to December 2023.<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Competitive Advantage<\/span><\/h2>\n\n\n\n<p>Compared to competitors like Minda Corporation Ltd., MSUMI generates better returns on invested capital. MSUMI&#8217;s dominance in the wiring harness business is bolstered by minimal competition, giving it a monopoly in the segment.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-10.png\"><img loading=\"lazy\" width=\"1024\" height=\"131\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-10-1024x131.png\" alt=\"\" class=\"wp-image-29793\" srcset=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-10-1024x131.png 1024w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-10-300x38.png 300w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-10-768x99.png 768w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-10.png 1294w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Outlook<\/span><\/h2>\n\n\n\n<p><strong>Market Leadership:<\/strong> MSUMI leads the wiring harness industry with high entry barriers and significant operational scale.<\/p>\n\n\n\n<p><strong>Growth Opportunities:<\/strong> The growing SUV and connected vehicles market presents significant growth potential.<\/p>\n\n\n\n<p><strong>Strategic Locations:<\/strong> The company\u2019s facilities are strategically located near major automobile hubs.<\/p>\n\n\n\n<p><strong>Expansion Plans:<\/strong> Two new facilities are in the pipeline to cater to the expanding automobile market.<\/p>\n\n\n\n<p><strong>Capex Guidance:<\/strong> FY25 capex guidance is Rs. 200 crore for growth, expansion, productivity, quality improvement, and asset maintenance.<\/p>\n\n\n\n<p><strong>Resilience:<\/strong> The company\u2019s diversified locations and premium operations position it well for sustained growth.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-11.png\"><img loading=\"lazy\" width=\"1024\" height=\"712\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-11-1024x712.png\" alt=\"\" class=\"wp-image-29794\" srcset=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-11-1024x712.png 1024w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-11-300x208.png 300w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-11-768x534.png 768w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-11.png 1226w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Valuation<\/span><\/h2>\n\n\n\n<p>MSUMI dominates the domestic wiring harness industry, supported by strong parentage from SAMIL and advanced technologies from SWS. We recommend a BUY rating with a target price of Rs. 82, based on a 50x FY26E EPS.<\/p>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Risks<\/span><\/h2>\n\n\n\n<p><strong>Technological Adaptation:<\/strong> Failure to adapt to rapidly evolving automotive industry technologies could affect market share.<\/p>\n\n\n\n<p><strong>Customer Retention:<\/strong> Inability to maintain wallet share with existing key customers could impact revenue.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><em><strong>Disclaimer<\/strong>: Please note that this is not a recommendation and is intended only for educational purposes. So, kindly consult your financial advisor before investing.<\/em><\/p>\n\n\n\n<p dir=\"ltr\" style=\"line-height: 1.8; margin-top: 0pt; margin-bottom: 0pt; text-align: center;\"><a href=\"https:\/\/fundsindia-marketing-assets.s3.ap-south-1.amazonaws.com\/msumiLtd+-+Jun+2024.docx.pdf\" target=\"_blank\" rel=\"noopener\"><img alt=\"\" src=\"https:\/\/fundsindia-marketing-assets.s3.ap-south-1.amazonaws.com\/button_read-the-full-alpha-report.png\" style=\"width: 320px; height: 49px;\"><\/a><\/p>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Recap of our previous recommendations (As on 07 June 2024)<\/span><\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-12.png\"><img loading=\"lazy\" width=\"1024\" height=\"227\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-12-1024x227.png\" alt=\"\" class=\"wp-image-29795\" srcset=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-12-1024x227.png 1024w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-12-300x66.png 300w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-12-768x170.png 768w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-12.png 1164w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-indian-hotels-co-ltd-equity-research-desk\/29751\">Indian Hotels Co Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-cipla-ltd-equity-research-desk\/29725\">Cipla Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-indus-towers-ltd-equity-research-desk\/29702\">Indus Towers Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-gulf-oil-lubricants-india-ltd-equity-research-desk\/29633\">Gulf Oil Lubricants India Ltd<\/a><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Motherson Sumi Wiring India Ltd. &#8211; Leading wiring harness player Incorporated in 2020, Motherson Sumi Wiring India Ltd. (MSUMI) is a prominent full-system solutions provider in the wiring harness segment for Original Equipment Manufacturers (OEMs) in India. MSUMI is a joint venture between Samvardhana Motherson International Limited (SAMIL) and Japan&#8217;s Sumitomo Wiring Systems, Ltd. (SWS), [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":29788,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[743,59],"tags":[744,1060,873,1033,745,897,892,942,1059,648,870],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Motherson Sumi Wiring India Ltd Stock Analysis June - 2024<\/title>\n<meta name=\"description\" content=\"Motherson Sumi Wiring India Ltd (MSUMI) is a leading full-system wiring harness solutions provider in India, offering OEMs, CAD, PCB, 3D Printing, etc.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fundsindia.com\/blog\/equities\/alpha-motherson-sumi-wiring-india-ltd-equity-research-desk-2\/29786\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Motherson Sumi Wiring India Ltd Stock Analysis June - 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