Samvardhana Motherson International financials and balance sheet

NSE: MOTHERSONBSE: 517334Auto ComponentsLarge Cap

Formerly Motherson Sumi Systems

₹151.67₹2.97 (1.92%)BSE ₹151.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹154.64.

52-week range of traded prices to 23 Oct 2026

₹101.08Low, 11 Nov 2025₹173.27High, 19 Aug 2026

Next results date: the board meets on 5 Nov 2026 to consider: financial results.

Market cap: ₹1,60,079 Cr77th largest listed
P/E: 36.5
P/B: 3.9
Dividend yield: 0.40%
ROE: 11.5%
ROCE: 12.2%
Debt to equity: 0.36
Volume, NSE: 1,13,66,18252.1% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Samvardhana Motherson International annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 9.0% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty. From the year to Mar 2022, part of the business was demerged on 14 Jan 2022, and figures before the change include the part that left.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue1,26,104
Materials and goods−67,847
Employee costs−31,478
Other expenses−14,876
Operating profit11,903
Depreciation−5,134
Other income+311
One-off items−414
Finance costs−1,624
Profit before tax5,042
Tax−1,539
Joint ventures+583
Net profit4,086

What the company owns

Plant, investments and other assets₹69,640 Cr
Receivables₹19,881 Cr
Inventory₹12,647 Cr
Cash and bank₹8,234 Cr
Current investments₹94 Cr

What pays for it: net worth and liabilities

Net worth₹43,659 Cr
Owed to suppliers₹28,165 Cr
Other liabilities₹22,776 Cr
Borrowings₹15,895 Cr

Samvardhana Motherson International business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Samvardhana Motherson International segment results by quarter

Revenue by segment

₹1,48,510 CrTotal

Modules and polymer products₹62,894 Cr42.4% of total
Wiring harness₹36,508 Cr24.6% of total
Vision systems₹21,001 Cr14.1% of total
Emerging businesses₹17,072 Cr11.5% of total
Integrated Assemblies₹11,035 Cr7.4% of total

Profit by segment

Modules and polymer products₹5,120 Cr35.5% of total
Wiring harness₹3,928 Cr27.2% of total
Vision systems₹2,042 Cr14.2% of total
Emerging businesses₹1,825 Cr12.7% of total
Integrated Assemblies₹1,504 Cr10.4% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Modules and polymer products
Revenue, ₹ crore
42,256
49,912
59,806
62,894
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
2,724
4,305
4,580
5,120
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Wiring harness
Revenue, ₹ crore
26,501
31,514
32,861
36,508
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
2,279
3,362
3,873
3,928
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Vision systems
Revenue, ₹ crore
16,569
19,149
19,506
21,001
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,711
1,978
1,950
2,042
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Emerging businesses
Revenue, ₹ crore
4,508
4,424
4,129
5,579
6,827
8,090
11,418
17,072
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
177
186
54
198
773
1,096
1,452
1,825
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Integrated Assemblies
Revenue, ₹ crore
6,824
10,109
11,035
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
793
1,165
1,504
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	65,092	65,183	62,952	69,355	92,153	1,15,488	1,33,700	1,48,510
Company revenue, as in its results	63,523	63,537	57,370	63,536	78,701	98,692	1,13,663	1,26,104
Revenue	–	–	–	–	42,256	49,912	59,806	62,894
Revenue growth	–	–	–	–	–	18.1%	19.8%	5.2%
Profit	–	–	–	–	2,724	4,305	4,580	5,120
Profit growth	–	–	–	–	–	58.1%	6.4%	11.8%
Margin	–	–	–	–	6.4%	8.6%	7.7%	8.1%
Return on capital	–	–	–	–	21.5%	23.0%	24.1%	24.0%
Assets	–	–	–	–	28,138	36,100	36,944	42,680
Liabilities	–	–	–	–	15,442	17,397	17,946	21,378
Capital employed	–	–	–	–	12,696	18,703	18,998	21,302
Revenue	–	–	–	–	26,501	31,514	32,861	36,508
Revenue growth	–	–	–	–	–	18.9%	4.3%	11.1%
Profit	–	–	–	–	2,279	3,362	3,873	3,928
Profit growth	–	–	–	–	–	47.6%	15.2%	1.4%
Margin	–	–	–	–	8.6%	10.7%	11.8%	10.8%
Return on capital	–	–	–	–	20.7%	29.4%	32.2%	28.5%
Assets	–	–	–	–	17,708	18,328	18,539	21,902
Liabilities	–	–	–	–	6,689	6,910	6,526	8,140
Capital employed	–	–	–	–	11,019	11,419	12,014	13,762
Revenue	–	–	–	–	16,569	19,149	19,506	21,001
Revenue growth	–	–	–	–	–	15.6%	1.9%	7.7%
Profit	–	–	–	–	1,711	1,978	1,950	2,042
Profit growth	–	–	–	–	–	15.6%	−1.4%	4.7%
Margin	–	–	–	–	10.3%	10.3%	10.0%	9.7%
Return on capital	–	–	–	–	40.0%	54.3%	53.1%	41.8%
Assets	–	–	–	–	8,969	9,290	9,201	11,166
Liabilities	–	–	–	–	4,696	5,647	5,527	6,282
Capital employed	–	–	–	–	4,272	3,643	3,674	4,884
Revenue	4,508	4,424	4,129	5,579	6,827	8,090	11,418	17,072
Revenue growth	–	−1.9%	−6.7%	35.1%	22.4%	18.5%	41.1%	49.5%
Profit	177	186	54	198	773	1,096	1,452	1,825
Profit growth	–	5.1%	−71.2%	270.0%	289.8%	41.8%	32.5%	25.7%
Margin	3.9%	4.2%	1.3%	3.6%	11.3%	13.5%	12.7%	10.7%
Return on capital	1.8%	1.7%	0.5%	1.8%	22.5%	24.4%	14.6%	13.6%
Assets	13,279	15,101	14,918	14,223	5,708	7,272	14,086	18,408
Liabilities	3,412	4,464	3,873	3,483	2,272	2,779	4,121	5,002
Capital employed	9,867	10,638	11,046	10,740	3,437	4,493	9,965	13,406
Revenue	–	–	–	–	–	6,824	10,109	11,035
Revenue growth	–	–	–	–	–	–	48.1%	9.2%
Profit	–	–	–	–	–	793	1,165	1,504
Profit growth	–	–	–	–	–	–	46.8%	29.1%
Margin	–	–	–	–	–	11.6%	11.5%	13.6%
Return on capital	–	–	–	–	–	42.3%	57.6%	59.8%
Assets	–	–	–	–	–	12,675	12,073	14,902
Liabilities	–	–	–	–	–	10,799	10,052	12,388
Capital employed	–	–	–	–	–	1,876	2,022	2,514
Revenue	30,179	32,100	30,648	32,129	–	–	–	–
Revenue growth	–	6.4%	−4.5%	4.8%	–	–	–	–
Profit	356	−83	283	569	–	–	–	–
Profit growth	–	–	–	100.9%	–	–	–	–
Margin	1.2%	−0.3%	0.9%	1.8%	–	–	–	–
Return on capital	10.0%	−3.5%	15.0%	12.1%	–	–	–	–
Assets	21,312	22,773	23,553	23,579	–	–	–	–
Liabilities	17,757	20,399	21,658	18,870	–	–	–	–
Capital employed	3,555	2,375	1,895	4,709	–	–	–	–
Revenue	13,181	12,403	11,363	11,495	–	–	–	–
Revenue growth	–	−5.9%	−8.4%	1.2%	–	–	–	–
Profit	1,097	1,002	732	534	–	–	–	–
Profit growth	–	−8.6%	−27.0%	−27.1%	–	–	–	–
Margin	8.3%	8.1%	6.4%	4.6%	–	–	–	–
Return on capital	30.1%	22.7%	14.2%	20.0%	–	–	–	–
Assets	7,368	9,556	10,052	7,751	–	–	–	–
Liabilities	3,722	5,145	4,883	5,085	–	–	–	–
Capital employed	3,645	4,410	5,169	2,666	–	–	–	–
Revenue	9,643	9,382	9,006	10,833	–	–	–	–
Revenue growth	–	−2.7%	−4.0%	20.3%	–	–	–	–
Profit	602	620	229	58	–	–	–	–
Profit growth	–	3.0%	−63.1%	−74.6%	–	–	–	–
Margin	6.2%	6.6%	2.5%	0.5%	–	–	–	–
Return on capital	36.6%	33.8%	11.6%	2.9%	–	–	–	–
Assets	4,457	5,091	5,573	6,333	–	–	–	–
Liabilities	2,815	3,258	3,607	4,321	–	–	–	–
Capital employed	1,642	1,833	1,966	2,013	–	–	–	–
Revenue	–	–	4,138	3,973	–	–	–	–
Revenue growth	–	–	–	−4.0%	–	–	–	–
Profit	–	–	448	494	–	–	–	–
Profit growth	–	–	–	10.2%	–	–	–	–
Margin	–	–	10.8%	12.4%	–	–	–	–
Return on capital	–	–	48.8%	–	–	–	–	–
Assets	–	–	1,753	0	–	–	–	–
Liabilities	–	–	835	0	–	–	–	–
Capital employed	–	–	918	0	–	–	–	–
Revenue	–	–	–	5,345	–	–	–	–
Profit	–	–	–	508	–	–	–	–
Margin	–	–	–	9.5%	–	–	–	–
Return on capital	–	–	–	3,115.1%	–	–	–	–
Assets	–	–	–	6,833	–	–	–	–
Liabilities	–	–	–	6,817	–	–	–	–
Capital employed	–	–	–	16	–	–	–	–
Revenue	7,581	6,874	3,669	–	–	–	–	–
Revenue growth	–	−9.3%	−46.6%	–	–	–	–	–
Profit	1,104	865	285	–	–	–	–	–
Profit growth	–	−21.6%	−67.0%	–	–	–	–	–
Margin	14.6%	12.6%	7.8%	–	–	–	–	–
Return on capital	66.9%	62.3%	336.0%	–	–	–	–	–
Assets	4,250	4,342	6,044	–	–	–	–	–
Liabilities	2,601	2,953	5,959	–	–	–	–	–
Capital employed	1,650	1,389	85	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Samvardhana Motherson International quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 3 Jun	Mar 2021Filed 3 Jun	Mar 2022Filed 27 May	Mar 2023Filed 27 May	Mar 2024Filed 1 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 13 Jul
Revenue from operations	43,275	56,521	63,523	63,537	57,370	63,536	78,701	98,692	1,13,663	1,26,104
	38,990	51,694	58,175	58,335	53,011	59,075	72,493	89,405	1,03,111	1,14,201
Materials and goods bought	25,751	34,312	36,738	36,271	32,598	36,736	45,317	54,415	61,052	67,847
Employee costs	–	–	14,169	15,077	14,100	15,375	17,931	23,538	28,387	31,478
Other expenses	–	–	7,267	6,987	6,313	6,964	9,244	11,452	13,672	14,876
Operating profit before depreciation	4,285	4,827	5,348	5,201	4,359	4,461	6,208	9,287	10,552	11,903
Operating margin	9.9%	8.5%	8.4%	8.2%	7.6%	7.0%	7.9%	9.4%	9.3%	9.4%
Materials, % of revenue	–	–	57.8%	57.1%	56.8%	57.8%	57.6%	55.1%	53.7%	53.8%
Employee costs, % of revenue	–	–	22.3%	23.7%	24.6%	24.2%	22.8%	23.9%	25.0%	25.0%
Other expenses, % of revenue	–	–	11.4%	11.0%	11.0%	11.0%	11.7%	11.6%	12.0%	11.8%
Depreciation and amortisation	1,059	1,279	2,058	2,778	2,926	2,958	3,136	3,811	4,493	5,134
Operating profit after depreciation	3,226	3,547	3,290	2,423	1,433	1,503	3,072	5,476	6,058	6,769
Other income	146	170	220	231	229	496	257	188	558	311
Finance costs	375	411	423	599	511	543	781	1,811	1,882	1,624
Profit before one-off items and tax	2,997	3,307	3,087	2,055	1,151	1,456	2,548	3,852	4,734	5,455
One-off items	−97	−178	0	0	−62	−48	−99	−250	0	−414
Profit before tax	2,900	3,129	3,087	2,055	1,089	1,408	2,449	3,603	4,734	5,042
	910	1,007	1,102	818	−69	607	735	821	1,116	1,539
Current tax	863	1,002	1,186	904	607	731	940	1,263	1,376	1,686
Deferred tax	48	6	−84	−86	−676	−125	−205	−442	−261	−147
Share of profit of joint ventures and associates	183	–	113	57	85	16	−44	238	528	583
Profit from discontinued businesses	–	–	–	–	327	364	–	–	–	–
	2,172	2,260	2,098	1,294	1,569	1,182	1,670	3,020	4,146	4,086
Belonging to the company's shareholders	1,596	–	1,613	1,170	1,039	874	1,496	2,716	3,803	3,860
Belonging to outside owners of subsidiaries	–	–	485	124	530	308	174	303	343	226
Other comprehensive income	–	–	−18	263	322	220	629	−566	−190	3,306
Total comprehensive income	–	–	2,080	1,557	1,891	1,401	2,299	2,454	3,956	7,391
Net margin	5.0%	4.0%	3.3%	2.0%	–	–	2.1%	3.1%	3.6%	3.2%
Net margin without joint ventures and associates	4.6%	–	3.1%	1.9%	–	–	2.2%	2.8%	3.2%	2.8%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2018: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because a split, bonus or rights issue between the start of the period and the filing changed the share count the earnings per share is on. Net margin is left blank for the years to Mar 2021 and Mar 2022: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 28 May	Mar 2020Filed 3 Jun	Mar 2021Filed 3 Jun	Mar 2022Filed 27 May	Mar 2023Filed 27 May	Mar 2024Filed 1 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 13 Jul
	14,442	14,826	16,584	22,365	24,377	28,216	37,129	43,659
	10,963	11,261	12,561	20,588	22,452	26,155	34,880	40,980
Share capital	316	316	316	452	678	678	704	1,055
Reserves	10,647	10,945	12,245	20,136	21,774	25,477	34,177	39,924
Belonging to outside owners of subsidiaries	3,480	3,565	4,023	1,776	1,925	2,061	2,248	2,680
	10,943	11,669	8,826	12,761	12,166	17,351	17,222	15,895
Repayable after a year	8,100	8,261	7,469	8,501	6,618	9,981	10,017	10,250
Repayable within a year	2,843	3,408	1,357	4,260	5,547	7,371	7,204	5,645
	18,891	19,571	20,294	22,285	27,515	41,720	42,069	49,182
Trade payables	10,661	10,309	11,141	11,360	14,136	22,617	23,669	28,165
Other financial liabilities	3,263	3,644	5,244	3,680	4,679	5,979	5,638	8,502
Other liabilities	1,276	1,606	1,676	2,066	2,285	4,128	4,067	5,166
Provisions	385	205	497	482	470	1,043	994	1,150
Tax owed	415	362	334	390	346	551	446	494
	9,997	11,099	10,371	11,620	9,959	15,086	13,649	17,654
Other financial liabilities	469	1,409	1,550	1,488	1,798	2,985	993	4,428
Other liabilities	122	647	655	713	718	950	1,265	1,492
Provisions	535	75	148	135	77	126	161	108
Deferred tax	576	463	336	544	522	844	978	1,070
Liabilities going with businesses held for sale	–	–	835	–	–	–	–	–
	43,330	45,496	48,085	56,270	61,852	85,022	92,847	1,10,495
Held for sale or for a demerger	–	–	1,779	–	–	–	–	–
	23,381	25,657	25,873	33,654	35,072	44,750	48,905	58,367
Plant in use, after depreciation	14,054	16,273	15,812	16,128	17,563	21,654	23,829	28,469
Plant being built	1,046	815	838	1,249	1,422	2,431	2,607	4,016
Intangible assets	2,027	1,951	1,687	1,385	1,312	2,134	2,107	1,922
Goodwill	2,212	2,406	2,472	3,374	3,773	5,750	6,554	7,309
Intangible assets being developed	21	36	39	61	56	67	39	79
Property held to earn rent	130	120	128	524	499	584	691	797
Investments	239	161	129	196	181	215	372	493
Stakes in joint ventures and associates	616	634	717	6,265	6,106	6,208	6,159	6,651
Loans given	6	18	45	4	9	12	33	33
Other financial assets	68	123	107	241	115	155	245	302
Deferred tax	612	503	1,022	1,377	1,364	2,075	2,441	2,873
Trade receivables	1,163	1,400	1,495	1,452	1,324	1,557	1,898	1,742
Other assets	1,188	1,217	1,384	1,399	1,347	1,908	1,932	3,682
	19,950	19,839	20,433	22,616	26,779	40,272	43,942	52,129
Inventories	4,663	5,157	4,996	6,442	7,823	9,139	10,787	12,647
Trade receivables	6,166	5,178	5,693	6,573	8,513	15,637	17,431	19,881
Cash and cash equivalents	3,540	4,869	5,899	4,878	4,538	6,743	5,643	7,516
Other bank balances	7	10	7	122	161	243	646	718
Current investments	1	1	1	1	3	99	69	94
Loans given	22	31	27	29	29	28	33	35
Other financial assets	4,217	3,088	2,420	3,128	4,021	5,142	5,142	6,703
Tax paid in advance	–	373	184	0	0	0	634	0
Other assets	1,334	1,131	1,205	1,444	1,691	3,242	3,557	4,535
Net debt	7,395	6,790	2,919	7,760	7,464	10,267	10,864	7,567

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 3 Jun	Mar 2022Filed 27 May	Mar 2023Filed 27 May	Mar 2024Filed 1 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 13 Jul
	5,051	2,463	4,643	7,569	6,286	11,284
	5,237	2,377	5,497	9,004	8,106	12,975
	643	−2,078	−685	79	−2,078	942
Receivables	−1,346	−646	−1,730	−452	−1,624	−1,225
Inventories	−638	−1,354	−1,273	173	−164	−1,695
Payables	1,918	552	3,056	938	203	6,075
Other working capital	709	−630	−738	−581	−493	−2,213
Tax paid	−560	−832	−853	−1,435	−1,820	−1,691
Interest paid	0	552	0	0	0	0
Capital spending	1,970	2,508	2,221	4,125	4,561	6,054
Free cash flow	3,081	−45	2,422	3,443	1,725	5,230
	−1,893	−2,312	−2,245	−6,662	−4,862	−6,124
Plant and property sold	38	72	38	115	128	143
Companies bought	0	−108	−259	−2,723	−552	−275
Interest received	63	116	69	169	232	165
Dividends received	15	79	198	172	171	205
	−2,097	−1,217	−2,734	1,281	−2,551	−3,275
Borrowings raised	7,234	5,293	4,862	11,712	5,901	7,426
Borrowings repaid	−8,366	−5,047	−5,918	−7,674	−11,558	−7,300
Interest paid	−414	−553	−808	−1,510	−1,831	−1,539
Lease payments	−393	0	−394	−596	−703	−986
Dividends paid	161	646	331	675	746	706
Shares bought back	0	0	0	0	0	279
Shares issued	0	0	0	0	6,376	0
Net change in cash	1,060	−1,067	−336	2,188	−1,126	1,886

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Samvardhana Motherson International dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 3 Jun	Mar 2021Filed 3 Jun	Mar 2022Filed 27 May	Mar 2023Filed 27 May	Mar 2024Filed 1 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 13 Jul
	₹2.25	₹2.25	₹2.27	₹1.65	₹1.46	₹1.11	₹1.47	₹2.67	₹3.67	₹3.66
As stated that year	₹11.37	₹7.59	₹5.11	₹3.71	₹3.29	₹2.50	₹2.21	₹4.01	₹5.50	₹3.66
	₹2.25	₹2.25	₹2.27	₹1.65	₹1.46	₹1.11	₹1.47	₹2.67	₹3.67	₹3.66
As stated that year	₹11.37	₹7.59	₹5.11	₹3.71	₹3.29	₹2.50	₹2.21	₹4.01	₹5.50	₹3.66
	₹0.59	₹0.67	₹0.67	₹0.67	₹0.67	₹0.29	₹0.43	₹0.53	₹0.57	₹0.60
As declared that year	₹2.00	₹2.25	₹1.50	₹1.50	₹1.50	₹0.65	₹0.65	₹0.80	₹0.85	₹0.60
	–	–	₹15.43	₹15.85	₹17.68	₹20.25	₹22.09	₹25.73	₹33.05	₹38.83
On that year's share count	–	–	₹34.71	₹35.66	₹39.78	₹45.57	₹33.13	₹38.60	₹49.57	₹38.83
Dividend payout	26.4%	–	29.4%	40.5%	45.6%	33.6%	29.5%	20.0%	15.7%	16.4%
Shareholder yield	–	–	–	–	0.3%	1.0%	0.7%	0.9%	−6.1%	0.9%
Market cap at the year end (₹ crore)	52,197	65,464	47,274	19,279	63,617	62,998	45,470	79,352	92,147	1,10,906

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Consolidated, years to March.Samvardhana Motherson International PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 3 Jun	Mar 2021Filed 3 Jun	Mar 2022Filed 27 May	Mar 2023Filed 27 May	Mar 2024Filed 1 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 13 Jul
Revenue growth	11.9%	–	–	0.0%	−9.7%	–	23.9%	25.4%	15.2%	10.9%
Operating profit growth	14.7%	12.7%	10.8%	−2.7%	−16.2%	–	39.1%	49.6%	13.6%	12.8%
Net profit growth	70.6%	4.0%	−7.2%	−38.3%	21.2%	–	41.3%	80.9%	37.3%	−1.5%
Earnings per share growth	–	0.1%	1.0%	−27.4%	−11.3%	–	32.4%	81.7%	37.2%	−0.2%
	–	–	14.7%	10.5%	8.7%	5.3%	6.9%	11.2%	12.5%	10.2%
	–	–	–	−4.2 pts	−1.8 pts	−3.5 pts	1.7 pts	4.2 pts	1.3 pts	−2.3 pts
From the net margin	–	–	–	−4.0 pts	–	–	–	3.1 pts	2.4 pts	−1.1 pts
From asset turnover	–	–	–	−0.3 pts	–	–	–	0.1 pts	−0.7 pts	−0.3 pts
From borrowing	–	–	–	0.1 pts	–	–	–	1.0 pts	−0.5 pts	−0.9 pts
Return on capital employed	–	–	13.0%	9.1%	5.6%	4.3%	8.4%	12.0%	11.1%	11.4%
Cash conversion	–	–	–	–	321.9%	208.4%	278.1%	250.7%	151.6%	276.2%
Interest cover	8.6	8.6	7.8	4.0	2.8	2.8	3.9	3.0	3.2	4.2
Debt to equity	–	–	0.76	0.79	0.53	0.57	0.50	0.62	0.46	0.36
Receivable days	–	–	35	30	36	38	39	58	56	58
Inventory days	–	–	46	52	56	64	63	61	64	68
Payable days	–	–	106	104	125	113	114	152	142	152
Cash conversion cycle, days	–	–	−24	−22	−33	−11	−11	−33	−21	−26
Working capital days	–	–	2	−7	−28	−2	1	−4	9	1
Asset turnover	–	–	1.47	1.43	1.23	1.22	1.33	1.34	1.28	1.24
Assets per rupee of net worth	–	–	3.95	4.00	3.93	3.15	2.74	3.02	2.91	2.68
Sales per rupee of plant	–	–	4.52	3.90	3.63	3.94	4.48	4.56	4.77	4.43
Capital spending to depreciation	–	–	–	–	0.67	0.85	0.71	1.08	1.02	1.18
Plant being built, % of plant in use	–	–	7.4%	5.0%	5.3%	7.7%	8.1%	11.2%	10.9%	14.1%

Revenue growth is left blank for the years to Mar 2018 and Mar 2019: between the two periods excise duty was taken out of revenue when GST replaced it, so the two are on different bases and the change is not worked out. From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2021, Mar 2022 and Mar 2023: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the year to Mar 2022: between the two periods the company demerged a business, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 3.8%
Cash from operations against operating profit: 94.8%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	12.5%	17.1%	17.0%
Profit growth, yearly rate	11.7%	30.0%	37.2%
Return on equity, average	–	9.2%	11.3%
Return on capital employed, average	–	9.4%	11.5%
Operating margin, average	8.6%	8.6%	9.4%
Net margin, average	–	3.0%	3.3%
Asset turnover, average	–	1.28	1.29
Cash conversion cycle, days, average	–	−20	−27
Interest cover, average	4.9	3.4	3.5
Debt to equity, average	–	0.50	0.48

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	32,245	25,139	11,284
Cash from investing	−22,204	−17,647	−6,124
Cash from financing	−8,496	−4,545	−3,275
Capital spending	19,469	14,740	6,054
Dividends paid	3,104	2,128	706
Shares bought back	279	279	279
Shares issued for cash	6,376	6,376	0
Borrowings raised	35,194	25,038	7,426
Borrowings repaid	37,498	26,532	7,300

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	7	6	7	7	6	6
Altman Z-scorePublished threshold 1.81	–	–	3.09	2.31	2.87	2.87	2.65	2.61	2.99	2.87
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.64	−2.37	−2.49	−2.16	−2.52	−2.65
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−3.39	1.98	−1.23	2.88	3.06	−1.06
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	2.75	2.50	2.09	2.23
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−16.04	19.64	4.71	5.65	58.27	−3.70	3.11
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	11.85	7.01	16.25	−1.92	−3.25	5.84	6.11
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−1.51	−1.37	1.20	1.45	2.71	0.83	1.51
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.16	0.34	0.38	0.31	0.31	0.39	0.41
Effective tax ratePublished threshold 17.16 per cent	31.40	32.19	35.70	39.82	−6.37	43.09	30.02	22.78	23.57	30.53
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−16.02	−4.83	−17.06	−14.88	−3.00

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
7 Aug 2026	ICRA Limited (opens in a new tab)	Non-fund based-OthersShort-term scale	[ICRA]A1+Update on Entity		425
7 Aug 2026	ICRA Limited (opens in a new tab)	Non-fund based-OthersLong and short-term scales	[ICRA]AAA /[ICRA]A1+Update on Entity	Stable	75
7 Aug 2026	ICRA Limited (opens in a new tab)	Fund-based-Working capital demand loanLong-term scale	[ICRA]AAAUpdate on Entity	Stable	100
7 Aug 2026	ICRA Limited (opens in a new tab)	Issuer RatingLong-term scale	[ICRA]AAAUpdate on Entity	Stable
7 Aug 2026	ICRA Limited (opens in a new tab)	Fund-based-Term loanLong-term scale	[ICRA]AAAUpdate on Entity	Stable	2,000
7 Aug 2026	ICRA Limited (opens in a new tab)	Non Convertible DebenturesLong-term scale	[ICRA]AAAWithdrawn	Stable	475
7 Aug 2026	ICRA Limited (opens in a new tab)	Commercial PaperShort-term scale	[ICRA]A1+Update on Entity		250
18 Jun 2026	CRISIL Ratings Limited (opens in a new tab)	Non Convertible Debentures	Crisil AAAReview, Re-affirm	Stable	1,500
18 Jun 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	WithdrawnReview, Other		100
18 Jun 2026	CRISIL Ratings Limited (opens in a new tab)	Corporate Credit Rating	Crisil AAAReview, Re-affirm	Stable
16 Jun 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	WDReview, Other		550
16 Jun 2026	India Ratings and Research Private Limited (opens in a new tab)	Non-convertible debentures	WDReview, Other		600
16 Jun 2026	India Ratings and Research Private Limited (opens in a new tab)	Issuer Rating	IND AAAReview, Re-affirm	Stable
16 Jun 2026	India Ratings and Research Private Limited (opens in a new tab)	Non-convertible debentures	IND AAAReview, Re-affirm	Stable	1,500
16 Jun 2026	India Ratings and Research Private Limited (opens in a new tab)	Commercial paper	IND A1+Review, Re-affirm		750

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.