UNO Minda Ltd (NSE: UNOMINDA) Q3 2026 Earnings Call dated Feb. 05, 2026
Corporate Participants:
Sunil Bohra — Group Chief Financial Officer
Analysts:
Chandramouli Muthiah — Analyst
Mumuksh Mandlesha — Analyst
Siddhartha Bera — Analyst
Mukesh Saraf — Analyst
Aditya Jhawar — Analyst
Rahul Kumar — Analyst
Presentation:
operator
Foreign. Good afternoon ladies and gentlemen and welcome to the UNO Mentor Limited Q3 and 9 month FY26 earnings conference call. This conference call may contain forward looking statements about the company which are based on the beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantee of future performance and involve risk and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your Touchstone phone.
Please note that this conference is being recorded. I now hand the conference over to Mr. Sunil Baura, Group Chief Financial Officer for his opening remarks. Thank you. And over to you Sir.
Sunil Bohra — Group Chief Financial Officer
Thanks Sopnali Good afternoon everyone and a warm welcome to all the participants on the earnings call. Today I am joined by my colleague Ankur. We have uploaded our financial results and investor presentation for the quarter and 9 month FY26 on the stock exchanges and our company’s website. We hope everybody had an opportunity to go through the same I would like to begin with some insights on the economy followed by the current scenario in the auto industry and our financial and operational performance for the quarter. Post that we will open the floor for Q and A.
The global economy continues to show steady momentum amid an increasingly complex policy environment, though growth remains uneven across regions. The IMF estimates global growth at 3.3% in 25 remaining stable at 3.3 in 2026 before easing slightly to 3.2% in 2027. Advanced economies are expected to grow about 1.8% in 2026 and 1.7 in 2027. The US is projected to grow 2.4% in 2026, supported by fiscal and monetary easing and continued technology investment, mainly AI related, while the euro area is expected to grow around 1.3 to 1.4%, aided by public spending but constrained by structural challenges. Emerging markets remain the primary growth drivers, with growth expected to stay above 4% in 2026 and 2027.
China is projected to grow 4.5% in 2026 before moderating to 4% next year, while India continues to outperform with GDP growth projected at 6.4% in both years, supported by strong domestic demand, sustained investment and stable inflation dynamics. Against a backdrop of uneven global growth, India continues to stand out as one of the most attractive large economies, supported by strong structural fundamentals and a supportive policy environment. Over the past few days as we all know, three major policy developments have meaningfully strengthened the outlook for India and in particular for the automotive sector. The announcement of India US Trade deal, the union budget and the conclusion of India EUFTA.
Starting with the India US trade development, the proposed reduction in reciprocal tariffs from 50% to 18% announced on 2 February is a positive step for export oriented manufacturing. Lower tariff barriers are expected to improve the competitiveness of Indian suppliers for industry. This provides greater pricing flexibility and a more stable environment for long term sourcing relationships over time. This should also encourage capacity expansion, deeper MSME participation and stronger industrial clusters across key manufacturing regions. For Uno Minda, which currently exports products like switches, lamps, heating systems, etc. To the US the easing of tariff uncertainties creates a more favorable environment to expand our export footprint.
We will continue to evaluate opportunities to scale our presence in the US market by leveraging our diversified product portfolio and stronger customer relationships. The second major milestone is the conclusion of the India uspa, India’s most comprehensive trade pact to date. This agreement deepens economic engagement with a key global market and creates long term opportunities for trade investment and industrial collaboration. From an automotive perspective, it supports India’s integration into global value chains through a calibrated approach that balances market access with domestic manufacturing and localization. India’s strong cost competitiveness, localization, depth and scale advantages are expected to remain key differentiators for for domestic manufacturers and suppliers.
From an auto component perspective, the agreement is largely positive. With the new FTA framework, tariffs are expected to revert to 0% restoring competitiveness for Indian exporters overall. While the agreement increases openness in certain vehicle categories, we believe the net outcome for Indian auto and auto component players will be positive driven by improved export opportunities, deeper collaboration with European OEMs and the ability to leverage India’s structural cost advantage to drive export led growth. Turning to union budget, it has enforced India’s long term growth strategy by placing infra spending at the core. With public capital expenditure increased to about 12.2 lakh crores.
A significant boost has been provided to advanced manufacturing through the Auto PLI scheme where allocations have risen nearly 5,940 crore for FY27, reflecting the scheme entering its peak implementation phase and encouraging OEMs and suppliers to scale investments in EVs localization and export oriented manufacturing. The PME drive scheme has been allocated 50 hundred crores in FY27 which while lower than the earlier FY26 budget outlay marks an increase over the Revised estimate of 1300 crore signaling a calibrated continuation of EV incentives as the ecosystem move towards scale and maturity. The electronics ecosystem has also received strong policy backing with the electronics component manufacturing seams seeing an expanded outlay of 40,000 crore while India Semiconductor Mission 2.0 carries a similar 40,000 crore push to strengthen domestic chip manufacturing design capabilities and supply chain resilience.
Additionally, the proposal to develop rare earth mineral corridors further strengthens the ecosystem by addressing a key structural gap enabling domestic sourcing of critical inputs for EV motors and advanced automotive components. Moving on to the Automotive Industry during the December quarter FY26, the Indian automobile industry delivered a strong rebound, recording year on year volume growth of close to 17% with aggregate industry production of around 9.1 million units. Demand momentum during the quarter was supported by by a combination of policy, seasonal and macro factors. The implementation of GST 2.0, including rationalization of tax rates, materially improved vehicle affordability across key categories such as passenger vehicles and two wheelers.
This coincided with the festive period in the October December window which traditionally drives higher retail offtake and dealer inventory replacement. In addition, easing interest rates and income tax relief measures help lift consumer sentiment. Exports also played a significant role in supporting industry growth. Export volumes grew by approximately 24% year on year to about 1.7 million units, aided by a gradual recovery in international markets and improved competitiveness of Indian manufacturing. The strong export performance further reinforces India’s positioning as an increasingly important global production and a sourcing base for automotive OEMs. Moving on to the PV industry, the segment delivered strong Q3 performance with total industry production volumes at 1.4 million units up 19% year on year.
Domestic PVC has reached 1.28 million units, the highest ever for a third quarter. Export of PV grew by 11% during the period led by EUVs where growth has more pronounced at 23% year on year, demand remained healthy across key international markets, highlighting India’s growing role in the global PV supply chain. In Q3 FY26, the two wheeler segment recorded a strong growth with total industry production volumes reaching approximately 6.8 million units, reflecting year on year growth of about 15% within the segment, scooters led the growth, rising 23% year on year. Motorcycles grew by 12% and mopeds registered a marginal degrowth.
In Q3FY26, the EV segment, the EV2 Wheeler sales grew by 7% to 3.6 lakh units. However, the penetration levels have declined to 5.1% which was 5.6% in Q3FY25 and 7.76% in Q2FY26. EV4 Wheeler grew by 60% year on year due to lower base last year but have declined by 1% to 48k on quarter to quarter basis. Here also the penetration has reduced from 3.6% from 5.07 in Q2FY26. More broadly, the Indian automobile industry is set to sustain its strong growth trajectory following healthy double digit gains across vehicle segments in late 2025. Factors such as year end sales momentum, a robust auto pipeline and the pass through of last year’s rate cuts on auto financing are expected to keep consumer demand buoyant into rest of FY26 and beyond.
Moving on to financial and operational performance for the quarter, you can refer to slide number seven and slide number eight. We delivered our highest ever quarterly revenues supported by broad based momentum across both established product lines and emerging technology led segments. This balanced performance continues to reinforce our confidence in the resilience and scalability of our business model. During the quarter consolidated revenue from operations stood at 5018 crores registering a robust year on year growth of 20% compared to 484 crore in Q3. FY25 growth was well distributed across core products such as switching lighting, alloy wheels and seating systems.
On the profitability front, EBITDA for the quarter stood at 554 crores growing 21% year on year with EBITDA margins at 11%. Finance costs during the quarter increased to 53 crore largely reflecting higher borrowings to support our ongoing capital expenditure program, incremental working capital needs etc. These investments are strategic in nature and aligned with our medium term growth roadmap. Depreciation increased by 21 crores to 179 crore driven by commissioning and capitalization of multiple facilities over last year. This includes the four wheel lighting plants at Cade City and Indonesia, the 2 million wheel capacity expansion at our two wheeler alloy wheel facility at Supa, capacity enhancement at the four alloy wheel plant at Bowel, and phase one commissioning of the four wheeler alloy wheel plant at Karkoda.
These assets significantly strengthen our manufacturing footprint and position us well for future demand across domestic and international markets. Our associates and joint venture continues to be strong contributor with share of profit rising to around 74 crore in Q3 compared to 40 crore in the corresponding quarter last year. All major joint ventures including ones with TG, tenSO, ten ROKI and TRMN performed well during the quarter. Notably TG Uno Minda delivered a robust 33% year on year revenue growth on back of capacity Expansion of side and Curtain airbags on 11-21-25, as you all know, the Government of India notified four new labor codes which consolidated 29 existing labor laws.
The Company has assessed the financial implications of these changes which has resulted in an increase in liability provisions by 28 crores. The company has presented this incremental amount as impact of Labor Codes under Exceptional item in the Consolidated Statement of P and L for the quarter and nine months ended 12-31-25. We expect marginal impacts on cost on a recurring basis arising from the revision to the Labor Courts. However, the final assessment will depend on the notification of the Central and State Rules and further clarifications from the Government on various aspects of Labor Codes. Pat attributable to shareholders stood at 277crore.
However if we exclude the impact on account of new labor code as mentioned above, the pat attributable to shareholder is 298 crores reflecting a 28% year on year growth over 233 crore in Q3FY25. Moving to the financial for nine months excluding exceptional income in Q1, the revenue from operations for nine months ending December 25 stood at 14,252 crores translating into a robust area growth of 16%. This performance reflects sustained demand across our core product portfolio, continued scale up of new businesses and a healthy execution across platforms. EBITDA excluding exceptionals for the period grew by 17% to 1580 crore, underscoring the operating strength of the business.
Even as we continue to invest in new capacities and future aid technologies. Normalized EBITDA margins for the period remain stable at 11.1%. Profit after tax attributable to shareholders for the nine month period stood at 871 crore on normalized basis excluding both prior period income and accessible items PAT is 841 crore representing a strong year on year growth of 25% over 670 crore in 9 month FY25. Coming to the business segment Wise performance and starting with switches, you can refer to slide number 11 please. The switching system business sustained its strong growth trajectory in Q3 and remained a key pillar of Uno Minda’s performance during the quarter.
The segment recorded revenues of 1241 crore, delivering around 19% year on year growth and contributing approximately 25% of consolidated revenues. Growth during the quarter was Primarily driven by two wheeler switching business which delivered over 30% year on year growth. This performance was supported by favorable customer mix and sustained domestic volume growth. The tourer switch business continued to its strive to increase its domestic market share supported by new order wins from OEMs where our historical share of business had been relatively lower. Exports in the tourer segment also witnessed a recovery during the quarter following a subdued performance in the previous quarter due to supply chain disruptions related to rare earth magnets.
During Q3FY26 we successfully overcame these challenges and secured additional export orders including heated grip from an American two wheeler OEM and a new switch order from a global sports bike manufacturer. The four wheeler switching business under Uno Mundarika also outperformed the industry supported by a steady increase in kit value per vehicle. As OEMs increasingly adopt advanced feature switch systems, we continue to strengthen our leadership position in this segment including new auto wins from Korean OEM customers. On the capacity front, the shifting come expansion of four wheeler switch manufacturing facility at Farukagar is progressing in line with the planned timeline.
Moving to Lighting Business the lighting system business continued to play a pivotal role in Nulo Minda’s growth story, delivering a strong and consistent performance in Q3FY26. The segment reported revenues of 1129 crore accounting for approximately 23% of console revenues and registering a healthy air on year growth of 15% during the quarter was supported by continued momentum across both the two wheeler and passenger vehicle lighting portfolios. With the business benefiting from sustained market share gains built over the past few years. A key structural lever driver remains the industry wide transition towards LED based lighting coupled with rising consumer preference for advanced design LED and aesthetically differentiated lighting solutions.
These trends have contributed to a meaningful increase in kit value per vehicle supporting both revenue growth and value realization during the quarter we further reinforced our leadership position in long tail lamps with the win of another large order from a Japanese customer strengthening our already strong presence in this segment. On the manufacturing front, we commenced commercial production at our new four wheeler lighting facility in Indonesia during the quarter. This plant is expected to ramp up progressively over the coming quarters in line with production volumes of our customer in the region. The relocation of our existing Indonesia lighting operations to the new facility will also commence soon and is targeted for completion within next fiscal year, enhancing operational efficiency, localization and future scalability.
Moving to casting business, the business delivered a strong performance in Q3 FY26 reflecting both capacity led growth and improving sale across product lines. Segment revenues stood at 971 crores, registering a robust year on year growth of 26% and contributing approximately 19% of Ono Minda’s console revenues. The revenue mix for the quarter comprised 533 crore from four wheel alloy wheel business, 271 from tool alloy business and 167 crore from aluminium die casting growth during the quarter was primarily driven by the ramp up of recently commissioned capacities across multiple locations. This includes our four wheeler alloy wheel facilities at Bowel and Kurcosa as well as the two wheeler alloy wheel plant at supa.
In addition, the reported growth also reflects the increase in base aluminum prices. We remain structurally optimistic on alloy demand underpinned by overall industry volume growth and the medium term trend of rising alloy wheel penetration across segments. In line with this conviction, the Board has approved the setting up of greenfield four wheel alloy wheel manufacturing facility with a capacity of 1.8 million wheels per annum comprising 0.7 million wheels per annum using GDC technology and 1.1 million wheels per annum using LPDC technology or the low pressure die casting technology. The project entails fresh capital expenditure of 764 crores to be deployed in a phased manner over next three to four years.
The new plant will meaningfully expand our LPDC based allowable manufacturing capability, strengthening our position with OEMs who prefers LPDC technology and hence enabling us to further grow our market share in the segment. Moving on to sitting, you can refer to slide number 12. The sitting systems business delivered a strong and improving performance in Q3FY26, continuing to enhance its contribution to Uno Minda’s overall growth. The segment reported revenues of 361 crore accounting for approximately 7% of the group top line and recorded an impressive year on year growth of 32%. Growth during the quarter was driven by favorable customer mix in the two wheeler segment alongside higher domestic supplies of suspended seats reflecting increased adoption across relevant platforms.
In addition, the bus passenger seating business continued to scale up, contributing meaningfully to the segment’s revenue growth. Exports also showed a clear recovery trajectory supported by higher uptake from international customers and as well as addition of new export customers during the year, further diversifying the revenue base. The acoustic business delivered a stable performance in Q3 FY26 with revenues of 210 crores. Approximately 4% of Group’s consolidated top line growth during the quarter was driven primarily by the domestic demand. The Ministry of Road Transport and Highways has notified mandatory implementation of acoustic vehicle alerting Systems called as AWAs for electric vehicles including E rickshaws and E carts, effective from October 26.
The regulation is aimed at improving pedestrian safety by ensuring that electrical vehicles which are otherwise nearly silent at low speeds are audible in urban traffic conditions. Existing EV models will be required to comply by October 27. Uno Minda has been investing in AVAS technology development over past several years and is now well positioned to capitalize on this regulatory shift. During the quarter we have secured an order for AWAs in electric passenger Vehicle program making an important step in the commercialization of this capability and reinforcing our readiness to address upcoming compliance driven demand. Moving to Other Products the other product business delivered another quarter of strong growth based performance in the quarter.
The portfolio reported revenues of around 806 crore representing year on year growth of 19% and contributing approximately 22% to Uno Minda’s consolidated top line. Within this diversified portfolio, controllers contributed 106 crores, sensors and ADAS generated around 235 crores, blow molding products accounted for 115 crores, Uno Munda EV systems around 158 and alternate fuels around 147 crore. The balance revenues were driven by aftermarket business including batteries, external sales from Uno Munda Catalytic Engineering Services in Europe moving to another strategic segment which is EV systems controllers etc. So uno minda EV system business recorded a healthy increase in revenues to 158 crore during the quarter.
This growth was largely driven by scale up of 3 Wheeler EV Charger business wherein the new 3 Wheeler EV Charger orders are now being executed through the EV Systems division. Following the end of production of certain legacy programs earlier housed within the controller business, the sensors and ADAS business continued to scale up steadily during the quarter. As part of our supply chain resilience and localization efforts, we have successfully developed alternatives to rare earth magnets and have commenced supplies of sensors using some of locally sourced magnets to our customers. With the start of commercial production at our camera module lines, revenues have increased following sop with Indian OEMs.
We have also secured a new order from a Japanese passenger vehicle OEM for Kendra module further expanding our ADAS footprint. The construction of new greenfield facility for high voltage EV powertrain components under our potential JV with Innovance is progressing as per schedule with phase one commissioning targeted in FY27 as communicated earlier. To meet the customer demand we may commence initial supply through imports from the JV partner ahead of the plant commissioning. The alternate fuel business continued steady growth supported by rising CNG penetration in the passenger vehicles. The CNG penetration in the Indian PE market has increased sharply from around 10% in FY23 to nearly 20% by end of CY25.
Capitalizing on this structural shift we have secured a large order for pressure regulators from a Japanese oem, further strengthening our position in this segment. Moving to Aftermarket and International Revenue Slide. You can refer to slide number 13. For the quarter ended December 25th, our aftermarket business reported revenues of 374 crores, contributing approximately 7% of consolidated revenues. In addition to this direct aftermarket sales, sales to the SPD or the spare part division of our customers stood at around 297 crores. The combined revenue from the aftermarket and SPD channels amounted to around 671 crores. Reflecting the growing importance of these segments in our overall revenue mix, our international business contributed approximately 10% of total revenues during the quarter.
Our international sales have increased largely on account of better exports in two roller switch and seating business. Moving to our debt levels, our net debt as of December end was at 2,298 crores compared to 2091 crores as on March 31, 2025. Our net debt to equity as at 31st December 25 stood healthy at 0.33. We have achieved a ROICI of 18% basis analyzed profits of 9 month FY26. Kindly note that the capital employed considered for calculation also includes the CAPEX for Land bank as well as CVIP which currently is not generating any returns. ROCE would be even higher if we exclude these non deployed assets.
The Board has approved and declared an interim dividend of 0.9 per share reflecting commitment from the company to return value to shareholders on a consistent basis. The interim dividend for FY26 is 20% higher as compared to last year’s interim dividend. Moving to some of the Innovation and IP recognitions, Uno Minda Limited’s continued focus on innovation and intellectual property creation has been formally recognized at leading industry platforms. At the CIA industrial innovation awards 2025, the company was ranked among top 50 innovative companies in India, underscoring the strength of its technology led approach across product and process development.
Further strengthening this recognition, Unobinda was confirmed conferred the Best Patent Portfolio award in the Large Manufacturing Engine category of at the 11th CI Industrial IP Awards 2025 and was also acknowledged among the top 30 IP driven organizations. These honors reflect the depth, quality and commercial relevance of our patent portfolio and reinforce our commitment to building long term innovation led competitive advantages. Moving to esg, Uno Minda’s commitment to strong corporate governance and sustainable value creation continues to receive meaningful external validation. The company was recently conferred the Best Governed Company award at the 25th ICSI National Awards for Excellence in Corporate Governance in the Listed Segment Medium category.
The Institute of Company Secretaries of India National Awards are widely regarded as one of the most respected benchmarks of governance excellence in the country. On sustainability front, in line with the ESG roadmap of achieving 60% renewable energy usage by 2030 and carbon neutrality by 2040, the company continues to expand its renewable energy footprint for capital consumption. In January 26, the board approved an additional investment of 6.5 crore in its SPV to access to access open access renewable power including wind and solar in Gujarat. With our existing rooftop solar installations, current open access arrangements and approved investment and execution, green power is expected to account for over 40% of our total energy consumption, marking a significant step towards our medium and long term sustainability goals.
At. The end Outlook as we look ahead, we remain optimistic about the near term trajectory of the auto industry supported by sustained demand momentum following the recent GST rationalization and improving product mix across segments. With our recently commissioned facilities gradually ramping up and a strong pipeline of land expansion projects, we believe Uno Minda is well positioned to capture emerging growth opportunities. Our core businesses switches, lighting, alloy wheels, etc. Continue to benefit from structural trends such as premiumization safety and enhanced custom comfort features driving higher content per vehicle. At the same time, our investments in EV technologies, sensors and adas are evolving into key growth engines, strengthening our technology portfolio and positioning us to deliver sustainable long term value while maintaining steady momentum in the coming quarters.
With this I would like to open the floor for your questions please.
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press STAR and one on the Touchstone telephone. If you wish to remove yourself from the question queue you may press STAR and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We have the first question from the line of Chandramoli Muthia from Goldman Sachs. Please go ahead.
Chandramouli Muthiah — Analyst
Hi good evening and thank you for taking my questions. I first have three questions. First one is just around the alloy wheels business this quarter I think into 3Q the expectation was that entry level products would be a slightly higher mix and therefore that might potentially impact alloy wheels which might not be so apparent in entry level cars. So just clarification on what drove the outperformance on alloy wheels for the particular model and so on and so forth and could if you could also help us understand specific to alloy wheels how much of the gross yoy was to do with aluminum related price hikes that you were able to pass on.
So that’s the first one, the second question is just around commodities, if you could give us a little bit of clarity around what is the current level of inflation that you’re experiencing and how much of that you’re able to pass on and when you potentially expect settlements with the OEMs on the last six to seven weeks of hyper commodity inflation that we’ve seen. And the third question is just little more broader question around production versus Growth. Historically Uno Minda has been able to grow two times if not more than that in terms of top line versus what underlying production growth has been in the industry this quarter it looks like industry production growth has been in the mid to high teens and Uno Minda’s revenue growth has been closer to 20%.
So is that again coming back to mix which has been slightly more inferior this quarter and how do you see that ratio going forward? So those are my three questions. I’ll just pause.
Sunil Bohra — Group Chief Financial Officer
Yeah, thanks Jabru and thanks for all your questions. So starting with the first question in the third quarter, entry level you said might impact particular model, what is driving etc. Etc. So you are right in terms of the alloy wheel application, right? Alloy wheel versus steel wheel, the last quarter has been little soft, it was lower by maybe couple of percentage points because as you rightly mentioned the entry level cars obviously the sales were higher and that also is one can see from the all the model wise volume data which has been already launched announced by ycm.
So that definitely had had some impact. But as you know we have been able to get a little more businesses. I’m sorry I will not be able to share model wise but we have been able to get some business and for which you know we have commissioned this Karpoda plant as well. So some volumes have started from there as well. So that definitely has helped. In terms of the commodity prices the roughly impact is around 6 to 7% for aluminum commodity price which has obviously increased. So which will have some impact maybe around 5, 6% in terms of overall revenues for casting domain in terms of the current level of inflation.
I think I just shared you and you said how much you are able to pass on. So Chandru, as you know that all the commodities we have this clause of passing on to our customers the price escalation or de escalation but that all happens with some time lag. So somewhere it is quarterly, somewhere it is half yearly, somewhere it is annual but over a full year period everything is passed through. So like in this quarter whatever as average prices they will be applicable maybe for next Quarter and wherever it’s half yearly it will go like that.
In terms of production versus growth historically two times. Yes, you are right historically two times. And we have always been guiding about long term at around 1 point or 1.55 times. And we also been saying that we should be seen on an annual basis. While quarter to quarter is important, we have to see on annual basis. Plus to your point, while the mid to high teen is the volume growth, if we see pure OE revenues what we have is almost around 22% growth of the overall 20. Because as you have seen the export growth and the aftermarket growth is not that high.
They are actually around 7 to 10% which is pulling the average down. Otherwise if you see the OE revenues they are almost around 22%.
Chandramouli Muthiah — Analyst
Got it. That’s helpful. Thank you very much and all the best. Thanks.
operator
Thank you. We have the next question from the line of Mumuk Mandlisha from Anandrati Institutional Equities. Please go ahead.
Mumuksh Mandlesha — Analyst
Yeah, thank you sir for the opportunity and congrats on the good results. So firstly I mean on the upcoming segments where the four wheeler EV powertrain new plant will start and also sunroof in FY28 if you can just update more how the order book shipping there any any sense how big this business can be there in medium term. And also you mentioned recently about the new rarer thing and also in the ADAS side camera model is also something on the future that can be a notable business version.
Sunil Bohra — Group Chief Financial Officer
Yeah. Thanks Mook. So in terms of upcoming segment Polar and Sandroop as we have said that we already have an anchor customer for both these businesses and normally what happens is you start the business with an anchor customer and then once the operations start then you gradually try and get more business from other customers. And that’s exactly what we have seen in some of the businesses which we have started in past and that’s the way we have created multiple business. So once we have this sunroof and the EV business start of production, I’m sure that will give more confidence to our customers while we have been approaching all our customers in order to gain and build that order book.
But it’s a normal what you call process where we obviously have to sell our technologies, convince our customers, build that confidence and finally once they see the operations that helps us getting the RFQ and so on. So both these businesses as you rightly mentioned they are on track as of now in terms of the rather magnets. So what has happened is once that constraint sort of came Lot of magnets. What we have tried to do is we have tried to localize, we tried to substitute the rare earth magnets with injection molding magnets and customers have been very, very supportive in terms of building alternate and testing and doing validation for those alternates.
And we have been successful that some of the those have actually gone into production. So to some extent we have been able to de risk the supply chain for rather magnets which primarily gets consummated into our sensor business and camera model. As you rightly mentioned, we have recently commissioned this camera manufacturing. We already have a had anchor customer and as I was sharing while we had anchor customer now, we have already secured business for another model now. So that’s how gradually you build that confidence. Once you start, then gradually try and get into more and more models and customers.
Mumuksh Mandlesha — Analyst
Got it sir. So broadly if I just to understand broadly. So all these new businesses can be something like a 4, 5% of the revenue over the medium term, sir.
Sunil Bohra — Group Chief Financial Officer
Difficult to say, Muksh. Yes, some of them maybe some of them because overall pie is also increasing, right? It is not that the PI static. So PI is also growing and to. In the. In the growing pie to gain that kind of share, obviously businesses have to fight against each other to get that kind of share.
Mumuksh Mandlesha — Analyst
Got it sir. And sir, on the EV2 Wheeler has also been doing well just on the there also anything more on the product side where we are gaining more share because ev2wheeler per se is growing at 15 20% run rate. But are you seeing any more product getting traction?
Sunil Bohra — Group Chief Financial Officer
Yeah. So gradually we have been adding more and more products in this. So you know that we have been working very closely with some of our customers on some of the products like motors and motor controllers and trying to sell that as a system. So we have been seeing some traction there. Hopefully within this next couple of quarters we should be able to maybe share for the development because we are working, we have given our sample samples for testing, the customers are doing trials etc and once they are successful, hopefully we will be able to convert that into some businesses.
So we have been consistently building our product offering as well.
Mumuksh Mandlesha — Analyst
Finally sir, one last question. On the other expenses have increased sequentially by around 10% and also it’s higher 29% of iOS. This could help us anything to one of all this.
Sunil Bohra — Group Chief Financial Officer
No, you are right. So in terms of other expenses, there have been certain expenses which have been higher quarter on quarter because of some power and fuel expenses which have been higher than you normally have your maintenance and maintenance happens during the Quarter so that has impacted around 10 odd crores. Power and fuel was around higher by around 13 odd crores. Then because of volumes your freights and other overheads were higher by around 1112 crores. And there have been small, small pockets where there has been higher costs.
Mumuksh Mandlesha — Analyst
Got it. So part of that would get to say reverse in Q4 and sir, yeah.
Sunil Bohra — Group Chief Financial Officer
Obviously some spares and all that which have been related to annual maintenance should not expect the same levels in the, in the next quarter.
Mumuksh Mandlesha — Analyst
Thank you so much for the opportunity. I come for the questions.
Sunil Bohra — Group Chief Financial Officer
Thank you.
operator
Thank you. Ladies and gentlemen, in order to ensure that the management will be able to address all the questions from the participants we request you to kindly limit your questions to two per participant. If you have a follow up question, please rejoin the queue. Again we have the next question from the line of Siddharth Pera from Nomura Wealth. Please go ahead.
Siddhartha Bera — Analyst
Yeah sir, thanks for the opportunity. Sir, first question is on the exports opportunity. If you can just highlight exports out of India with the what percentage for us and given these deals which have got concluded if you can just highlight any discussions we are having with global OEMs to sort of push exports aggressively and how, how I think exports I think is a bigger part for our switch and fitting business. So respective for these businesses how big is exports now and any color you have in terms of the order book, how big can this be? Say maybe in a few years that will be the first question.
And second is again on these businesses you talked about favorable customer mix. I mean does it mean that one small customer has become big or exactly what how to interpret this favorable mix or is it in terms of profitability? And lastly if you can talk about the Capex plan given this new Capex which has got announced. So how do we look at the Capex for this year and next year?
Sunil Bohra — Group Chief Financial Officer
Yeah, so thanks Siddharth. I’ll go your questions one by one. So first was on exports. Yes, we have been talking to a lot of our customers but you know this development has happened only in last one week. So our teams obviously will be now more aggressive in terms of pushing. With all these global customers definitely there’s an opportunity to gain more. And if you see our question was how much of exports is part of our revenues. If we see our group revenues overall the nine month physical exports have been in the range of 500, 600 crores physically from India plus the overseas sales like last quarter we said our total revenue which is export from India plus the assembly.
What we do in overseas operations is almost like 10% of our total revenues. So this has improved marginally from previous quarter which was around 9%. So export as a overall pie we have been very very aggressive. There have been discussions going on with some of our customers. But you know that because of these tariffs and all that in last couple of quarters obviously things have not been moving at the pace what one would like to be. But we do hope that once this clarity has happened now the discussions will restart now and in next one or two quarters we should be able to see some more traction going on with our customers.
So export physically from India we are very very optimistic that this will definitely continue to see growth in absolute terms every quarter as we move forward. But new business, you know, once we get it, it is not that it comes into production immediately in the same quarter or same year. Any new business you get that product has to be developed and to see in the top line it takes at least one to two years. So we have to be maybe little patient to see a significant impact in terms of the overall global revenues and exports in terms of favorable customer mix.
What does this mean? Basically you appreciate that we are working with almost all the customers in the country. So if any customer where maybe a little bit share of businesses higher, if it does better then it has a better impact on your numbers. So with some of the customers where we had got little better market share, they have done better. So it has a good impact on your numbers. It’s not about some small player getting into big but but some stable large players because that can only create some meaningful impact. Otherwise small players may not even create any meaningful impact on your overall top line in terms of CAPEX plan.
Yes, the Capex which has been announced today. I’m sure this has been long under works because everybody has been sort of pushing us that we have had only one line of LPDC wheels for last three years now in Gujarat and we have not been expanding because of various reasons. Finally we have got some traction. Hopefully we should see some more business coming en route and we are putting this plant hopefully in next couple of years should be up and running and by the time we do expect more traction because we have already aligned to prove ourselves in terms of operation of LPDC wheels in Gujarat.
So that also has built some confidence into our customers in terms of how do you look at CAPEX plan for this year and next year maybe we’ll be able to give you better color as you always do in our May con call because we just started our budgeting exercise and hopefully we should be over by next five to six weeks. So maybe in the annual results call, that’s what we normally do, we’ll be able to share a better visibility on the next year’s capex. Thank you.
Siddhartha Bera — Analyst
Got it, sir. Thank you.
operator
Thank you. We have the next question from the line of Mukesh Sara from Evander Spark. Please go ahead.
Mukesh Saraf — Analyst
Yeah, good evening and thank you for the opportunity. My first question is on the four wheeler Loyola, the new plant that you announced. I think in the past you have mentioned that you’re not expanding beyond the 25,000amonth on LPDC because you weren’t kind of, it wasn’t as remunerative to expand for many reasons. And now that you’re expanding, I think you’ll go up to maybe closer to a lakh a month on lpdc. So is it like a breakthrough that you’ve had now with say the non Japanese customers? And also where would this plant be set up? Would it be a new location, say in the south, for example?
Sunil Bohra — Group Chief Financial Officer
Yeah. Any other question? Mukesh, you have.
Sunil Bohra — Group Chief Financial Officer
So the second question is on, in general on the capacity utilization. So while we have seen lighting, you have commissioned a new plant in Pune and switches, you have another one coming. I think in some other categories like seats for example, you’ve been growing now double digits for the last three four quarters and sensors and controllers have been growing quite well. And it’s probably one third of your other segment now. So it’s just trying to understand your capacities and the utilization levels for some of these other segments. These are the two questions.
Sunil Bohra — Group Chief Financial Officer
Okay, thanks. Thanks Mukesh. So I’ll go one by one. So you are right that 4 Alloys, as I also said that for last three years we have not been investing in that LPDC technology. We have been trying to prove ourselves and trying to get some traction with the customers. Yes, there is some positive traction with our customers in terms of, in terms of pricing. And also we have got better some discussions going on in terms of little bit of exports as well because that is also primarily on to LPDC side and we are also targeting some of the players who might be currently importing the wheels into the country.
And the discussions have so far been encouraging and motivating. So it was like whether you wait for all the customers to get a business and then start construction or you take a call and try and get more and more business. So I think at the end of the day the board decided and took a call to go ahead with this project and see how best we can capture the Market index, two years by the time this plant come into production. That’s all. In terms of the loyal, the plants are on this.
Mukesh Saraf — Analyst
Will this not be in the south?
Sunil Bohra — Group Chief Financial Officer
Yeah, the plant, the location is mostly going to be likely in the western part of the.
Mukesh Saraf — Analyst
Okay, sure.
Sunil Bohra — Group Chief Financial Officer
Then in terms of capacity utilization, it varies range, business to business. Some businesses capacity utilization is around maybe 80%. Some businesses are already at 90%. So it’s a broad range of 75 to 95% I would say in terms of capacity utilization as of now.
Mukesh Saraf — Analyst
Okay, okay. Will we see some capex on seats or on the sensors controllers, the electronic side of it, given the growth is strong there and we haven’t really done much say the last year or two years in terms of capacity.
Sunil Bohra — Group Chief Financial Officer
Yeah. So large Mukesh, the endeavor always is. How do we try and deliver more revenue from the existing facilities? Through debottlenecking, through incremental capex, through sustaining capex. And once we reach a level where no further growth is possible, that’s when you sort of take a call. This is good enough for maybe a year or two. It’s a high time that you have to start thinking of a new plant. That’s where we try and commit. Otherwise we don’t want to build capacities and let it lie idle for sometimes. So that’s how we try and optimize our capex.
Mukesh Saraf — Analyst
Sure. Great. Thank you sir.
Sunil Bohra — Group Chief Financial Officer
Thank you.
operator
Thank you. A reminder to all the participants. You may press Star and one to ask a question. We have the next question from the line from Aditya Jawar from investech. Please go ahead.
Aditya Jhawar — Analyst
Hi, thanks for the opportunity. My first question is the growth in LMT was quite strong at about 26%. Clearly I think you mentioned that the two new plants got commissioned. But it would be great if you can quantify the impact of aluminium price increase that we saw in this quarter. That is number one. Number second is that you know, if you can quantify the PLI benefit. So as we talk to OEMs, a lot of the OEMs are taking the bulk of PLI benefit to what kind of PLI benefit we have accrued in this quarter and for nine months.
That was my, you know, second question.
Sunil Bohra — Group Chief Financial Officer
Yeah, yeah, yeah. Aditi, thanks for your question. So in terms of growth in LMT as I shared the impact in LM prices, around 6 to 7% aluminum prices for the quarter. So obviously that will be the impact in terms of the revenues as well. And in terms of the PLI benefit, we have not accrued anything in quarter or nine months.
Aditya Jhawar — Analyst
Okay. Okay, fair enough. If I can just squeeze one question now, you know, just a little bit of a broader question. Now, when you look at our kit value across different sub segment of two wheelers and four wheelers, we have done exceptionally well by adding more products. But it would be great if you can give some color that. For example, if you look at our SUV, compact SUV, we supply kit about 1,25,000 in SUVs, it’s about 2,40,000. So in terms of our existing relationship with OEM, so there would be customers which have a higher share of business and some customer with a lower share of business.
So if you can give some indication that Maybe at about 60% market share customers we have a high share of business and the remaining 40%, the scope of growth is relatively high. Some broad sense, specifically in four wheelers. If you can give
Sunil Bohra — Group Chief Financial Officer
yes, Aditya, so. Yes, Aditya. So in terms of Kit value, definitely, we have been trying to gain more and more. But you are also right that with — in some of the products with some of our customers, our market share is better related to others. So our first goal always is in the business we are in, we need to have at least 30% share of business. That’s where the target is. There are businesses where we are less than 30%, and we have been incrementally growing over the last few years and trying to capture more and more. Also, there are pockets in terms of customers where there is opportunity to grow more, where we have relatively maybe a little less share of business, say, for example, some of the customers who might be importing as of now or have their own ecosystem of manufacturing. So there, our share of business is a little less. And also there are customers who might be actually having a CKD — so there also, there is an opportunity to sort of gain a little bit more market share. But to answer to your point, yes, there are pockets where our opportunities to grow market share where we are actually
Aditya Jhawar — Analyst
lower.If you look at our relationship with OEMs, we have a very good relationship with other than Korean OEMs and Korean OEMs market share and some other OEMs would be less than 30%. So is it fair to assume that OEMs where market share of those OEMs is 70%, our share of business would be high, about 30% to 40%. And the remaining 30% OEM, our share of business will be lower, something broad bifurcation in whatever way you can give?
Sunil Bohra — Group Chief Financial Officer
.Yes. So asset turn definitely in casting is low. The asset turn in this DPR, what we have prepared is obviously going to be around 1.2 to 1.3. And as you move forward, it improves a little bit with debottlenecking, et cetera, et cetera. So obviously, to get to a hurdle rate of our returns, the margin has to be higher, and that’s where the margins here are obviously better than the company average margins to make sure that you get your target ROCE .
operator
We have the next question from the line of Rahul Kumar from Nuvama Wealth.
Rahul Kumar — Analyst
I have one question on the lighting segment. So for — how much would be the LED penetration in 4-wheeler and 2-wheeler lighting? And how do you see the scope for further increase in content per vehicle?
Sunil Bohra — Group Chief Financial Officer
Sorry, so Rahul, in terms of LED penetration for overall 2-wheeler and 4-wheeler, obviously, 2-wheeler is higher, almost at around 30-odd percent and 4-wheeler is lower at around 20-odd percent. There is no formal obviously, data. So you can maybe assume a range plus/minus a little bit. But directionally, the opportunity for LED penetration in PV is more, and that’s where you see that it is gaining speed with a lot of LED lamps, et cetera.In the PV for the tail lamps, you see the long tail lamps. So that’s a new trend. They are all LED lamps. So the market is actually catching a lot. And what has seen is that in terms of pass cars, you will see that at least there is a LED penetration in terms of the headlamp. You have a DRL almost in all the cars that is — that’s LED. So it has been consistently growing. But maybe a little more insight, we’ll try and give you when we have in our next call.
operator
Thank you very much. Ladies and gentlemen, due to time constraint, this was the last question for the day and with that, the question-and-answer session concludes. I now hand the conference back to the management for the closing comments. Thank you, and over to you, sir.
Sunil Bohra — Group Chief Financial Officer
Thanks, Swapnali. I would like to thank everyone for joining this call. I hope we have been able to respond to most of your queries adequately. For any further information, we request you to please do get in touch with us directly. Thank you.
operator
Thank you very much. On behalf of Uno Minda Limited, that concludes this conference. Thank you for joining with us today, and you may now disconnect your lines. Thank you very much.