Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
UNO Minda Ltd (NSE: UNOMINDA) Q4 2026 Earnings Call dated May. 18, 2026
Corporate Participants:
Sunil Bohra — Group Chief Financial Officer
Analysts:
Mukesh Saraf — Analyst
Aditya Jhawar — Analyst
Rahul Kumar — Analyst
Siddhartha Bera — Analyst
Mumuksh Mandlesha — Analyst
Unidentified Participant
Presentation:
Operator
Ladies and Gentlemen, good day and welcome to Ono Minda Limited’s Q4 and 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 guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all bias pin 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 the conference call, please signal an operator by pressing Star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Sunil Bora, Group Chief Financial Officer for his opening remarks. Thank you. And over to you Sir.
Sunil Bohra — Group Chief Financial Officer
Thanks Michel Good morning everyone and a warm welcome to all the participants on the earnings call. Today I am joined by my colleague Ankur Modi. We have uploaded our financial results and Investor presentation for Q4, FY26 and FY26 on the stock exchanges and our company’s website. We hope everybody had an opportunity to go through the same I will begin with a brief overview of the macroeconomic environment followed by the current trends in the automotive industry and then our financial and operational performance for the quarter and full year.
Post that, we will open the floor for Q and A talking about the global economy and its landscape. The global economy has shown remarkable resilience until now. The outlook for 2026 has become increasingly complex. Recent geopolitical escalations in the Middle east have introduced fresh uncertainty, primarily manifesting through commodity price volatility and renewed inflationary pressures. According to the latest IMF World economic outlook in April 26, global growth is projected to moderate to 3.1% in 26, with a slight recovery to 3.2% in 2017.
This deceleration reflects the shadow of conflict which has prompted a modest uptick in global headline inflation. We are seeing a distinct divergence in growth dynamics. Advanced economics growth remains subdued at approximately 1.8% as these regions navigate high public debt levels and tighter financial conditions. Emerging markets remain the primary growth engines, though they are increasingly sensitive to the 16% surge in commodity prices forecasted by the World bank for this year, particularly in energy and fertilizers.
Amidst this global cooling, India’s narrative remains one of the exceptional performance for FY26. India is estimated to have grown at over 7%, cementing its position as the world’s fastest growing major economy. This performance has been underpinned by strong domestic consumption, government’s sustained infrastructure push and a decisive shift towards make in India for advanced manufacturing. Looking ahead to FY27 while the World bank and ADB project a moderation in GDP growth to approximately 6.6% to 6.9% largely due to higher energy import costs and global trade headwinds, India’s structural fundamentals remain intact.
With capacity utilization improving and private capex is starting to kick in, we believe the domestic macroeconomic environment provides a stable floor for our growth ambitions. Moving on to the automotive industry Overview the Indian industry has exited FY26 on an exceptionally strong footing following a relatively cautious first half, we witnessed a decisive and pronounced rebound in second half characterized by a synchronized recovery across most of the segments. Production volumes in the quarter 4 FY26 grew by 19% year on year reaching approximately 9.3 million units.
The Indian automobile industry has exited FY26 on strong footing with Q4 reflecting a clear acceleration for the full year. The total production reached an all time high of approximately 34.7 million units representing a robust 12% year on year growth. It is important to note that this growth is not just quantitative. We are seeing a structural shift towards higher value vehicles, particularly in the SUV and premium two wheeler segments which aligns perfectly with Uno Minda’s product portfolio. The industry’s expansion is underpinned by by a convergence of fiscal and monetary tailwinds.
Personal income tax rationalization and GST rate cuts significantly enhanced customer affordability and disposable income. Furthermore, the RBI’s strategic repo cuts lowered financing barriers while the government’s aggressive infrastructure push catalyzed demand across segments. The PV segment delivered a formidable performance in Q4 FY26 with production volumes reaching approximately 1.6 million units, a robust 11% year on year increase. This quarterly momentum translated into a historic year as the segment recorded its highest ever annual production of 5.5 million units, growing 9% for FY25.
India’s manufacturing competitiveness is increasingly recognized on the global stage. Passenger vehicle exports reached a historic high of 0.91 million units in FY26, a 17.5% year on year expansion. Strong traction in the Middle East, Africa and Latin America is positioning India as a critical global hub for small to mid size SUVs. Electric EV registration surged by over 80% this year with retail sales touching approximately 200,000 units. Consequently, EV penetration in the PV segment has climbed to 4.2% in FY26 up significantly from 2.6% in the previous year.
Moving towards two wheeler segment, the segment witnessed a powerful acceleration in Q4 with production volumes hitting approximately 7.1 million units, a robust 20% year on year growth. This performance served as a catalyst for a record breaking fiscal year for FY26. The total two wheeler production reached an all time high of approximately 26.6 million units, growing 12% and surpassing the previous peak achieved in FY19. Exports of two wheeler reached a record 5.2 million units in FY26, a massive 23.4% year on year jump.
E2 wheel registration crossed 1.4 million market in FY26 growing 21% year on year. In Q4 alone E2 wheeler volumes reached 4.25 lakh units clocking 39% year on year growth. Overall, E2 wheeler penetration has climbed to 6.5% up from 5.4% in the previous years. Moving on to the three wheeler segment, the segment delivered a strong performance in quarter four with production volumes growing by 32% year on year to approximately 0.34 million units, reflecting robust demand across both domestic and export markets.
Three wheeler exports for expired 26 reached approximately 0.46 million units, a massive 50% year on year increase. Exports now contribute roughly 35% of our overall three wheel production. This resurgence was led by a significant rebound in demand from key international markets, most notably Sri Lanka and across the African continent. The segment also benefited from structural tailwinds including the continued expansion of electric three wheelers where EV penetration crossed 60% in FY26. Moving to the CV segment, the industry also delivered a strong performance in Q4 with total production growing by 19% year on year to approximately approximately 0.36 million units.
On a full year basis, the segment recorded its highest ever production of approximately 1.17 million units, registering a 13% growth over previous year. Overall, FY26 has marked a year of broad based recovery for the automotive sector with strong momentum visible across all segments supported by improving demand conditions, policy tailwinds and a steady revival in both domestic and export markets. The second half led recovery coupled with structural shift such as increasing electrification and evolving mobility patterns highlights the strengthening fundamentals of the industry.
While external uncertainties particularly in the geopolitical and commodity front continue to warrant close monitoring, the underlying demand environment and long term growth drivers remain firmly intact. Against this backdrop I will now move on to discuss our company’s performance for the quarter and the key developments during the period. You can refer to slide number 7 and 8. We reported strong quarter where we have continued to scale new heights once again surpassing our previous peaks to achieve our highest ever quarterly revenues and profitability.
Our consolidated revenues from operations for the quarter stood at 5336 crores representing a robust 18% year on year growth. This growth was broad based driven by volume expansion across most of our core product offerings. On profitability front, EBITDA grew by 14% year on year to 603 crores with healthy EBITDA margins of 11.3%. We have managed to maintain these margins despite a volatile input cost environment reflecting our disciplined focus on operational efficiencies. Depreciation increased by 27 crores 192 crore following the capitalization of strategic facilities including our new four wheel lighting plants in KD City and Indonesia and two wheeler royal expansion at Supa 4 Alloy.
Phase one commissioning of our Karpodar facility and capacity expansion at Wawon. Finance costs rose to 45 crores, a planned increase representing the higher borrowings required to fuel CAPEX program and manage the incremental working capital for our growth. The share of profit from associates and joint venture for the quarter rose to 64 crores compared to 55 crore in the prior year. We would like to specifically highlight TG Uno Minda which recorded a 26% revenue surge following the capacity expansion of our side and 13 airbag business aligning with India’s intensifying focus on the vehicle safety.
As a result of this strong operational performance and disciplined execution, profit after tax attributable to shareholders grew by 32% to 326 crores compared to 266 crores in Q4. FY25 moving on to full year financials for FY26 excluding prior period income in Q1, the revenue from operations for the financial year ending March 26 stood at 19,589 crores translating into a robust year on year growth of 17%. This performance reflects sustained demand across our core product portfolio, continued scale up of new businesses and healthy execution across platforms.
Normalized EBITDA for the period grew by 16% to 2182 crores underscoring the operating strength of the business even as we continue to invest in new capacities and future ready technologies. Normalized EBITDA margins for the period remained stable at 9.1%. Profit after tax attributable to shareholders for FY26 stood at 1197 crore on localized basis excluding both prior period income and exceptional items I.e. 1166 crore representing a strong year on year growth of 24% over 943 crore in FY25. Moving on to the business segment wise performance, you can refer to slide number 11 please starting with switches, the switch system business, the largest division within the OLO Minda portfolio continues to be one of our fastest growing verticals.
The segment recorded its highest ever quarterly revenues of 1343 crore reflecting a robust 17% year on year growth and contributing 25% to our group’s consolidated turnover. For FY26 the division reached 4871 crore in revenue growing 16% from 4204 crore in FY25. Growth during the quarter was primarily driven by the two wheel switching business which delivered over 26% year on year growth. This performance was supported by sustained domestic volume growth and increase in share of business with some of our customers.
Two wheeler switch export for the quarter touched 86 crore whereas exports crossed 280 crore for the full year. The 4W switching business under Uno Mindarika also continued to outperform industry growth. This was supported by increasing premiumization and rising adoption of advanced feature rich switching systems by OEMs resulting in higher kit value per vehicle. In addition, we witnessed further increase in share of business with leading Indian passenger vehicle OEMs further strengthening our leadership position in the domestic market.
On the capacity expansion front, the shifting come expansion of a four wheeler switching facility at Farukhnagar is progressing as per plan. We expect to complete the transition of Manassar plant to Farooq Nagar over the next six months. Moving on to the lighting segment, the lighting system business reported revenues of 1154 crore contributing around 22% to consolidate revenues and recording a healthy year on year growth of 13%. On a full year basis the business delivered revenues of 4,402 crore registering a strong 14% year on year growth reflecting sustained execution and consistent demand across key segments.
The tool and lighting portfolio continued to anchor growth during the quarter supported by sustained market share gains achieved over past few years. This momentum was further strengthened by increase in share of business with key customers and rising EV penetration where Uno Minda remains a leading supplier to multiple E2 Wheeler OEMs. A key highlight during the quarter was the receipt of a significant new order for unserved models with an annual peak value of approximately 450 crores for the supply of two wheeler lighting products with SOP scheduled in second half of FY28.
This order equivalent to nearly 25% of the current two wheeler lighting annual revenues is expected to materially enhance our share of business and further strengthening our overall market position in the four wheeler lighting segment. After witnessing a threefold expansion over the past five years, the business is now in the phase of consolidation. With SOP of multiple new programs and the bulk of capacity expansion already in place, the focus is now on stabilizing operations and driving steady and sustainable growth.
Moving to Casting Business the casting business revenues for the quarter reached 982crore reflecting a strong 14% year on growth and contributing approximately 18% to Ono Minda’s consolidated revenues. The quarter revenue mix remained well diversified led by 535 crore from the Ford and oil segment, 259 crore from two Ola loyalty side wheels and 188 crore from aluminum die casting. For the full year FY26 the business recorded revenues of 3694 crore marking a healthy 15% growth over previous year.
Within this the four wheeler alloy wheel segment contributed in 1964 crore followed by 1058 crore from the two wheeler Roy wheels and 673 crores from aluminum die casting. Growth during the quarter was largely driven by a ramp up of recently commissioned capacities across key locations including the four wheeler loyal facilities at Bawar and Karpoda. Additionally, the reported revenue growth also reflect the impact of higher base aluminum prices during the period. From a demand standpoint we are seeing some near term moderation in alloy wheel penetration in our customers.
This was primarily led by shift in our customers vehicle mix with stronger growth in entry level of the models where alloy wheel adoption remains relatively lower impacting penetration in the four wheeler space. In the two wheeler segment as well, demand softness was observed due to a shift in customer preference in specific programs where steel wheels were adopted in place of previously planned alloy wheels. That said, the business continued to actively diversify its customer base and has secured new orders in the two wheeler Royal segment including programs in the electric two wheeler space.
Despite these near term headwinds, the long term outlook remains positive. The structural growth drivers for alloy wheels remain intact supported by industry volume expansion and expected gradual but consistent increase in alloy wheel penetration across vehicle segments. Moving to Seating the seating system business continued its upward trajectory in the quarter steadily strengthening its contribution to Uno Minda’s overall growth. The segment reported revenues of 381 crores during the quarter contributing approximately 7% to the consolidated revenues.
For the full year FY26 the business delivered revenues of 14. 16 crore reflecting a strong growth of 23%. The quarter’s performance was driven by combination of increased share of business with both existing and new customers along with higher domestic demand for suspended seat. Encouragingly, exports gained momentum during the quarter reaching 54 crores supported by improved offtake from international customers as well as addition of new export accounts, further diversifying the revenue base. Building on this traction, the business secured new export orders with an expected annual peak value of approximately 390 crores from three new customers from Europe and North America in the CV segment.
Supplies for these programs are expected to commence in FY28 providing strong visibility for future growth. Driven by our deep commitment and strategic focus on the future of clean mobility, we are introducing a distinct reporting threat category which is Green Mobility. This dedicated segment consolidates our sustainable technology portfolio encompassing Uno Minda EV Systems, Uno Minda Auto innovation which covers two wheeler, three wheeler and four wheeler businesses for EVs, the EV specific business of our Controller business and Uno Minda Westport all trade fuel and CNG systems.
This reorganization ensures streamlined visibility and sharper insights into our high growth EV and alternative fuel business. Showing immediate momentum, the Green Mobility segment achieved a robust 25% year on year revenue growth in the quarter reaching 423 crore and contributing 8% to the company’s total console revenues. Within this segment, all trade fuels led the quarter with 186 crore followed closely by two wheeler and three wheeler EV systems at 147 crore reflecting strong adoption trends across electric mobility system.
Four wheeler EV business and our EV specific controller business further strengthened the portfolio contributing 46 crore and 44 crore respectively for the full year. FY26 the combined green mobility business recorded consolidated revenues of 1405 crore registering a steady 7% year on year growth as against 113 crore in FY25. For the full year FY26 the two wheeler and three wheeler systems business recorded revenues of 501 crore registering a robust growth of 31% underlining its emergence as a key growth driver within Uno Minda’s future mobility portfolio.
Moving on to High voltage EV Powertrain business, the construction of the new greenfield facility for our high voltage EV powertrain components under our subsidiary Uno Minda. Auto Innovation Private Limited is progressing on schedule with Phase 1 Commissioning Plant for the second half of FY27. In line with earlier communication and to meet customer demand, we have initiated supplies of electric drive unit resulting in revenues of around 46 crores during the quarter. Further to Cade, the board has approved the establishment of the State of ART Greenfield manufacturing facility under UMAIPL in Chhatrapati Sambhajinagar, Maharashtra for electric powertrain products for passenger vehicles.
The new plant will assemble and manufacture advanced systems including EDUS and dedicated hybrid transmission systems. The manufacturing of EDU will be supported by a technology partner in Ovens Automotive. The component and systems for EDU will be progressively localized over a period of time. The DST will be assembled and manufactured through strategic customer partnership. The project involves a total estimated investment of 550 crore to be funded through a mix of debt and equity. Capital expenditure will be phased over next two three years with the facility expected to be commissioned by second quarter of FY28.
This is the second EV powertrain plant announced by UMAIPL in good succession following the ongoing setup of facility in KH City, Pune which is slated to begin operations in the second half of the current fiscal year. The alternate fuel business sustained its strong growth momentum driven by rising CNG penetration in the PV segment. The CNG penetration in the Indian PV market has increased significantly from 10% in FY23 to 20% in CY25 and further to 22% in FY26. During the quarter the business reported revenues of 186 crore reflecting a robust growth of 30% for the full year.
FY26 revenue stood at 592 crore growing 18% year on year. Moving to other products, our acoustic business which was previously reported as a standalone item, has now been clubbed in the others category. The reconfigured other product portfolio continues to reflect steady operation performance. The vertical reported revenues of crore, registering a robust 25% year on year growth and contributing approximately 20% to the company’s consolidated top line contribution during the quarter remains distributed across remaining core and aftermarket verticals within the portfolio.
Sensors and ADAS generated 205 crores followed by Acoustics at 225 crore. Blue Molding Products and the Non EV Controller business accounted for 118 crore and 86 crore respectively. The remaining revenues were driven by aftermarket segment including batteries along with external sales from Uno Milda catalog providing additional stability to the portfolio for the full year. FY26. This product category reported consolidate revenues of 3,801 crore up 26% year on year, reflecting the underlying strength of our diversified adjacencies.
Construction of the sunroof manufacturing facility is progressing as planned with the commissioning expected by end of FY27. Further strengthening our order book, we secured an additional order with an annual peak value of estimated to be 85 crore taking the total sunroof order book potential to over 350 crores. In the in vehicle infotainment space normally called IBI where adoption continues to rise and is now standard across mid to high end segments, Uno Milda has expanded its capabilities. Our in house R and D Center has developed a competitive Android based IBI platform enabling us to secure a sizable order of 600 crores estimated peak annual value compared to our FY26JV revenues of 846 crore.
This order represents 70% of current revenues with SOP expected in Q3 FY29 marking a significant growth opportunity. Additionally, create Our R and D Center has developed a silver box display unit for two wheeler applications for which we have secured an order with an estimated annual peak value of around 200 crores. Production for this program is expected to commence in Q4FY27. Moving to aftermarket and International business. You can refer to slide number 13 please. For the quarter ended March 26th the aftermarket business reported revenues of 340 crores contributing approximately 7% of concerned revenues.
In addition, sales to OEM spare part division stood at 232 crore. Combined the aftermarket and SPD channels generated revenues of 572 crore underscoring their growing importance in our overall business mix. The international business contribute around 10% of total revenues during Q4FY26. This performance was driven by improved export traction particularly in the two wheeler switching and seating segments. Moving to our debt position, the net Debt as of 31st March stood at 21.79crore compared to 20.91crore as on March 25.
During FY26 the cash flow from operation amounted to 17.22crore while capital expenditures stood at 1572crore. This included 861crore towards expansion projects, 149crore for land acquisition at CSN, the balance towards sustaining capex. Additionally, company has incurred a cash flow of 200 odd crores towards the acquisition of shares in UM, USPL and associated Technologies from frivo. As highlighted, while sustaining and growth capex have largely been funded through internal accruals, incremental debt has primarily been driven by acquisition.
Despite this, the balance sheet remains very strong with a net debt to equity ratio improving to 0.30 as of March 26 as against 0.34 as of March 25 we have achieved ROCE of 19.2% and return of equity of 19.1% for FY26. Kindly note that capital employed considered for calculation of ROCE also includes the CAPEX for Land bank as well as CVIP which is currently not generating any returns. ROCE would be even higher if we were to exclude these non deployed assets reflecting our strong financial performance and robust cash flow generation.
The Board has recommended a final dividend of 1.75 per share for shareholder approval. When combined with interim dividend already distributed, the Total dividend for FY26 reaches 2.65 per share or up to 153 crores. This payout highlights our disciplined approach to capital management. We continue to strike a strategic balance between reinvesting in the business for long term compounding and returning cash to investors. Turning now to our ESG performance, an area that continues to be a cornerstone of our long term value creation strategy at Uno Minda we view ESG not merely as a compliance requirement but as a commitment to sustainable growth.
Our focus on diversity and inclusion has moved beyond policy into tangible shop floor impact. I am pleased to highlight our strategic collaboration with Atypical Advantage through which we have launched a targeted pilot project to onboard differently abled people. Furthermore, our CSR arm, the Suman Nirmal Minda foundation continues to scale its reach. We recently inaugurated our 19th Samarth Jyoti center at Pune in Supar. This center is a vital addition to our network dedicated to providing vocational training and support that enables mobility, independence and dignity for persons with disabilities in our industrial hubs.
In line with our sustainability roadmap of achieving 60% renewable energy by 2030 and carbon neutrality by 2040, we have committed additional investments in renewable energy projects across our key manufacturing hubs in Haryana and Tamil Nadu. With our existing rooftop solar installations, current open access arrangements and approved investments under execution, our green power is expected to account for almost 650% of our total energy consumption, marking a significant step towards the medium and long term sustainability goals.
Finally, moving on to outlook looking ahead, the automotive industry is expected to sustain its growth momentum in FY27. Against this backdrop, Uno Munda will continue to execute its dual strategy driving vertical growth in core businesses through higher value addition and market share gains while simultaneously scaling new age and emerging technology platforms. In line with this approach, we will maintain a strong investment focus on both capacity expansion and capability enhancement for FY27. We have planned a total capital expenditure of approximately 1750 crores comprising of around 650 crore towards sustaining capex and around 1100 crore towards growth capex and Balance towards Land Acquisition Considering the expansion plan announced or under consideration by our customers, we may be required to add more land in CSN Hosur and Gujarat.
Beside land, project mix will largely be directed towards ongoing and announced projects. The list of the same is part of the presentation. While sustaining capex will address incremental capacities and technology upgrades across existing plants. FY27 is expected to be a defining year for execution with seven out of our 11 ongoing projects either commencing production or undergoing ramp up. We also expect to begin commercial operations in two key new product segments, EV Powertrain and Sunroof, marking important milestones in our diversification journey.
Uno Munda remains well positioned for sustainable growth backed by strong fundamentals, a diversified product portfolio and ongoing investments in emerging technologies. Despite the ongoing challenges and initial costs in the newly commissioned plants, we continue to expect an annual EBITDA margin of around 11% plus minus 50 basis points. Uno Minda’s journey is anchored in a relentless focus on innovation, localization and customer centricity. With a diversified portfolio and our most ambitious manufacturing expansion to date, we remain committed to delivering sustainable long term value to our shareholders while powering the transaction towards a smarter, greener and more technologically advanced automotive era.
With this, I would like to now open up the floor for questions. Thank you.
Operator
Thank you very much sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask questions may please press Star and one on their touchtone phone. If you wish to withdraw yourself from the question queue, you may press star and 2. Participants are requested to use only handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Mukesh Sara from Evander Spark.
Please go ahead.
Questions and Answers:
Mukesh Saraf
Yes sir. Good afternoon and thank you for the opportunity. So first question is regarding this new facility in Maharashtra for the four wheeler EV components. Just trying to understand it’s a sizable CAPEX that we are marking here and the fact that our Cade facility also we have a decent Capex which the plant has not started. So just trying to understand, do we have visibility on the kind of order book that you can mention? Because the Capex now for your 4 wheeler EV components will be like 1200 crores including 3 facilities.
So what gives us confidence to set up a second plant while the first one is still under construction? You know, wouldn’t we want to rather stagger it and kind of use the first facility and then get to this one? So just trying to understand the thought process there.
Sunil Bohra
Anything else Mukesh?
Mukesh Saraf
Yeah, the second, second question is like you had kind of alluded to, we have. I mean if I include the two facilities that you’ve started in 4Q then it’s probably nine plants that will be starting in F27 and the CapEx for this that you have year mark for these nine plants is probably 1800 crores. So it’s significant amount of Capex that is coming on stream in this year. So just trying to look at how do you look at the execution for this. Obviously it’s been phased wise but what kind of growth can we assume across these plants in the next couple of years in terms of the ramping up of this 1800 crores of capex?
Yeah. So these two questions from my side, if you could give some.
Sunil Bohra
Yeah, thanks. Thanks Mukesh. And very, very valid questions, both of them. So starting with first, as I said the second plant we are putting, we have got very good visibility on the new business for both EDU and the dst. We have been working with our customers at this point. Difficult for me to give a number for revenues. But be rest assured there is a sort of a strategic partnership specifically with the customer for the DST and also for the Edu and both these plants which we are constructing in cade and also in we will be now starting work in csn.
The capacity is almost there. Right. So there was a request from a customer, in fact a push that need to be closer to the customer and also could not have been done at the existing planted care because of this part has already been like earmarked for the existing businesses. So there was obviously a little less scope in terms of putting DSP line etc. So considering all the strategic aspects it was for prudent that we put a second plant though. Yes, you are right there, there will be challenges which we have to seize because the same team will be responsible for commissioning of both the plants.
But good thing is that one plant is getting commissioned in this year, another will be after one year. So they will be able to what you call put there efforts very effectively so that once the, and in fact once you commission the first plant that experience also will carry on towards the second part. So that was what gives us confidence. Mukesh, in terms of your second point which is multiple plants plants coming this stream. So you know that all these plants, what we have currently, they are across businesses, across different products starting with wheels, lighting switches, sunroof, airbags, EV products, lighting.
So the way we are structured, you know we have separate business teams for every business. So if you look from a business perspective, obviously there is a clear focus direction towards executing and commissioning of those products. And it is not. There is no overlap in terms of same team being responsible for multiple plants. So that’s what gives us confidence that there are separate teams, separate businesses who are responsible for execution and commissioning of those plants. And that is why we are very comfortable in terms of the execution, commissioning, operations etc etc.
Now coming to a point on what kind of growth we expect in next two years. So we all know Mukesh, these plants, some of these plants are building more capacity. Like the folder switch at Banisar going to Parkhagar today we are constrained. Obviously when we move that plant to a new location, we will not be constrained because of capacity. Same way the lighting, three plants getting merged into single plant portfolio lighting. Again creating more space. Right. So from that perspective, whatever is the growth market is giving us, we should be able to do it.
Second, what I have just shared with you, some of the business wins which are more strategic. Like in the tool I shared a sizable business of almost 450 crores of worth of revenues which we will get and SOP in the next fiscal year. So all these things to deliver we will need those capacities. And in terms of growth, as I said, this also is like increasing our share of business also because they are unsorved models today. So all in all these are a mix of business where we will see not only the growth in line with the market which we have to anyway build capacity, but also in some businesses we will be able to create or generate better sobs.
And third, there are some new businesses obviously which are starting with a clean slate like the EV powertrain business or a sunroof business. So they for them, I think we already shared with you what are kind of revenues we expect to generate.
Operator
Thank you sir for answering those questions. The participant has left the queue. We will move on to the next question from the line of Aditya Jawar from Investec. Please go ahead.
Aditya Jhawar
Yes, thank you for the opportunity. Congrats on good set of numbers. Few things. Number one that when you look at, you know from you know, margin perspective in Q4 typically we have this, you know, debit note, credit note for the entire year that get adjusted. If you can help us understand, you know, what kind of, you know, quantum was that and commodity inflation, if at all we, you know, saw impact how much of that it is and little bit of a lag that typically we get. So is that Q1 would have a bigger dent.
You know, first question is on margin, whatever information that you can share. The second question is on the green mobility. So if you can give a broad breakup that what could be the breakup of EV revenue. And does it also you know of course it includes CNG but does it also include hybrid and under which entities ballpark it is getting booked. The third question is castings or a good growth of about 18%. So what what was the proportion of aluminium pass through that we saw in this quarter? Yeah, that’s about it.
Sunil Bohra
Okay, just a second. So thanks Aditya for the compliments and I’ll go in the same sequence. The questions which you asked first is in terms of margin for Q4 and as we all know that certain debit credit as you rightly mentioned happened in Q4. And that’s what is also reflecting in our numbers of Q4 which is 11.3% margin quantum of that is difficult to share Aditya because it’s different for different businesses. Plus in Q3 3 to Q4 there not has been much jump because of the whatever lag impact in Q4 you get Q3 prices and Q3 you get Q2 crisis.
So from that perspective there is nothing which was exceptional. Yes, there has been certain price settlement because of which there was. There were certain incomes being accounted for in terms of customer price settlement in the quarter in terms of commodity fashion. Yes, that as everybody knows it has started hitting after the geopolitical issue which has happened. So first thing first what happens is when you see for the quarter from January and when you do for March, obviously you had certain inventories being carried forward at the prices which obviously were the previous war or the impact because of the commodity price what happened.
So that also helped Kushan impact to some extent in the March. But to your point, yes there will be expected to be an impact in the coming quarter which expected to be sizable. But we are currently in the process of discussing with our customers that our customers have been very supportive that when we have this lag impact for a quarter or a half year that is primarily in the normalized scenario. Right. What we are currently sitting is not normalized actually abnormal scenario. So we have been discussing with our customers how do we cut our price adjustment cycle?
Can we cut half year to monthly if possible? If quarter to monthly. So some of the customers have been positive with some of the customers discussions have been happening and we still have like 1 1.51 for this quarter. And we are hopeful that a large part of our customers may broadly agree with the price correction or the pass through to be on a shorter frame basis until the things get normalized. So our teams are on the job and I’M pretty confident that we should be able to largely sort of address this impact of poverty prices which as you rightly mentioned definitely is going to be excessively high in the quarter.
And not only poverty prices, we also know that some of the labor price increases like in Haryana, the prices have been increased by almost 85% followed by some of the other states like Gujarat. So all these impact also are very sizable. And we are discussing with our customers not only commodity prices, even some of these significant labour price increases which are not normal. Normally you expect labor price increase to be 5, 7, 8, 10% kind of thing. But 35% obviously is not something which can be absorbed easily.
So all these things currently our teams are on the job in terms of working with the customers and to mitigate because they don’t not only hurt us, they also hurt the tier 2s right. Our suppliers internal. So it has to be back to back. And that’s what currently we are discussing with almost all our customers. Moving to Green Mobility revenue. I think I shared all the numbers which entity it has been booked, maybe offline Again numbers can be shared with you Aditya, if you don’t mind.
Aditya Jhawar
Sure.
Sunil Bohra
And in terms of costing the growth is 18%. The impact of aluminium pass through was roughly around 4 to 5% for the quarter.
Aditya Jhawar
Perfect. Perfect. Yeah. That’s it from me. All the best.
Sunil Bohra
Thanks Aditya.
Operator
Thank you. The next question is from the line of Raghunandan Nl from Nuama Research. Please go ahead.
Rahul Kumar
Congratulations sir on strong numbers and thank you for the detailed opening remarks. Still within electric four wheeler, considering the quantum of CAPEX which is being incurred generally, would the gross turnover be 2x of the CapEx? Would that be right number? That’s my first question. Second you indicated about alloy wheel. How the penetration trends are recently. Can you approximately indicate for the two wheeler and four wheeler industry how much would be the alloy wheel penetration currently?
And lastly on the labor cost increase, approximately what could be the impact in terms of the cost increase? That’s all from my side. Thank you.
Sunil Bohra
Yeah thanks Raghu for the compliments. In terms of polar evidence, you asked CAPEX multiple for revenue as we are just starting so initially we do expect the factor to be higher but as you move forward this will be lower because there will be a gradual localization of the components. Because initially when you start nobody would like to take 100% risk and start completely localized. Right. So you go in a piecemeal way. But in a medium to long term we do expect the multiple of revenue to be actually more than 2x what you have just shared.
In terms of penetration trends, the two wheeler allow penetration is somewhere around 70% and four wheeler allows somewhere around 40%. In terms of impact of labor cost obviously it is very, very sizable and as of now some of the states are still in the process of announcing their floor wages which as per the new labor code they have to announce. So the impact is obviously quite significant. It’s almost like a couple of hundred crores for what you call Haryana and Gujarat. But still there are some more which we expect it to come on.
So but again as I said we are working to see how we sort of mitigate the impact of these labor costs and the commodity price increases.
Rahul Kumar
Thank you sir and wishing all the best.
Sunil Bohra
Thanks Raghu.
Operator
Thank you. The next question is from the line of Siddharth Bera from Nomura. Please go ahead.
Siddhartha Bera
Yeah, thanks for the opportunity sir and congrats on good order wins in the quarter. So to start off with again on this margin part, I mean in quarter four also we did see some gross margin compression. Would it be possible to highlight what and I understand you had this bought out trading part also which started. So will it be possible to share how much was the drag because of this trading business and the lower pass through of maybe aluminium in the LMT segment and should we expect some normalization there in the coming quarters?
And second is, I mean we do have a lot of plans and sizable plans starting in the coming year now with many cost challenges you see. Do you think there can be and probably if there are any startup costs and all, do you think there can be some pressure in the near term margins as these plants stabilize? And lastly on the exports part we do have seen a lot of export orders also across switches, lights and seating. So so how do you see this export picking up for us from pure India exports? I don’t know, I mean 10% might include other entities also.
So pure India exports, what percentage is it now and where do you see that? Maybe say a couple of years down the line. Yeah,
Sunil Bohra
Yeah. So thanks Siddharth. And definitely auto means I would give credit to our teams for relentlessly working on new technologies, getting more business. So it’s a great job done by the entire team and definitely gives good visibility for all these capex growth engines what currently we are working on in terms of margin. Yes you are right there is a gross margin compression of almost 1% but because of trading business I won’t say much because it’s very, very small the trading business for this new what we Spoke of is just what you call the EV business is just like 40 odd crores, 4045 crores.
So obviously that’s not. We don’t expect that to be having any significant or a meaningful impact in terms of the RM cost is primarily because of some of the new businesses which might be at the lower margins or some of the commodity price impact as well in terms of the sizable plants coming current year. Yes you are right and this is what keeping the entire organization on pause and excited as well. There are challenges in cost. You are right there will be startup cost. We all acknowledge that and I think we have shared this also that the margin guidance what we are giving of 11% plus minus 50 basis point that also includes this expected or the known startup costs as of now.
So we do expect to absorb all these in our current profitability. In terms of exports how do we see pure exports from India? So currently our exports for last year was roughly around 600 crores. The actual physical exports from India and I’m excluding the operations of the last assembly lines whatever we have in the overseas plants be it Asian or the other regions. So the 600 crore coupled with all the significant significant new business wins what you have shared. Definitely in next few years we do expect this to cross 300 crore mark based on what we know now.
So that’s where we are in terms of the physical exports from India. So I hope I addressed all your questions.
Siddhartha Bera
Yeah sir if you can share the breakup of revenues also for the four wheeler and two wheeler segment in switch and light that will be odd.
Sunil Bohra
Yeah I think I did share during the opening comments but maybe this data again we can give you offline if you don’t mind.
Siddhartha Bera
Okay sir thanks a lot.
Sunil Bohra
Thank you.
Operator
Thank you. A reminder to all the participants that you may please press star and one to ask questions. The next question is from the line of Mumuksh Manlesha from Anandrati Institutional equities. Please go ahead.
Mumuksh Mandlesha
Yeah thank you sir for the opportunity and congrats on a large new order wins this quarter. Sir Justif was on the four wheeler Innovance new order of this 1.85 lakh capsity how much would be already booked? Sir and I just want to understand with this 400 crore K plant and this 550 crore what kind of revenue potential this plant can mix up. Put the plan together
Sunil Bohra
Anything else.
Mumuksh Mandlesha
And secondly sir on the infotainment side there’s also a major order there. Once up I just want to check whether this will be part of standalone business and and also there was some two wheeler order also. So if you can help us understand over next three to five years how this infotainment business can change.
Sunil Bohra
Okay. Thanks Manuksh. Thanks for the compliments. In terms of the formula renovations, this capacity, what we have shared is the eventual capacity after the complete plant construction. So obviously initially we don’t expect to have full capacity in place. It will be a gradual sort of capital being invested based on the businesses we secured. So as of now we’ll not be able to share if the entire 1.8 capacity how much is currently booked or not booked because as I said this is currently in terms of strategic partnership with our customers and as of now I would not like to comment on volumes because we know that volumes can potentially be different than what we speak today.
But in terms of your question on how much revenue it can generate, correlate growth plus 550 crore. In fact I would also add another 300 crore which we are doing capex for the casting in CSN which is also like the backend for this EV business, right. So it’s not only 400550 plus it’s also another 300 crore casting plant which is which will be serving primarily these edu and the dst business. So in all it is almost 1200odd crores of capex. So with this capex we do expect the revenues to be north of 2x as I said more than 2500 crores at least and potentially it can go even more than like 3000 odd crores at the peak.
In terms of infotainment, the new business which was secured which is expected annual revenues based on the customer guidance of volumes is roughly around 600 odd crores. As I shared this will be not part of standard console. This is going to be part of our joint venture with that in the Denso JV which is not part of our consolidated revenues, it’s part of good revenues. So you will see the share of profit loss as part of the joint ventures. It will, it will show there but not part of revenues. And in terms of two wheeler light business which I’ve shared almost 450 crores, this will be part of the standalone Unobinda financials.
Mumuksh Mandlesha
And so infotainment part just can indicate how you see next three, five years from current 800 crores. This
Sunil Bohra
Business as I said will anyway get SOP in 2829 which is three year forward. Right. But what it does is once we sort of have this business already in our pocket I’m sure our Teams will work together to see how we can onboard more customers. But I’m sure every customer would like to see the actual, actual SOP also. So while we do expect new business is being secured I would not like to be able to give you an exact time frame as to what will be the new business and the time frame. So as of now this additional 600 crore will be in FY 2829 as I shared.
Plus obviously something which we will be keep on working on with other customers because this is the product we have developed locally. And I’m sure we will be able to convince some of the other customers as well to get some business in our pocket. But as of now no commitments on that.
Mumuksh Mandlesha
Got it. So I mean from 800 this could be plus 600 crore. This could be more than 1500 crore by 30 with the ramp up of the order sir.
Sunil Bohra
Absolutely.
Mumuksh Mandlesha
Got it. Just lastly sir, on the margin side despite the near term challenges, do you still see the 11% margin guidance for the full year sir?
Sunil Bohra
Yes, that’s what I said. Plus minus 50 basis points give us that benefit. Got
Mumuksh Mandlesha
It? Got it sir. Thank you. Thank you so much for the opportunity.
Sunil Bohra
Thank you.
Operator
Thank you. The next question is from the line of Nishit Jalan from Access Capital. Please go ahead.
Unidentified Participant
Yeah. Hi. Thank you for the opportunity. Most of my questions have been answered just a couple of small points. One, you are doing well versus industry in most of the segments. So just wanted to understand where are we in terms of market share across our main segments which is switches, lighting and alloy wheels in particular. Right. And what will be our capacity in four wheeler and two wheeler alloy wheels after expansion will it be 10 million in two wheeler? What will be this on the. On the four wheeler side?
These are my two questions that I had. Thank you.
Sunil Bohra
Thanks Nichit. So market share across segments. As you would have seen we have gained our market share across all the businesses. Be it switch two wheeler, four ruler lighting alloy wheels. I think across the board we have seen Mathasha gains. We can share with you offline in terms of the exact numbers in terms of capacity for four alloy wheel and tool alloy wheel. For tour alloy it is going to be roughly around 9.5 million alloy wheels for the year. And for four wheeler it’s something around 7 billion odd wheels based on all the projects which have been announced.
Unidentified Participant
Thank you. Just one follow up. Sorry, you did talk about the pass through of rm. In certain cases you have three, three months, six month contracts. So just wanted to understand is this three months, six months dependent on commodities or is it dependent on segment as in four wheeler six months or two like three months. And second question would be you are growing much faster than the industry. So are you going deeper with a similar set of customers because you are very strong with few customers in four wheeler and two wheeler or have you been able to get into some of the other customers?
Also on four wheeler, two wheeler where we have not been historically very strong and our share of business is on the lower side. So any color on that in terms of which OEMs we are getting stronger or which OEMs we are still weak, Some color on that would be healthy.
Sunil Bohra
Yeah, yeah. So nishit in terms of pass through param three months, six months. It is not commodity wise. It is customer to customer because every customer has have their own policies. In fact one or two customers have it annual. That’s what I said that we are working with the customers to see that these are not the normal situations. These are all abnormal market situations. They are not normal market price movements are abnormal price movement. Movement. So how in this time of sudden spikes because if the commodity price say for example goes up by 30% or 40%, nobody has a margin of that kind of a number to really absorb those costs.
So our customers are really nice. I think we have been very, very getting a positive recession from our customers or the years in terms of the impact. And how do we find a solution in a win win rate so that it does not pinch not only us but also our tier two and tier three. Because we know the automotive supply chain is very, very closely related. And nobody has those kind of margins to absorb the inflationary pressures which we have seen immediately after the geopolitical issues. In terms of going deeper with the customers, yes, we are going deeper with the customers and also new customers.
As I shared some of the specifically the new age EV customers we have onboarded and we have got great insight. Some of the new products which we have not been servicing them we have got there. I would not like to name the customers. That’s not been our policy. But yes, there is a mix of both going deeper as well and onboarding new customers as well.
Unidentified Participant
Okay, thank you so much.
Sunil Bohra
Thanks Vishad.
Operator
Thank you. Ladies and gentlemen, due to time constraint, we’ll take the last question for today from the line of Neel Shah from Poornartha Investment Advisors. Please go ahead.
Unidentified Participant
Hello. Yeah, thank you for this opportunity. I would just like you to shed some light on the 2500 crore fundraising that you have announced.
Sunil Bohra
So Neil, if that’s the only question. I am assuming this is only a enabling resolution we take every year. Even last year we have done it. And this is a mix of all the instruments. It is not necessarily equity. It also covers LCDs and some other borrowings. This is primarily to get, in principle, approval from our shareholders. But if there is any specific fundraise plan, we will definitely have a separate communication to you. But as of now, there is no plan. And this is more of a enabling resolution.
And if you see, every year for past few years, we have been taking this resolution. Okay.
Rahul Kumar
Yeah.
Operator
Thank you. As that was the last question for today, I now hand the conference over to the management for closing comments. Thank you. And over to you, sir.
Sunil Bohra
Thank you. I would like to thank everyone for joining the 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 this directly. Thank you.
Operator
Thank you, members of the management. On behalf of Ono Minda Limited, that concludes this conference. We thank you for joining us. And you may now disconnect your lines. Thank you.