UNOMINDA

Business & Products Core products include switches (2W/4W), lighting systems, horns/acoustics, seating systems, alloy wheels, sensors and controllers. Strong push into EV components: motor control units, DC-DC converters, battery management systems and related systems via its EV-systems joint ventures. Works with both ICE and EV vehicle segments, offering diversification. Global JV/alliances help it access technology and overseas markets. Financial Snapshot & Key Metrics Market cap is sizeable – the company is among the larger players in the auto-ancillaries space in India. Recent figures show revenue growth over the last 5 years as auto & EV growth tailwinds kicked in. Margins are moderate for the business (auto-ancillary average range), though scale and product diversification are improving the outlook. Valuation: the stock trades at a relatively high multiple compared to some peers, reflecting growth expectations (especially in EV/international business). Asset quality/Balance sheet: the company has some leverage (as is typical for manufacturing expansion), but manageable. EV business capex is increasing, which may impact near-term cash flows but offers long-term potential.