According to a note from Elara Securities last month, India’s auto component exports to Mexico account for 3% of total exports, valued at $21.2 billion, which amounts to $656 million.
UNO Minda
is currently working on 12 new projects to support future growth. “Our goal is clear that we grow at least 1.5 times what industry grows,” Bohra said.
He expects to produce components for around 4.5 to 5 million passenger vehicles (PV) this year and aims to double that figure in the next 7–10 years.
The company is making strong progress in the electric vehicle (EV) space, particularly in two-wheelers. The company’s EV revenue share stands at 13%, nearly twice the industry average of 6–7%.
“The internal combustion engine (ICE) kit value is roughly around ₹10,000, EV kit value is almost ₹35,000 per vehicle, and that market is still in a developing stage,” Bohra said.
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The company is investing in localising EV components for passenger vehicles. It recently transitioned a technical licensing agreement (TLA) into a joint venture with Innovance. Full localisation is expected to take about two years.
UNO Minda expects to maintain 11% margins in 2024-25 (FY25), with a possible fluctuation of ±50 basis points (bps). Raw material costs are passed through to customers, reducing financial risk. Bohra noted that while new projects will initially add costs, revenues should stabilise within two to three years.
According to him, the European market, which had been sluggish, is showing signs of recovery. Revenues in January and February have been stable, with a slight improvement over December, Bohra said. However, the company remains cautious about future growth in the region.
UNO Minda, which has a current market capitalisation of ₹49,059.38 crore, has seen its shares gain more than 36% over the last year.
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