Uno Minda Ltd Management Discussions

Global Economy

In CY 2024, The global economy exhibited resilient growth despite a backdrop of persistent inflationary pressures, geopolitical tensions, and structural headwinds. According to the International Monetary Fund (IMF), global GDP expanded by 3.2%, mirroring the pace of CY 2023. While this growth rate was stable, it remained below pre-pandemic averages and exposed regional disparities and vulnerabilities across advanced and emerging economies.

Advanced economies saw a slight uptick in growth from 1.6% to 1.7%, driven by unexpected strength in the United States. Robust labour market conditions, productivity gains, and consumer resilience helped the U.S. economy outperform forecasts. Conversely, the euro area and the United Kingdom faced economic stagnation due to weak domestic demand and continued energy market volatility. Chinas economy, while expanding at a relatively strong 4.8%, struggled with structural issues including real estate debt, subdued domestic consumption, and the need for deeper reforms.

Emerging markets and developing economies, particularly in Asia, remained growth engines. India and Southeast Asian nations benefitted from strong demand for semiconductors, digital infrastructure, and AI-driven services. However, many of these countries faced mounting fiscal pressure and external vulnerabilities due to a stronger U.S. dollar and tighter global financial conditions.

Inflation, though moderating globally, remained above target in many regions. Headline inflation declined to an estimated 5.8% from 6.8% in CY 2023, yet core services inflation remained sticky. This challenged central banks efforts to normalise monetary policy without derailing growth.

While the global decline in inflation is a major milestone, downside risks are rising and now dominate the outlook: an escalation in regional conflicts, monetary policy remaining tight for too long, a possible resurgence of financial market volatility with adverse effects on sovereign debt markets, a deeper growth slowdown in China, and the continued ratcheting up of protectionist policies.

Major policy shifts are resetting the global trade system and giving rise to uncertainty that is once again testing the resilience of the global economy. Since February 2025, the United States has announced multiple waves of tariffs against trading partners, some of which have invoked countermeasures. Uncertainty, especially that regarding trade policy, has surged to unprecedented levels. The degree of the surge varies across countries, depending on exposures to protectionist measures through trade and financial linkages as well as broader geopolitical relationships. These developments come against an already-cooling economic momentum. According to projections from the International Monetary Fund (IMF), global GDP is expected to expand by 2.8% in CY 2025 a downgrade from 3.3% estimated at the beginning of the year. Advanced economies are anticipated to grow at a more modest rate of around 1.4% while Emerging economies continue to play a stellar role in driving global expansion, led by Indias sound 6.2% growth and a resurgence in Southeast Asias manufacturing sector. Chinas economy, while experiencing a tapering in growth to 4.0%, continues to be a key contributor to global output, backed by its focus on high-tech industries and renewable energy.

The IMF highlights the critical role of international cooperation in addressing shared challenges, including demographic shifts, labour market skills gaps, and the need for coordinated actions on trade stability and climate resilience. While downside risks persist, the global economys adaptability evident in rapid digital adoption, renewable energy transitions, and workforce upskilling offers a foundation for cautious optimism. By building on these strengths and fostering inclusive policies, the world is well-positioned to navigate current uncertainties and pursue the trajectory of sustained, equitable growth in the years ahead.

(Source:https://www.imf.org/en/Publications/WEO/ Issues/2025/04/22/world-economic-outlook-april-2025)

Indian Economy

India continued to lead as the worlds fastest-growing major economy, with GDP growth estimated at 6.5% for FY 2024-25. Several enablers, including surging domestic demand, a dynamic services sector, and a manufacturing renaissance, backed by targeted government initiatives, are driving this momentum. Government-led initiatives, such as, the Production-Linked Incentive (PLI) scheme and Atmanirbhar Bharat campaign significantly accelerated high-value manufacturing, particularly in electronics, pharmaceuticals, and semiconductors. This emphasis on self-reliance helped reduce import dependency in crucial sectors, like defence and telecom. Indias expanding digital infrastructure is fundamentally reshaping the financial ecosystem. Continued surge in the volumes of UPI transactions is bolstering financial inclusion and operational efficiency. On the macroeconomic front, inflationary pressures witnessed moderation, with the Consumer Price Index (CPI) easing to 5.1% in March 2025 and the Wholesale Price Index (WPI) stabilising at 3.4%. However, core inflation remained somewhat elevated due to persistent pressures from services costs. Industrial activity remained strong, as indicated by a 5.6% rise in the manufacturing index and a 7.3% expansion in core sectors such as steel, cement, and electricity. On the external front, exports recorded an uptick of 4.8% to US$ 458

Billion. However, the trade deficit widened to US$ 195 Billion, reflecting persistent energy import needs and the impact of US tariffs on select electronics exports. The India rupee depreciated by 3.7% against the US dollar, influenced by global monetary tightening and capital flow volatility. Despite these headwinds, foreign institutional investment rebounded to US$ 6.1 Billion in early FY 2024-25, signalling renewed investor confidence.

Indias strategic embrace of the +1 diversification model proved highly effective, attracting significant Foreign Direct Investment (FDI), particularly in electronics manufacturing. This shift, along with the growing premiumisation trend in consumer markets, signals a transformation in the countrys economic structure. Moreover, improvements in the ease of doing business evidenced by Indias ascension to 54th place in global rankings signifies the economys evolving sophistication and competitiveness. Despite challenges,

Indias structural reforms, fiscal prudence, and strategic supply chain shifts, position it strongly for sustained, inclusive growth, while reinforcing its rising stature in the global arena.

Outlook

India continues to progress on a strong economic path, propelled by sound domestic demand and impressive infrastructure growth. Industrial revival, a stable agricultural base, and a growing manufacturing ecosystem support this momentum. Export-led services further bolster the countrys position in global value chains, sharpening its competitive edge in international market. The nations economy further gains traction from rapid urbanisation, a young workforce, and rising incomes. Moreover, automation, green tech, fiscal discipline, and investments continue to strengthen the nations economic resilience.

While facing challenges such as the imposition of US tariffs, India remains well-positioned to capitalise on shifting global dynamics. The countrys strategic alliances, combined with a more favourable tariff structure compared to competitors like China, are expected to attract greater foreign investment, driving further growth in domestic manufacturing. Moreover, ongoing structural reforms and modernisation create a strong foundation for sustained and diverse growth.

By prioritising improvements in the ease of doing business and implementing targeted policy interventions to navigate global challenges, India is poised to accelerate its strides towards global economic leadership.

(Source: https://www.thehindu.com/business/markets/trump-us-tariffs-take-effect-live-asia-india-stock-markets-china-trade-april-9-2025/article69429621.ece)

Global Automotive Industry

The global automotive industry is navigating a pivotal era of transformation, driven by rapid technological innovations, evolving market dynamics, and increasing demand for sustainable mobility solutions. Historically, the sector has been a key catalyst for economic growth, cutting-edge innovation, and industrial development, maintaining a central role in both matured and emerging markets.

One of the most significant trends reshaping the industry is the shift from conventional vehicles to electric vehicles (EVs). Propelled by both consumer demand for cleaner transportation and regulatory pressures to reduce emissions, EV adoption is accelerating worldwide. This transition is further supported by advancementsinautomation,digitaltechnologies,andIndustry 4.0, which are reshaping manufacturing processes. Artificial intelligence (AI), the Internet of Things (IoT), and robotics are being integrated into production lines, augmenting efficiency, flexibility, and scalability. At the same time, the automotive industrys growing reliance on innovations in other key sectors such as electronics, semiconductors, and advanced materials, is forging a highly interconnected global value chain. As the next-generation vehicle features, such as autonomous driving and Advanced Driver Assistance Systems (ADAS), become more prevalent, the integration of top-of-the-line software and electronics is increasingly critical to shape the future of transportation.

In line with these transformative shifts, global vehicle production reached approximately 93 Million units in 2024. China continued to lead as the worlds largest producer, followed by the United States, Japan, and India. This global distribution of production highlights the industrys geographic diversification, as manufacturing increasingly shifts to emerging markets, offering new growth opportunities. Key regions are also witnessing the integration of sustainable practices in vehicle production and across the supply chain. The adoption of circular economy principles, including recycling and reuse of materials, is gaining traction, especially in the context of EV batteries. Additionally, renewable energy sources are being incorporated into manufacturing processes, further reducing the environmental footprint of the industry. Looking ahead, the global automotive sector is set for continued evolution and growth. As companies adapt to breakthrough technologies, bolster supply chain resilience, and prioritise environmental responsibility, they are also addressing heightened consumer expectations for innovation, safety, and performance that collectively reshape the future of mobility.

(Source: https://www.niti.gov.in/sites/default/files/2025-04/ Automotive-Industry-Powering-India-participation-in-GVC_ Non-Confidential.pdf)

Global Motor Vehicle Industry Overview

The global automotive industry experienced a complex landscape marked by uneven recovery, shifting consumer preferences, and intensifying geopolitical and technological pressures.

In CY 2024, the global motor vehicle industry experienced a modest contraction in production volumes to 92.5 Million units reflecting a complex interplay of supply chain adjustments, shifting consumer demand, and geopolitical factors.

Regional disparities were evident in production trends. The United States and Europe saw decline in vehicle production influenced by diminishing backlogs and weaker incoming demand. China continued to dominate global motor vehicle production in 2024 solidifying its position as the worlds largest producer, accounting for a significant percentage of the total output, driven by both strong domestic demand and a growing export market, especially for electric vehicles. Electric vehicle sales surpassed 17 Million units globally, with China accounting for approximately 11 Million units, underscoring its leadership in EV adoption. However, the growth rate of EV sales decelerated compared to previous years, influenced by subsidy reductions and market saturation in key regions. In contrast, hybrid vehicles gained significant traction, with global sales increasing by over 19% in 2024. Consumers favoured hybrids for their balance of efficiency and practicality, especially in markets where charging infrastructure remains underdeveloped.

Looking ahead, the industry is expected to navigate a path of cautious optimism, balancing the push for innovation with the realities of market demand and regulatory landscapes. OEMs are likely to continue diversifying their portfolios, emphasising hybrids and affordable EVs, while investing in digitalisation and sustainable practices to meet evolving consumer expectations and environmental goals.

Global Motorcycle Market

Global motorcycle production in 2024 demonstrated a significant rebound and growth, with global production reaching a new all-time record, estimated at around 61.8

Million units. This performance marked a notable increase compared to the previous year and indicated a strong recovery in the market following earlier disruptions. The growth was propelled by robust demand in key regions and emerging markets, highlighting the continued importance of motorcycles as an accessible and efficient mode of transportation worldwide. The industrys ability to surpass previous sales peaks underscores its resilience and expanding reach.

The landscape of global motorcycle production in 2024 remained heavily centred in Asia, which accounted for the largest share of manufacturing and sales. India continued to be a dominant force in both production and sales, reporting substantial growth and contributing significantly to the global numbers. China also maintained its position as a major producer and exporter, with a considerable volume of manufacturing activity. The ASEAN region, including countries like Indonesia, Vietnam, and Thailand, collectively represented a crucial hub for motorcycle production and consumption, with varying performances across individual markets. Beyond

Asia, markets in Latin America and parts of Europe also showed positive trends and contributed to the overall global production volume.

Looking ahead, the global motorcycle market is set to accelerate its growth trajectory, driven by changing consumer lifestyles, growing recreational interest, and the rapid emergence of electric two-wheelers. With continuous innovation and infrastructure development, motorcycles are expected to remain a vital and dynamic segment of the global mobility ecosystem.

(Source: https://www.imarcgroup.com/two-wheeler-market)

Global EV Market Overview

In CY 2024, the global electric vehicle (EV) market achieved significant milestones, with sales surpassing 17 Million units a 25% increase over the previous year. This growth was primarily driven by strong demand in China, which accounted for approximately 11 Million units sold, representing a 40% year-over-year increase. Chinas rapid adoption is attributed to affordable pricing, with two-thirds of EVs priced lower than internal combustion engine (ICE) vehicles, even without subsidies. In contrast, the U.S. market experienced a more modest 9% growth, totalling around 1.8 Million units, hindered by higher EV prices and limited availability of low-cost models. Europe faced challenges due to the rollback of government subsidies, leading to a 3% decline in EV sales. Looking ahead to 2025, global EV sales are projected to exceed 20 Million units, accounting for over 25% of total car sales. China is expected to maintain its leadership position, bolstered by ongoing government incentives and a robust domestic manufacturing base. Europes growth may stabilise as countries adjust policies to support EV adoption, while the U.S. market faces uncertainty due to potential policy shifts under the new administration. Nevertheless, advancements in battery technology and increased production of affordable models are anticipated to drive global market expansion.

Indian Automotive Industry

In fiscal year 2024 25 (FY25), Indias automobile industry exhibited a mixed performance across various segments. Passenger Vehicle (PV) production reached an all-time high of 5.0 Million units, marking a 3% year-over-year increase. This growth was primarily driven by the robust demand for utility vehicles (UVs), which accounted for 62% of total PV sales, up from approximately 57% in the previous fiscal year. The surge in UV sales was fuelled by new model launches featuring advanced designs and features that resonated with consumer aspirations, along with attractive discounts and promotional offers that sustained sales momentum. The two-wheeler segment also demonstrated strong recovery, with production increasing by 11% to 23.8 Million units. This growth was attributed to improved rural demand, resurgence in consumer confidence, and the introduction of newer scooter models with enhanced features. Notably, electric two-wheelers gained traction, with their share in overall two-wheeler sales crossing 6% in FY 2024-25. Conversely, the commercial vehicle (CV) segment experienced a slight decline, with a 3% decrease in production compared to the previous year. The overall truck segment faced challenges, but the demand for higher gross vehicle weight (GVW) vehicles and expanding highway networks contributed to the segments resilience.

Category	FY 2018-19	FY 2019-20	FY 2020-21	FY 2021-22	FY 2022-23	FY 2023-24	FY 2024-25	YoY Growth in FY 2024-25
Passenger Vehicle	4,028,471	3,424,564	3,062,280	3,650,698	4,578,639	4,901,844	5,061,164	3.25%
Two Wheelers	24,499,777	21,032,927	18,349,941	17,714,856	19,458,917	21,468,527	23,883,857	11.25%
Three Wheelers	1,268,833	1,132,982	614,613	758,088	855,696	993,510	1,050,020	5.69%
Commercial	1,112,405	756,725	624,939	805,527	1,035,346	1,066,346	1,032,645	(3.16%)
Vehicles
Quadricycle	5,388	6,095	3,836	4,061	2,897	5,006	6,488	29.60%
Grand Total	30,914,874	26,353,293	22,655,609	22,933,230	25,931,495	28,435,233	31,034,174	9.14%

Segment-wise Production of Automobiles in India

(Source: https://www.siam.in/pressrelease-details.aspx?mpgid=48&pgidtrail=50&pid=579)

Looking ahead to FY 2025 26, the Indian automotive industry anticipates moderate growth. Industry experts predict a 1 2% growth in the domestic car market, influenced by the high base effect of previous years and ongoing market shifts. Despite these challenges, the SUV segment is expected to continue its upward trajectory, with manufacturers like Mahindra & Mahindra projecting double-digit growth in SUV sales, driven by strong macroeconomic tailwinds and a solid product pipeline. In summary, while FY 2024-25 showcased robust growth in the PV and two-wheeler segments, the CV segment faced slight headwinds. The rising popularity of SUVs significantly contributed to the PV segments performance, and this trend is expected to persist into FY 2025-26. Manufacturers are likely to focus on expanding their SUV offerings and enhancing features to meet evolving consumer preferences, thereby sustaining growth in the Indian automotive industry.

Key Trends

Shift towards Alternative Powertrains

Growing focus on electric vehicles (EVs), hydrogen-powered systems, and sophisticated battery technologies is shaping the future of mobility. Enhanced allocations are being earmarked for top-tier innovations, including Li-ion batteries, e-Drives, hydrogen engine systems, and automatic transmissions.

Premiumisation and Software-defined Vehicles

Rising consumer demand for premium features, safety enhancements, and software-first vehicles is intensifying the adoption of top-edge electronics and zonal E/E architectures.

Aftermarket Expansion

Expanding vehicle parc and increasing vehicle age are leading to the robust growth of domestic aftermarket, supported by digital sales channels and direct-to-consumer models.

Supply Chain Diversification

Surging diversification of supply chains by the global

OEMs is cementing Indias position as a reliable alternative manufacturing and export hub, especially for markets like North America, Europe, and Latin America.

Advanced Manufacturing and Industry 4.0

Integrating AI, machine learning, additive manufacturing, IoT, and robotics is becoming mainstream, augmenting production efficiency and flexibility.

Connected and Autonomous Vehicles

Increasing adoption of connected and autonomous vehicle technologies is fuelling the integration of semiconductors, electronics, and IT solutions across automotive platforms.

Rising Domestic Consumption

Soaring household incomes and rapid urbanisation are expected to substantially boost demand for passenger and light commercial vehicles, with a clear tilt towards technologically superior and premium offerings.

Electric Vehicle Market in India

The Indian EV market continued to gain significant momentum in recent years, driven by the robust synergy among a host of factors, encompassing targeted policy interventions, evolving consumer preferences, and increased industry participation.

In FY 2024-25, total EV registrations in India reached 1.97

Million units, marking an impressive year-over-year growth of 16.9%. This surge was led by electric two-wheelers, which recorded an increase of 21.2%, reaching 11.5 Lakh units. Electric passenger vehicles also posted a healthy growth of 18.2%, surpassing the 1 Lakh unit mark for the first time. Additionally, the registration of electric three-wheelers grew by 10.5%, indicating a steady rise in the adoption of EVs across various segments. The Indian government has played a crucial role in driving the EV transition through initiatives like the FAME Scheme, the PM E-Drive, and the PM e-Sewa schemes. These programmes offer significant incentives to both consumers and manufacturers, making EVs more accessible and appealing. Combined with the launch of new EV models from various manufacturers, these efforts created a supportive ecosystem for EV adoption in the country. Moreover, the Governments emphasis on building a robust charging infrastructure and incentivising EV production further boosted growth.

Looking ahead, Indias EV market is expected to maintain a strong growth trajectory. As the industry evolves, the Indian EV sector presents a tremendous opportunity for domestic manufacturers, with expectations of continued policy support and market expansion over the coming years.

Indian Auto Component Industry

In the first half of FY 2024 25 (H1 FY25), Indias auto component industry demonstrated robust growth, achieving a turnover of Rs.3.32 Lakhs Crores (approximately US$ 39.6 Billion), marking an 11.3% increase over the same period in the previous year. This growth was primarily driven by a 11.2% rise in domestic Original Equipment Manufacturer (OEM) demand, reflecting increased vehicle production and a consumer shift towards premium vehicles with higher component content. Exports from the auto components sector have been strong, with a 7 % growth in exports and a trade surplus of US$ 150 Million. The USA, Germany, and Turkey emerged as the top destinations for Indian auto component exports, while China, Germany, Japan, and Korea were the leading sources of imports.

The aftermarket segment expanded by 5%, supported by an ageing vehicle fleet and a growing preference for preventive maintenance.

Riding on the strong performance in H1, the industrys revenue growth for the full FY 2024-25 is projected to between 8%-11%, i.e. slightly lower than 14% in FY 2023-24. While the industry growth continues well supported by government policies, the international geopolitical issues continue to raise challenges.

The Indian auto component industry is undergoing a major transformation, fuelled by the rapid adoption of electric vehicles, advancements in Personalised, Autonomous, Connected, and Electric (PACE) technologies, and the increasing value of software and electronics in automobiles. Electrification is set to be especially significant in the two-wheeler segment, while opportunities in ADAS, automotive semiconductors, and digital aftermarket services continue to expand. Simultaneously, rising consumer aspirations, premiumisation trends, and the evolving vehicle parc are further driving growth across segments. Additionally, supply chain realignments, backed by ‘+1 strategies, are offering

Indian manufacturers a broader global play.

Looking ahead to FY 2025-26, the auto component industry is poised for robust growth supported by strong export performance, increasing localisation of EV components, and rising demand in the aftermarket. While the sector is well-positioned for strong growth, sustaining its upward trajectory will require a sharper focus on enhancing competitiveness through cost efficiencies, scaling up high-precision technologies, and building a stronger R&D and innovation ecosystem. Potential challenges such as new tariffs on exports to the US could impact revenue growth and operating margins. Despite these headwinds, the industrys fundamentals remain strong, with a diversified customer base and ongoing investments in innovation and sustainability.

Opportunities

Rise of Electric Mobility

The transition towards electric vehicles is creating significant demand for new-age components such as batteries, e-drives, and charging systems. The two-wheeler segment is expected to witness rapid electrification, unlocking opportunities for suppliers to scale up capabilities in EV technologies.

Growth in Global Exports

Indias component exports are projected to grow fivefold by CY 2030, driven by supply chain diversification and increasing sourcing preference from global OEMs. Targeting mature markets like North America and Europe is set to unveil new frontiers for high-value components.

Advancement in Automotive Electronics and Software

The rising integration of electronics, ADAS, and connected technologies in vehicles leads to a greater demand for future-ready software and semiconductor components. Indian players can tap into this trend by investing in electronics manufacturing and automotive-grade software solutions.

Aftermarket Expansion and Digitalisation

The ageing vehicle parc and the growth of organised aftermarket channels offer new growth opportunities. Digitalisation, predictive analytics, and service aggregator platforms are transforming the aftermarket space, allowing component manufacturers to build direct-to-customer relationships.

Supply Chain Diversification Opportunities

Global supply chain realignments, coupled with the growing adoption of China + 1 strategies, are prompting OEMs to diversify their sourcing base. India, with its sound manufacturing capabilities and growing trade competitiveness, is positioned as a key beneficiary of this shift, especially in engine, transmission, and precision components.

Policy Support and Incentive Schemes

Government initiatives like PLI schemes for automotive and ACC batteries, and targeted programmes under PM E-Drive and FAME, are forging a conducive environment for component manufacturers to scale operations and invest in next-generation technologies.

(Source: https://www.acma.in/uploads/publication/64-annual session/ACMA_Fostering_self_reliance_Report_v3_Print.pdf)

Company Overview

Uno Minda Limited is a global technology leader in automotive components and systems. Listed on both BSE and NSE, is headquartered in Manesar, Gurgaon, India. Uno Minda is renowned for its firm commitment to innovation, sustainability, and long-term stakeholder value creation. The

Companys diversified product portfolio spans Lighting and

Alternate fuel Systems, Electronic and Control Systems, Safety and Comfort Systems, ADAS, Controller, Light Metal, and Powertrain. It offers a vast range of best-in-class solutions, including horns, lamps, infotainment systems, sensors, controllers, switches, seatbelts, alloy wheels, airbags, blow moulding, alternate fuel systems, sunroof, speakers, castings and various EV specific components. Uno Mindas portfolio is significantly platform agnostic, with over 95% of its products suited for internal combustion engine, hybrid, and battery electric vehicle applications. Serving a wide spectrum in the mobility category, including two-wheelers, three-wheelers, four-wheelers, commercial vehicles, and off-road vehicles, the Company continues to stay ahead of the market trend with its future-leaning vision and technological capabilities. Uno Minda operates through two key business channels, including Original Equipment Manufacturers (OEM) and the

Aftermarket. While more than 90% revenues are through

OEMs, the Company has also build a strong aftermarket brand. In the aftermarket segment, the Company serves an extensive network of workshops through a wide range of SKUs, supported by a deep pan-India distribution presence. While India continues to be its core market, Uno Minda is steadily expanding its international presence, with exports spanning the SAARC, ASEAN, European, LATAM, MENA, and

African regions. The Companys global operations are backed by 75 manufacturing facilities and 37 R&D and engineering centres. Aligned with the future mobility trends, Uno Minda is actively expanding its electric vehicle portfolio, including chargers, DC-DC converters, battery management systems, and electric drive units, accentuating its relevance across evolving automotive platforms.

At Uno Minda, research and development form a core lever of its identity and growth. Operating through 37 R&D and engineering centres across the world, the Company successfully filed over 481 patents and 527 design applications. Its innovation efforts are focussed on delivering Personalised, Autonomous, Connected, and Electric (PACE) mobility solutions. By forging strategic partnerships and joint ventures, Uno Minda continues to strengthen its technological capabilities.

Recognised consistently as a Great Place to Work, Uno Minda thrives on a people-centric culture. The Company also upholds a strong commitment to environmental, social, and governance (ESG) goals, promoting renewable energy use, carbon neutrality, and community welfare through its Suman Nirmal Minda Foundation.

Financial Overview

Figures in Rs. Crores

Particulars	FY	FY	Y-o-Y
	2024-25	2023-24	%
Revenue from Operations	16,775	14,031	20%
Raw Material	10,868	9,064	20%
Employee Cost	2,165	1,779	22%
Other Expenses	1,868	1,603	17%
EBITDA	1,874	1,585	18%
EBITDA Margin	11.17%	11.30%
Other Income	29	34	-13%
Depreciation	615	526	17%
EBIT	1,288	1,093	18%
EBIT Margin	7.68%	7.79%
Finance Cost	170	113	51%
Exceptional Items	9	27	-68%
Profit Before Share of	1,126	1,006	12%
Profit/Loss of JVs and Tax
PBT Margin	6.71%	7.17%
Tax	286	267	7%
Profit Before Share of	840	739	14%
Profit/Loss of JVs
PAT Margin %	5.01%	5.27%
Share of Profit/Loss of JVs	180	185	-3%
Net Profit/(Loss) After	1,021	925	10%
Share of Profit/(Loss) of
Associates Joint Ventures
(A)
PAT Attributable to:
- Owners of UML	943	875	8%
- Non-Controlling Interests	78	49	57%
PAT (UML Share Excluding	936	855	9%
Exceptional Income)

Uno Minda achieved consolidated revenues of Rs. 16,775 Crores for the year ended 31 March 2025, registering a growth of 20% on a year-over-year basis, once again outpacing industry volume growth. This growth was driven by broad-based strength across multiple product segments, particularly switches, alloy wheels and seating systems. Additionally, the consolidation of Minda Westport and Minda Onkyo during the year contributed to the revenue uptick. This consistent performance demonstrated the Companys strong execution capabilities and customer-led approach.

EBITDA for the year grew by 18% at Rs. 1,874 Crores with an EBITDA margin of 11.2%, in line with our guidance reflecting healthy operating performance. Profit after Tax (attributable to shareholders of Uno Minda) was recorded at Rs. 943 Crores, registering a year-over-year growth of 8%. Uno Mindas consistent superior performance in comparison to the automotive industry highlights the strength of its diversified portfolio, technology-driven product development, and continued focus on operational excellence.

Operational Performance (FY 2024-25)

Switch Business

Uno Mindas Switch Business division remained a key contributor to the Companys consolidated revenues in FY

2024-25. Focussed on serving a comprehensive range of switching systems across two-wheeler and four-wheeler vehicle segments, this division registered sound growth, backed by expanding market presence and a focus on technological innovation. With revenue reaching Rs. 4,204 Crores during the year, representing a robust 15% year-on-year growth compared to Rs. 3,663 Crores in FY 2023-24 on the back of enhanced content per vehicle, higher exports and deeper customer penetration.

Commenced component/sub-parts manufacturing at the new greenfield plant in Farrukhnagar, enhancing operational efficiency and future scalability.

Shifting existing manufacturing plant from Manesar, Nawada Fatehpur, Haryana to Farrukhnagar, Haryana in Phase-II by Q3 FY 2026-27. This will help in consolidating our operations in the region in one single large plant with space for accommodating future growth.

Unveiled haptic capacitive switches in a newly launched passenger car, marking a major technological advancement in the domestic market.

Strengthened the two-wheeler switch business by capitalising on strong domestic industry volumes and bolstering export footprint.

Focussed on increasing the share of business with key OEM customers through differentiated, higher-content product offerings.

Lighting Business

Uno Mindas Lighting Business division continued to play a crucial role in shaping the Companys growth trajectory in

FY 2024-25. Lighting business recorded revenues of Rs. 3,863 Crores, registering a healthy 15% year-on-year growth, driven by strong demand in the domestic automotive market, strategic capacity expansions, and technological leadership in advanced lighting solutions. The Companys strong show in both the two-wheeler (2W) and four-wheeler (4W) lighting segments is a testament to Uno Mindas ability to stay ahead of industry trends through innovation.

The divisions portfolio, featuring pixellated digital tail lamps,

OLED lamps, and adaptive lighting systems, further bolstered the Companys reputation for delivering innovative and future-ready lighting technologies. The Company also commissioned its new four-wheeler lighting plant at Khed Pune, starting supplies of its first pixellated digital tail lamps. In the 2W segment, Uno Minda have reinforced its leadership by becoming a major supplier of advanced lighting solutions for electric two-wheelers to leading OEMs. In light of the significant growth witnessed in the two-wheeler lighting segment over the past few years, our existing facilities at

Sonipat and Bahadurgarh are now operating at full capacities, leaving little room for further expansion. To address this and support future growth, the Company plans to consolidate the three plants at these two locations into a new larger facility to be built at Kharkhoda, Haryana. This strategic move will not only increase its manufacturing capacity, but also provide space for future expansion. The total estimated capital expenditure for this relocation and expansion excluding land is Rs. 233 Crores.

Looking ahead, the Company expects the positive momentum in the Lighting business to continue, supported by the scaling-up of operations at its new plant in Khed City and the ramp-up of production for recently acquired orders.

Milestones Achieved and Growth Strategies

Commenced commercial production at the new greenfield four-wheeler lighting facility at Khed City, Pune, manufacturing and supplying innovative pixellated digital tail lamps.

Expanded the product portfolio with the introduction of connected pixel-based digital tail lamps, OLED lamps, and adaptive lighting, showcased at the Auto Expo Components Show 2025.

Consolidating existing facilities at Sonipat and

Bahadurgarh for two-wheeler (2W) lighting segment into a new, larger facility to be built at Kharkhoda, Haryana.

Secured new business orders from a leading passenger vehicle OEM in Indonesia and initiated an expansion project in the market, with phased commissioning expected from FY 2025-26.

Initiated plans to consolidate and scale up manufacturing operations in Indonesia to drive operational synergies and achieve economies of scale.

Deepened engagement with existing and new OEM customers across the four-wheeler and two-wheeler segments.

Castings Business

Uno Mindas Castings Business division is a key component of its portfolio, specialising in the production of alloy wheels for both four and two-wheeler vehicles, as well as aluminium die casting products. The division supports the Companys expansion in both traditional and electric vehicle segments, supplying high-quality, precision-engineered casting solutions to major automotive OEMs.

The castings business recorded revenues of Rs. 3,220 Crores, reflecting a solid 14% year-on-year growth, of this four-wheeler alloy wheel contributed Rs. 1,709 Crores, two-wheeler alloy wheel is Rs. 932 Crores and the aluminum die casting segment Rs. 574 Crores. This growth in volume was catalysed by favourable customer mix, commodity tailwinds, and the scaling up of newly added production capacities in the two-wheeler alloy wheel business.

The Company also consolidated its four-wheeler alloy with completion of merger of all three Kosei Joint venture entities namely, Minda Kosei Aluminum Wheel Private Limited (MKA), Kosei Minda Aluminum Company Private Limited (KMA), Kosei Minda Mould Private Limited (KMM) into Uno Minda Limited with effect from 01 April 2023. The merger is expected to result in significant synergies in 4W alloy wheel business with removal of various duplicate administrative costs of maintaining three different legal entities.

In Q4 FY 2024-25, the Company commenced production from additional 30,000 units monthly line for four-wheel alloy wheel at Bawal, Haryana plant bringing the total installed capacity to 4,20,000 wheels per month. Construction of our greenfield facility is also progressing well at Kharkhoda, with the first phase of 60,000 wheels per month expected to be commissioned by Q2 FY 2025-26.

On the two-wheeler front, the Company has commenced production at its expanded Supa, Maharashtra facility in Q4 FY 2024-25. This expansion adds 2 Million units of capacity, raising total to 8 Million units annually. Additionally, the Company has announced Rs. 200 Crores investments in the new two-wheeler alloy wheel facility at

Bawal with the plant annual capacity of 1.5 Million units.

This facility is targeted for commissioning in Q2 FY 2026-27.

Once the Bawal plant is operational, total two-wheeler alloy wheel capacity will reach 9.5 Million units annually, further solidifying its market leadership and supporting the Make in India vision.

Milestones Achieved and Growth Strategies

Commenced production from enhanced capacity of

2 Million two-wheeler alloy wheels in Q4 FY 2024-25 taking overall installed capacity to 8 Million wheels per annum.

Ramped up operations at the enhanced two-wheeler alloy wheel capacity from 4 Million to 6 Million wheels per annum.

Announced investments in the new two-wheeler alloy wheel facility at Bawal with the plant annual capacity of

1.5 Million units.

Commissioned of the additional 30,000-unit capacity at the Bawal four-wheeler alloy wheel facility.

Made significant headway in the construction of the greenfield four-wheeler alloy wheel plant at Kharkhoda (120K wheels per month)

Received Boards approval for Rs. 72 Crores CAPEX to expand aluminium die casting capacity at Hosur from 11,000 to 15,000 metric tonnes per annum

Secured new business opportunities in die casting applications for EV battery housings and chargers

Strengthened OEM relationships and garnered incremental orders aligned with the ongoing capacity expansion projects

Seating Business

Uno Mindas Seating Business division offers a comprehensive portfolio of seating solutions catering to two-wheelers, off-Road and commercial vehicles. Supplying to both domestic and international markets, the division plays a critical role in enhancing rider comfort, vehicle ergonomics, and safety across diverse automotive applications.

During FY 2024-25, the Seating Business grew by 5% to Rs. 1,155 Crores. Growth during the year was driven primarily by the commencement of supplies of pneumatic suspended seats to a leading domestic OEM, increased demand for bus passenger seats and addition of new customers. Notably, this growth was achieved despite decline in annual commercial vehicle production by 3% being one of the key vehicle segment served coupled with a decline in exports, which were impacted by a downturn in the European market, particularly affecting one of our key customers.

Milestones Achieved and Growth Strategies

Commenced supplies of pneumatic suspended seats to a domestic OEM, marking a strategic entry into specialised seating solutions.

Secured a significant export order from a new American commercial vehicle and Off-Road OEM.

Increased supply volumes to e-two-wheeler OEMs, strengthening the divisions position in the fast-growing electric mobility space.

Added incumbent 2W OEM as customer and started supplies for multiple new model launches.

Achieved greater traction in the Off-Road segment by capitalising on the rising demand for suspended seats, thereby expanding market reach beyond conventional segments.

Acoustics Business

Uno Mindas Acoustic Business division designs and manufactures a wide range of automotive acoustic products. Serving leading OEMs across the two-wheeler, passenger vehicle, and commercial vehicle segments globally, the business plays a critical role in enhancing vehicle safety and ensuring compliance with evolving regulatory standards, particularly for electric mobility.

The Acoustic Business delivered stable performance in the domestic market with growth of 7%, supported by consistent demand from two-wheeler and passenger vehicle segments. However, overall growth was tempered by persistent challenges in European automotive markets, as its European subsidiary, Clarton Horns revenue declined by 14% year-on-year basis.

Milestones Achieved and Growth Strategies

Sustained stable and consistent performance in the India acoustic business throughout the year.

Implementing measures to mitigate the downturn at the European subsidiary amid macroeconomic challenges, while preparing for recovery aligned with the revival of automotive markets to ensure long-term global competitiveness.

Focussed on innovation to align the acoustic product portfolio with emerging automotive safety and regulatory requirements, particularly those applicable to electric mobility.

Other Businesses

Revenue from other business grew by 60% to Rs. 3,571

Crores, reflecting the Companys strategic focus on emerging technologies and new mobility solutions. The EV Systems vertical, under the Uno Minda-Friwo JV, achieved revenue of

Rs. 382 Crores in just its second year of operations. Meanwhile, the Sensor and ADAS business scaled to Rs. 804 Crores, and our Alternate Fuels business, through the JV with Westport, grew to Rs. 501 Crores further validating the Companys commitment to future-ready, sustainable mobility solutions.

EV Business

Uno Mindas EV Business focusses on providing a full range of low-voltage and high-voltage EV solutions for two-wheelers and three-wheelers. The divisions portfolio includes key EV components for e-2W and e-3W spanning motor controllers,

Battery Management Systems (BMS), traction motors, DC-

DC converter, onboard and off-board chargers. This vertical is crucial in supporting the electrification transition across multiple mobility platforms with products that prioritise safety, performance, and reliability.

During FY 2024-25, the EV Business witnessed robust growth, catalysed by soaring demand from e-two-wheeler and e-three-wheeler OEMs. Supplies commenced for new onboard chargers, BMS and other EV-specific components, cementing Uno Mindas leadership in the EV components space.

Considering the huge potential of e-2W and e-3W EV specific component, the Company is also acquiring remaining stake of

49.9% stake in JV with FRIWO along with associated e-drive technologies. The transaction is expected to be consummated by end of Q1 FY26.

Building on its electrification focus, the Company further expanded into EV specific components for four-wheelers. At first the Company entered into TLA with StarCharge to manufacture and sale of Electric Vehicle Supply Equipments (EVSE) in India. The Company also secured orders for EVSE and supplies are expected to start by Q3 FY 2025-26. The Company also entered into TLA with In Suzhou Inovance

Automotive Co., Ltd (Inovance Automotive) for manufacture and sale of select high voltage category electric vehicle products for passenger vehicles and commercial vehicles in India. This agreement encompassed the manufacturing of key EV components, including Charging Control System (CCS), EV inverter, EV motors and next-generation electric drive systems (e-Axle). TLA was later transitioned to joint venture in January 2025 with Uno Minda to hold majority stake of 70% in the joint venture. Similar to e-2W and e-3W, the Company now also has well diversified and strong product offering for electric four wheeler with substantial potential kit value. Both technology partners i.e. StarCharge and Inovance are headquartered in China and are global leading players in EV powertrain and charging technologies.

In April 2025, the Company also announced establishment of a new greenfield plant at Khed City Pune dedicated to the manufacturing these key EV components. The Company secured e-axle order from a key anchor customer which will be manufactured at this proposed plant. The total project cost is estimated at approximately Rs. 423 Crores. Capital expenditure will be phased over the next three years, with Phase 1 expected to be commissioned by Q2 FY 2026-27.

Milestones Achieved and Growth Strategies

Began supplies from multiple new orders for onboard chargers for e-two-wheelers, with additional orders in the pipeline.

Secured new orders for traction motors and Battery Management Systems (BMS) for upcoming electric two-wheeler platforms.

Expanded presence in e-three-wheeler segment with dedicated EV-specific components, including chargers and controllers.

Built strong product offering for electric for four-wheeler comprising EVSE, Charging Control System (CCS), EV inverter, EV motors and next- generation electric drive systems (e-Axle).

Announced establishment of a new greenfield plant at Khed City Pune dedicated to the manufacturing of four-wheelers EV specific components.

Secured anchor order for e-axle and EVSE.

Sensor and ADAS Business

Uno Mindas Sensor and ADAS Business develops intelligent sensing and driver assistance technologies that enhance vehicle safety, comfort, and connectivity. The divisions portfolio spans critical applications, including parking assist, braking systems, vehicle health monitoring, transmission sensor, suspension sensor, pressure monitoring and environment sensing. With a sound emphasis on regulatory compliance and OEM collaborations, the division delivers a vast spectrum of localised, cost-effective sensors and basic ADAS solutions tailored to Indian and global markets. The Company achieved revenues of Rs. 804 Crores in FY 2024-25 from Sensor and ADAS business growing by 30% year on year basis. During FY 2024-25, the Sensor and ADAS division continued to chart a robust trajectory, buoyed by the increased adoption of sensor technologies across automotive applications, particularly in new-generation vehicles and EVs. The Company is also working on localising camera for RPAS and FPAS to become first in the country to manufacture camera locally.

Milestones Achieved and Growth Strategies

Expanded the sensor portfolio to support diverse applications including braking, parking assistance, and vehicle dynamics.

Added tyre pressure monitoring systems to sensor portfolio.

Secured key business wins for ADAS-related sensor modules from leading OEMs.

Working on localisation of camera for parking assist system.

Directed R&D investments towards enhancing offerings in areas like vehicle surround sensing and other safety-critical applications

Controllers Business

Uno Mindas Controllers Business offers a wide spectrum of Electronic Control Units (ECUs), Telematics and wireless chargers. The Controllers division also manufactures select battery management, charging systems for EV platforms.

Positioned at the forefront of the automotive industrys transition towards electronics-intensive, connected, and electrified mobility, the division focusses on crafting reliable, high-performance solutions to serve evolving needs.

During FY 2024-25, the Controllers division recorded sound growth, driven by the rising penetration of EVs, higher demand for wireless chargers, BMS, and offboard chargers, and increasing focus on electronic content per vehicle by OEMs.

Milestones Achieved and Growth Strategies

Increased supplies of onboard and offboard chargers for electric two- and three-wheeler OEMs.

Secured new orders for telematics control units and integrated controllers to assist in vehicle health monitoring.

Prioritised the enhancement of modular controller designs to serve diverse OEM platforms with faster development cycles.

Strengthened in-house R&D capabilities focussed on high-voltage EV controllers and scalable body control modules.

Blow Moulding Business

Uno Mindas Blow Moulding division specialises in lightweight plastic components for two-wheelers, passenger vehicles, and commercial vehicles. It offers a host of critical parts, including air intake ducts, spoilers, luggage boards, fuel tanks, washer tanks, overflow bottles, and body components. Supporting

OEMs needs for lightweighting, emissions reduction, fuel efficiency, and design flexibility, particularly in the context of tightening environmental regulations and the transition towards electric mobility, the division continues to play a stellar role.

During FY 2024-25, the Blow Moulding Business delivered stable performance on the back of sustained demand from OEM customers across both domestic and international markets. Increasing adoption of lightweight plastic components in both ICE and EV platforms further benefitted the division.

Milestones Achieved and Growth Strategies

Fortified supply chain dynamics with key OEMs by providing high-quality blow moulded parts for new vehicle models.

Augmented manufacturing processes and material technologies to meet lightweighting and safety standards.

Prioritised capacity expansion to meet the surging demand for plastic components in EVs, where weight optimisation is critical.

Advanced the development of complex, multi-layer blow moulded components to aid in emission control and optimise fuel system efficiency.

Sunroof

Besides electrification, another megatrend which is equally strong i.e. personalisation. We have capitalised on personlisation megatrend with our innovative lighting solution, alloy wheel, diversified sensor portfolio to name a few. In FY 2024-25, we have added another exciting product i.e. Vehicle Sunroof. On 01 August 2024, we entered into TLA with Aisin Corporation, Japan to manufacture and sale of sunroofs in India.

Aisin is a Fortune Global 500 Company and has been consistently ranked as a top 10 global Tier-1 automotive supplier. Aisin also holds the largest market share in sunroof product segment in Japan, supplying multi-panel, panoramic, and standard sunroofs.

Sunroof penetration has witnessed a multifold jump in last five years presenting a compelling market opportunity. The Company has also secured order from one of the OEM with expected SOP in Q4 FY 2026-27. It is setting up a plant with capital expenditure of Rs. 62.50 Crores at Bawal Haryana to manufacture these Sunroof.

Aftermarket

Uno Mindas Aftermarket Business division delivers a comprehensive range of automotive replacement parts and accessories. These include switches, lighting systems, horns, batteries, infotainment products, filters, brake components, seating systems, and air braking systems. Catering to the growing needs of the domestic replacement market and select international markets, the division harnesses a robust distribution network to ensure product availability, customer service, and brand strength.

During FY 2024-25, the Aftermarket Business registered revenues of Rs. 1,115 Crores demonstrating a sound growth trajectory. The enablers that drove this rise included portfolio expansion, deeper retail penetration, and strategic initiatives aimed at enhancing brand visibility and customer engagement across India and international markets.

Milestones Achieved and Growth Strategies

Undertook portfolio expansion through the introduction of new categories, including infotainment systems, ADAS, brake pads and new range of lamps.

Strengthened distribution network with over 1,650 business partners and 55,000 retailers across India and six international export regions.

Enhanced brand presence through marketing campaigns, mechanic engagement programmes, and retail activations.

Bolstered supply chain efficiency and product availability across tier 2 and tier 3 cities to capitalise on untapped aftermarket demand.

R&D and Technology

Uno Minda has built a strong foundation in research, development, and technology innovation to support its vision of becoming a global leader in automotive systems and solutions. With over 37 state-of-the-art R&D and engineering centres located across India, Germany, Spain, Japan, and most recently the Czech Republic, the Company continues to deepen its global footprint in product development and advanced engineering. The new R&D facility in the Czech

Republic strengthens Uno Mindas access to European OEMs and talent and expands its engineering support services in the areas of lighting, Hardware and Software development, Head Up Display and Automation technology in Europe.

Innovation is embedded in Uno Mindas DNA, reflected in the Companys impressive intellectual property portfolio. It has filed over 1,000 Intellectual Property Rights (IPRs), comprising patents and design registrations, many of which have already been granted. These filings cover a wide spectrum of product domains from switches, lighting systems, and alloy wheels to next-generation solutions like sensors, telematics, ADAS, and EV-specific components. This strong IP strategy not only helps Uno Minda protect its innovations but also enhances its ability to offer differentiated, high-value solutions to OEM customers worldwide.

Uno Mindas product and technology roadmap is aligned with its PACE strategy Personalisation, Autonomous, Connected, and Electric mobility. Under ‘Personalisation, the Company is developing comfort and convenience features tailored to user preferences. In the ‘Autonomous space, Uno Minda is expanding capabilities in ADAS sensors and intelligent driver assistance systems. Its focus on ‘Connected technologies is reflected in advanced telematics and human-machine interface

(HMI) solutions, while in ‘Electric, the Company is building a comprehensive portfolio of EV components including battery management systems, controllers, and charging infrastructure components.

Together, Uno Mindas R&D capabilities, global engineering footprint, and strategic technology alignment position it to be at the forefront of the mobility transformation, driving innovation across every domain of the vehicle ecosystem.

Cash Flows	Figures in Rs. Crores
Particulars	FY	FY
	2024-25	2023-24
Net cash flows generated from	1,071.47	979.34
operating activities
Net cash used in investing activities	(1,530.11)	(953.41)
Net cash flow generated from	365.23	90.49
financing activities
Net Increase/(decrease) in cash and	(93.41)	116.42
cash equivalents

Net cash flows generated from operating activities increased to Rs. 1,071 Crores in FY 2024-25. The Company continues to build and increase capacities. The total CAPEX excluding the land bank for the full year was around Rs. 1,250 Crores. The Company has also invested in building land bank primarily at Kharkhoda and small adjacent plots of land at Bawal and Chennai totalling to around Rs. 394 Crores. While sustaining and growth CAPEX has been financed from operating cash flows, capital expenditures, primarily on land bank, and an increase in working capital requirement resulted in incremental debt.

Our net debt as of 31 March was at Rs. 2,091 Crores compared to Rs. 1,318 Crores as on 31 March 2024. Our net debt-to-equity as at 31 March 2025 stood healthy at 0.34.

Key Ratios

Particulars (Crores)	FY	FY
	2024-25	2023-24
Debtors Turnover (Days)	50	49
Inventory Turnover (Days)	36	31
Creditors Turnover (Days)	62	68
Current Ratio	1.3	1.2
Net Debt Equity Ratio	0.34	0.25
Debt Service Coverage Ratio	3.8	4.3
ROCE (%)	18.9%	19.8%
ROE (%)	17.7%	19.3%

Risk and Mitigation

At Uno Minda, risk management is ingrained in our strategic decision-making framework, serving as a commitment to ensure sustainable growth and value creation. We adopt a structured, forward-looking approach to identifying, evaluating, and addressing risks across operations, finances, and long-term tactical initiatives. This focussed intention allows us to manage uncertainties effectively and capitalise on fresh opportunities.

Our commitment to prudent risk governance ensures a balanced alignment between our growth aspirations and risk exposure. Continuous monitoring, periodic reviews, and a well-defined risk management framework empower us to respond swiftly and accurately to emerging risks.

As part of our Integrated Report, we present a clear overview of key risk categories along with corresponding mitigation strategies. This disciplined approach strengthens our organisational resilience, reinforces stakeholder trust, and equips us to adapt confidently amidst an evolving and competitive environment.

Human Resources

Uno Minda continued to invest in cultivating a safe, inclusive, and future-ready workplace during FY 2024-25, reaffirming its commitment to employee growth and organisational excellence. The Company recognises that human capital is the driving force behind its sustained business momentum. In order to create a future-ready, agile workforce, Uno Minda advanced its efforts across talent development, employee well-being, diversity, and engagement. The Company implemented structured initiatives towards employee upskilling, emphasising on emerging technologies, including electric vehicles, sensors, and advanced driver assistance systems, in sync with evolving industry trends.

Uno Minda continued to prioritise employee well-being, with wellness programmes such as Energise webinars and Tele OPD healthcare services supporting the physical and mental health of employees. Regular engagement mechanisms, including the annual employee survey, leadership town halls, and an ethics helpline, reinforced an open, transparent, and responsive work culture.

Uno Mindas focus on nurturing a trust-led and performance-driven culture was once again recognised with the prestigious

Great Place to Work certification by the Great Place to WorkR

Institute India for the fourth year in a row. The Company also maintained its position among the top workplaces in the Indian manufacturing sector. Extending its impact beyond the workplace, Uno Minda continued to contribute to social development through its CSR initiatives, with focussed interventions in education, womens empowerment, healthcare, and sustainability.

As Uno Minda expands its presence across next-generation mobility domains, it remains firm in its conviction to nurture future-ready talent. With continuous focus on enhancing employee capabilities and build a resilient, diverse, and engaged workforce, the Company stays on track to accelerate its long-term growth aspirations.

Environment, Health and Safety

At Uno Minda, maintaining a safe, healthy, and environmentally responsible workplace is a fundamental priority. The Company views these as key enablers of operational integrity and long-term sustainability. Its robust Occupational Health and Safety (OHS) framework actively promotes employee well-being and operational excellence, fostering a culture of consciousness, accountability, and continuous improvement. This framework is supported by regular training initiatives, raising awareness about potential risks and reinforcing a safety-first mindset across the organisation.

With a structured Environment, Health, and Safety (EHS) policy and a robust Occupational Health and Safety (OHS) management system, Uno Minda ensures that safety practices are consistently reviewed and improved. Systematic processes such as periodic Hazard Identification and Risk Assessment (HIRA) and mechanisms for reporting unsafe conditions and near-miss incidents contribute to a dynamic and responsive safety environment. Active employee participation in EHS committee meetings further strengthens the shared responsibility for workplace safety.

Compliance with relevant EHS regulations is an essential aspect of Uno Mindas operating model. By engaging employees, contractors, and business partners in safety and environmental initiatives, the Company extends its safety standards across the value chain, fostering collective accountability and environmental stewardship. Through measures aimed at preventing pollution, injury, and illness, Uno Minda continues to integrate responsible practices into its growth strategy, forging a workplace that supports the health and safety of all stakeholders.

Internal Control Systems

Uno Minda operates with a strong system-oriented approach, where a well-defined internal control mechanism drives a culture of precision and accountability. The Company has put in place structured processes to embed efficiency and reliability in its daily operations. This framework forms the foundation for accurate financial reporting, safeguarding asset integrity, operational efficiency, and consistent compliance with applicable legal and regulatory requirements. Internal audits are conducted regularly by both the internal team and appointed independent auditors to assess the adequacy and effectiveness of these controls. The audit process serves as the strategic instrument for evaluating and strengthening internal control systems, ensuring accuracy in the preparation of financial and operational information. Complementing this is a dynamic budgetary control framework, enabling daily evaluation of performance against planned targets by the Management Review Committee.

Any variances from the budget are carefully analysed, and necessary corrective actions are identified and implemented. The close collaboration between Management Review Committee and the Audit Review Committee ensures effective addressal of the audit findings and subsequent strengthening of internal processes. Internal audit reports are discussed at the Audit Committee meetings, where insights are transformed into continuous system improvement. These reports, along with recommendations for corrective measures, are periodically reviewed and approved by the Boards Audit Committee. The Board also closely monitors the implementation of these measures to ensure the continuous enhancement of internal control systems across the organisation.

Cautionary Statement

Certain statements made in the Management Discussion and Analysis may constitute forward-looking statements within the scope of applicable securities laws and regulations. These relate to the Companys objectives, projections, estimates, and expectations. Actual results may differ materially from those expressed or implied due to various risks and uncertainties.

Key factors that could influence the Companys performance include changes in economic conditions affecting demand and supply dynamics, fluctuations in domestic and international markets, regulatory developments, alterations in tax structures, and other incidental factors beyond the Companys control.