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Motilal Oswal Report
Motherson Sumi Wiring India Ltd., a joint venture between Sumitomo Wiring System and Motherson Group, is a market leader in the Indian wiring harness industry with a market share of over 40%.
The wiring harness business is unique from the perspective of high human capital intensity and lower capex requirement.
Motherson Sumi Wiring India enjoys superior profitability led by improved efficiency and economies of scale, as reflected in the industry leading gross/Ebitda/ Ebit margins.
After the restructuring of Motherson Sumi Systems Ltd., Motherson Sumi Wiring transformed into an India-based pure play wiring harness player with a focus on the domestic market. It derives over 95% of its revenue from the domestic business with negligible exposure to exports.
Hence, Motherson Sumi Wiring India is a direct beneficiary of the Indian automotive industry recovery, with a high exposure to the domestic passenger vehicle segment.
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