Samvardhana Motherson International Limited stock analysis

EBITDA grew by 26% during the quarter, ahead of revenue growth, with EBITDA margin improving by 60 basis points year -on-year. This improvement was primarily driven by the modules and polymer business, wherein the restructuring initiatives undertaken over t he last 1.5 years to breathe with the market helped absorb input cost inflation and deliver year-on-year margin improvement. Normalized PAT grew by 55% in the fir

In addition, India’s increasing role as a manufacturing and export hub for global OEMs contributed to production growth. Stable supply chain conditions and ongoing capacity expansions by manufacturers further supported the positive momentum, reinforcing India’s position as one of the fastest-growing automotive markets globally. LV production: Gre/a.altter Chin/a.alt rem/a.altined the l/a.altrgest /a.altutomotive m/a.

Looking ahead, global LV production is expected to grow from approximately 92 million units in FY26 to around 93 million units in FY27. Combined with the launch pipeline, the improving macro picture in Europe, and our own share gains, we are optimistic about our growth trajectory going into FY27. Q6 Commodity volatility and geo-political uncertainty have been persistent themes.

Underpinning this progress is our proven D.E.M.A.L. framework – our capability to Design, Engineer, Manufacture, Assemble, and manage Logistics of complex products across multiple industries and geographies. This is the foundation on which our diversi/f.shortication rests, and I am delighted by what our teams have built.

We spent INR 1,614 crores on capex in the first quarter, in-line with our full year guidance of INR 6,000 crores, plus/minus 10%. This represented 52% of the quarter's EBITDA invested across growth, backward integration and maintenance capex and should support both business expansion and margin improvement going forward. Samvardhana Motherson International Limited August 06, 2026 Page 4 of 23 3 plants were operationa

• Advanced product innovation in healthcare wearables with Retimer, including the introduction of AI-enabled insights, expansion of distribution networks in Europe, achievement of key regulatory certi/f.shortications, and collaboration with academic and clinical institutions on sleep health research programmes. • Achieved signi/f.shorticant clinical and regulatory milestones in surgical imaging with Irillic, includin

The cost of goods sold as a percentage of revenue from operations was /f.shortlat year-on-year at 54% for the /f.shortiscal year ended 31 March 2026. The positive impact from operating leverage negated the impact of elevated input costs arising from commodity price volatility during the 2nd half of the year. Employee bene/f.shortit expense Employee bene/f.shortits expense as a percentage of revenue from operations wa