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Emkay Global Financial' research report on Samvardhana Motherson
Samvardhana Motherson (SAMIL) delivered a largely in-line performance, with consol revenue up 8.5% YoY (6% ex-Atsumitech) to Rs301.7bn, with EBITDAM at 8.7% (vs 8.8% YoY), while APAT at Rs7.3bn was modestly below expectations. Management commentary was constructive, citing a strong H2FY26 outlook aided by greenfield ramp-up, completion of platform transitions across OEMs, and healthy new order inflows. Restructuring in Europe (Modules and Polymer) is near completion, while the Consumer Electronics and Aerospace segments are scaling up well (Aerospace empaneled as Tier-1 supplier to Airbus, wit

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