Hold Motherson Sumi: target of Rs 185: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on Motherson Sumi

Motherson Sumi (MSS) primarily serves global PV industry with wiring harnesses, vision systems (mirrors) & plastic body parts as key product lines. History of successful turnarounds in acquisitions and inorganic-led growth SMRPBV order book was at €15.3 billion as of H1FY22

Outlook

We maintain HOLD rating on the stock amid slower-than-anticipated recovery in PV auto volumes globally amid persisting chip shortage We value the combined entity post-merger of erstwhile SAMIL into MSSL at Rs 255/share on SOTP basis. Consequently, our target for individual entities i.e. DWH and new SAMIL (ex-DWH) is at Rs 70/share and Rs 185/share, respectively. Given the high RoCE profile (~40%) and exposure to pure play domestic PV wiring harness segment at DWH, we assign a premium valuation to it at 40x PE on FY23E vs. new SAMIL being valued at ~26x PE on FY23E.

More Info on Trent

It has touched a 52-week low of Rs 164.50.

At 14:59 hrs Motherson Sumi Systems was quoting at Rs 170.75, up Rs 2.50, or 1.49 percent.

It has touched an intraday high of Rs 171.40 and an intraday low of Rs 164.50.

It was trading with volumes of 512,347 shares, compared to its thirty day average of 637,815 shares, a decrease of -19.67 percent.

In the previous trading session, the share closed down 2.01 percent or Rs 3.45 at Rs 168.25.

The share touched its 52-week high Rs 269.00 and 52-week low Rs 166.55 on 03 June, 2021 and 14 February, 2022, respectively.

Currently, it is trading 36.52 percent below its 52-week high and 2.52 percent above its 52-week low.

Market capitalisation stands at Rs 53,921.73 crore.

For all recommendations report, click here

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