ICICI Direct's research report on Motherson Sumi Wiring India
Motherson Sumi Wiring India (MSWIL) was established in 1986 as a JV with Sumitomo Wiring Systems (Japan). MSWIL is a leading, full-system wiring harness solutions provider in India catering to all major OEMs like Maruti Suzuki, Toyota Motors, Ashok Leyland, Tata Motors, etc. Listed on March 28, 2022. FY22 segment mix: PV: 60%; CV: 11%; 2-W: 12%; Others: 17%.
With fundamentals remaining unchanged, we retain our BUY rating on the stock. Rolling over our valuations, we now value MSWIL at Rs 75 i.e. 40x P/E on FY25E EPS.
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