ICICI Direct's research report on Samvardhana Motherson International
Samvardhana Motherson International (SAMIL), at its analyst meet, presented its Vision 2030 where the company shared its aspiration to grow its gross revenue ~4x to USD 108bn over the next five years. Directionally, this may position Motherson group among top-3 auto ancillaries globally. Over the last two decades, Motherson group has expanded from a single-product/geography to a multi-products/geography auto component player and is now looking to replicate the same in newer segments (aerospace, consumer electronics, semiconductor, etc.). Playbook remains the same: higher content (premiumisation) + cross-selling + acquisitions.
Outlook
SAMIL is our preferred picks among large auto ancillaries. Its diversified business model and expanding product portfolio and customer base presents a multi-year growth and value-unlocking opportunity for investors. Maintain BUY with TP of INR 115, based on 20x FY27E EPS.
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