Uno Minda Limited has issued a corrigendum to its earlier regulatory filing regarding the GST penalty order received from tax authorities. The company clarified that the tax amount of ₹126.19 crore involved in the case had already been paid before the inception of the tax dispute, with authorities only imposing interest and penalty components.

Corrigendum Details and Clarifications

The corrigendum, submitted on March 11, 2026, addresses the penalty order from the Office of the Commissioner of Goods & Service Tax and Central Excise, Salem, Tamil Nadu. The company emphasized that the adjudicated authority has duly appropriated the tax demand and imposed only interest and penalty charges.

Amnesty Scheme Adoption

A significant development revealed in the corrigendum is the company's adoption of an amnesty scheme for the earlier period. For the period from November 15, 2017 to March 2020, Uno Minda has adopted the amnesty scheme, resulting in no exposure of the penalty amount on the company.

Impact Assessment Update

The company maintains its position regarding the potential impact:

Regulatory Compliance and Filing Details

The corrigendum was filed pursuant to Regulation 30 of SEBI LODR regulations, specifically addressing Sub-Para 20 of Para A of Part A of Schedule III. The filing was digitally signed by Tarun Kumar Srivastava, Company Secretary & Compliance Officer, at 21:45:33 IST from the company's Manesar, Gurugram location.

Key Clarifications

The corrigendum provides important clarifications that distinguish it from the original filing:

• Pre-payment of Tax: The entire tax demand of ₹126.19 crore was paid before the dispute arose
• Amnesty Benefit: The company has availed amnesty scheme benefits for the 2017-2020 period
• Actual Exposure: Only interest and penalty components remain as potential liabilities
• Contest Strategy: Company continues to plan legal challenge based on case merits

The updated disclosure demonstrates the company's commitment to providing accurate and complete information to stakeholders while addressing the HSN misclassification issues through appropriate legal and regulatory channels.

Uno minda Limited has received reaffirmation of its credit ratings from ICRA Limited on March 11, 2026, maintaining its strong financial standing in the automotive components sector. The rating agency has upheld the AA+ Stable rating for long-term facilities and A1+ rating for short-term facilities while enhancing the total rated amount.

Rating Reaffirmation Details

ICRA has reaffirmed comprehensive credit ratings across multiple financial instruments for Uno Minda Limited:

The total rated amount has been enhanced to Rs. 2,500.00 crore from the previous Rs. 2,400.00 crore, representing an increase of Rs. 100.00 crore. The enhancement primarily reflects in the fund-based/non-fund based limits, which increased from Rs. 573.00 crore to Rs. 702.00 crore.

Financial Performance Highlights

The rating reaffirmation is supported by Uno Minda's robust operational performance during FY2026. The company has maintained healthy growth momentum with 9M FY2026 revenues increasing around 17% YoY. Notably, the company delivered its highest-ever quarterly revenue in Q3 FY2026, demonstrating strong market positioning.

Business Profile and Market Position

Uno Minda maintains a well-diversified business profile across product categories and vehicle segments. Growth has remained broad-based across switching, lighting, casting, seating, acoustics, and newer electronics/advanced driver assistance systems (ADAS)/electric vehicles (EV) subsystems. The company benefits from robust demand in both two-wheeler (2W) and passenger vehicle (PV) segments and higher content-per-vehicle.

The diversified revenue streams provide stability, with about 25% of consolidated revenues derived from automotive switches in FY2025, 23% from lighting, 19% from casting, 7% from seating, and 5% from acoustics. The remaining 21% comes from products including blow-moulded components, batteries, EV-specific components, controllers, sensors, and ADAS through multiple joint ventures.

Capital Structure and Investment Plans

The ratings continue to reflect the company's healthy financial risk profile, characterized by conservative capital structure and strong debt coverage indicators. As of September 2025, the company maintains comfortable gearing of 0.4 times and total debt/OPBDITA of 1.3 times, while coverage indicators remain healthy with interest coverage at 12.2 times.

Uno Minda is currently undertaking a sizeable capex programme of Rs. 1,500-1,600 crore in FY2026, including land purchases, largely backed by confirmed OEM orders. The expansion includes commissioning of new facilities across multiple locations and product lines, strengthening the company's longer-term business prospects.

Liquidity and Outlook

The company's liquidity position remains adequate, supported by consolidated cash balances of Rs. 305.20 crore as of December 31, 2025, and unutilised working capital limits of Rs. 566.00 crore on a standalone basis. The Stable outlook reflects ICRA's expectation that Uno Minda's credit profile will remain healthy over the medium term, with the company expected to maintain leadership across key product categories.