UNO Minda Limited — Credit Ratings, 04-07-2025: Credit Rating

ICRA has reaffirmed Uno Minda Limited’s credit ratings at [ICRA]AA+ (Stable) for long-term instruments and [ICRA]A1+ for short-term facilities, while also enhancing the rated amounts across bank facilities, commercial paper, and non-convertible debentures to a total limit of Rs. 2,400 crore. The rating affirmation reflects Uno Minda’s consistent revenue growth at a 21% CAGR over FY2021-FY2025, diversified product profile, strong market leadership, and robust technological collaborations. Despite large capex plans (~Rs. 1,500-1,600 crore for FY2026) geared towards capacity expansion and EV-related ventures, the company maintains a comfortable financial risk profile with moderate leverage (Total Debt/OPBDITA at 1.3x in FY2025) and solid debt coverage metrics. The stable outlook signals sustained investor confidence and stable borrowing costs, supported by healthy cash flows and prudent capital management.