Target: ₹163CMP: ₹144.15We reiterate Buy on Samvardhana Motherson (SAMIL) with revised TP of ₹163 (25x March 2028 EPS). SAMIL’s recent stock outperformance, despite a volatile global macro backdrop, is led by resilient FY26 marked by improved booked business at about $96 billion (vs $87.2 billion in September 2025, $88.1 billion in March 2025).The outlook remains robust, supported by new programme ramp-up, greenfield additions and accelerating non-auto contributions. Non-auto segments, especially consumer electronics (CE) – EBITDA positive in Q4 with business already have achieved projected annual capacity from two plants and upcoming mega new plant (GF3) in Q3FY27 to have upstream capabilities leading to further margin expansion. Aerospace revenues grew about 40 per cent year on year in FY26 at ₹2,460 crore (vs ₹1,750 crore in FY25) with EBITDA margins at 8.3 per cent (vs 7.3 per cent) with OB at about $1.6 billion (vs $1.2 billion earlier).Diversification across high-growth emerging markets (now >50 per cent of revenues) adds resilience, while core businesses across wiring harnesses, vision systems, and modules/polymers retain meaningful white-space. We expect growth to sustain in FY27 as key levers such as scale-up non-auto, deeper integration into Japanese OEMs playout. We build revenue/EBITDA/PAT CAGR of 9.5-14 per cent with the stock trading at 25.5x/21.7x FY27/FY28 consolidated EPS.Published on June 9, 2026