Vision 2030: Motherson Maps a Five-Fold Leap, and a Future Beyond Cars

Samvardhana Motherson International Ltd. has set itself a target that would be ambitious even by its own standards: gross revenues of $108 billion by 2029-30, up from $22.9 billion in FY2026.

The goal anchors Vision 2030, the group's seventh five-year plan, launched as Motherson completes 50 years since Vivek Chaand Sehgal and the late Swaran Lata Sehgal founded the company in Delhi in 1975. The plan rests on four pillars: the USD 108 billion topline, a 40% group return on capital employed, dividends of up to 40% of consolidated profit, and a diversification rule the company calls 3CX10 — no country, customer or component should contribute more than 10% of revenues.

A Compass

Motherson is candid that five-year plans have "guided us as compass and direction, not just as a target" — language that acknowledges a mixed scorecard. The company beat its first four plans, turning a 1995 target of Rs 100 crore into Rs 153 crore, and overshooting the 2010 goal of $5 billion with $5.5 billion. Likewise, in 2015, the company achieved $8.9 billion against a $5.5-18 billion target , and $25.7 billion against $36 billion in 2025.

The Diversification Math

The 3CX10 target is arguably the more transformative commitment for a company still recognizably an automotive supplier. Motherson's booked business of USD 96 billion as of March 2026 remains 75% conventional automotive and 22% pure-EV programs, with non-automotive at just 3% . By geography of revenue, India alone accounts for 22%; by component, wiring harness contributes 25%.

Getting every cell of that matrix under 10% implies the non-auto businesses — aerospace, consumer electronics, logistics, health and medical, semiconductors, rolling stock, must grow disproportionately. The capital allocation already points that way: FY27 capex guidance of Rs 6,000 crore is split roughly half growth, half regular, with about 60% of growth capex directed at non-auto businesses. All 13 facilities currently under construction sit in emerging markets, from India and the UAE to Morocco, Poland and Hungary.

Firepower and Positioning

For the automotive industry, the plan is a signal of where a top-10 global supplier believes value is migrating. Motherson now brands itself a D.E.M.A.L. specialist — design, engineering, manufacturing, assembly and logistics. For OEMs, the message is continuity; for the components sector, it is that one of India's most acquisitive groups intends to be measured, by 2030, as much by what it makes outside the car as within it.