New Delhi, March 16 -- Uno Minda Ltd shares are down 22% so far in 2026. After the slide, the stock trades at a price-to-earnings multiple of 30x, based on Nomura's FY28 estimates, and on par with the broking firm's estimates for other auto ancillaries such as Sona BLW Precision Forgings and Bharat Forge.

Why has Uno Minda stock fallen?

While the US-Israel-Iran war affects exports from India, Uno derives a relatively small share from exports at 10% of revenues. But it also has an indirect exposure to exports through supplies to its customers or original equipment manufacturers (OEMs)-contributing more than 90% of revenue-that are sending vehicles overseas. Thus, Uno is heavily dependent on OEMs versus other auto ancillaries, such as tyr...