Minda Corporation Limited delivered record financial performance in FY2025-26, its first year under the Vision 2030 strategic framework, with consolidated revenue reaching ₹61,853 million — a 22.3% year-on-year increase over ₹50,562 million in FY2024-25. The year marked a decisive step in the company's transition from a component manufacturer to an integrated System Solution Provider, with measurable progress across revenue, profitability, partnerships and technology platforms.

FY2026 Financial Highlights

The company's consolidated financial performance for FY2025-26 demonstrated broad-based growth across all key metrics, with record highs achieved in revenue, EBITDA and Profit After Tax.

On a standalone basis, the company achieved revenue of ₹50,170 million, up 21.06% from ₹41,443 million in the previous year, with net profit of ₹2,415 million, up 17.29% from ₹2,059 million.

Quarterly Revenue Progression

Revenue growth accelerated through the year, with Q4 FY2026 delivering the highest-ever quarterly revenue in the company's history.

In Q4 FY2026, revenue grew 29.0% year-on-year, outperforming the broader Indian automotive industry growth of approximately 20%. Q4 FY2026 PAT of ₹1,240 million grew 138.3% year-on-year, while Profit Before Tax of ₹1,234 million was 90.2% higher year-on-year.

Five-Year Financial Summary

Over the FY2021-22 through FY2025-26 period, the company delivered a compound annual growth rate of approximately 20% in revenue, approximately 25% in EBITDA, and approximately 17% in Profit After Tax.

Dividend

The Board recommended a final dividend of ₹0.80 per equity share, taking the total FY2026 dividend to ₹1.40 per equity share — comprising an interim dividend of ₹0.60 per share declared in February 2026 and the final dividend. This is consistent with the total dividend declared for FY2024-25.

Strategic Partnerships and Joint Ventures

FY2026 was a year of significant partnership activity, with the company advancing its ecosystem across EV powertrain electronics, advanced switches, sunroof systems and high-voltage motor controllers.

Flash Electronics recorded revenue of approximately ₹18,028 million in FY2025-26, with an EBITDA margin of 17.2% and a Profit After Tax margin of 7.6%. Flash's contribution to the company's consolidated results is reflected through the equity-method line, with share of profit from associates for FY2025-26 at approximately ₹811 million.

The Toyodenso joint venture for advanced automotive switches has already received orders from customers in India, with lifetime orders exceeding ₹10,000 million secured. The greenfield plant in Noida is expected to commence operations in the second half of FY2026-27.

Vision 2030 Framework and Financial Targets

Vision 2030 articulates four headline financial targets for FY2030, translating the five strategic pillars into measurable shareholder value outcomes.

The five strategic pillars underpinning Vision 2030 are: investment in existing businesses (with planned capital deployment of approximately ₹20,000 million through 2030); new market export focus (targeting ₹15,000 million in export revenue by FY2030); premiumisation of existing products; new product launches; and investment in R&D through the SMIT evolution framework.

Capital Expenditure and Balance Sheet

Capital expenditure for FY2025-26 was ₹4,130 million, in line with the planned approximately ₹4,000 million. The five-year organic capex plan totals approximately ₹20,000 million across FY2025-26 through FY2029-30. Net debt stood at approximately ₹11,650 million, with a net debt-to-net worth ratio of 0.4x. Both India Ratings and Research (IND AA/Stable) and CRISIL (upgraded to AA/Stable from AA-/Positive) affirmed or upgraded their credit ratings during the year.

Credit Ratings

Key Operating Metrics and Order Book

The company's workforce stood at over 23,000 people across 42 manufacturing plants, supported by an engineering base of over 1,000 professionals and a patent portfolio of 330+ filings with 147 granted as on 31st March 2026. Lifetime order book additions during FY2026 totalled approximately ₹1,00,000 million, of which approximately 20% are from export orders. R&D expenditure as a percentage of standalone turnover stood at 3.17% for FY2025-26. The company filed 26 new patents during the year.

The Indian automotive industry provided a supportive backdrop, with total domestic wholesales crossing 28.27 million units in FY2025-26, a growth of 10.4% over the previous year, with every vehicle category recording its highest-ever annual sales. Electric vehicle registrations in India reached a record 2.55 million units in FY2025-26, up approximately 25% from 2.04 million in FY2024-25.

Minda Corporation has acquired an additional 2,50,00,000 equity shares in its subsidiary, Spark Minda Green Mobility Systems Private Limited, for ₹25 crore. The acquisition was completed on July 19, 2026, pursuant to a rights issue to maintain the company's 100% shareholding and provide growth capital for the subsidiary's business requirements. The subsidiary operates in the automotive parts and components sector, aligning with Minda Corporation's existing business strategy.

The consideration for the acquisition was paid in cash through normal banking channels at par, with each equity share holding a face value of ₹10. Following this transaction, Minda Corporation along with its nominee continues to hold 100% of the equity shares in Spark Minda Green Mobility Systems Private Limited. Consequently, the entity remains a wholly owned subsidiary of the company.

Spark Minda Green Mobility Systems Private Limited reported a turnover of ₹5362.07 Lakhs for FY 2025-26. The company was incorporated on February 22, 2021, and is engaged in the design, development, and manufacturing of electric vehicle parts and components. Its operations are based in India.

The acquisition does not fall within related party transactions as per the provisions of the Companies Act, 2013, and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. No governmental or regulatory approvals were required for the completion of this transaction.

Financial Performance of Spark Minda Green Mobility Systems