Minda Corporation Limited reported a record consolidated revenue from operations of ₹1,846 crore for the quarter ended June 30, 2026 (Q1FY27), representing a 33.2% increase year-on-year. Consolidated net profit after tax surged to ₹206 crore, up 216% from ₹65 crore in the corresponding period last year. The results were discussed during the company’s earnings conference call held on August 13, 2026, where management highlighted robust industry tailwinds and strategic progress in electric vehicle (EV) penetration.

Financial Performance

The company’s EBITDA reached ₹212 crore, with margins expanding by 19 basis points to 11.5%. Profit Before Tax (PBT) stood at ₹237 crore. Management noted that while operational efficiency drove margin expansion, headwinds from higher commodity prices, labor costs, and freight expenses partially offset gains. These pressures were mitigated by operating leverage and back-to-back pass-through arrangements with customers.

On a standalone basis, revenue rose to ₹1,401 crore from ₹1,135 crore in Q1FY26. Standalone PAT was ₹611 million, compared to ₹418 million in the prior year. The consolidated net profit figure included an exceptional gain of ₹106 crore arising from the consolidation of Minda-VAST Access Systems Private Limited, which became a subsidiary effective April 1, 2026.

Industry Context and EV Momentum

The Indian automotive industry recorded its highest-ever first-quarter production volumes, growing approximately 22% year-on-year. Two-wheeler production grew 23%, driven by scooter demand and exports, while passenger vehicle production rose 17%. Electric two-wheeler registrations crossed 5 lakh units for the first time in a single quarter, achieving a penetration rate of 10.6%. Passenger vehicle EV penetration reached 7.5%.

Minda Corporation’s EV revenue now constitutes close to 10% of its total top line, reflecting a 40% year-on-year growth. At the group level, including associate Flash Electronics, EV revenue accounts for approximately 14%. Flash Electronics reported revenue of ₹533 crore in Q1FY27, with EV products contributing about 30% of its revenue, up 90% year-on-year.

Strategic Developments

During the quarter, Minda Corporation added lifetime orders worth approximately ₹2,500 crore, spread across vehicle access, castings, wiring harnesses, instrument clusters, and new energy segments. The company also invested ₹63 crore in group companies, including Spark Minda Green Mobility Systems, Spark Minda HCMF Technologies, and Spark Minda – Toyodenso India Private Limited.

The consolidation of Minda VAST is expected to strengthen the company’s presence in the passenger vehicle segment, which currently contributes 19% of Minda’s revenue. Minda VAST delivered an EBITDA margin of 8.4% in Q1FY27, improving from 6.5% in the previous year. Management indicated plans to bring Minda VAST’s margins in line with the overall group average over time.

What the Numbers Show

The divergence between the 235% growth in PBT and the 216% jump in net profit underscores the significant impact of the ₹106 crore exceptional gain from the Minda VAST consolidation. While core operational margins expanded by 19 basis points to 11.5%, the headline profit growth was heavily influenced by this one-time accounting adjustment. Additionally, the rapid acceleration in EV revenue—up 40% for Minda Corp and 90% for Flash Electronics—signals a successful strategic pivot toward electrification, aligning with broader industry trends where EV two-wheeler registrations crossed the 5 lakh unit mark for the first time.

Segment Performance

Revenue from the Information & Connected Systems division grew 34% year-on-year to ₹983 crore, driven by wiring harnesses and instrument clusters. The Mechatronics, Aftermarket, and Others division saw revenue rise 33% to ₹863 crore, supported by strong demand in domestic two-wheeler and passenger vehicle segments. Product-wise, wiring harness contributed 32% of revenue, followed by vehicle access (25%), die casting (15%), and clusters (16%).

Key Participants

• Aakash Minda, Executive Director
• Ajay Agarwal, Group Chief Financial Officer and President, Finance & Strategy
• Nitesh Jain, Lead, Investor Relations

Call Access Details

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For further assistance, participants may contact the call co-ordinator, Mumuksh Mandlesha, at office number (022) 66266569 or mobile number 92212 94444.

Minda Corporation subsidiary Minda Instruments Limited has received government approval to manufacture Display Module Sub-Assemblies, a component India has largely imported until now. The clearance was granted under the Electronics Components Manufacturing Scheme (ECMS), enabling the company to establish a greenfield facility for TFT display module assembly as part of its backward integration strategy.

The approval came on August 17, 2026, as part of a batch of 31 new proposals cleared by the Ministry of Electronics and Information Technology. TXB Optics received identical approval for the same component in the same round. With this addition, the total number of projects approved under the ECMS scheme stands at 106.

Strategic shift to in-house manufacturing

Minda Instruments currently supplies instrument clusters and automotive electronics to major original equipment manufacturers (OEMs). The new facility will allow the company to manufacture display components in-house rather than importing them. This move aims to shorten supply lines and reduce exposure to global disruptions such as chip shortages or shipping crises.

The facility will also cater to external customers, providing access to supply contracts across the broader automotive electronics market. Aakash Minda, Executive Director at Minda Corporation, stated that bringing display manufacturing to India reflects confidence in the group's engineering capabilities and supports the goal of building domestic depth in mobility electronics.

Scheme investment overview

The August 17 tranche of approvals carries a projected investment of ₹7,877 crore and is expected to generate 9,588 direct jobs. Since its launch, cumulative investment approved under the ECMS scheme stands at ₹69,548 crore across 15 states.

This development reinforces Minda Corporation's position within India's automotive electronics ecosystem, leveraging its existing portfolio which includes vehicle access systems, smart electronics, advanced sensors, and EV mobility solutions.