Minda Corporation Limited shareholders approved the company’s financial results for FY26 at its 41st Annual General Meeting held on August 21, 2026. The meeting also saw the re-appointment of Chairman Ashok Minda and statutory auditors S.R. Batliboi & Co. LLP.

The Board recommended a final dividend of ₹0.80 per equity share, representing a 40% payout on face value. Shareholders approved the adoption of audited standalone and consolidated financial statements for the fiscal year ended March 31, 2026.

Financial Performance

Minda Corporation reported consolidated revenue of ₹6,185 crore for FY26, marking a 22.3% year-on-year increase from ₹5,056 crore in FY25. The group achieved its highest-ever EBITDA of ₹721 crore, reflecting a margin expansion of 29 basis points to 11.7%. Profit after tax rose 38% to ₹358 crore, up from ₹255 crore in the previous fiscal.

Group revenue, including associates and joint ventures, stood at ₹9,015 crore. The company secured lifetime orders worth more than ₹10,000 crore during the fiscal.

Strategic Partnerships

The company highlighted two new joint ventures formed in FY26:

• A partnership with Turntide Drives Ltd., signed on March 9, 2026, to offer localized EV motor solutions. Minda holds a 49% stake.
• A joint venture with Toyodenso, established in June 2025, focusing on automotive switches. Minda holds a 60% stake with an initial investment of ₹150 crore.

Balance Sheet & Leverage

As of March 31, 2026, net worth increased to ₹2,659 crore from ₹2,202 crore in FY25. Gross debt declined to ₹1,212 crore from ₹1,344 crore, while cash and cash equivalents rose to ₹147 crore. Net debt improved to ₹1,065 crore from ₹1,247 crore.

The net debt-to-equity ratio decreased to 0.4x from 0.6x in FY25. Return on capital employed (ROCE) expanded to 23.1% from 20.0% in both FY24 and FY25.

What the Numbers Show

The divergence between revenue growth (22%) and PAT growth (38%) indicates significant operating leverage in FY26. This acceleration was supported by an expansion in EBITDA margins by 29 basis points to 11.7%, suggesting that cost management or product mix shifts contributed disproportionately to bottom-line gains relative to top-line expansion.

Corporate Governance

The AGM was conducted via video conferencing under SEBI and MCA guidelines. Quorum was met with 357 members attending. Statutory auditors confirmed no qualifications or adverse remarks in their report. The remuneration of Chandra Wadhwa & Co. as cost auditors was ratified.

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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