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.

Minda Corporation Limited has filed the audited newspaper clippings of its standalone and consolidated financial results for the quarter ended June 30, 2026 (Q1FY27), with the National Stock Exchange of India Ltd. and BSE Limited. The filing, submitted on August 14, 2026, pursuant to Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, confirms the company’s record quarterly performance reported earlier.

The audited results validate a consolidated revenue from operations of ₹1,846 crore (₹1,84,793 lakh), marking a 33.2% increase from ₹1,386 crore in Q1FY26. Consolidated net profit after tax stood at ₹206 crore (₹20,625 lakh), up 216% year-on-year from ₹65 crore. The Board of Directors approved these results in its meeting held on August 13, 2026.

Financial Performance

The financial figures disclosed in the filing align with the previously announced operational metrics. Consolidated EBITDA was ₹212 crore, with margins expanding by 19 basis points to 11.5%. Profit Before Tax (PBT) reached ₹237 crore with a margin of 12.8%, compared to ₹71 crore at 5.1% in the corresponding period last year.

On a standalone basis, revenue from operations rose to ₹1,401 crore from ₹1,135 crore in Q1FY26. Standalone PAT was ₹611 million, compared to ₹418 million in the prior year. These results included an exceptional loss of ₹879 million related to a fire incident at one of the company’s plants on May 30, 2026.

What the Numbers Show

The divergence between the 235% growth in consolidated PBT and the 216% jump in consolidated net profit highlights the significant impact of the exceptional item. With PBT at ₹237 crore and net profit at ₹206 crore, the net exceptional gain of ₹106 crore accounts for approximately 51% of the final bottom line. This suggests that while operational performance improved steadily with margin expansion, the headline profit figure is heavily influenced by one-off gains rather than core operational leverage alone. Additionally, the company secured new lifetime orders worth ₹2,500 crore in the quarter, with electric vehicle (EV) products constituting over 15% of this inflow, signaling strong momentum in its EV transition strategy.

Strategic Investments and Consolidations

During the quarter, Minda Corporation acquired control of its joint venture, Minda-VAST Access Systems Private Limited, through an amendment in the Shareholder's agreement dated April 30, 2015. Accordingly, Minda Vast became a subsidiary of the Company effective April 1, 2026. In accordance with Ind AS 110, the Company re-measured its existing stake at fair value and recorded a gain as an exceptional item.

Additionally, the Board approved additional investments in group companies to support business expansion. During the quarter, Minda Corporation invested ₹63 crore in Spark Minda Green Mobility Systems Private Limited, Minda HCMF Technologies Private Limited, and Spark Minda – Toyodenso India Private Limited. This follows a previously approved investment of up to ₹180 million in Spark Minda Toyodenso India Private Limited, a joint venture with Toyo Denso Co., Ltd., Japan.

Segment Performance

Revenue from the Information & Connected Systems division, which includes wiring harnesses and instrument clusters, grew 34% year-on-year to ₹983 crore. 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. The company also filed seven new patents during the quarter, bringing its total patent portfolio to over 335.

Key Participants

The following executives from Minda Corporation Limited participated in the discussion:

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

Call Access Details

Investors and analysts can join the conference call via the following access numbers:

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