Auto · NSE: MINDACORP
Minda Corporation
Q2 FY27 earnings call · Guided by management
Call held 3 Nov 2026 · Read the filing on NSEFiling
- M.Cap
- ₹17,294Cr
- P/E
- 30.9×
- 1Y return
- +19.05%
- From 52W high
- −5.9%
Highlights are read by AI from the company's filing and can contain mistakes. Check the source page linked to each line.
Share price
Results Q2 FY27, as filed · consolidated · ₹ Cr
| Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ | |
|---|---|---|---|---|---|
| Revenue | 2,189 | 1,535 | +42.6% | 1,846 | +18.6% |
| EBITDA | 257 | 178 | +44.7% | 212 | +21.6% |
| EBITDA margin | 11.8% | 11.6% | +17 bps | 11.5% | +30 bps |
| One-off items | — | — | — | 124 | — |
| PBTProfit before tax | 157 | 93 | +69.5% | 237 | -33.6% |
| Net profit | 143 | 85 | +69.1% | 206 | -30.5% |
| EPS (₹) | 5.99 | 3.54 | +69.2% | 8.62 | -30.5% |
From the company's own results filing on NSE. Net profit is the owners' share. Growth and the dotted lines are worked out from the filed figures.
Guidance
Management corrects analyst: target is Vision 2030, not 30% CAGR
Aakash Minda · Executive Director · Q&A · p. 16
Management corrects analyst: target is Vision 2030, not 30% CAGR
“I think we have already shared our Vision 2030 and not 30% CAGR just to correct you.”
Says it delivered promised numbers over last 5 quarters toward Vision 2030
Aakash Minda · Executive Director · Q&A · p. 16
Says it delivered promised numbers over last 5 quarters toward Vision 2030
“Number two, I think we have been delivering on the numbers which have been promised over the last 5 quarters in our achieving our Vision 2030.”
More figures from the call
“Our operating base today includes 42 manufacturing plants with a workforce of more than 23,000”
“We secured TFT display order with a lifetime value exceeding INR 1,000 crores with production planned to commence in financial year 2028.”
“a notable order from a 3-wheeler OEM for the 3.5 kilowatt charger with production planned for the first quarter in next financial year.”
“Our 100% subsidiary, Minda Instruments received government approval to manufacture display modules, subassembly under the ECMS scheme, and it will take anywhere between 12 to 18 months time for the plant to come up.”
“completely imported and going forward, we plan to localize this or backward integrate this to the tune of about 70% to 80% in the quarters to come.”
“But yes, again, this is all back-to-back indexed with our customers. So of course, there is a lag of one quarter, which we will be compensated by.”
In short
- 01Q2 FY27 revenue was Rs 2,189 crore, up 43% year on year; PAT was Rs 143 crore, up 69%.
- 02EBITDA was Rs 257 crore at an 11.8% margin; margins were hit by commodity, labour and freight costs.
- 03TFT instrument cluster orders worth over Rs 1,000 crore lifetime were won, production from FY28.
- 04About Rs 200 crore to be invested in phases in a TFT display module plant, SOP in about 18 months.
- 05EV products were about 35% of new order wins and 10% of company revenue (15% at group level).
- 066 to 7 more plants are being built, to start in the next 12 to 24 months.
- 07Passenger vehicle share of revenue expected to move to about 25% plus in the next couple of years.
- 08Credit rating improved from AA- to AA.
Capex
TFT display module: Display module greenfield project in Pune / Chakan region
Aakash Minda · Executive Director · Q&A · p. 8
TFT display module: Display module greenfield project in Pune / Chakan region
“Hence the investment into the display module is being done in the Pune region or Chakan region with a greenfield project coming in.”
Capacity
New plants: instrument cluster, TFT display, switches, die casting, wiring harness, EV
Aakash Minda · Executive Director · Q&A · p. 16
New plants: instrument cluster, TFT display, switches, die casting, wiring harness, EV
“So we have our instrument cluster plant coming in. We have our TFT display. We have our switches products display. We have die casting. We have wiring harness plant coming in and EV product plant coming in.”
Wiring harness: Dedicated facility in north India for passenger vehicle high-voltage needs
Aakash Minda · Executive Director · Q&A · p. 13
Wiring harness: Dedicated facility in north India for passenger vehicle high-voltage needs
“We have a dedicated facility set up already in north part of India for the passenger vehicle high-voltage requirements.”
Order book
EV products: EV products about 35% of new order wins in the quarter
Aakash Minda · Executive Director · p. 5
EV products: EV products about 35% of new order wins in the quarter
“EV products accounted for approximately 35% of new order wins during the quarter.”
EV products: 35% of the order book now from EV platforms
Aakash Minda · Executive Director · Q&A · p. 15
EV products: 35% of the order book now from EV platforms
“So now 35% of the order book has been coming from the EV platforms across the customers.”
Orders typically start production 18 to 24 months after award, peak 2 years later
Aakash Minda · Executive Director · Q&A · p. 15
Orders typically start production 18 to 24 months after award, peak 2 years later
“So for the ones which are the products typically start in about 18 to 24 months from the order received. and the peak that comes is about 2 years from there.”
TFT instrument cluster: Most TFT cluster wins made in association with Qualcomm
Aakash Minda · Executive Director · Q&A · p. 11
TFT instrument cluster: Most TFT cluster wins made in association with Qualcomm
“And whatever customer wins that we have been having in terms of the TFT clusters, particularly, most of them have been in association with Qualcomm.”
About 60% of SOPs from new platforms, 40% to 50% from platform replacement
Aakash Minda · Executive Director · Q&A · p. 15
About 60% of SOPs from new platforms, 40% to 50% from platform replacement
“And typically, the SOP that happens is you can say 50% or 40% are business from replacement of platforms and 60% of the business are from the new platforms and products that the customers are launching.”
Segments
Flash Electronics: Associate Flash Electronics Q2 revenue Rs 650 crore, EBITDA Rs 106 crore, PAT Rs 54 crore
Ajay Agarwal · GCFO & President · p. 7
Flash Electronics: Associate Flash Electronics Q2 revenue Rs 650 crore, EBITDA Rs 106 crore, PAT Rs 54 crore
“Flash delivered Q2 revenue of INR 650 crores, EBITDA at INR 106 crores with PAT stand at INR 54 crores.”
Flash Electronics: EV products 32% of Flash Q2 revenue; Flash EV revenue up 173%
Ajay Agarwal · GCFO & President · p. 8
Flash Electronics: EV products 32% of Flash Q2 revenue; Flash EV revenue up 173%
“For Flash Electronics, the EV products contributes about 32% of Flash Electronics Q2 revenue and EV revenue for the company grew by 173% on a year-on-year basis.”
EV products: EV product revenue up 113%; 10% of company revenue, 15% at group level
Ajay Agarwal · GCFO & President · p. 7
EV products: EV product revenue up 113%; 10% of company revenue, 15% at group level
“The EV product revenue grew by 113% year-on-year, contributing 10% of Minda Corporation's revenue and 15% at a group level.”
Sunroof: Sunroof content about Rs 20,000 per unit
Aakash Minda · Executive Director · Q&A · p. 10
Sunroof: Sunroof content about Rs 20,000 per unit
“The sunroof typically our range is INR 20,000 plus/minus.”
Vehicle access: Higher vehicle access share is due to Minda VAST consolidation
Aakash Minda · Executive Director · Q&A · p. 12
Vehicle access: Higher vehicle access share is due to Minda VAST consolidation
“Yes, it is due to the consolidation of Minda VAST.”
Demand
Sunroof: On sunroof bidders list of Korean, Chinese and Indian OEMs
Aakash Minda · Executive Director · Q&A · p. 10
Sunroof: On sunroof bidders list of Korean, Chinese and Indian OEMs
“Yes, we are on the bidders list of many OEMs, including Korean as well as Chinese and Indian.”
Commercial vehicles: EV penetration rising in small commercial vehicles
Aakash Minda · Executive Director · Q&A · p. 10
Commercial vehicles: EV penetration rising in small commercial vehicles
“So ma'am, in commercial vehicles, of course, the small commercial vehicles is where the EV penetration is further rising.”
Demand conditions positive across major vehicle segments
Aakash Minda · Executive Director · p. 4
Demand conditions positive across major vehicle segments
“Overall, demand conditions remain positive across the major vehicle segments.”
Indian auto industry recorded its highest ever second quarter sales across vehicle segments
Aakash Minda · Executive Director · p. 3
Indian auto industry recorded its highest ever second quarter sales across vehicle segments
“Against this backdrop, the Indian automotive industry recorded its highest ever second quarter sales across vehicle segments.”
GST changes, festive buying and infrastructure activity supported demand
Aakash Minda · Executive Director · p. 4
GST changes, festive buying and infrastructure activity supported demand
“Improved affordability following GST changes, festive purchase and infrastructure activity supported the demand.”
Margins and costs
Margins hit by commodity and input costs; recovery from customers expected next quarter
Aakash Minda · Executive Director · p. 5
Margins hit by commodity and input costs; recovery from customers expected next quarter
“During the quarter, margins were affected by 3 key factors: elevated commodity pricing, increased input costs, although these increases are largely pass-through in nature with recovery from customers expected over the coming quarter.”
Minimum wage revisions in several states raised labour cost
Aakash Minda · Executive Director · p. 5
Minimum wage revisions in several states raised labour cost
“Revision in minimum wages across several states added to our labour cost.”
Market conditions led to higher freight expenses
Aakash Minda · Executive Director · p. 5
Market conditions led to higher freight expenses
“Prevailing market conditions resulted in higher freight expenses.”
Wiring harness: Copper price increase about 4% to 5% in wiring harness
Aakash Minda · Executive Director · Q&A · p. 11
Wiring harness: Copper price increase about 4% to 5% in wiring harness
“So the copper price increase, in fact, is somewhere about 4% to 5% in our overall wiring harness domain.”
Debt and working capital
Credit rating improved from AA- to AA
Ajay Agarwal · GCFO & President · p. 7
Credit rating improved from AA- to AA
“our credit rating has also improved from AA- to AA.”
Acquisitions and new business
TFT display: Phase 2: displays to be offered directly to OEMs as a complete panel
Aakash Minda · Executive Director · Q&A · p. 10
TFT display: Phase 2: displays to be offered directly to OEMs as a complete panel
“And Phase 2, then we are going to look at offering this product directly to the OEMs as a complete panel.”
Sunroof / power footstep: Sunroof production started; first power footstep order from a passenger vehicle customer
Ajay Agarwal · GCFO & President · p. 7
Sunroof / power footstep: Sunroof production started; first power footstep order from a passenger vehicle customer
“Sunroof also started production during this quarter, and we have secured our first power footstep order also from one of the anchor passenger vehicle customers.”
Switches: SOPs for advanced switches and other new programs progressing as planned
Aakash Minda · Executive Director · p. 5
Switches: SOPs for advanced switches and other new programs progressing as planned
“In parallel, the SOPs for advanced switches business and other new programs are progressing as planned”
Passenger vehicles: Any M&A or inorganic growth would further raise passenger vehicle share
Aakash Minda · Executive Director · Q&A · p. 14
Passenger vehicles: Any M&A or inorganic growth would further raise passenger vehicle share
“Of course, if there is any M&A or inorganic growth that comes along with it, it is going to further increase.”
One-offs
H1 normalized PAT excludes Rs 106 crore exceptional gain from Minda VAST consolidation
Ajay Agarwal · GCFO & President · p. 7
H1 normalized PAT excludes Rs 106 crore exceptional gain from Minda VAST consolidation
“This excludes INR 106 crores exceptional gain net of tax arising from Minda VAST consolidation, which happened in Q1 of this fiscal year.”
Other
Q2 FY27 revenue Rs 2,189 crore, up 43% year on year, highest ever
Aakash Minda · Executive Director · p. 4
Q2 FY27 revenue Rs 2,189 crore, up 43% year on year, highest ever
“delivering its highest ever quarterly revenue of INR 2,189 crores with a growth of 43% on a year-on-year basis.”
Q2 EBITDA Rs 257 crore, up about 45%, margin 11.8%
Aakash Minda · Executive Director · p. 4
Q2 EBITDA Rs 257 crore, up about 45%, margin 11.8%
“The company reported EBITDA of INR 257 crores with a growth of approximately 45% on a year-on-year basis, along with an EBITDA margin of 11.8%.”
Q2 PAT Rs 143 crore, up 69% year on year
Aakash Minda · Executive Director · p. 4
Q2 PAT Rs 143 crore, up 69% year on year
“PAT reached INR 143 crores with a growth of 69% on a year-on-year basis.”
H1 FY27 revenue Rs 4,036 crore, up 38% year on year
Aakash Minda · Executive Director · p. 4
H1 FY27 revenue Rs 4,036 crore, up 38% year on year
“For H1 FY27, revenue from operations was INR 4,036 crores with a growth of 38% on a year-on-year basis.”
Around 30% to 35% of power now from captive renewables
Ajay Agarwal · GCFO & President · Q&A · p. 13
Around 30% to 35% of power now from captive renewables
“Around 30% to 35%.”
Sources
- Earnings call transcript, Q2 FY27 Filed 11 Nov 2026 · 17 pages
Management's own statements, quoted from its NSE filings. This page was read by AI and can contain mistakes: check the source pages before relying on any figure. No forecast or opinion of ours. Not investment advice.