Minda Corporation reports its strongest quarterly performance to date, driven by electric vehicle growth, strategic consolidation, and ambitious revenue targets, despite cost pressures.
Minda Corporation reported its strongest quarterly performance to date in the first quarter of FY27, with revenue rising 33.2% year on year to ₹1,846 crore, according to its latest earnings call summary. The auto components maker also delivered record earnings before interest, tax, depreciation and amortisation of ₹212 crore, with margin at 11.5%, while profit after tax jumped 216% to ₹206 crore, helped by an exceptional gain of ₹106 crore from the consolidation of Minda VAST.
The company said growth was broad-based across its core businesses, with wiring harness revenue climbing more than 30% and instrument clusters increasing more than 35% in the quarter. Its lifetime order book stood at about ₹2,500 crore, supported by new wins and higher share of business with existing customers. Electric-vehicle revenue rose 40% from a year earlier and now accounts for about 10% of sales, while associate Flash Electronics reported 90% growth in EV revenue, underscoring the group’s exposure to the shift towards electrification.
Minda also highlighted a stronger passenger-vehicle presence after bringing Minda VAST fully into its accounts. Group CFO Ajay Agarwal said the consolidation added ₹125 crore of incremental revenue and lifted the passenger-vehicle share of sales from 15% to 19%, although it also weighed on margins because Minda VAST’s EBITDA margin was still below the group average. The company added that its current kit value in that business ranges from ₹8,000 to ₹13,000, and could potentially double over the next few years as new products and internal research and development feed through.
The quarter was not without strain. The company said higher raw material prices, freight costs, wage increases and wider supply-chain pressures all squeezed profitability, and it noted that indexation-based price recovery from customers can lag by a quarter or two. Flash’s EBITDA margin slipped to 15.4% as commodity and labour costs rose, while the contribution from associates and joint ventures fell to ₹18 crore from ₹31.5 crore in the previous quarter. Minda nevertheless said it is targeting capital spending of about ₹400 crore this fiscal year, expects its Flash business to grow at a strong double-digit pace, and continues to work towards a long-term revenue goal of ₹17,500 crore by FY30. Industry publication GuruFocus reported the results on August 13, 2026.
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