Minda (MINDACORP) Q1 25/26 earnings summary

Executive summary

• Achieved record quarterly revenue of ₹1,386 crore in Q1 FY26, up 16.2% year-over-year, with EBITDA of ₹156 crore (11.3% margin) and PAT of ₹65 crore (4.7% margin).

• Outperformed industry growth, driven by premiumization, new product launches, and increased market share in key segments.

• Secured a lifetime order book exceeding ₹1,300 crore, with over 30% from new energy vehicles.

• Entered joint venture with Toyodenso (Japan) for advanced switches and control systems, and announced a strategic partnership with Qualcomm for smart cockpit solutions.

• Six new patents filed in the quarter and received 104 external awards for business and sustainability.

Financial highlights

• Q1 FY26 revenue from operations: ₹1,386 crore, up 16.2% YoY and 4.9% sequentially; EBITDA: ₹156 crore, up 18.6% YoY; PAT: ₹65 crore, up 1.7% YoY.

• EBITDA margin improved to 11.3% (up 23 bps YoY); PAT margin at 4.7% (down 67 bps YoY but up 77 bps sequentially).

• Gross profit margin for FY25 was 37.8%, up from 37.1% in FY24.

• Share of profit from associates/JVs rose to ₹13 crore in Q1 FY26.

• Flash Electronics, associate company, reported revenue of ₹376 crore and EBITDA of ₹59 crore (15.8% margin).

Outlook and guidance

• Focus on enhancing core business, innovation, and technology, with strong emphasis on electric vehicle growth opportunities.

• Gradual recovery expected in coming quarters, supported by festive season and improved rural incomes.

• Growth in "other" segment (including EV, electronics, and interior plastics) expected to sustain at current run rate.

• Flash Electronics anticipates low double-digit growth, with some near-term challenges in EV due to supply chain issues.

• New joint venture plant in Noida expected to commence operations in H2 FY27.