Minda (MINDACORP) Q1 25/26 earnings summary

Executive summary

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

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

• Strong order book exceeding INR 1,300 crores, 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.

Financial highlights

• Q1 FY26 revenue from operations: INR 1,386 crores, up 16.2% YoY and 4.9% sequentially; EBITDA: INR 156 crores (18.6% YoY growth); PAT: INR 65 crores (1.7% YoY growth).

• EBITDA margin improved by 23 basis points YoY to 11.3%; PAT margin at 4.7%.

• Flash Electronics (associate) reported revenue of INR 376 crores and EBITDA of INR 59 crores (15.8% margin).

• FY25 revenue: INR 5,056 crores, up 8.7% YoY; FY25 PAT: INR 255 crores, up 12.4% YoY.

• Gross profit margin for FY25: 37.8%; EBITDA margin for FY25: 11.4%.

Outlook and guidance

• Gradual recovery expected, supported by festive season, improved rural incomes, and continued momentum in ICE and EV segments.

• Strategic focus on enhancing core business, innovation, and technology, with emphasis on electric vehicle growth and passenger vehicle offerings.

• Continued investment in R&D, with expenditure rising to 4.3% of revenue in FY25.

• CapEx planned at INR 350-375 crores for FY 2026, spread over two years, with allocations to both EV and traditional lines.

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