Minda (MINDACORP) Q1 26/27 earnings summary

Executive summary

• Record Q1 FY27 revenue of INR 1,846 crore, up 33.2% YoY, and EBITDA of INR 212 crore, up 35.4%, at an 11.5% margin.

• PAT rose 215.8% YoY to INR 206 crore, including an exceptional INR 106 crore gain from VAST consolidation.

• Lifetime order additions reached INR 2,500 crore, with over 15% from the EV segment.

• VAST consolidation strengthened vehicle access offerings and raised passenger-vehicle revenue mix to 19%.

• Seven patents were filed in Q1, bringing cumulative filings to over 335.

Financial highlights

• Revenue from operations was INR 1,846 crore, up 33.2% YoY and 8.4% sequentially.

• EBITDA rose 35.4% YoY to INR 212 crore; margin improved 19 bps YoY to 11.5%.

• PAT increased 215.8% YoY to INR 206 crore; PAT margin was 11.2%, including an exceptional INR 106 crore gain net of tax from VAST consolidation.

• Flash Electronics revenue reached INR 533 crore, up 42% YoY; EBITDA was INR 82 crore at a 15.4% margin, and PAT margin was 6.6%.

• Lifetime order additions totaled INR 2,500 crore during the quarter.

Outlook and guidance

• FY27 EBITDA margin guidance is 11.5%–12%; the long-term target is 12.5% by FY30, versus 11.7% in FY26.

• FY30 revenue target is INR 17,500 crore, supported by existing-business growth, premiumization, exports, new launches and opportunities estimated at INR 4,600 crore.

• Flash targets 20%–24% growth and a long-term margin range of 16%–17%.

• Wiring harness and instrument cluster growth momentum is expected to continue through upcoming quarters and into FY28.

• Switches lifetime order book exceeds INR 1,000 crore; FY28 revenue is expected at INR 150 crore, with current orders peaking in FY29.