Minda (MINDACORP) Q2 24/25 earnings summary

Executive summary

• Achieved highest-ever quarterly revenue of INR 1,290 crores in Q2 FY25, up 8% year-on-year, and H1 revenue of INR 2,482 crores, up 9.3% year-on-year.

• EBITDA for Q2 reached INR 147 crores (11.4% margin), with PAT at INR 74 crores (5.8% margin), both at record highs and up 26.5% year-on-year.

• Lifetime order wins in Q2 exceeded INR 2,400 crores, with H1 order book surpassing INR 4,750 crores and over 25% from EV platforms.

• Signed technology licensing agreement with SANCO (China) for high-voltage EV connector systems and filed 14 new patents in H1 FY25, bringing total to over 285.

• Capacity expansions planned at die-casting, instrument cluster, and wiring harness divisions, with new facilities in Pune and Greater Noida.

Financial highlights

• Q2 FY25 consolidated revenue: INR 1,290 crores (+7.9% YoY); H1 FY25: INR 2,482 crores (+9.3% YoY); EBITDA: INR 147 crores (11.4% margin); PAT: INR 74 crores (5.8% margin).

• Gross margin for Q2 FY25 at 37%, up 38 bps year-on-year.

• Net worth increased from INR 1,981 crores to INR 2,102 crores in six months.

• Consolidated Q2 FY25 EPS: INR 3.16 (basic); H1 FY25 EPS: INR 5.89 (basic).

• Standalone Q2 FY25 revenue: INR 1,05,760 lakhs; PAT: INR 6,267 lakhs.

Outlook and guidance

• Management targets double-digit sales growth and sustaining EBITDA margins above 11%, with a medium-term target of 12%.

• Positive outlook for H2 FY25, driven by festive season, good monsoon, and growth in entry-level 2W and tractor segments.

• Focus on innovation, product premiumization, and expanding EV and advanced technology product lines.

• Strategic priorities include strengthening passenger vehicle offerings and increasing content per vehicle.