Minda (MINDACORP) Q2 25/26 earnings summary

Executive summary

• Achieved record quarterly revenue of INR 1,535 crore in Q2 FY26, up 19% year-over-year, and H1 FY26 revenue of INR 2,921 crore, up 18% year-over-year, with EBITDA of INR 178 crore (margin 11.6%) and PAT of INR 85 crore (margin 5.5%), both showing year-over-year improvement.

• Outperformed industry growth across key segments, especially in wiring harness, instrument clusters, and information & connected systems, with 26% year-over-year growth in the latter.

• Secured significant new orders, including first sunroof order, high-voltage EV wiring harness for passenger vehicles, and strategic partnership with Toyodenso for advanced switches.

• Flash Electronics, associate company, delivered Q2 revenue of INR 446 crore and EBITDA margin of 16.1%.

• Lifetime order book exceeded INR 3,600 crore for H1 FY26, with 15% from exports.

Financial highlights

• Q2 FY26 revenue grew 19% year-over-year to INR 1,535 crore; H1 FY26 revenue up 18% to INR 2,921 crore.

• Q2 FY26 EBITDA rose 21% year-over-year to INR 178 crore (margin 11.6%); H1 FY26 EBITDA up 20% to INR 334 crore (margin 11.4%).

• Q2 FY26 PAT increased 14% year-over-year to INR 85 crore (margin 5.5%); H1 FY26 PAT up 8% to INR 150 crore.

• Flash Electronics Q2 revenue at INR 446 crore, EBITDA margin 16.1%, PAT margin 6.8%.

• Consolidated Q2 FY26 EPS: INR 3.60 (basic), INR 3.54 (diluted).

Outlook and guidance

• Targeting 20%-25% year-on-year revenue growth to meet Vision 2030 goals, with EBITDA margin guidance set at greater than 12.5% across business verticals.

• Passenger vehicle revenue share expected to rise from 15% to 25% by 2030.

• Entering H2 FY26 with positive momentum, supported by festive demand, stable macroeconomic conditions, and GST reforms.

• Planned capital expenditure of INR 2,000 crore over the next 4-5 years to expand manufacturing and support growth.

• Focus remains on expanding product portfolio, R&D investment, and strategic partnerships, especially in the EV segment.