Minda (MINDACORP) Q3 24/25 earnings summary

Executive summary

• Consolidated Q3 FY25 revenue reached INR 1,253 crores (₹1,25,256 lakhs), up 7.4% year-on-year, with 9M FY25 revenue at INR 3,735 crores (₹3,73,496 lakhs), up 9% year-on-year.

• Q3 FY25 net profit was INR 65 crores (₹6,480 lakhs), with PAT margin at 5.1%-5.2%; 9M net profit was INR 203.34 crores (₹20,334 lakhs).

• Achieved highest-ever EBITDA margin at 11.5% for the quarter, with EBITDA of INR 144 crores.

• Lifetime order wins in Q3 exceeded INR 1,250 crores, with EV platforms contributing over 25%.

• Strategic partnership completed with Flash Electronics, acquiring a 49% stake for INR 1,372 crores; new joint venture Minda-HCMF Technologies Pvt. Ltd. established.

Financial highlights

• Q3 FY25 revenue up 7.4% year-on-year; 9M FY25 revenue up 9% year-on-year.

• Q3 EBITDA margin at 11.5% (up 32 bps YoY); 9M EBITDA margin at 11.3%.

• Q3 PAT up 23.5% YoY to INR 65 crores; PAT margin at 5.1%-5.2%.

• Interim dividend of 25% on face value (₹0.50 per share) recommended, totaling ₹1,195.4 lakhs for FY25.

• Basic EPS for Q3 FY25 was ₹2.75, up from ₹2.23 in Q3 FY24.

Outlook and guidance

• Targeting growth at 1.5x the industry rate, aiming for 6-7% industry growth in FY26.

• Exports targeted to rise from current 8-10% of revenue to 15% mid- to long-term.

• Commercial vehicle segment expected to bounce back with single-digit growth in coming quarters.

• Four-wheeler segment expected to see modest growth, reaching 7-8 million vehicles by 2030.

• Management continues to focus on growth in the automobile components segment, leveraging new joint ventures and acquisitions.