Minda (MINDACORP) Q3 25/26 earnings summary

Executive summary

• Achieved highest-ever quarterly revenue of INR 1,560 crore in Q3 FY26, up 25% year-over-year, with 9M FY26 revenue at INR 4,482 crore, up 20% year-over-year, driven by strong demand and increased content per vehicle.

• EBITDA for Q3 FY26 stood at INR 184 crore (11.8% margin); PAT reached INR 84 crore (5.4% margin), with 9M FY26 EBITDA at INR 518 crore (11.6% margin) and PAT at INR 238 crore.

• Board recommended an interim dividend of 30% (INR 0.60 per share), with record date set for February 13, 2026 and payment by March 6, 2026.

• Multiple large lifetime orders secured, including INR 1,000 crore for switches and INR 350 crore for sunroof, with total order book exceeding INR 7,000 crore.

• Strategic partnerships expanded, including with Toyodenso and Flash Electronics; Ajay Agarwal appointed as Group CFO and Chief Risk Officer.

Financial highlights

• Q3 FY26 revenue grew 25% year-over-year to INR 1,560 crore; 9M FY26 revenue at INR 4,482 crore, up 20% year-over-year.

• Q3 FY26 EBITDA: INR 184 crore (11.8% margin), up 28% year-over-year; 9M FY26 EBITDA: INR 518 crore (11.6% margin), up 23% year-over-year.

• Q3 FY26 PAT: INR 84 crore (5.4% margin), up 36% year-over-year; 9M FY26 PAT: INR 238 crore, up 17% year-over-year.

• Lifetime order book at INR 2,000 crore for Q3 and over INR 7,000 crore for the nine-month period.

• Exceptional item of INR 4 crore recognized due to new labor law regulation in December.

Outlook and guidance

• Planned capital expenditure of approximately INR 2,000 crore over the next 5 years to support expansion, including new manufacturing facilities for die casting and instrument clusters.

• Commercial vehicle segment expected to continue growth in Q4 and H1 FY27, supported by regulatory changes and infrastructure upgrades.

• Export demand returning to normalcy, with positive impact expected from recent trade agreements with the UK, EU, and US.

• Targeting 10-15% market share in the sunroof segment by FY30/31 and export revenue goal of INR 1,500 crore by 2030.

• Focus on new product launches, export growth, and premiumization of existing products.