Minda (MINDACORP) Q1 26/27 earnings summary

Executive summary

• Achieved record consolidated revenue of INR 1,846 crore in Q1 FY27, up 33.2% year-on-year, with robust growth across all business segments and premium product focus.

• EBITDA reached INR 212 crore with an 11.5% margin, and PAT surged 216% year-on-year to INR 206 crore, including an exceptional gain from Minda VAST consolidation.

• Secured new lifetime orders worth INR 2,500 crore in Q1 FY27, with over 15% from the EV segment.

• Consolidation of Minda VAST strengthened the passenger vehicle and vehicle access systems portfolio.

• Filed 7 new patents, bringing the total to over 335.

Financial highlights

• Revenue from operations grew 33.2% year-on-year to INR 1,846 crore; sequential growth was 8.4%.

• EBITDA margin improved by 19 basis points year-on-year to 11.5%.

• PAT rose from INR 65 crore to INR 206 crore, driven by operational efficiency and exceptional gain of INR 106 crore (net of tax) from consolidation.

• Flash Electronics reported revenue of INR 533 crore (up 42% year-on-year), EBITDA margin at 15.4%.

• Profit before tax rose 235% year-on-year to INR 237 crore.

Outlook and guidance

• Expect continued strong growth in wiring harness and instrument cluster divisions into FY 2028.

• Flash Electronics targets 20%-24% annual growth, with long-term EBITDA margin of 16%-17%.

• CapEx guidance for FY 2027 is INR 400 crore, spread across business verticals.

• EBITDA margin target of 12.5% by 2030; aiming to maintain 11.5%-12% for the current year.

• Focus on premiumization, export growth, expanding EV portfolio, and new product launches to achieve Vision 2030 revenue target of INR 17,500 crore.