Minda Corporation reported robust results for Q3 FY26, achieving record quarterly revenue of INR 1,560 crores, marking a 25% YoY growth, significantly outpacing the auto industry’s 17% growth. EBITDA stood at INR 184 crores (11.8% margin), and PAT was INR 84 crores (5.4% margin). The company announced an interim dividend of INR 0.60 per share and highlighted strong traction in EV components and new strategic partnerships.
Minda Corporation Q3 FY26 Performance Snapshot
Minda Corporation announced its financial results for the third quarter of FY26, showcasing sustained momentum across key vehicle segments. The company recorded its highest ever quarterly revenue of INR 1,560 crores, reflecting a substantial 25% growth YoY. This performance was attributed to sustained demand, increased content per vehicle, and strong traction in the EV and premium product categories.
The consolidated EBITDA for the quarter reached INR 184 crores, resulting in a margin of 11.8% (a 30 bps YoY improvement). Profit After Tax (PAT) stood at INR 84 crores, yielding a PAT margin of 5.4%, supported by operational efficiencies.
The Board of Directors also recommended an interim dividend of 30%, amounting to INR 0.60 per equity share.
Nine-Month (9M) Performance and Outlook
For the first 9M of FY26, revenue grew by 20% YoY to INR 4,482 crores. The 9M EBITDA margin stood at 11.6%, showing a 26 bps growth. The company also noted an exceptional item charge of INR 4 crores related to the new December labor law.
The company secured a lifetime order book valued at INR 2,000 crores during the quarter, with multiple platform-specific instrument cluster orders from leading OEMs.
Business Vertical Highlights
Performance was strong across verticals:
- Mechatronics and Aftermarket: Revenue grew 17% YoY in Q3, reaching INR 710 crores. For 9M, revenue stood at INR 2,073 crores.
- Information & Connected Systems (ICS): Grew 32% YoY in Q3, with revenue rising from INR 645 crores to INR 850 crores. For 9M, ICS revenue reached INR 2,409 crores (a 26% growth).
The company’s associate, Flash Electronics, delivered strong results with revenue over INR 488 crores and an EBITDA of INR 90 crores (18.4% margin).
Strategic Focus and Capex
Management reiterated its focus on four key growth pillars: investment in existing businesses, export market focus, premiumization, and new product launches via partnerships and organic R&D.
The company is committed to spending close to INR 400 crores in Capex for the year, having already spent INR 276 crores in the first 9M, with another INR 100 crores planned for the coming quarter.
The Board appointed Mr. Ajay Agarwal as Group Chief Financial Officer in addition to his existing roles, effective February 5, 2026. The Board also approved the ESOP scheme 2025.
Management Commentary on Key Segments
Commercial Vehicles and Exports
Management expects continued growth in the commercial vehicle segment due to regulatory changes and infrastructure upgrades. Exports are returning to normalcy after five subdued quarters, with clear clarity emerging from recent EU and U.S. trade agreements.
New Product Timelines (Switches & Sunroof)
New lifetime orders for switches and sunroofs are on track:
- Switches: Expected SOP in Q2 FY28, following plant construction currently underway.
- Sunroof: Expected SOP in Q1 FY27, with lifetime orders typically representing four to five years of business.
Margin Expansion and ROCE Targets
Regarding the target consolidated EBITDA margin of 12.5%, Mr. Aakash Minda noted that the current 11.5% sustainable delivery is already an improvement from the high single digits of a few years ago. Margin expansion will be driven by operational excellence and localization/backward integration in high-tech electronics.
On the Return on Capital Employed (ROCE) target of 15%+ by 2030, Mr. Ajay Agarwal noted that the current comparable ROCE is around 22% (excluding unconsolidated Flash numbers). The planned Capex of INR 1,500 crores to INR 2,000 crores by FY 2030 is designed to support this ambition.
Commodity Management and R&D
Commodity price impacts (copper, aluminum) are managed through a quarter-on-quarter (Q-o-Q) indexed cost pass-on arrangement with customers, ensuring little to no lag for price fluctuations.
R&D spend remains consistent at approximately 4% of the total top line (opex and capex combined).
ADAS and Future Technology
In the long-term outlook, safety systems like ADAS are a focus. The strategy is to enter the ADAS market from the component side rather than the full system offering for passenger vehicles. For two-wheelers, complete system solutions for collision avoidance are already being tested.
The company aims to grow its export business from the current INR 500 crores to INR 1,500 crores by 2030.
Source: BSE
