Minda Corporation Limited

Aakash Minda

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Aakash Minda

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Aakash Minda

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On Flash Electronics

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On Flash Electronics

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On Flash Electronics

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Toyodenso Corporation of Japan

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Toyodenso Corporation of Japan

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Toyodenso Corporation of Japan

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By geography

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The two-wheeler industry witnessed a soft growth in production volumes of about 0.7%, reflecting ongoing pressure.

— Aakash Minda

Overall, the automobile industry recorded a year-on-year growth of about 1.9% in Q1 FY26 despite cautious market sentiment and subdued demand, particularly in urban and entry level segments, where volume growth remained stagnant.

— Aakash Minda

Q

Good afternoon. This is Aakash Minda. And thank you very much, Mirae Asset Capital and Mr. Kripashankar Maurya for organizing this call for Q1 financial numbers for Minda Corporation Limited. Thank you. Good afternoon, everyone, and welcome to the Q1 FY26 Earnings Conference Call for Minda Corporation Limited. I hope you are all doing well. It is a pleasure to connect with you today and present our performance for the quarter, along with the key developments across the businesses. I trust you have reviewed our Q1 FY26 Earnings Presentation, which is also available on our website and with the s

On Flash Electronics

The associate company reported revenue from operations of Rs. 376 crores and EBITDA of Rs. 59 crores, translating to an EBITDA margin of 15.8%. PAT stood at Rs. 21 crores, 49% of which is about Rs. 11 crores was recognized in Minda Corporation’s financials as share of profit from associates in this quarter. Despite global macroeconomic challenges, our exports have supported steady single- digit growth. Minda Corporation has minimal exposure to the U.S. market with less than 2% of its revenue or below than Rs. 100 crores coming from the U.S. market. We have evaluated the situation with our cust

Q

Congratulations, sir, for stellar numbers. Good to see a strong beat versus the industry performance. Trying to understand the outperformance better, starting with the others category, where you have multiple parts like EV parts, sensors, etc. If you can indicate how much was the growth in the others category where the share has increased to 19% of revenue. Within that, which product categories have grown? and do you see this growth being sustainable?

Aakash Minda

Hi Raghunandhan, thank you very much. So, the other categories include products like our starter motor division, which is primarily for the off-road vehicle. It also includes our interior plastic division, which is making cinematic parts like centric consoles, air vents, under-bonnet parts, etc. This also includes our Spark Minda Green Mobility, which is making EV power electronics products like DC-DC converters, battery chargers and other power electronics, which is infrastructure charging. It also includes other electronic products like Shark Fin antenna, wireless chargers, ADAS solutions, e

Q

Good afternoon. Thanks for taking my questions. Congratulations on a strong outperformance result. My first question is regarding your Snapdragon collaboration. If you could just a little bit elaborate on how, what is the scope of this collaboration? What is your role in this? And how will this collaboration work? You will provide what components and what will be assimilated by Snapdragon? If you can just throw some light and also the timeline of the start-up production of this collaboration.

Aakash Minda

Hi, Jay. So, we have partnered up with Qualcomm as a software and a chip manufacturer. So that is what they will give in terms of the back-end solution. We are already pitching these products and incorporating their products and technologies for quite some time in our system solution offering to various customers. And now that particularly on the particular chipsets we are winning orders from the four-wheeler, and they are developing a couple of the softwares and chips for us from the two-wheeler perspective in the cockpit domain controller space. So, we are working with them on various capaci

Q

So just wanted to ask on the ASEAN region growth was flat. So, what challenges we are facing there? and what is your strategy to revive momentum? And another on the Die Casting capacity expansion at Greater Noida and Pune is already utilized? And when do you expect full ramp-up on that side?

Aakash Minda

So, on the ASEAN, we are seeing in terms of particularly Vietnam, Indonesia, they have been flat for us over the last one year or so. Again, the overall market is dominated by one or two large players and continuously, we are seeing that the industry itself is flat. Number two is, what we are doing going forward is we are, again entering into the new and new customers in Indonesia, Vietnam and across Thailand and other customers. Number two is also we are planning to export out of that location to the other parts of the world, which is going to help us grow in the ASEAN region and hopefully co

Q

Thank you for the opportunity. Congratulations, strong performance all around. Sir, my question is on Flash Financials for Q1. It seems there is a meaningful margin improvement and also top line. So, can you highlight what are the factors driving this in this situation? Is the raw material side benefit is coming or operating leverage? And how are these key numbers comparable Q125?

Aakash Minda

Yes. So, from the sales perspective, on the year-on-year basis, the revenue has grown from Rs. 330 crores to Rs. 376 crores, which is about a 14% jump. On the EBITDA side, they have grown from Rs. 54 crores to Rs. 59 crores, which is about 10.5% - 11% jump. And Vinod, maybe you would like to highlight that some of the initiatives that we have taken, or the Flash Electronics management has taken for such numbers. Of course, there were subdued challenges due to the magnet issues, Mitul. Of course, our revenue of Flash Electronics revenue could have been higher. But due to the magnet challenges,

Q

Thank you for the opportunity. Congratulations on the outperformance. Aakash, sir, firstly, I would just like to understand other than the other segment which you had briefly detailed on the first question regarding the performance YoY basis, is there any other reason? Any other segments because of which we were able to outperform the industry by a huge margin? Or was there any new OEM that we had onboarded, or was there an increase in wallet share regarding the outperformance reasons?

Aakash Minda

Yes. So, there are multiple factors, Shridhar. And again, thanks for your question. It is, I mean, again, multiple factors come into play. So, while our exports have been largely flattish, the domestic has seen higher growth. And of course, the first reason is the kit value increase with by either increasing of the premiumization of the products like the TFT clusters or keyless solutions or the wiring harness or the addition of new products from the other category like the electronics or EV, etc. The second is, of course, the new product launches, which are coming in through the SOPs that have

Q

Thank you for the opportunity. Sir, on Toyodenso, where you are investing Rs. 150 crores and also you indicated that there are orders, and the venture will be profitable from first year. If you can give some timeline on the completion of the facility and ramp up by FY27, or FY28, how do you see that facility ramping up? And on a Rs. 150 crores investment, what can be the revenue potential?

Aakash Minda

Yes, Raghu. So again, we have won businesses from one of the large two-wheeler OEMs. We are, of course, under advanced discussions for other OEMs also as the industry needs this particular product and good players in this. So that is one. Number two, we expect the plant to commence in, or the production to commence in Q4 of FY27. I think earlier mentioned Q2, but I think, but it is Q4 of FY27, so about one and a half years or 18 months from here on. And the ramp-up is going to happen from let us say the first year FY28. So, we expect the orders that we have already got, let us say, in this pro

Q

Yes. So Kripashankar, Qualcomm is a complete system solutions provider when it comes to the chip and the software part of it. They are deeply engaged in the global ecosystem of cockpit electronics and they are also very deeply knitted to the OEMs in India. So, while they work closely with them and having them partnered with a Tier 1 like Spark Minda, we now part of the ecosystem when they are engaging with their OEMs or our OEMs as partners, all 3 partners, number one. Number two, as I mentioned earlier in the call that this is more on the back-end side, where the hardware solutions and the co

Aakash Minda

So, this is not particularly for increasing the content. But yes, with them coming on board, it gives more power and more strength to our system offering that we have and helps us collaborate with other technologies and products to offer a system solution. So directly, maybe not, but indirectly, yes, it helps us grow our product portfolio with the complete architecture that they bring in. Kripashankar Maurya: Okay. Got it. And on the second question on the other segment, what we have. So, we have seen very good growth. Just want to understand your thought and what could be the year-end target

Q

So once again, thank you very much. At Minda Corporation, we are, we remain committed to execute our strategic priorities with continued focus on enhancing our system solutions offering, strengthening customer relationships and investing in new technologies. Our emphasis on operational excellence will also play a critical role in the FY26 and the years to come. I would like to thank everybody for joining this call. I would like to also assure the capital allocation and the growth that we focus on, in terms of the top line and bottom line is always focused on our sustainable and consistent grow

Management