MINDACORPNSEQ2 FY26November 11, 2025

Minda Corporation Limited

5,560words
51turns
9analyst exchanges
4executives
Management on call
Aakash Minda
EXECUTIVE DIRECTOR
Ajay Agarwal
PRESIDENT, FINANCE AND STRATEGY
Nitesh Jain
LEAD INVESTOR RELATIONS
Ronak Mehta
ICICI SECURITIES LIMITED
Key numbers — 40 extracted
Rs. 1,535 crore
tum this quarter, surpassing consensus estimates, achieving its highest ever quarterly revenue of Rs. 1,535 crore, a robust growth of 19% on a Y- o-Y basis. This performance was fueled by sustained demand acros
19%
us estimates, achieving its highest ever quarterly revenue of Rs. 1,535 crore, a robust growth of 19% on a Y- o-Y basis. This performance was fueled by sustained demand across key vehicle segments,
Rs. 178 crore
traction in EV and premium product categories. The company reported its highest ever EBITDA of Rs. 178 crores, representing a growth of about 21.4% on Y-o-Y basis with a highest ever EBITDA margin of 11.6%.
21.4%
s. The company reported its highest ever EBITDA of Rs. 178 crores, representing a growth of about 21.4% on Y-o-Y basis with a highest ever EBITDA margin of 11.6%. The profit after tax reached Rs. 85
11.6%
crores, representing a growth of about 21.4% on Y-o-Y basis with a highest ever EBITDA margin of 11.6%. The profit after tax reached Rs. 85 crores, a growth of 14% on Y-o-Y basis, supported by impro
Rs. 85 crore
t 21.4% on Y-o-Y basis with a highest ever EBITDA margin of 11.6%. The profit after tax reached Rs. 85 crores, a growth of 14% on Y-o-Y basis, supported by improved operational efficiencies and a favourable
14%
a highest ever EBITDA margin of 11.6%. The profit after tax reached Rs. 85 crores, a growth of 14% on Y-o-Y basis, supported by improved operational efficiencies and a favourable product mix. Mi
Rs. 446 crore
h Electronics, Flash Electronics has reported a strong performance in Q2 FY26 with a revenue of Rs. 446 crores with an EBITDA of Rs. 72 crores with an EBITDA margin of 16.1%. The collaboration has strength
Rs. 72 crore
s has reported a strong performance in Q2 FY26 with a revenue of Rs. 446 crores with an EBITDA of Rs. 72 crores with an EBITDA margin of 16.1%. The collaboration has strengthened our presence in high-growth
16.1%
FY26 with a revenue of Rs. 446 crores with an EBITDA of Rs. 72 crores with an EBITDA margin of 16.1%. The collaboration has strengthened our presence in high-growth domains such as EV power electr
rs,
n has strengthened our presence in high-growth domains such as EV power electronics, traction motors, controllers and vehicle control units. This collaboration continues to deliver operational synergi
Rs. 7,472 crore
y of it. Slide number 2 gives you a glance of Minda Corporation. Our group revenue for FY25 was Rs. 7,472 crores and consol revenue was Rs. 5,056 crores. We have 32 manufacturing plants, over 18,000 workforce
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Guidance — 20 items
Ronak Mehta
opening
“On behalf of ICICI Securities, I would like to welcome you all to Q2 FY26 earnings conference call of Minda Corporation Limited.”
Aakash Minda
opening
“Speaking about the automotive industry, in Q2 FY26, India's auto sector maintained a positive trajectory supported by favourable macros, improved consumer sentiment and the recent GST rate reduction that enhanced the affordability.”
Aakash Minda
opening
“Overall, the industry entered the second half of FY26 on an optimistic note with festive demand and GST 2.0 reforms expected to sustain growth.”
Aakash Minda
opening
“On our associate company Flash Electronics, Flash Electronics has reported a strong performance in Q2 FY26 with a revenue of Rs.”
Aakash Minda
opening
“In Q2 FY26, we also hosted our Investor Day in Pune, where we presented Minda Corporation's technological capabilities, strategic priorities and most important, our long-term Vision 2030, which is built around key 5 pillars that define our growth roadmap and guide our strategic direction.”
Aakash Minda
opening
“Our emphasis on operational excellence will also play a critical role in driving the growth in FY26 and beyond.”
Ajay Agarwal
opening
“In this calendar year, many of you know, we have acquired 49% shares of Flash electronics in January of FY25.”
Ajay Agarwal
opening
“It gives you a brief overview how has been our Q2 and some of the significant developments in Q2 and on the right-hand side, it talks about what has been the significant development from a 6-month H1 FY26 perspective.”
Ajay Agarwal
opening
“That order has also been received and SOP is planned for Q1 of FY27.”
Ajay Agarwal
opening
“Like I said, our Toyodenso joint venture, we have won a significant order for the switches from the leading OEM, and we plan to commence our operation sometime Q4 of FY27.”
Risks & concerns — 2 flagged
From a business segment and business vertical perspective, Mechatronics and aftermarket registered a strong growth in domestic 2-wheeler segment, while we saw a little bit of setback in export and a little bit of slowdown in ASEAN market.
— Ajay Agarwal
And as we mentioned, the export orders continue to be there, but the overall current business that we are exporting, particularly on our Mechatronics business side, are underperforming due to the overall recreational vehicle slowdown that we can see across the two geographies in Europe and America.
— Aakash Minda
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Q&A — 9 exchanges
Q
Yes. Raghu, thank you so much for your question. In wiring harness division, particularly as we have shown, our dependence continues to be more on the non- passenger vehicle segment. However, we have made the first breakthrough on the high-voltage side in the passenger vehicle at Minda Corporation. On the market share perspective, it is a little fragmented, basis on the different segments. So when it comes to 2-wheelers and commercial vehicles and off-road, we are north of 30% in each of these segments. Raghunandhan N. L.: Got it, sir. And you alluded to the PV order win and in the opening rem
Aakash Minda
Yes. So currently, high-voltage wiring harnesses and cables are imported into India and this is in our drive to move forward for the localization as well as increased content per vehicle. Passenger vehicle business that we have got is from an international OEM based in India, and they are one of the largest EV manufacturers of passenger vehicles in India. So yes, our focus going forward is how we can capture this segment of the industry as well. So yes, this is the first breakthrough that we have got from the passenger vehicle side, and we are now localizing the components through our Sanco pa
Q
Yes. So, my first question was regarding smart key solutions. If you could just give us a little more about how the acceptance for your ICE customers has been for this product? What is the contribution of smart key solutions currently? And how are you seeing that over the next 2 to 3 years?
Aakash Minda
So, the penetration of smart keys into the 2-wheeler is going as per our plan. As we understand and as we've shared before, the penetration currently is somewhere about 3% to 5%. And by 2030, our target is to take it to somewhere about 25% to 30%. Yes, there are a lot of factors that are playing in, and we are seeing many customers, whether Japanese or Indian 2-wheeler OEMs, launching these products in ICE as well as EV vehicles. Particularly when it comes to the percentage of penetration, it is again hovering around a similar number, which is close to about 5% to 6%. Understood. And just on y
Q
Congratulation on the good set of number. So my question is on the die casting and plastic side. So what proportion of die casting revenue comes from EV application, like motor housing and battery trades versus ICE component? And another, with two new die casting plant that under construction, so what kind of utilization level that we are expected at SOP? And what incremental revenue capacity are we planning to add? I will add more.
Aakash Minda
Yes. So thank you for that question. Firstly, in the die casting business, about 10% to 15% is only from the captive consumption. That comes from the outside customers. And out of that, about 40% to 45% is the exports business. In terms of EV versus ICE, I cannot give you a number off-hand, but our Investor Relations team can reach out to you after this. Going forward on the die casting plant when we are setting up these new facilities, these new facilities are basically to enhance our current capacity in the current machine size. Also, we are adding large tonnage machines for more high-EV and
Q
Yes. So sir, just wanted to understand what is your R&D expense as a percentage of sales for Q2? That's my first question.
Ajay Agarwal
See, overall, Y-o-Y, the company has been spending anywhere between 3.5% to 4%. Last year, it was around 4.5%. And this quarter, right now, we don't have the number, but we expect the number to be around 3.5%. Okay, sir. My second question is, sir, can you just give me a guidance on your margins? And what will lead to the margin expansion going ahead? Well, if you look at our Vision 2030, we have kept 5 pillars of growth. And we have given a target of greater than 12.5% EBITDA margin across our business verticals, whether it is premiumization, whether it is export, whether it is new product, n
Q
Congrats on a good set of numbers. Sir, my question is to do with the new products that are coming up. So as I can see, most of the products are towards the passenger vehicle segment. So going forward, how much of the revenue do you expect from the PV side once these products are up and running?
Ajay Agarwal
See, Jainis, if you look at in our, again, Vision 2030, today the revenue of 15% comes from passenger vehicles. We have guided that by 2030; we want to take this revenue share of 15% to 25%. Whether it is wiring harness, whether it is TFT cluster, whether it is switches, whether it is sunroof and various other products which we intend to launch, those will help us to take the whole revenue share from passenger vehicle to the tune of 25%. So, sir, is it fair to assume that our PV products will have a higher margin compared to our 2-wheeler products, especially in case of wiring harness? It will
Q
So Raghu, the investment is going to be in the similar lines. and secondly, the first line that we are setting up will not have 100% utilization, but more so towards 60% utilization. So yes, and that should be by FY28. And of course, now in parallel, we continue to look for other customers as well. Of course, once we have the first project set up, this give confidence to other customers and opens the doorway for a lot of things. So as we move along, we will see how we can increase our further business. But secondly, we are also in advanced discussions for the other product lines that are offer
Aakash Minda
So Raghu, we have our passenger vehicle market share in single digits. Number two, we have won multiple orders across passenger vehicle, commercial vehicle, 3-wheeler and 2-wheeler segments for the TFT and more importantly, their platform products are not model specific. And they range from 3-inch to even 12.3-inch clusters. So the SOPs are varied across the next quarters and years. But yes, in passenger vehicle also, we have won very significant large TFT business as a platform product as an instrument cluster. Raghunandhan N. L.: Got it, sir. Heartening to hear even the wins from the 12.3-in
Q
Yes. Just one question. On your instrument cluster business, historically we had mentioned that to compete in this space will require strong technology partnerships or even consolidation of the market by inorganic growth. As we stand today, we've been able to win a lot of new orders organically as well. What is our view currently? Do we think that our capabilities are good enough to go it solo? Or are we still open for partnerships or inorganic expansion within the space as this space is offering huge growth potential as we move forward?
Aakash Minda
So yes, Jay, this space offers a lot of growth opportunities, and Minda Corporation is very well-positioned through our technical center as well as other collaborations to cater to all the segments of standalone clusters and cockpits. And with this quarter, we have also shared the order wins across segments, and I've already shared with you what products those are, particularly in the TFT space. Going forward, through our technical center as well as making a complete system solution offering, we are working with global partners in order to complete our system solution offering as well as look
Q
Sir, we have a very strong vision till FY30. So I mean, can you break it up? I mean, what can be the revenue guidance for FY26 and FY27?
Aakash Minda
So again, we have already shared this, right? Our CAGR and Y-o-Y growth is expected to be somewhere between 20% and 25%. So that has to be our Y-o-Y figure to achieve our targets. And we are well in position to achieve those with the order wins and the plants that we're setting up in place. So sir, 20% to 25% Y-o-Y growth, right? Correct, between that 20% and 25%.
Q
So once again, thank you, everybody. I would like to thank everyone for joining the call. We, at Minda Corporation, are and remain highly confident in our growth trajectory, both in the near term and long term, driven by strategic investments and an unwavering commitment to advancing our products and technologies. We are committed to creating value for all of our stakeholders and shareholders. We are investing deeply in our capabilities in terms of people, capacities, technologies and competencies across field. I hope we have been able to respond to most of your queries. For any further inform
Management
Speaking time
Aakash Minda
18
Moderator
11
Ajay Agarwal
7
Mitul Shah
3
Jay Kale
3
Jyoti Singh
2
Sanket Balla
2
Jainis Chheda
2
Hemant Soni
2
Ronak Mehta
1
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Opening remarks
Ronak Mehta
Thank you, Ikra. Good evening, everyone. On behalf of ICICI Securities, I would like to welcome you all to Q2 FY26 earnings conference call of Minda Corporation Limited. Today, we have with us from the management team, Mr. Aakash Minda, Executive Director; Mr. Ajay Agarwal, President, Finance and Strategy; and Mr. Nitesh Jain, Lead Investor Relations. I would like to thank the management for giving us this opportunity. I will now hand over the call to the management for their opening remarks, post which we will open the floor for Q&A. Over to you, sir.
Aakash Minda
So good afternoon, everybody, and thank you very much, Ronak from ICICI Securities, for hosting our call. Today, I'm going to share and give some highlights about the Minda Corporation. So good afternoon, everybody, and welcome to the Q2 and H1 FY26 earnings conference call of Minda Corporation Limited. I hope all of you are doing very well. It is our pleasure to connect with you today and present our performance for the quarter, along with the key developments across the business. Speaking about the automotive industry, in Q2 FY26, India's auto sector maintained a positive trajectory supported by favourable macros, improved consumer sentiment and the recent GST rate reduction that enhanced the affordability. The 2-wheeler segment witnessed strong growth, led by resilient rural demand, improved financing access and increased premiumization. In the passenger vehicle, sustained steady demand with utility vehicle continue to dominate the mix. Commercial vehicle segment reported broad-base
Ajay Agarwal
Thank you, Aakash. Once again, good evening to everyone. I'm on Slide number 2. I'm hoping that the slides have reached all of you and you have a copy of it. Slide number 2 gives you a glance of Minda Corporation. Our group revenue for FY25 was Rs. 7,472 crores and consol revenue was Rs. 5,056 crores. We have 32 manufacturing plants, over 18,000 workforce across 32 plants and various offices. We have filed for 315 patents. Out of that, 143 patents have already been granted to the company. On the left bottom, these are some of the significant partners we have onboarded over the last several years. In this calendar year, many of you know, we have acquired 49% shares of Flash electronics in January of FY25. Moving to the next slide, Slide number 3. It gives you an overview of Indian automotive industry performance for Q2. Aakash did touch upon how the growth has been for the auto industry. The industry grew at about 10.1% Y-o-Y. On a Q- o-Q basis, it grew at 15.6%, the noticeable growth w
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