Minda Corporation Q1 FY27 Earnings Call: Order Book Adds Rs. 2,500 Cr, Flash EV Revenue Grows 90% (MINDACORP)

Minda Corporation Ltd held its Q1 FY27 earnings call on August 13, 2026. Here's a quick read of what management said — performance, strategy, and the outlook ahead.

Record Revenue, EBITDA & PAT

• Revenue of Rs.1,846 Cr — highest-ever quarterly revenue, up 33.2% YoY and 8% sequentially versus Q4 FY2025-2026.
• EBITDA of Rs.212 Cr (margin 11.5%) — a record, with 19-20 bps YoY margin expansion despite higher commodity prices, labour costs, and freight, offset by operational efficiency.
• Reported PAT of Rs.206 Cr — up 216% YoY, including an exceptional gain of Rs.106 Cr from the consolidation of Minda Vast into Minda Corporation.
• Industry auto production reached ~10 million units in Q1 FY2026-2027, up 22% YoY; two-wheeler production at ~7.25 million units (+23% YoY) and passenger vehicles up ~17% YoY.
• EV two-wheeler registrations crossed 5 lakh units for the first time in a single quarter, with EV penetration at 10.6% in two-wheelers and 7.5% in passenger vehicles.
• Total patents filed reached 335+; 7 filed in Q1 FY2026-2027.

Rs.2,500 Cr Lifetime Order Book Addition in Q1

• Lifetime order book addition of ~Rs.2,500 Cr during Q1 FY2026-2027, spread across vehicle access, castings, wiring harnesses, instrument clusters, and new energy/electronics segments, covering both ICE and EV, domestic and export markets.
• Switches lifetime order book exceeds Rs.1,000 Cr; SOP expected in Q4 FY2026-2027 or Q1 FY2027-2028, with first-year revenue guided at ~Rs.120 Cr in FY2027-2028 and peak expected in FY2028-2029.
• Export order book stood at 8-10% of total order book as of Q1 FY2026-2027; exports from India contributed 12-15% of total revenue.
• International business (Germany & Hungary plants) contributed 10% of Q1 FY2026-2027 revenue, while India manufacturing accounted for 90%.
• Growth pillars reiterated — organic growth with existing/new customers, exports, product premiumization, new JVs/technical agreements, and R&D investment at Spark Minda Technical Center.
• Management targets Rs.17,500 Cr revenue by FY30, underpinned by six pillars: industry volume growth (~8% annually), premiumization, exports, new product launches (Rs.4,600 Cr identified opportunities), and inorganic initiatives.

90% Flash EV Growth, Magnet-Less Motors, New Partnerships

• Flash Electronics EV revenue grew 90% YoY in Q1 FY2026-2027, driven by new product launches, entry into three-wheelers, increased kit value (two-in-one, three-in-one), and deeper penetration of existing customers.
• EV revenue as a percentage of total — ~10% at Minda Corporation (up 40% YoY), ~30% at Flash Electronics (up 90% YoY), and ~14% at group level.
• Flash has developed magnet-less motors across segments for EVs; these are already under testing with customers for passenger vehicles.
• Management pursuing two additional partnerships to complete the EV mobility portfolio for the passenger vehicle side (engagements ongoing).
• Passenger vehicle EV penetration in India stood at ~7-8% in Q1 FY2026-2027, consistently growing QoQ and YoY; management expects penetration to keep rising until FY 2030 given India's lag behind global benchmarks.
• PV EV portfolio development includes — high-voltage wiring harnesses, class die-casting for EV four-wheelers, sunroofs, power tailgates, and instrument clusters.
• Turn-tide motor controller SOPs expected from October and November FY2026-2027; production facilities already set up.

EBITDA Margin Sustained at 11.5% Despite Headwinds

• EBITDA margin of 11.5% in Q1 FY2026-2027 — up 19-20 bps YoY despite higher commodity prices, labour costs, and freight, with operational efficiency providing offset.
• Management guided 11.5-12% EBITDA margin for the remainder of FY2026-2027, with a long-term target of 12.5% by 2030.
• Flash Electronics EBITDA margin at 15.4% in Q1 FY2026-2027; targeted 22-24% revenue growth for full year FY2026-2027, with a longer-term margin target of 16-17%. Current margin was slightly lower due to high labour costs and commodity inflation, with recovery expected next quarter as customer indexation aligns.
• Minda Vast EBITDA margin improved to 8.5% in Q1 FY2026-2027 from 6.5% in Q1 FY2025-2026 (Q4 FY2025-2026 margin was 6.5-7%); indexed commodity costs have back-to-back arrangements with customers, with a possible lag of one or two quarters.
• Share of profit from associates and JVs declined to Rs.18 Cr in Q1 FY2026-2027 from Rs.31 Cr in Q4 FY2025-2026; excluding Flash, JV profit fell to Rs.70 lakhs from Rs.7.5 Cr, driven by Furukawa's lower contribution (from Rs.5 Cr to Rs.80 lakhs) due to commodity and labour costs.
• Management views the Furukawa profit dip as temporary and expects Flash's profitability to recover within one to two quarters.

Minda Vast, Flash, and Mechatronics Drive Growth

• Mechatronics & Aftermarket segment grew 33% YoY in Q1 FY2026-2027; Information & Connected Systems grew 34% YoY, driven by wiring harness and instrument clusters.
• Wiring harness and instrument clusters reported Q1 FY2026-2027 YoY growth of 30%+ and 35%+ respectively; management expects momentum to continue into FY2027-2028.
• Minda Vast (passenger vehicle business) grew 22% in Q1 FY2026-2027, raising revenue share from 15% to 19% of total; kit value per vehicle of Rs.8,000-13,000 could double in the upcoming years.
• Flash Electronics (subsidiary) Q1 revenue of Rs.533 Cr (+42% YoY); EBITDA margin 15.4%, PAT margin 6.6%; back-to-back pass-through arrangements in place for cost recovery.
• Minda Vast merger contributed Rs.125 Cr incremental revenue in Q1 FY2026-2027, strengthening the vehicle access systems portfolio in the passenger vehicle segment.
• Cross-selling to Flash — castings started in August 2026; wiring harnesses undergoing testing; other system solutions under joint customer development.
• Sunroof business SOP on track for Q2 FY2026-2027; product customer trials approved in the first attempt.

Capex, Guidance & Vision 2030

• Capex guided at ~Rs.400 Cr for FY 2026-2027, without a specific EV/ICE split (Ajay Agarwal).
• EBITDA margin guidance of 11.5-12% for the remainder of FY2026-2027; long-term target of 12.5% by 2030.
• Revenue target of Rs.17,500 Cr by FY30, underpinned by industry growth, premiumization, exports, new products (Rs.4,600 Cr identified opportunities), and inorganic initiatives.
• Flash targeted 22-24% revenue growth for full year FY2026-2027, with longer-term margin target of 16-17%.
• Group capacity utilisation averages 77-80%, varying by plant and product line.
• Rs.63 Cr invested in group companies (Spark Minda Green Mobility, Spark Minda HCMF for sunroofs, Spark Minda Toyo Denso JV for switches) to support future growth.
• Management expressed strong confidence in growth trajectory for both near and long term, driven by strategic investments and commitment to Vision 2030 through localization, backward integration, and investments in technology and customer relationships.