Minda Corporation Ltd held its Q2 FY27 earnings call on November 03, 2026. Here's a quick read of what management said — performance, strategy, and the outlook ahead.
Record Quarter: First Crossing of the Rs.2,000 Crore Milestone
Rs.2,189 crore Q2 FY 2026-2027 revenue — highest-ever quarterly revenue, +43% YoY (vs ~18% industry growth) and +19% QoQ, surpassing consensus estimates and crossing the Rs.2,000 crore quarterly milestone for the first time.
Rs.257 crore EBITDA at 11.8% margin — up ~45% YoY and 22% QoQ; PAT of Rs.143 crore (+69% YoY, +43% QoQ) at a 6.5% PAT margin, described by management as among the best in the recent past.
H1 FY 2026-2027 revenue of Rs.4,036 crore (+38% YoY) — EBITDA Rs.469 crore (11.6% margin); normalized PAT Rs.243 crore (6% margin), excluding the Rs.106 crore net-of-tax exceptional gain from the Minda VAST consolidation booked in Q1 FY 2026-2027.
Margin headwinds in Q2 FY 2026-2027 — elevated commodity pricing, minimum wage revisions across several states, and higher freight; commodity costs are largely pass-through in nature, with recovery from customers expected only over Q3 FY 2026-2027.
Industry tailwind (Q2 FY 2026-2027, industry-wide) — Indian automotive industry recorded its highest-ever second-quarter sales: two-wheelers ~16.5%, passenger vehicles ~25%, three-wheelers ~24%, commercial vehicles ~34%, aided by improved affordability after GST changes, festive purchases and infrastructure activity.
Credit rating upgraded from AA- to AA — announced alongside the record quarterly results.
Rs.1,000 Crore TFT Wins and Rising EV Share of Orders
TFT instrument cluster orders with lifetime value exceeding Rs.1,000 crore — multiple wins across 5–12 inch displays spanning two-wheeler, three-wheeler, commercial vehicle and passenger vehicle segments (passenger vehicle wins as platform products); production planned to commence in FY28 and onwards.
~35% of new order wins in Q2 FY 2026-2027 from EV products — including a notable 3.5 kW charger order from a three-wheeler OEM with production planned for Q1 FY 2027-2028; EV products now represent ~35% of order book value.
Lifetime order book of Rs.10,000 crore+ — disclosed at the Q4 FY 2025-2026 results call; management did not update the total or provide year-wise revenue conversion on this call, but said quarterly order wins are split evenly across segments and product domains (EV and ICE).
Sunroof production started during Q2 FY 2026-2027 — content per vehicle of Rs.20,000 plus/minus for units currently being supplied; the company is on the bidders list of many OEMs, including Korean, Chinese and Indian, and hopes to win orders as new platforms are launched.
First power footstep order secured from an anchor passenger vehicle customer — switches, power footsteps, sunroof and EV product lines are adding to the order book.
Typical SOP cycle (management's general description) — roughly 40-50% of SOP business from replacement platforms versus ~60% from customers' new platforms; new products typically start 18-24 months after order win and peak about 2 years later.
Rs.200 Crore Greenfield TFT Project to Localize Fully Imported Displays
~Rs.200 crore phased greenfield display module investment in Pune/Chakan — SOP expected in ~18 months from the call (around FY 2028-2029), aimed at bringing competitiveness to the driver information system business as products shift toward TFT displays from 5-inch to 15-inch.
Government of India approval under the ECMS initiative — received in Q2 FY 2026-2027 for localization of display module assembly for the automotive sector (via Minda Instruments, 100% subsidiary); management said it will help the company, with the specific benefit not detailed on the call.
Asset turnover on the display module investment expected at ~3-4x (period unspecified) — TFTs are currently fully imported; management plans to localize/backward-integrate ~70-80% in coming quarters (period unspecified).
Two-phase TFT strategy — phase one completes Minda Instruments Limited's requirement for all TFT-related products; in phase two the company will look at offering the product directly to OEMs as a complete panel (phase timing unspecified).
Qualcomm association on TFT wins — management stated that recent TFT cluster customer wins have mostly been in association with Qualcomm, which it described as part of the company's ecosystem.
Margins for sunroof/TFT businesses not disclosed — management declined to give figures, stating only that localization will help the company become more competitive in winning further orders.
EV Revenue Up 113% YoY; "Others" Segment Now ~15% of Revenue
EV product revenue up 113% YoY in Q2 FY 2026-2027 — contributing 10% of Minda Corporation revenue and 15% at group level; EV products are platform-level rather than model-specific and spread evenly across divisions.
EV penetration context (industry-wide) — industry at ~12-13% in two-wheelers and ~7-9% in four-wheelers vs. the group already at ~15%; management expects the EV share to grow faster than industry penetration, but provided no numeric EV revenue-share target or incremental EV capex guidance.
Others segment reached ~15% of revenue (~Rs.330 crore) in Q2 FY 2026-2027 — up >40% QoQ, driven by EV mobility products (chargers, power electronics), sensors, antennas, wireless chargers, interior plastics and starter motors, with highest traction in EV parts and electronics.
Current revenue mix (per Akash Minda, Q2 FY 2026-2027) — 2&3-wheelers ~50%, commercial vehicles ~25%, passenger vehicles ~18-20%; forward mix: 2&3-wheelers at 40-45%, CVs at 20-25%, and PV share expected to move to 25%+ over the next couple of years (through ~FY 2028-2029).
PV growth to come from four avenues — new order wins, partnerships, new product launches and exports; any M&A/inorganic growth, if it materializes, would be incremental.
Geographic mix: India 89% — Europe and North America 6%, South Asia 5% (Q2 FY 2026-2027).
Copper Pass-Through With a One-Quarter Lag; VAST Consolidation Lifts Access Systems
Copper price increase of ~4-5% in the wiring harness domain (Q2 FY 2026-2027) — management said it is back-to-back indexed with customers with a one-quarter lag to be compensated, and will be addressed in every subsequent quarter; the lag creates a near-term timing mismatch.
100% localization of high voltage cables for India's highest-selling passenger vehicle — as of Q2 FY 2026-2027, supported by a dedicated facility in north India; ~10% of the overall wiring harness business is on EV platforms, with the PV high voltage journey yet to scale.
CCS2 inlet plus high voltage cable programs under development with other OEMs — mass production expected soon (per management).
Vehicle access systems' rising revenue contribution attributed to Minda VAST consolidation — a four-wheeler-focused joint venture with a German partner (door handles, lock sets, latches, seamless access), moving from components to system solutions, with sales evenly spread across all major OEMs in India (Japanese, Korean, German and Indian).
Flash Electronics (associate) Q2 FY 2026-2027: revenue Rs.650 crore, EBITDA Rs.106 crore (16.4% margin), PAT Rs.54 crore (8.3% margin) — H1 FY 2026-2027 revenue Rs.1,183 crore, EBITDA Rs.188 crore, PAT Rs.89 crore; EV products ~32% of Flash's Q2 revenue, with EV revenue up 173% YoY.
Management corrected the analyst's "30% CAGR over the next 3-5 years" framing — reiterating that the company's stated target is Vision 2030 (horizon: 2030) and citing delivery on committed numbers over the last five quarters (through Q2 FY 2026-2027).
42 manufacturing plants with a workforce of more than 23,000 — 6-7 additional plants under construction, commencing operations over the next 12-24 months (through FY 2028-2029); land bank of 8.2 lakh sq m with 2.6 lakh sq m built-up; new plants span instrument clusters, TFT displays, switches, die casting, wiring harness and EV products (no commissioning timeline specified).
R&D spend at ~3% of revenue, flagged by analyst Naveen Kumar Dubey as the highest in the industry — Akash Minda said this reflects the shift from component systems to system solutions, with 30-35% of overall OpEx directed to software-related technologies (as of Q2 FY 2026-2027), centers of excellence across India and globally, a previously shared plan to open an office in China, and emphasis on in-house, indigenous capabilities.
Renewables principle: by 2035, 80-90% of Minda Corp's power should come from renewable energy — captive renewables currently meet 30-35% of the company's power requirement (as of Q2 FY 2026-2027); recently announced agreements with solar entities for captive power supply expected to deliver around-the-clock supply with savings of Rs.2-3 per unit (period unspecified).
Six-pillar growth strategy — investment in existing businesses, exports-led growth, premiumization, new product launches, new customers/increased penetration, and R&D capability investment, with disciplined capital allocation and system solution offerings.
Closing tone (Akash Minda, Executive Director) — management remains "highly confident" in the growth trajectory in both the near term and long term, driven by strategic investments, advancing products and technologies, deeper customer penetration, and building customer relations.
Disclaimer: This earnings call summary is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.
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