Minda Corporation supplies wiring harnesses, vehicle access systems, die casting parts, instrument clusters and electronics to two-wheelers, passenger vehicles and commercial vehicles, with a fast-growing EV components line. This quarter's print will speak to whether the group holds its guided 11.5-12% EBITDA margin band as record copper and zinc prices test pass-through recoveries, and whether revenue sustains the 20-25% growth path with Minda VAST now consolidated.
| Results date | November 03, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 1,846 Cr |
| Previous quarter PAT | Rs. 206 Cr (includes Rs. 106 Cr net-of-tax exceptional gain from Minda Vast consolidation; ~Rs. 100 Cr underlying) |
| Previous quarter EBITDA margin | 11.5% |
| Market cap | Rs. 15,315.37 Cr |
| CMP | Rs. 640.75 |
The board of Minda Corporation will meet on November 3, 2026 to consider the Q2 and H1 FY27 financial results; the trading window is shut from October 1 until 48 hours after the results.
The Q2 FY27 earnings call is scheduled for November 3, 2026 at 4:00 PM IST via Emkay. Participants include Aakash Minda (Executive Director), Ajay Agarwal (GCFO) and Nitesh Jain (Investor Relations).
The quarter is set up as a test of whether Minda Corporation can hold its guided 11.5-12% EBITDA margin band while revenue sustains the 20-25% growth path management has signalled through FY30. Demand signals were strongly positive through July-September: SIAM wholesale PV dispatches grew 30.7% YoY in Q2 with UVs at 68% of the mix, and FADA retail recorded September growth of 31.82% with CV up 37.62%. Against that, copper rose about 9% over the window to a record $14,635/t on September 8, 2026 and zinc hit a four-year high of $3,990/t, and with pass-through true-ups lagging about a quarter and carrying no profit markup, the escalation prices into Q2 margins before recovery. Offsets to watch include Flash's customer indexation alignment, which management expected in the next quarter after its 15.4% Q1 margin dip, and Minda VAST converging from 8.4% toward the group's 11.5-12% band. The Minda VAST consolidation adds about Rs. 125 Cr of quarterly revenue inorganically, making the organic versus inorganic growth split a key verification point against the Rs. 1,535 Cr Q2 FY26 base. The upcoming call should also confirm start-of-production timelines for Turntide motor controllers guided for October-November (FY27) and the sunroof SOP guided for Q1 FY27.
Growth vs 20-25% guidance
Margin vs 11.5-12% FY27 band
Turntide and sunroof SOP confirmations
Capex and balance sheet deployment
Order book and portfolio actions
Management noted consolidated EBITDA margin remained around 11.5% even with 25% revenue growth, calling it one of its highest-ever EBITDA levels. It cited future margin drivers as operational excellence, localisation, backward integration and government subsidies for electronics, with some strategic initiatives not disclosed publicly.
Management said Flash is expected to deliver strong double-digit growth in the range of 20% to 24% for FY27, driven by strong EV demand while targeting profitable growth. Flash revenue grew 42% YoY to Rs. 533 Cr in Q1 FY27, though its EBITDA margin dipped to 15.4% on high labour costs and commodity inflation.
Management has guided for Rs. 17,500 Cr of consolidated group revenue with a 12.5% EBITDA margin by FY30, against a current group base of about Rs. 9,000 Cr including Flash and Minda VAST. That implies roughly 19-20% annual growth, and the company reaffirmed the vision on its Q1 FY27 call.
Group-level capacity utilisation was stated at 84-85% in Q3 FY26, then 75-80% in Q4 FY26 and 77-80% in Q1 FY27. This leaves headroom as new facilities, including the fifth Pune plant and the switches facility, come online.
Copper rose about 9% over the July-September window to a record $14,635/t on September 8, 2026, and zinc hit a four-year high of $3,990/t on September 2, 2026. The company passes these through to customers with a true-up lag of about a quarter, and the pass-throughs carry no profit markup.