Minda Corporation Ltd (MINDACORP) Q2 FY27 Results Analysis: Revenue Surges 42.6%, Cash Conversion Slips

Cofacto Research Published November 03, 2026 3 min read

Positive

Minda Corporation Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 2,189.30 Cr (+42.60% YoY) and PAT growth of +68.90% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quick Details

Results date	November 03, 2026
Revenue (Q2)	Rs. 2,189.30 Cr (+42.60% YoY)
PAT (Q2)	Rs. 142.97 Cr (+68.90% YoY)
EBITDA margin	11.76% (+17 bps YoY)
EPS (Q2)	Rs. 6.08 (+68.90% YoY)

Quarter Snapshot

Minda Corporation delivered record quarterly revenue of Rs.2,189.30 Cr (+42.6% YoY), well above its guided 20-25% growth path, with EBITDA margin of 11.76% holding inside the 11.5-12% guidance band despite a 485 bps YoY material cost ratio deterioration. Opex discipline fully offset the metal squeeze, and normalized PAT grew 68.9% YoY. The main watch item is cash conversion: H1 CFO was 0.23x of PAT with net debt up 23.3% since March, making festive-quarter working capital monetization the key swing factor.

Q2 FY27 Expectations vs Results

Driver	Expected before results	What happened	Verdict
Revenue	"supports the guided 20–25% group growth path" on SIAM PV +30.7% Q2 / 2W strength	+42.6% YoY	Played out
Gross margin	Copper at record $14,635/t "prices into Q2 margins before recovery"	CoM/revenue 66.68% vs 64.43% Q1	Played out
Net EBITDA margin	Metal complex "works against the margin guide holding at the upper end"	11.76%, +17 bps YoY, +29 bps QoQ — inside the 11.5–12% band — opex offsets won	Contradicted
Flash indexation recovery "in the next quarter"	Expected	Not disclosed in filing	Not observable
Fire-claim settlement	Watch item	Claim in progress; Rs.60 Cr adhoc received (filing updated loss to Rs.105.36 Cr)	Partially
Turntide/sunroof/switches/Toyodenso SOPs; order inflow	Watch items	Not addressed in the filing — remain open for the call	Not observable

Read our full results preview.

Management Guidance vs Delivery

What management said	Where	What happened	Verdict
Group EBITDA margin 11.5–12% for rest of FY27	Q1 FY27 earnings call (Aug 13, 2026)	11.76% (H1 11.62%)	Met
Revenue growth 20–25% YoY	Q2 FY26 earnings call (Nov 6, 2025), reaffirmed since	+42.6% YoY (H1 +38.1%)	Met
FY27 capex Rs.400–450 Cr	Q4 FY26 earnings call (May 22, 2026); ~Rs.400 Cr reiterated on the Q1 call	H1 Rs.156.8 Cr (36.9% of the Rs.425 Cr midpoint) — slightly behind pro-rata	On Track
PV segment growth >20% (FY27)	Q4 FY26 earnings call	No PV split in the filing	Too Early

Key Investment Insights

Key Positives

Record quarterly revenue of Rs.2,189.30 Cr, up 42.6% YoY and 18.6% QoQ; H1 revenue Rs.4,035.61 Cr, up 38.1% YoY
EBITDA of Rs.257.39 Cr grew 44.7% YoY, outpacing revenue growth; EBITDA margin 11.76%, up 17 bps YoY and 29 bps QoQ
Normalized PAT of Rs.142.97 Cr grew 68.9% YoY and 43.0% QoQ vs normalized Q1 PAT of Rs.99.99 Cr
EBIT margin improved to 7.19% from 6.04% YoY; EBIT grew 69.5% YoY
Opex discipline added Rs.36.52 Cr to EBITDA QoQ, fully offsetting the Rs.30.08 Cr metal cost squeeze
Share of associates/JVs grew 49.6% YoY to Rs.25.62 Cr
Filed ratios improved YoY: D/E 0.48x vs 0.53x, interest service coverage 7.11x vs 5.57x, debtor turnover 1.76x vs 1.60x
Revenue growth exceeded the guided 20-25% band even excluding the ~Rs.125 Cr/quarter Minda VAST consolidation

Risk Factors

Cost of materials ratio deteriorated 485 bps YoY to 66.68% of revenue on record copper ($14,635/t) and zinc prices
H1 CFO of Rs.80.0 Cr was only 0.23x of PAT (vs 2.06x in H1FY26); FCF was negative at Rs.(76.8) Cr
Net debt rose 23.3% since March to Rs.1,313.5 Cr (1.40x annualized H1 EBITDA) as debt part-funded working capital
Fire loss updated to Rs.105.36 Cr with only Rs.60 Cr of adhoc insurance received; recovery quantum still open
Inventory build of Rs.245.0 Cr in H1 (inventories +41.0% vs March to Rs.1,000.8 Cr) reflects production running ahead of sales