Minda Corporation Ltd Q4 FY26 Earnings Call: Record Order Book Crosses Rs. 10,000 Cr, Targets 20% Revenue Growth

Minda Corporation Ltd held its Q4 FY26 earnings call on May 22, 2026. Here's a quick read of what management said — performance, strategy, and the outlook ahead.

Record Full-Year Revenue and Profit Across All Segments

• Consolidated Q4 FY26 revenue of Rs.1,704Cr— up29% YoY, driven by broad-based growth across two-wheeler (+21% industry), passenger vehicle (+11.3%), commercial vehicle (+20%), and tractor (>37%) segments.
• EBITDA of Rs.203Cr in Q4 FY26— margin stood at11.9%, with PAT ofRs.124Cr(7.3% margin) for the quarter.
• FY26 full-year revenue hit Rs.6,185Cr— up22.3% YoY, with EBITDA of Rs.721Cr (11.7% margin, +29bps YoY) and PAT of Rs.358Cr (+40.3% YoY).
• Associate Flash Electronics reported FY26 revenue of Rs.1,803Cr— EBITDA margin of17.2%and PAT of Rs.137Cr (7.6% margin), contributing Rs.70Cr to Minda Corp’s PAT.
• Consolidated group revenue stood at ~Rs.9,000Cr in FY26— providing a strong base for the FY30 vision, including Flash Electronics and Minda Vast.
• Gross margin declined 180bps QoQ in Q4 FY26— raw material costs (copper, zinc, aluminum) escalated 30-40% in FY26, partially offset by operational efficiencies.

Record Order Book and Market Share Gains Across Verticals

• Lifetime order book of >Rs.10,000Cr registered in FY26— execution timeline of48-60 months, with ~20% of orders originating from exports.
• FY26 YoY growth of 29% decomposed— 12-13pp from premiumization and new products, with the remainder from customer penetration and new customer additions.
• Two-wheeler volumes grew >26% in FY26— outperforming the industry by ~12pp, driven by market share gains in wiring harnesses and instrument clusters.
• Commercial vehicle volumes expanded ~25% in FY26— tailwinds from regulatory changes (tire pressure systems, air conditioning, CV charging) support continued order book momentum.
• Content per vehicle rising ~20% annually across segments— management cited this as a "future rule of thumb" driven by premiumization, electronics, and system solutions.
• Passenger vehicle segment contributed only 14% of FY26 revenue— management targets accelerating this to ~25% through Minda Vast consolidation and new product launches.

Multi-Pronged Joint Venture Strategy Targets EV, Switches, and Sunroof Markets

• Turntide Technologies JV (UK) brings axial flux EV motor tech— SOP expected inFY27, with peak startingFY28as EV penetration increases; will handle motor controllers for 3W and CV segments.
• Toyo Denso JV (Japan) secured switch orders from Japanese OEMs— mass production commences byMarch FY27; first peak year expected inFY29.
• Sunroof JV secured a lifetime order of ~Rs.1,050Cr in FY26— mass production starts in the next 4-5 months;FY28will be the first full year of revenue.
• Minda Vast consolidation from FY27— this associate (Rs.500Cr revenue in FY26, >90% PV) is expected to improve EBITDA margins in FY27 and boost the PV segment share to ~25%.
• Flash Electronics synergies delivering orders in die-casting for EV motors— mass production expected byQ2 FY27; Asian facilities (Vietnam, Indonesia) are securing orders from Flash-related customers.

Commodity Headwinds Offset by Operational Efficiencies; Capex Pipeline Strong

• EBITDA margin held at 11.7% for FY26 (+29bps YoY)— despite gross margin pressure, controllable factors (people cost, conversion cost, power cost) provided a buffer.
• Commodity prices (copper, zinc, aluminum) rose 30-40% in FY26— most customer contracts are on a pass-on basis,but the lack of a profit element on escalation may limit EBITDA margin upside.
• Group capacity utilization averaged 75-80%— new plants coming online: Minda Instruments (electronics, Q1 FY28) and Die-casting Pune (export-focused, ~Q3 FY28).
• CAPEX guidance for FY27 is Rs.400-450Cr— sustaining the highest-ever investment levels across EV, exports, and electronics capabilities.
• R&D spend continues to rise— Minda Corp filed 330 patents in FY26 (147 granted), supported by 950 engineers, focusing on platform-based front-end solutions.

FY27 Growth Target of 20% Anchors Path to Rs.17,500Cr Revenue by 2030

• Management confirmed an expected growth rate of at least 20% for FY27— though it does not provide specific revenue guidance, the aspiration is to grow "50% more than industry growth".
• Long-term vision targets consolidated revenue of Rs.17,500Cr by FY30— with a "12.5% EBITDA margin", requiring a disciplined 19-20% CAGR from FY27 onwards, inclusive of organic and inorganic initiatives.
• PV segment expected to grow >20% in FY27— driven by Minda Vast consolidation, new product launches (clusters, wiring harnesses), and the ramp-up of the sunroof and switches JVs.
• EV mobility products, sensors, and wireless chargers enter mass production in FY27— alongside expanded instrument cluster and die-casting capacity for exports.
• Macro risks remain elevated— geopolitical tensions influencing commodity prices and inflation could persist, though management expects continued CV and export growth supported by India’s economic momentum.