Minda Corporation Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Minda Corporation Ltd filed with BSE on 19 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Minda Corporation reported its highest ever quarterly revenue of Rs 1,846 crore in Q1 FY27, up 33.2% year-on-year, with EBITDA of Rs 212 crore and a margin of 11.5%. PAT rose 216% YoY to Rs 206 crore, aided by an exceptional gain from the consolidation of Minda VAST. Management also discussed performance at associate Flash Electronics, order book additions, and progress on new product lines including sunroofs, switches, and EV motors.
Numbers mentioned
Revenue: INR 1,846 crores (Q1 FY27)
p. 4
“the company surpassed consensus estimates, delivering its highest ever quarterly revenue of INR 1,846 crores, a growth of 33.2% on YoY basis.”
Aakash Minda, page 4 of the filed PDF · View the filing
EBITDA: INR 212 crores (Q1 FY27)
p. 4
“The company reported EBITDA of INR 212 crores, with a growth of 35.4% YoY basis.”
Aakash Minda, page 4 of the filed PDF · View the filing
EBITDA margin: 11.5% (Q1 FY27)
p. 4
“EBITDA margin stood at 11.5%.”
Aakash Minda, page 4 of the filed PDF · View the filing
PAT: INR 206 crores (Q1 FY27)
p. 4
“PAT reached INR 206 crores with a growth of 216% on YoY basis.”
Aakash Minda, page 4 of the filed PDF · View the filing
Flash Electronics revenue: INR 533 crores (Q1 FY27)
p. 4
“Flash Electronics has continued to deliver strong performance during the quarter, with revenues reaching INR 533 crores in Q1, with an EBITDA of INR 82 crores and EBITDA margin of 15.4%.”
Aakash Minda, page 4 of the filed PDF · View the filing
Investment in group companies: INR 63 crores (Q1 FY27)
p. 4
“the company further strengthened its growth initiatives through an investment of INR 63 crores in its group companies”
Aakash Minda, page 4 of the filed PDF · View the filing
EV revenue share at Minda Corporation: close to 10% (Q1 FY27)
p. 5
“EV percentage as revenue is close to 10%, which has grown by 40% YoY basis.”
Aakash Minda, page 5 of the filed PDF · View the filing
EV revenue share at Flash Electronics: about 30% (Q1 FY27)
p. 5
“At Flash Electronics, the EV revenue constitutes to about 30%, with a YoY growth of about 90%.”
Aakash Minda, page 5 of the filed PDF · View the filing
EV revenue share at Group level: close to about 14% (Q1 FY27)
p. 5
“At Minda Corporation Group level, it is close to about 14%.”
Aakash Minda, page 5 of the filed PDF · View the filing
Lifetime order book added: approximately INR 2,500 crore (Q1 FY27)
p. 7
“we added lifetime order book of approximately INR 2,500 crore during the quarter.”
Ajay Agarwal, page 7 of the filed PDF · View the filing
Patents filed: 335 plus (cumulative)
p. 7
“in this quarter, we filed seven patents, taking our total filing to 335 plus.”
Ajay Agarwal, page 7 of the filed PDF · View the filing
Minda VAST margin: 8.4% (Q1 FY27)
p. 10
“and this quarter it has delivered a margin of 8.4%.”
Ajay Agarwal, page 10 of the filed PDF · View the filing
Minda VAST incremental revenue from merger: About INR 125 crores (Q1 FY27)
p. 14
“About INR 125 crores.”
Ajay Agarwal, page 14 of the filed PDF · View the filing
Flash Electronics PAT margin: 6.6% (Q1 FY27)
p. 8
“The EBITDA margin stood at 15.4%, and PAT margin stood at 6.6%.”
Ajay Agarwal, page 8 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
FY27 capex — INR 400-odd crore · FY27
stated firmly by Ajay Agarwal
p. 12
“we have given guidance that during this fiscal year, we intend to spend about INR 400-odd crore in capex across various businesses.”
Ajay Agarwal, page 12 of the filed PDF · View the filing
EBITDA margin — 12.5% · by 2030
stated firmly by Ajay Agarwal
p. 12
“from a margin perspective, we have already given a longer-term target to deliver 12.5% margin by 2030.”
Ajay Agarwal, page 12 of the filed PDF · View the filing
EBITDA margin — 11.5% to 12% · rest of FY27
stated conditionally by Ajay Agarwal
p. 12
“we are seeing that during the rest of the year, if we can maintain a margin anywhere between 11.5% to 12%, we will be good.”
Ajay Agarwal, page 12 of the filed PDF · View the filing
Flash Electronics revenue growth — 20% to 24%
stated as an aspiration by Aakash Minda
p. 10
“I think the company is destined to deliver a strong double-digit growth in the range of 20% to 24%.”
Aakash Minda, page 10 of the filed PDF · View the filing
Flash Electronics EBITDA margin — 16% to 17% · longer-term
stated as an aspiration by Aakash Minda
p. 11
“we are very confident that on a longer-term basis, the company should maintain a margin anywhere between 16% to 17%.”
Aakash Minda, page 11 of the filed PDF · View the filing
Switches business revenue — INR 150 crores · FY28
stated conditionally by Aakash Minda
p. 18
“So, the first year, which is FY28 next year, we are expected to reach somewhere again about INR 150 crores.”
Aakash Minda, page 18 of the filed PDF · View the filing
Switches business peak orders — FY29
stated as an aspiration by Aakash Minda
p. 18
“And at the peak of the current orders that we have should be in the next year, which is FY29.”
Aakash Minda, page 18 of the filed PDF · View the filing
Turntide motor controller SOP — October and November
stated firmly by Aakash Minda
p. 12
“On the Turntide, we have already won businesses, and the SOPs are expected to happen from the month of October and November.”
Aakash Minda, page 12 of the filed PDF · View the filing
Group capacity utilization — 77% to about 80%
stated firmly by Aakash Minda
p. 12
“on an average you can say typically our group capacity is at about 77% to about 80% depending on a particular plant or depending on a particular product line.”
Aakash Minda, page 12 of the filed PDF · View the filing
Revenue target — INR 17,500 crores · FY30
stated firmly by Aakash Minda
p. 13
“what we have shared is that we are going to reach our INR 17,500 crores on the five or six pillars”
Aakash Minda, page 13 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said wiring harness and cluster divisions grew over 30% and 35% YoY respectively and expects the momentum to continue.
Answered by Aakash Minda
Asked by Raghunandhan NL: How do order wins in wiring harness and clusters support FY27/FY28 sales?
p. 9
“our wiring harness division has grown more than 30% on a YoY basis for the Q1, as well as our instrument cluster division has grown more than 35% on a YoY basis in Q1.”
Aakash Minda, page 9 of the filed PDF · View the filing
Management said Mindavast grew 22% and margin improved to 8.4% from 6.5% a year earlier.
Answered by Ajay Agarwal
Asked by Raghunandhan NL: What was Mindavast's revenue and margin in Q1?
p. 10
“It has grown by 22% during the quarter. It is largely a passenger vehicle or a four-wheeler company, and with its consolidation, our overall revenue has grown from 15% to 19%.”
Ajay Agarwal, page 10 of the filed PDF · View the filing
Management gave a capex figure but said it was not specifically allocated between EV and ICE.
Answered by Ajay Agarwal
Asked by Jyoti Singh: What is the FY27 capex guidance and split between EV and core business?
p. 12
“We have not allocated, money specifically towards EV or ICE, but it is fairly, spread across our business verticals as well as divisions.”
Ajay Agarwal, page 12 of the filed PDF · View the filing
Management said about 10% is international revenue and 12-15% is exports from India.
Answered by Aakash Minda
Asked by Devesh Kayal: What is the split of Flash revenue between domestic and international/exports?
p. 13
“about 10% of their revenue comes from their international business, which is the footprint that they have in Europe, and again 90% of this is from the manufacturing footprints in India.”
Aakash Minda, page 13 of the filed PDF · View the filing
Management attributed the decline mainly to higher depreciation at Flash and a drop in Furukawa's contribution.
Answered by Ajay Agarwal
Asked by Shubham Batra: What drove the decline in share of profit from associates and JVs?
p. 15
“It's largely because of excess depreciation in case of Flash. So last year in quarter four Flash's contribution in PAT was about INR 25 odd crore and in this quarter the contribution is about INR 18 - 19 odd crore plus.”
Ajay Agarwal, page 15 of the filed PDF · View the filing
Management confirmed the sunroof product trials were approved and the SOP remains on track.
Answered by Aakash Minda
Asked by Shubham Batra: Is the sunroof business SOP in Q2 on track?
p. 16
“Yes, the product customer trials have already been done. They have been approved in the first go itself. So yes, that is completely on track.”
Aakash Minda, page 16 of the filed PDF · View the filing
Management said ramp-up is happening, led by die castings which have already started, with wiring harnesses undergoing testing.
Answered by Aakash Minda
Asked by Raghunandhan NL: How much cross-selling revenue to Flash can be expected this year and in future?
p. 18
“So one is again, die castings, which has already started in fact this month. So, number two are again the wiring harnesses, which are undergoing some of the, testing”
Aakash Minda, page 18 of the filed PDF · View the filing
Risks flagged
Higher input costs including commodity prices, labor costs and freight expenses pressured margins
p. 7
“We also noticed that the margin was partially impacted due to higher commodity prices, rise in labor costs, as well as increase in freight expenses.”
Ajay Agarwal, page 7 of the filed PDF · View the filing
Flash Electronics margin impacted by higher commodity prices and labor costs
p. 8
“The margin was primarily impacted by higher commodity prices and higher labor costs.”
Ajay Agarwal, page 8 of the filed PDF · View the filing
Supply chain, logistics and manpower disruptions and wage increases impacting the automotive component industry
p. 4
“supply chain and logistic related disruptions, manpower related disruptions, and wage increase impacted the automotive component industry and put pressures on margins.”
Aakash Minda, page 4 of the filed PDF · View the filing
Cost pass-through arrangements involve a time lag before margin recovery
p. 15
“It could have some bit of lag for a quarter or two, but we do have arrangements with the customer. There will be pressure, but given that these are all exceptional times, we have to support customers, customers will also support us.”
Ajay Agarwal, page 15 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.