Minda Corporation Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Minda Corporation Ltd filed with BSE on 27 May 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, EBITDA and PAT in Q4 FY26, with revenue growing 29% year-on-year to Rs 1,704 crores and EBITDA rising 33% to Rs 203 crores. For the full year, revenue grew 22.3% to Rs 6,185 crores and PAT grew 40.3% to Rs 358 crores. Management also discussed the Turntide Technologies and Toyodenso joint ventures, plans to consolidate Minda VAST from FY27, and a long-term revenue target of Rs 17,500 crores by FY30.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue: INR 1,704 crores (Q4 FY26)
p. 5
“the company surpassed consensus estimates, delivering its highest ever quarterly revenue of INR 1,704 crores, a growth of 29% on a year-on-year basis”
Aakash Minda, page 5 of the filed PDF · View the filing
EBITDA: INR 203 crores (Q4 FY26)
p. 5
“The company reported its highest EBITDA of INR 203 crores with a growth of 33% on a year-on-year basis, along with 11.9% EBITDA margin”
Aakash Minda, page 5 of the filed PDF · View the filing
PAT: INR 124 crores (Q4 FY26)
p. 5
“The PAT reached INR 124 crores with a PAT margin of 7.3%, supported by improved operational efficiencies and a favorable product mix”
Aakash Minda, page 5 of the filed PDF · View the filing
Revenue: INR 6,185 crores (FY26)
p. 5
“For the full year FY26, the company delivered highest ever annual revenue of INR 6,185 crores, registering a growth of 22.3% on year-on-year basis”
Aakash Minda, page 5 of the filed PDF · View the filing
EBITDA: INR 721 crores (FY26)
p. 5
“The company reported EBITDA of INR 721 crores with a growth of 25.5% on year-on-year basis with a margin expansion of 29 basis points”
Aakash Minda, page 5 of the filed PDF · View the filing
PAT: INR 358 crores (FY26)
p. 5
“PAT for the full year was INR 358 crores, marking a growth of 40.3% year-on-year basis”
Aakash Minda, page 5 of the filed PDF · View the filing
Flash Electronics revenue: INR 1,803 crores (FY26)
p. 5
“Flash has continued to deliver strong performance with revenues of INR 1,803 crores in FY26 with an EBITDA of INR 310 crores and a margin of 17.2%”
Aakash Minda, page 5 of the filed PDF · View the filing
Lifetime order book: INR 10,000 crores (FY26)
p. 6
“the company also continued to strengthen its business fundamentals during the year through new order wins having lifetime value exceeded of INR 10,000 crores across existing and emerging product categories”
Aakash Minda, page 6 of the filed PDF · View the filing
Capex: INR 413 crores (FY26)
p. 7
“We spent highest-ever capex for FY25-26 at INR 413 crores”
Ajay Agarwal, page 7 of the filed PDF · View the filing
Final dividend: INR 0.80 per equity share (FY26)
p. 6
“the Board of Directors have recommended a final dividend of 40% that is INR 0.80 per equity share on the face value, taking the total dividend for the year to 70%, that is INR 1.40 per equity share”
Aakash Minda, page 6 of the filed PDF · View the filing
Minda VAST revenue: about INR 500 crores (FY26)
p. 12
“From a Minda VAST perspective, last year, they did about, give or take, INR 500 crores revenue with an EBITDA margin of about 7%”
Ajay Agarwal, page 12 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.
Revenue growth vs industry — industry growth plus 50%
stated as an aspiration by Ajay Agarwal
p. 18
“our guiding principle has been that we want to grow our business at least 50% more than the industry growth. So if the industry grows about 10%, so we should look at revenue growth in Minda Corporation to the tune of 15% plus”
Ajay Agarwal, page 18 of the filed PDF · View the filing
Group revenue — INR 17,500 crores · FY30
stated as an aspiration by Ajay Agarwal
p. 18
“we have kept the long-term vision in mind for 2030 to deliver INR 17,500 crores top line with 12.5% EBITDA margin”
Ajay Agarwal, page 18 of the filed PDF · View the filing
Revenue growth — 19-20% · FY27 onward
stated as an aspiration by Ajay Agarwal
p. 18
“We are looking at 4-year window to deliver INR 17,500 crores number. So if we go about 19%, 20% growth from here on, we are quite destined to deliver INR 17,500 crores revenue”
Ajay Agarwal, page 18 of the filed PDF · View the filing
Capex — INR 400-450 crores · FY27
stated firmly by Ajay Agarwal Direction
p. 13
“maybe 10% plus of that, close to about INR 400 crores, INR 450 crores capex we are expecting for fiscal year 2026-27”
Ajay Agarwal Direction, page 13 of the filed PDF · View the filing
Passenger Vehicle segment growth — north of 20% · FY27
stated as an aspiration by Aakash Minda
p. 12
“the Passenger Vehicle segment at the overall Minda Corporation level will grow north of 20%”
Aakash Minda, page 12 of the filed PDF · View the filing
Minda Instruments second plant commissioning — Q1 of next year
stated firmly by Aakash Minda
p. 15
“When it comes to the Minda Instruments' second plant, which is under commissioning, we expect it to be ready by Q1 of next year”
Aakash Minda, page 15 of the filed PDF · View the filing
Die casting Pune plant commissioning — about 18 months
stated firmly by Aakash Minda
p. 15
“Our fifth plant in Pune is under commissioning. That should take about 18 months from hereon because that will be a majorly export-related facility”
Aakash Minda, page 15 of the filed PDF · View the filing
Toyodenso switches JV operations — Q4 FY27
stated firmly by Aakash Minda
p. 5
“we have secured significant orders for switches from leading Japanese OEMs with operations expected to commence in Q4 FY27”
Aakash Minda, page 5 of the filed PDF · View the filing
Sunroof first full year revenue — FY28
stated firmly by Aakash Minda
p. 13
“we have received the lifetime order of about INR 350 crores last year. We are getting into the mass production in the next 4 to 5 months. So yes, FY28 will be the first full year revenue”
Aakash Minda, page 13 of the filed PDF · View the filing
Switches JV peak year — FY29
stated as an aspiration by Aakash Minda
p. 13
“So the first peak year would be, let's say, FY29 for the switches joint venture”
Aakash Minda, page 13 of the filed PDF · View the filing
Turntide JV SOP — about 5 to 6 months
stated firmly by Aakash Minda
p. 20
“we've already won orders when it comes to the motor controllers as well as the other electronic space. So that is going to start SOP in about 5 to 6 months”
Aakash Minda, page 20 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 most contracts are pass-through but the escalation dilutes margin percentage since there is no profit element, and expects commodity pressure to persist near-term
Answered by Ajay Agarwal
Asked by Jay Kale: On commodity pressures and their impact on margins going forward
p. 11
“since there is no profit element attached to the escalation, you would see some bit of impact on the EBITDA margin”
Ajay Agarwal, page 11 of the filed PDF · View the filing
Flash contributed about INR 70 crores, Furukawa about INR 8 crores, EVQ nil, and Minda VAST about INR 5 crores
Answered by Ajay Agarwal
Asked by Raghunandhan: Breakup of share of profit from associates for FY26
p. 12
“Flash contributed about INR 70 crores in contributing to the PAT. Furukawa contributed about INR 8 crores. EVQ did not contribute and Minda VAST contributed about INR 5 crores”
Ajay Agarwal, page 12 of the filed PDF · View the filing
Management attributed the decline mainly to raw material cost increases and said other cost levers like people, conversion and power costs helped maintain EBITDA margin
Answered by Ajay Agarwal
Asked by Devesh Kayal: On the 180 bps quarter-on-quarter gross margin decline and available levers
p. 16
“the declining margin is mainly on account of RMC going up”
Ajay Agarwal, page 16 of the filed PDF · View the filing
Management said segment volumes grew across 2-wheeler, PV and CV, with about 12-13% of the 29% growth from premiumization and new product addition
Answered by Aakash Minda
Asked by Neel Mehta: Decomposition of 29% YoY growth into volume, CPV and new product contribution
p. 17
“out of 29%, you can say somewhere about 12% to 13% of growth has come from premiumization of new product addition”
Aakash Minda, page 17 of the filed PDF · View the filing
Management said they are focusing on operational excellence, automation, and optimizing people strength to offset cost pressures
Answered by Aakash Minda
Asked by Arjun Khanna: On labor cost inflation and commodity price impact on margins for the year ahead
p. 20
“Minda Corporation is focusing on operational excellence. Now this includes being a manufacturing company, how we can put in the best practices in place by using automation, AI, Industry 5.0”
Aakash Minda, page 20 of the filed PDF · View the filing
Risks flagged
Volatile commodity prices for copper, zinc and aluminum with 30-40% escalation seen during the year
p. 11
“when I look at across our main commodity, whether it is copper, zinc and aluminum, throughout the year, we saw escalation anywhere between 30% to 40%”
Ajay Agarwal, page 11 of the filed PDF · View the filing
Uncertainty over commodity cycle cooling off given geopolitical situation
p. 11
“unless and until the geopolitical situation improves, we don't see this cooling off at least in the next quarter or so”
Ajay Agarwal, page 11 of the filed PDF · View the filing
Rising minimum wages in states like UP and Haryana increasing labor costs
p. 4
“the increase in minimum wages announced by a couple of states like UP and Haryana governments effective 1st April 2026 is being addressed through productivity enhancements, controlled headcount additions and improved workload management”
Aakash Minda, page 4 of the filed PDF · View the filing
Geopolitical tensions in the Middle East fueling commodity price swings and inflationary pressures
p. 3
“Geopolitical tensions in the Middle East are fueling commodity price swings and inflationary pressures, while emerging markets face uneven recovery”
Aakash Minda, page 3 of the filed PDF · View the filing
Gross margin decline due to rising raw material costs
p. 16
“Obviously, we all saw huge cost pressure because of commodities run up, and I'm hoping that things should settle down”
Ajay Agarwal, page 16 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.