MINDACORP Q1 FY27 earnings call.
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Revenue
₹1,846 Cr
verification pending
Revenue YoY
33.2%
reported change
EBITDA
₹212 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Minda Corporation delivered record Q1 FY27 performance with revenue of ₹1,846 crores (up 33.2% YoY) and EBITDA of ₹212 crores (margin 11.5%, +20bps YoY). PAT surged 216% to ₹206 crores, boosted by ₹106 crores exceptional gain from Minda Vast consolidation. The company added ₹2,500 crores lifetime order book during the quarter. Two-wheeler/three-wheeler segment contributed 46% of revenue while passenger vehicles reached 19% (up from 15%) following Minda Vast integration. EV revenue at group level now constitutes 14%, with Flash Electronics growing 42% YoY. Management maintained FY27 capex guidance of ₹400 crores and targets 20-24% growth for Flash while maintaining 11-12% EBITDA margin for the full year. Key risks include commodity inflation headwinds and margin pressure at Flash from labor costs, though pass-through arrangements with customers provide some mitigation.
Colored figures show movement against the previous available record.
Guidance to track
- Company targets ₹400 crore capital expenditure across business verticals with no specific allocation between EV and ICE, broadly distributed across divisions for capacity expansion.
- Associate company Flash Electronics expected to deliver strong double-digit growth in the 20-24% range, with long-term EBITDA margin target of 16-17%.
- Management expects to maintain margins between 11-11.5% to 12% during the rest of FY27, navigating commodity inflation headwinds with customer pass-through arrangements.
- Lifetime order book exceeds ₹1,000 crores with SOP expected in Q4 FY27/Q1 FY28; first full year revenue of approximately ₹150 crores expected in FY28, peaking in FY29.
Risks flagged
- Flash margins dipped to 15.4% in Q1 from higher levels due to commodity inflation and higher labor costs. Analyst questioned whether competitor's lower employee costs from contract labor model could be adopted.
- Share of profit from Furukawa (17.5% stake) fell from ₹5 crores in Q4 FY26 to ₹80 lakhs in Q1 FY27. Management attributed this to temporary cost pressures, but recovery timeline is uncertain.
- Minda Vast delivers 8.4% EBITDA margin vs. company average of 11.5%. Management aims to bring it to parity, but execution remains a work in progress with limited near-term visibility.
- Higher raw material prices, labor costs, and freight expenses impacted margins partially offset by operational efficiency and operating leverage. Pass-through arrangements have lag of 1-2 quarters.
Key quotes
- We registered our highest ever quarterly revenue of 1846 crores reflecting 33.2% year-on-year growth. We also registered highest ever quarterly EBITDA and for the first time we crossed 200 plus crores EBITDA in a single quarter with a margin of 11.5% registering a 19 pips improvement year-on-year basis.
- These new businesses and investments are on track as per their plan. EV penetration at Minda Corporation EV percentage as revenue is close to 10% which has grown by 40% on year-on-year basis. At Flash Electronics, the EV revenue constitutes to about 30% with a year-on-year growth of about 90%. At Minda Corporation Group level it is close to about 14%.
- We have not allocated money specifically towards EV or ICE but it is fairly spread across our business vertical as well as the divisions. We are investing deeply in our capabilities, capacities and competencies across divisions and across platforms.
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