MINDACORP Q3 FY26 earnings call.
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Revenue
₹1,560 Cr
verification pending
Revenue YoY
25%
reported change
EBITDA
₹184 Cr
latest reported figure
Source
transcript
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Minda Corporation delivered its highest-ever quarterly revenue of ₹1,560 crore in Q3 FY26, up 25% YoY, outpacing the 16.8% auto industry growth. EBITDA stood at ₹184 crore (11.8% margin, +30bps YoY) while PAT reached ₹84 crore, up 36% YoY. The company secured a lifetime order book of ₹2,000 crore in Q3 (₹7,000 crore for 9 months), with key wins in smart switches (₹1,000 crore, SOP Q2 FY28) and sunroof (₹350 crore, SOP Q1 FY28). Information & Connected Systems grew 32% to ₹850 crore, emerging as the fastest-growing segment. Exports returned to normalcy after 4-5 quarters of subdued performance, with EU and US trade agreements providing tailwinds. Flash Electronics (associate) reported ₹488 crore revenue at 18.4% margin. Management targets 15%+ ROCE by FY30 with disciplined capex of ₹1,500-2,000 crore through FY30. Risk: capacity utilization at 84-85% leaves limited buffer; new plant for EV components only ready in 3-4 months; ADAS localization remains nascent.
Colored figures show movement against the previous available record.
Guidance to track
- Sunroof market in India is expanding rapidly; Minda targets 10-15% market share by FY30-31 with ₹350 crore lifetime order ramping up from Q1 FY28.
- Long-term vision remains intact despite recent subdued exports; new SOPs expected in Q4 FY26 and FY27 with existing business ramp-up driving growth.
- ₹1,000 crore lifetime order for smart switches; plant under construction with localization underway; 2-year ramp-up period to peak volumes.
- Current standalone ROCE at 22%; disciplined capital allocation focused on high-margin connected businesses expected to drive improvement to 25% by FY30.
Risks flagged
- Group capacity utilization at 84-85% leaves limited buffer. EV motor/controller plant already full; new plant only ready in 3-4 months, potentially constraining near-term EV order wins.
- Copper and aluminum prices have risen significantly. While commodity pass-through is indexed quarterly, there is inherent lag. Management claims no speculative hedging but depends on customer negotiations.
- Flash Electronics' proprietary synchronous motor (developed in Poland) is undergoing OEM field trials. No commercial orders booked yet; 6-9 months typical validation timeline means FY27 delivery is uncertain.
- Analyst asked about ADAS/sensors demand outlook and localization plans over 3-4 years. Management response focused on component-level entry strategy for passenger vehicles and system solutions for two-wheelers, but no specific product roadmap or investment details provided.
Key quotes
- For the first time in I think 6 to 8 quarters particularly for India corporation the export orders have come to normalcy and you know thanks to the clarity that is bought by various EU agreements as well as the tariff clarity.
- We are already doing a margin of about 22% ROCE because you know why the dysfunctional numbers you are able to arrive at is due to the fact that interest is laid in Minda Corporation whereas the revenue or the profit of Flash is not consolidated.
- We don't enjoy the upside neither we lose our sleep because of the price going down. So therefore we are properly hedged and we are not in the business of making money out of commodity uptrend or downtrend. We are here to really excellent manufacturing capability and deliver quality services to our client.
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