Minda Corporation Limited Q2 revenue rises 43%, PAT up 69%

Minda Corporation Limited increased Q2 FY27 revenue 42.6% year on year to Rs 2,189 crore, while normalised profit after tax rose 68.9% to Rs 143 crore and its margin reached 6.5%, up from 5.5%. Minda Corp’s revenue growth exceeded the automotive industry’s 18.2% production-volume increase during the quarter.

How did Minda Corp perform in Q2 FY27?

Minda Corp delivered record quarterly revenue and EBITDA in Q2 FY27, with revenue reaching Rs 2,189 crore. Revenue rose from Rs 1,535 crore in Q2 FY26 and Rs 1,846 crore in Q1 FY27, representing 42.6% year-on-year growth and 18.6% quarter-on-quarter growth.

Earnings before interest, tax, depreciation and amortisation, or EBITDA, increased 44.7% year on year to Rs 257 crore from Rs 178 crore. EBITDA also rose from Rs 212 crore in Q1 FY27, lifting the margin to 11.8% from 11.6% a year earlier and 11.5% in the preceding quarter.

Normalised profit after tax, or PAT, increased 68.9% from Rs 85 crore in Q2 FY26 and 43.0% from Rs 100 crore in Q1 FY27 to Rs 143 crore. Its margin expanded by 102 basis points year on year and 111 basis points quarter on quarter to 6.5%; one basis point is one-hundredth of a percentage point. Reported PAT was also Rs 143 crore in Q2 FY27, while Q1 FY27 included an exceptional item of Rs 124 crore.

Which divisions drove Minda Corp’s Q2 FY27 growth?

Both divisions expanded in Q2 FY27, led by Information & Connected Systems, where revenue grew 46% year on year to Rs 1,205 crore. Mechatronics, Aftermarket and Others increased 38% to Rs 984 crore, and the two divisions together equalled consolidated quarterly revenue of Rs 2,189 crore.

Information & Connected Systems grew from Rs 823 crore in Q2 FY26 and Rs 983 crore in Q1 FY27. Minda Corp attributed the increase to the Wiring Harness and Instrument Cluster Division, citing a higher share of business with existing customers and additions to its customer base; the Cluster Division also secured multiple high-value orders without disclosing individual values.

Mechatronics, Aftermarket and Others rose from Rs 712 crore in Q2 FY26 and Rs 863 crore in Q1 FY27 to Rs 984 crore. Minda Corp linked the increase to domestic two-wheeler and passenger-vehicle demand and premiumisation of existing products, while also citing the consolidation of Minda Vast to strengthen its passenger-vehicle presence.

In H1 FY27, Information & Connected Systems revenue increased 40% to Rs 2,189 crore from Rs 1,559 crore, while Mechatronics, Aftermarket and Others rose 36% to Rs 1,847 crore from Rs 1,362 crore. Consolidated H1 revenue consequently rose 38.1% to Rs 4,036 crore, and EBITDA increased 40.3% to Rs 469 crore as the margin moved to 11.6% from 11.4%.

How did Minda Corp’s mix and EV business change?

Minda Corp’s Q2 FY27 product mix increased the shares of wiring harnesses and vehicle access products. Wiring harnesses represented 31% of revenue, up from 30% in Q2 FY26, and vehicle access represented 24%, up from 22%; die casting declined from 16% to 15%, clusters from 17% to 15%, and other products stayed at 15%.

The end-market mix shifted towards two- and three-wheelers and passenger vehicles. Two- and three-wheelers accounted for 49% of Q2 FY27 revenue compared with 45% a year earlier, while passenger vehicles increased from 15% to 18%; commercial vehicles, including off-highway vehicles and tractors, declined from 29% to 25%, and aftermarket declined from 11% to 8%.

Geographic revenue shares were unchanged between Q2 FY26 and Q2 FY27, with India contributing 89%, Europe and North America 6%, and South-East Asia 5%. Minda Corp’s 42.6% revenue increase compared with automotive-industry production growth of 18.2%, as volumes rose to 10.90 million from 9.22 million units; commercial vehicles grew 33.9% and two-wheelers 16.5%.

Electric-vehicle, or EV, product revenue grew 113% year on year in Q2 FY27 and represented 10% of Minda Corp revenue. EV products also represented 35% of order-book value, although the presentation did not disclose absolute EV revenue or the total order-book value.

What do Minda Corp’s costs and leverage show?

Minda Corp expanded operating margin despite higher costs accompanying sales growth. Raw-material expense increased to Rs 1,430 crore in Q2 FY27 from Rs 956 crore in Q2 FY26, employee cost rose to Rs 300 crore from Rs 235 crore, and other expenses increased to Rs 203 crore from Rs 167 crore.

Earnings before interest and tax, or EBIT, rose 55.1% to Rs 192 crore from Rs 124 crore, with EBIT margin increasing by 71 basis points to 8.8%. Depreciation was Rs 68 crore against Rs 57 crore a year earlier, finance cost was Rs 35 crore against Rs 31 crore, and the share of profit from associates and joint ventures, net of tax, rose to Rs 26 crore from Rs 17 crore.

At September 30, 2026, net debt was Rs 1,314 crore, compared with Rs 1,065 crore at March 31, 2026. Gross debt increased to Rs 1,432 crore from Rs 1,212 crore while cash and cash equivalents reduced to Rs 118 crore from Rs 147 crore; net worth increased to Rs 3,130 crore from Rs 2,659 crore.

Net debt to net worth remained 0.4 times at September 30, 2026, while net debt to EBITDA was also unchanged at 1.2 times from March 31, 2026. Return on capital employed was 23.1% at both dates, with Minda Corp defining the measure as excluding investments and the share of profit from joint ventures and associates; its presentation showed CRISIL AA and India Ratings IND AA long-term ratings, both with stable outlooks.

Conclusion

Minda Corp’s Q2 FY27 result combined revenue growth of 42.6%, EBITDA growth of 44.7% and normalised PAT growth of 68.9%, alongside higher EBITDA and normalised PAT margins. Information & Connected Systems contributed Rs 1,205 crore of quarterly revenue and Mechatronics, Aftermarket and Others contributed Rs 984 crore, while EV product revenue grew 113% year on year.

What to watch next is execution of disclosed programmes and order wins. Minda Corp said TFT orders with lifetime value exceeding Rs 1,000 crore are scheduled to start production in FY28, while a 3.5 kilowatt charger order with lifetime value exceeding Rs 400 crore is planned to start production in Q1 of the next year. Minda Instruments Limited also has government approval to establish a greenfield TFT display-module assembly facility under its backward-integration plan.