Minda Corporation's Q3 FY26: Record Revenue and Strategic Growth in Automotive Components

Minda Corporation Limited, a prominent player in the global automotive industry, has reported a stellar performance for the third quarter and nine months ended December 31, 2025. The company achieved its highest ever quarterly revenue, signaling robust growth and effective strategic execution. This strong financial showing comes amidst a transformative period for the Indian automotive market, influenced by new trade deals and supportive government policies.

For Q3 FY26, Minda Corporation recorded a revenue of INR 1,560 crore, marking an impressive 25.0% year-on-year growth. This surge was complemented by a 28.0% increase in EBITDA, which reached INR 184 crore, with the EBITDA margin standing at 11.8%. The profit after tax (PAT) also saw a significant jump of 36.0% to INR 88 crore, reflecting a PAT margin of 5.4%. The company's performance was driven by sustained demand across key vehicle segments, an increased share of business, higher content per vehicle, and strong traction in the electric vehicle (EV) and premium product categories. For the nine-month period (9M FY26), the company reported a revenue of INR 4,482 crore, a 20.0% increase year-on-year, with EBITDA at INR 518 crore (23.0% YoY growth) and PAT at INR 238 crore (17.0% YoY growth).

Segmental Performance and Strategic Order Wins

The Mechatronics, Aftermarket, and Others division demonstrated strong demand in the domestic 2-wheeler segment, contributing significantly to the overall growth. The Information & Connected Systems business also saw robust performance, driven by strong demand in domestic 2-wheeler and commercial vehicle segments, along with the premiumization of existing products. Revenue growth in this segment was particularly fueled by strong demand in wiring harness and instrument cluster businesses.

A key highlight for the quarter was the booking of a total lifetime order book of INR 2,000 crores with multiple new orders, contributing to an overall lifetime order book exceeding INR 7,000 Crores for the nine-month period across various products and verticals. This robust order book underscores the company's strong market position and future revenue visibility. Minda Corporation also secured multiple platform-level instrument cluster orders from leading Original Equipment Manufacturers (OEMs).

Innovation and Strategic Partnerships Driving Future Growth

Minda Corporation's commitment to innovation is evident with 4 new patents filed during Q3 FY26, bringing the total patents filed to over 320. This focus on R&D, which accounts for approximately 4% of its revenue, is crucial for developing new-age solutions and maintaining a competitive edge. The company has also forged a new strategic partnership with Toyodenso to offer advanced switches across all vehicle segments, further strengthening its product portfolio.

In terms of new product launches, Minda Corporation has secured a significant lifetime order worth INR 350 crore for sunroofs from a leading OEM. A new manufacturing facility for sunroofs is being established in Pune, with the Start of Production (SOP) planned for Q1 FY27. Similarly, for switches, a significant order exceeding INR 1,000 crore (lifetime value) has been secured for 2-wheeler OEMs, with a new manufacturing facility expected to commence operations in Q4 FY27 and production starting in Q2 FY28. The company is targeting a 10-15% market share in the sunroof segment by FY2030 or FY2031.

Financial Summary

Capital Allocation and Outlook

Minda Corporation is committed to disciplined capital allocation, with a planned capital expenditure of approximately INR 2,000 crore over the next five years. This investment includes setting up two new greenfield facilities in Die Casting and one for Instrument Clusters, along with land acquisition for future expansion. The company has already spent INR 276 crore in 9M FY26 and plans to spend another INR 100 crore in the coming quarter. These investments are strategically linked to improving the Return on Capital Employed (ROCE) from the current 22% to a target of 25% by 2030, focusing on connected, high-revenue, and high-margin businesses.

The outlook for the commercial vehicle segment remains positive, with expected growth in Q4 FY26 and the first half of the next fiscal year, driven by regulatory changes, infrastructure upgrades, and booming trade. The company is also accelerating its export growth, with a long-term vision to increase export business from the current INR 500 crore to INR 1,500 crore by 2030. Management also addressed commodity price volatility, confirming that indexed costs are managed through reciprocal arrangements with vendors and OEMs, ensuring pass-through of price impacts.

Conclusion

Minda Corporation's Q3 FY26 results reflect a period of strategic clarity and sustained growth. The company's record financial performance, robust order book, and proactive investments in new technologies and partnerships position it strongly for future expansion in the evolving automotive landscape. With a clear focus on innovation, disciplined capital allocation, and market diversification, Minda Corporation is well-equipped to continue its growth trajectory and create long-term value for its stakeholders.