Minda Corp Q4 FY26: Revenue ₹1,704 cr, PAT ₹124 cr

Record quarter as revenue, EBITDA hit new highs

Minda Corporation Ltd (BSE: 538962), Spark Minda’s flagship company, reported record consolidated revenue of ₹1,704 crore for Q4 FY26 (three months ended March). The company said this was a 29% year-on-year (YoY) increase versus ₹1,321 crore in Q4 FY25, and that the quarter beat industry growth and consensus estimates. Consolidated profit after tax (PAT) rose 7.3% YoY to ₹124 crore. The company also reported its highest-ever quarterly EBITDA at ₹203 crore, up 33% YoY, with an EBITDA margin of 11.9%.

Management linked the quarter’s performance to a broader product portfolio, an expanding customer base, and a focus on product premiumisation. It also pointed to improved operational efficiencies and a favourable product mix supporting profitability. The quarter included a 37 basis-point YoY improvement in EBITDA margin.

FY26 closes with highest-ever annual revenue and profit

For FY26, Minda Corporation reported its highest-ever consolidated revenue at ₹6,185 crore, up 22.3% YoY. Consolidated EBITDA for the year was ₹721 crore with an 11.7% margin, and the company said margin improved by 29 basis points YoY. Consolidated PAT for FY26 stood at ₹358 crore, marking 40.3% YoY growth.

Ashok Minda, Chairman and CEO, said FY2026 reflected “consistent execution and steady progress” despite a dynamic market environment. He added that demand was supported by key vehicle segments, particularly two-wheelers and commercial vehicles. The company also cited policy measures such as GST rationalisation and the ‘Make in India’ initiative as supportive for cost efficiency and affordability.

What changed versus last year’s base

The FY26 numbers build on a lower base in FY25, when Minda Corporation reported consolidated revenue of ₹5,056 crore, EBITDA of ₹575 crore, and PAT of ₹255 crore. In Q4 FY25, the company reported revenue of ₹1,321 crore, EBITDA of ₹153 crore (11.6% margin), and PAT of ₹52 crore.

Management had earlier attributed Q4 FY25 profitability to higher finance costs linked to its strategic investment in Flash Electronics, along with higher depreciation from capacity expansion and technology upgrades. Against that context, the FY26 margin improvements were presented as operational gains rather than a one-off factor.

Segment cues: wiring harness, clusters, and localisation

Aakash Minda, Executive Director, said the wiring harness segment has grown significantly due to localisation efforts. He stated that about 18-19% of requirements are now fulfilled internally. He also said market share gains are primarily in two-wheelers, three-wheelers, and commercial vehicles.

For instrument clusters, the company said it has secured multiple orders for TFT clusters, with production expected to commence soon across various vehicle segments. Management also indicated that instrument clusters, wiring harnesses, and die casting for exports are expected to see the most product launches.

Partnerships and JVs: EV and advanced switching systems

Minda Corporation highlighted two strategic global partnerships during the year. It formed a joint venture with Toyodenso Co. Ltd of Japan for the manufacturing and sale of advanced automotive switches. Separately, it signed a joint venture agreement with Turntide Technologies, UK, to introduce next-generation powertrain solutions for the electric vehicle (EV) industry.

The company said these collaborations aim to bring global technologies closer to the Indian market while delivering localised solutions aligned with domestic requirements. It also framed the partnerships as supportive of India’s EV ecosystem and the ‘Make in India’ initiative.

Flash Electronics tie-up and EV adjacency

Minda Corporation said its strategic partnership with Flash Electronics has strengthened its presence in high-growth areas such as EV power electronics, traction motors, motor controllers, and vehicle control units. It reported that Flash Electronics delivered FY26 revenue of ₹1,803 crore and EBITDA of ₹310 crore, with a margin of 17.2%.

In earlier commentary referenced by the company, it said EV sales were about 8% of Minda Corporation’s total revenue in Q4 and about 7% for the full year, while Flash Electronics had 23% of revenue coming from EV products with 92% growth over the previous year.

Orders pipeline: switches, clusters, and large lifetime wins

The company said new order wins during the year had a lifetime value exceeding ₹10,000 crore across existing and emerging product categories. It also said it has secured significant orders for switches from leading Japanese OEMs through its joint venture with Toyodenso, with operations expected to commence in Q4 FY27.

Minda Corporation also said it secured multiple platform-level instrument cluster orders from several leading OEMs. Alongside product premiumisation, management positioned these wins as a route to higher content-per-vehicle opportunities.

Dividend and disclosure updates

The board recommended a total dividend of ₹1.40 per share for FY26. It also recommended a final dividend of 40%, or ₹0.80 per equity share, for FY 2025-26.

Separately, the company informed that the audio recording of the earnings call discussing the financial results for the quarter and year ended March 31, 2026 is available on its website, citing applicable SEBI (Listing Obligations and Disclosure Requirements) requirements.

Key numbers at a glance

Why the FY26 print matters for investors

The reported FY26 growth combined volume-linked segments (two-wheelers and commercial vehicles) with technology-led adjacencies such as EV power electronics and advanced switches. The company’s commentary also pointed to localisation and internal fulfilment in wiring harnesses as levers that can influence costs and execution control. Meanwhile, the announced start timeline for the Toyodenso JV (Q4 FY27) offers a dated milestone for investors tracking the commercialisation of new platforms.

The FY26 margin profile stayed in a narrow band near 12%, with incremental improvements reported at both the quarterly and annual level. The company’s results narrative also leaned on product mix and operational efficiency, which is relevant given its continued investments in R&D and technology partnerships.

Conclusion

Minda Corporation closed Q4 FY26 with record revenue of ₹1,704 crore, EBITDA of ₹203 crore, and PAT of ₹124 crore, while FY26 revenue rose to ₹6,185 crore and PAT to ₹358 crore. The company is positioning its next phase of growth around localisation in core segments and partnerships spanning EV powertrain solutions and advanced switches. Investors will likely track execution on the Toyodenso JV, where operations are expected to commence in Q4 FY27, and the ramp-up of newly won TFT instrument cluster programs.