Minda Corp reports second-quarter revenue up 42.6% to Rs 2,189 crore

Minda Corporation Limited, referred to as Minda Corp, reported record operating revenue of Rs 2,189 crore for the second quarter of financial year 2027 (Q2FY27), up 42.6% year on year. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose to Rs 257 crore, while the EBITDA margin increased 17 basis points to 11.8% in the quarter ended September 30, 2026.

How did Minda Corp perform in Q2FY27?

Minda Corp increased revenue, EBITDA and reported profit after tax in Q2FY27. Operating revenue rose by Rs 654 crore year on year to Rs 2,189 crore from Rs 1,535 crore, and was 18.6% above Rs 1,846 crore in the first quarter of financial year 2027 (Q1FY27). EBITDA increased 44.7% year on year to Rs 257 crore from Rs 178 crore and rose 21.6% sequentially from Rs 212 crore.

The Q2FY27 EBITDA margin was 11.8%, compared with 11.6% in Q2FY26 and 11.5% in Q1FY27. This was an expansion of 17 basis points year on year and 29 basis points quarter on quarter, with 100 basis points equalling one percentage point. Profit before tax rose 69.5% to Rs 157 crore, while reported profit after tax rose 68.9% to Rs 143 crore from Rs 85 crore in Q2FY26.

Reported profit after tax fell sequentially from Rs 206 crore in Q1FY27 because the preceding quarter included an exceptional gain linked to Minda Vast Access Systems Private Limited. On a normalized basis, excluding that Q1 exceptional gain, profit after tax increased 43.0% from Rs 100 crore in Q1FY27 to Rs 143 crore in Q2FY27. The Q2FY27 profit after tax margin was 6.5%, against 5.5% a year earlier.

What drove Minda Corp's Q2FY27 revenue growth?

Minda Corp attributed its 42.6% Q2FY27 revenue growth to demand across key vehicle segments, product premiumisation and an expanding customer base. The group identifies one primary operating segment, manufacturing automobile components and parts, under Indian Accounting Standard 108. Its disclosed portfolio includes mechatronics, information and connected systems, and plastic and interior products for automotive original equipment manufacturers.

Electric-vehicle-related products represented approximately 35% of Minda Corp's new order wins during Q2FY27. Minda Corp said it secured sizeable orders across multiple product domains and business verticals, but did not disclose either the value of the quarterly wins or the total order pipeline. The announcement therefore establishes the electric-vehicle share of wins, rather than the revenue contribution from those products.

During the year, Minda Corp invested Rs 80 crore in Spark Minda Green Mobility Systems Private Limited, Minda-HCMF Technologies Private Limited and Spark Minda-Toyodenso India Private Limited to support business expansion. Management said its plans include expanding electronics and electric-vehicle systems, alongside investment in research and development, localisation and manufacturing capabilities to increase content per vehicle.

Why does Minda Corp's H1FY27 reported profit include a one-off gain?

Minda Corp's reported first-half profit after tax of Rs 349 crore included a Rs 106 crore exceptional gain after tax from the consolidation of Minda Vast. Normalized profit after tax for the half year ended September 30, 2026 was Rs 243 crore, up 62.0% from Rs 150 crore in the first half of financial year 2026. Reported profit after tax rose 132.9%, illustrating the effect of the one-off accounting gain.

Minda Corp obtained control of Minda Vast from April 1, 2026 following an amendment to the shareholders' agreement. The group remeasured its existing stake at fair value and recorded an exceptional gain of Rs 123.99 crore, with a deferred-tax charge of Rs 17.73 crore. Consolidation accounting included Rs 53.43 crore of property, plant and equipment and right-of-use assets, Rs 106.22 crore of other intangible assets and Rs 65.04 crore of goodwill.

The half-year operating comparison was separate from the exceptional gain. Operating revenue increased 38.1% to Rs 4,036 crore from Rs 2,921 crore, while EBITDA rose 40.3% to Rs 469 crore from Rs 334 crore. EBITDA margin improved 18 basis points to 11.6% from 11.4%, before the Minda Vast gain affected reported first-half profit.

What changed in Minda Corp's financial position and cash flow?

Minda Corp's consolidated total assets rose to Rs 6,732.47 crore at September 30, 2026 from Rs 5,495.42 crore at March 31, 2026. Current assets rose to Rs 2,808.99 crore from Rs 2,017.57 crore, including inventories of Rs 1,000.79 crore against Rs 709.90 crore and trade receivables of Rs 1,341.46 crore against Rs 994.97 crore. Total equity increased to Rs 3,129.81 crore from Rs 2,658.52 crore.

Current borrowings increased to Rs 1,107.71 crore at September 30 from Rs 814.10 crore at March 31, while non-current borrowings declined to Rs 323.96 crore from Rs 398.07 crore. Cash and cash equivalents were Rs 96.45 crore at the end of the half year, compared with Rs 102.77 crore at its start. The filing does not assign a separate explanation to each balance-sheet movement beyond the disclosed transactions and consolidation effects.

Net cash flow from operating activities declined to Rs 80.02 crore in the first half from Rs 303.08 crore a year earlier. Operating profit before working-capital changes increased to Rs 474.94 crore from Rs 341.09 crore, but trade receivables absorbed Rs 241.54 crore, inventories absorbed Rs 245 crore and other financial and other assets absorbed Rs 159.56 crore. Investing activities used Rs 140.71 crore, including Rs 156.77 crore spent on property, plant, equipment, intangible assets and capital work in progress.

What is the status of Minda Corp's plant-fire insurance claim?

Minda Corp recorded Rs 105.36 crore as a claims receivable after a fire at one of its plants on May 30, 2026. The amount covers the book value of damaged building, plant and equipment, other fixed assets and inventories, along with incidental expenses incurred through September 30, 2026. The group stated that it has adequate insurance coverage and had filed a provisional claim that remained in progress when the results were issued.

Minda Corp had received Rs 60 crore as an ad hoc amount from the insurer by the date of the financial results. The company accounted for the Rs 105.36 crore claims receivable with a corresponding credit to exceptional items. The final recovery remains subject to assessment of the loss and the terms and conditions of the insurance policies.

Conclusion

Minda Corp delivered a record Rs 2,189 crore of Q2FY27 operating revenue, with revenue growth of 42.6% exceeding the 17-basis-point improvement in EBITDA margin to 11.8%. First-half operating revenue reached Rs 4,036 crore and normalized profit after tax rose 62.0% to Rs 243 crore, while reported first-half profit of Rs 349 crore included the Rs 106 crore after-tax Minda Vast consolidation gain.

The next disclosures to watch are Minda Corp's execution of its plan to expand electronics and electric-vehicle systems through research, development, localisation and manufacturing investment. Management identified electric-vehicle products as approximately 35% of Q2FY27 order wins, without a conversion timetable or revenue target. The unresolved insurance claim for the May 30, 2026 plant fire, against which Rs 60 crore had been received by the results date, also remains a disclosed item to monitor.