Minda Corporation Q1 FY27: Record revenue, steady margins, and a PV push via Minda VAST

Minda Corporation opened FY27 with its strongest quarterly revenue print so far. For the quarter ended June 30, 2026 (Q1 FY27), consolidated revenue from operations came in at INR 1,846 crore, up 33.2% year on year. EBITDA rose 35.4% to INR 212 crore and the company reported EBITDA margin of 11.5%, marginally higher than the 11.3% seen in Q1 FY26.

Profit after tax jumped to INR 206 crore. But that number needs a clear qualifier. The company stated PAT includes an exceptional gain of INR 106 crore net of tax, arising from the consolidation of Minda VAST. This makes Q1 FY27 PAT less comparable with previous quarters.

Behind the headline growth, management attributed the quarter’s momentum to strong demand across domestic two-wheeler and passenger vehicle segments, continued premiumisation of products, higher share of business with existing customers, and execution of earlier order wins. The investor presentation also positioned the broader backdrop as supportive, with Indian auto industry volumes up 21.8% year on year in Q1 FY27, led by growth across two-wheelers, passenger vehicles, three-wheelers, commercial vehicles, and tractors.

What drove growth across business lines

Minda Corporation’s core businesses showed broad-based growth in Q1 FY27. In the business vertical view shared in the presentation, die casting revenue rose to INR 863 crore from INR 650 crore in Q1 FY26. Wiring harness revenue increased to INR 983 crore from INR 736 crore.

Management commentary on the call reinforced that wiring harness and instrument clusters continued to scale, aided by new customer additions and deeper share of business with existing customers. It also noted strong market interest in the cluster division, with multiple high-value orders secured.

The quarter also saw a visible shift in end-market mix. Passenger vehicles contributed 19% of revenue in Q1 FY27 versus 15% in Q1 FY26, which management linked to the consolidation of Minda VAST and ongoing growth in PV-related programs.

Financial summary (consolidated)

Note: PAT includes exceptional item of INR 106 crore net of tax from consolidation of Minda VAST.

Revenue mix: wiring harness leads, PV share rises

The presentation provides a product-wise revenue mix for Q1 FY27, with wiring harness at 32% of revenue, vehicle access at 25%, clusters at 16%, die casting at 15%, and others at 12%. This shows wiring harness remains the anchor line, while vehicle access and clusters together represent over 40% of the mix.

Geographically, the mix remained stable, with India at 89% and the balance split between South East Asia (5%) and Europe and North America (6%).

On end markets, the company reported 2 and 3 wheelers at 46% of revenue, commercial vehicles at 27%, passenger vehicles at 19%, and aftermarket at 8%. The passenger vehicle contribution moving closer to one-fifth of revenue is one of the most important mix developments this quarter.

Minda VAST consolidation: growth lever and margin work-in-progress

A major corporate development in FY27 is the start of consolidation of Minda VAST into Minda Corporation. Management framed this as a strategic step to strengthen presence in the passenger vehicle segment.

On the call, management shared that consolidation contributed about INR 125 crore of incremental revenue in Q1 FY27. It also disclosed margin improvement within Minda VAST, with EBITDA margin improving to about 8.4% in Q1 FY27 from 6.5% in Q1 FY26. Even with this improvement, Minda VAST’s margin remains below Minda Corporation’s consolidated EBITDA margin of 11.5%, and management explicitly called out the need to bring it closer to group levels over time.

The strategic logic is based on portfolio expansion. Management described Minda VAST’s vehicle access offering as including inside and outside door handles, locksets, steering column locks, latches, immobilizers, passive entry solutions and power access solutions. It also indicated that kit value in vehicle access is currently about INR 8,000 to INR 12,000 to 13,000, and it expects that to rise over the coming years as more products are developed and offered.

EV exposure: quantified and growing, with Flash as a key contributor

One of the clearer disclosures in the concall was the EV revenue contribution. Management stated EV revenue is close to 10% of revenue at Minda Corporation, around 30% at Flash Electronics, and about 14% at group level. It also stated year on year EV revenue growth of about 40% at Minda Corporation and about 90% at Flash.

Flash Electronics, an associate company, delivered Q1 FY27 revenue of INR 533 crore, EBITDA of INR 82 crore and PAT of INR 35 crore. EBITDA margin was 15.4% versus 18.0% in Q4 FY26, which management attributed to higher commodity and labour costs.

Importantly, management said Flash has back-to-back pass-through arrangements with customers, though recovery may take time due to indexing and lag effects. It also stated an intent to maintain long-term Flash EBITDA margins in the 16% to 17% band, while targeting growth in the 20% to 24% range.

Cost headwinds and margin stance

Despite record revenue, management did not present the quarter as frictionless. It highlighted commodity inflation, labour cost increases, and freight expense increases as pressures. It also noted supply chain and logistics related disruptions affecting the broader component industry.

The company’s consolidated EBITDA margin softened sequentially from 11.9% in Q4 FY26 to 11.5% in Q1 FY27. Management’s stance was that operational efficiencies and operating leverage offset a meaningful part of the inflationary headwinds.

For FY27, management indicated that maintaining EBITDA margin in the 11.5% to 12% range through the rest of the year would be a good outcome.

Capex and program execution: SOP milestones in focus

On capital allocation, the company guided capex of about INR 400 crore for FY27, spread across businesses, without splitting EV versus ICE.

On program execution, management provided specific timelines on some initiatives. For Turntide motor controllers, it stated SOPs are expected in October and November, and that the facilities are in place with lines being tested.

It also addressed the sunroof business under Spark Minda HCMF, confirming customer trials are completed and approved in the first go, and that the SOP plan remains on track.

Takeaways for investors

Q1 FY27 shows Minda Corporation entering the year with strong volume-led growth and a stable consolidated margin profile, even as input costs remain a near-term constraint. The consolidation of Minda VAST is already visible in revenue and end-market mix, lifting passenger vehicle exposure, but it also introduces a profitability catch-up task as Minda VAST’s margins remain below group levels.

The company’s quantified EV revenue disclosures, continued order wins, and SOP visibility across motor controllers, switches, and sunroofs provide a clearer strategic arc. The near-term question remains how quickly commodity and labour pressures flow through to customers and how consistently the company can hold the 11.5% to 12% EBITDA margin band while scaling new programs.