Minda Corporation Q4 FY26: Record Revenue, Higher Margins, and a Clearer EV and PV Strategy

Minda Corporation closed FY26 with its strongest set of numbers so far, capped by a record Q4. Consolidated revenue for Q4 FY26 stood at INR 1,704 crore, up 29% year on year. EBITDA rose to INR 203 crore, up 33%, and the EBITDA margin expanded to 11.9%. Profit after tax (PAT) jumped to INR 124 crore, up 138%, with the PAT margin improving to 7.3%.

For the full year, consolidated revenue reached INR 6,185 crore, up 22.3% year on year. EBITDA increased to INR 721 crore, up 25.5%, and margin moved to 11.7%. PAT came in at INR 358 crore, up about 40%. The board recommended a final dividend of 40% which translates to INR 0.80 per equity share. Management also stated that the total dividend for the year is 70% or INR 1.40 per share.

The key message from both the investor presentation and the earnings call was consistent. FY26 growth was driven by strong demand across key vehicle segments, premiumisation in electronics-led categories, and expanding engagement with OEM platforms, while the company continued to build its EV and passenger vehicle strategy through partnerships and consolidation.

What drove performance across verticals

Minda Corporation reports two key business verticals in the presentation: Mechatronics and Aftermarket, and Information and Connected Systems. In Q4 FY26, Mechatronics and Aftermarket revenue increased to INR 771 crore versus INR 654 crore in Q4 FY25. For FY26, this vertical reported revenue of INR 2,843 crore versus INR 2,475 crore in FY25.

Information and Connected Systems delivered the faster growth. Q4 FY26 revenue rose to INR 933 crore from INR 667 crore in Q4 FY25. For FY26, revenue stood at INR 3,342 crore versus INR 2,581 crore in FY25. Management attributed growth in this vertical to strong domestic demand in 2W and CV segments, premiumisation of existing products, and robust demand in wiring harness and instrument cluster businesses.

The company also highlighted strong order momentum. It reported lifetime order-book bookings of INR 3,500 crore during Q4, and stated that FY26 lifetime order book exceeded INR 10,000 crore.

Financial snapshot

Revenue mix shows wiring harness leadership, India concentration remains high

Minda Corporation shared its FY26 product revenue mix. Wiring harness contributed 31% of FY26 revenue, the largest share. Vehicle access contributed 22%, clusters 17%, die casting 15%, and others 15%.

Geographically, revenue remains primarily India-led. In FY26, India represented 89% of revenue, Southeast Asia 5%, and Europe and North America 6%.

End-market mix shows the company’s strength in 2W and commercial vehicles, and a relatively smaller passenger vehicle contribution. In FY26, 2W and 3W contributed 48%, commercial vehicles including off-highway and tractors contributed 28%, passenger vehicles were 14%, and aftermarket was 10%.

This mix matters because management repeatedly linked its medium-term strategy to improving passenger vehicle contribution through system solutions and consolidation moves.

Strategic moves: Turntide JV, Toyodenso JV, and VAST consolidation

A key theme in the presentation is that Minda Corporation is evolving from a component supplier toward a broader system solutions provider. The company highlighted five focus areas: vehicle access, electrical distribution systems, light weighting and plastics, driver information systems, and EV system and electronics.

Turntide JV: expanding EV motor technology, adding axial flux

Minda Corporation and Turntide Drives formed a joint venture in March 2026 with a 49% to 51% shareholding structure. The company positioned the JV as a combination of Turntide’s global EV powertrain technology and Minda’s localization and manufacturing strength. Product coverage cited includes axial flux motors, EV motors, electric water pumps, and motor controllers.

During the Q&A, management clarified how this JV fits with the existing strategic partnership with Flash Electronics. It stated that Turntide brings axial flux motor technology, which Flash does not have, while Flash already has passenger vehicle EV motor capabilities developed through its technical center in Poland.

Toyodenso JV: switches, local manufacturing, Q4 FY27 start

Minda Corporation also announced a joint venture with Toyodenso, with Minda holding 60%. The JV focuses on advanced automotive switches for two-wheelers, passenger cars, and other segments in India. Management stated that the JV has already secured a significant large order from a leading two-wheeler OEM.

The presentation stated the company’s estimate of India’s available switch market size for FY25 as INR 10,000 to 12,000 crore. It also stated that the initial total investment is around INR 150 crore in the shareholding ratio. Management guidance indicated operations are expected to commence in Q4 FY27, with FY28 as a ramp-up year and FY29 described as the first peak year.

VAST consolidation: potential uplift to passenger vehicle mix

Management stated that Minda Corporation will consolidate Minda VAST into Minda Corporation after a change in the shareholder agreement with its JV partner. This is expected to strengthen 4-wheeler system solutions and platform-based offerings. The CFO shared that Minda VAST delivered roughly INR 500 crore revenue in FY26 with about 7% EBITDA margin, and management stated more than 90% of VAST revenue is from passenger vehicles.

Management also stated that VAST consolidation should support its aspiration to move passenger vehicle revenue share toward 25% over time, from about 14% currently.

Margins, commodities, and leverage: what to watch

Management acknowledged that the operating environment saw inflationary pressure in key commodities and input costs. It cited higher prices for steel, aluminum and copper, and also noted increases in freight, packaging, energy costs and petrochemical-linked expenses. While it stated that commodity inflation is passed to customers, it also noted that it influences overall cost structures.

The company also mentioned minimum wage increases announced by some states effective 1 April 2026, and stated it is addressing the impact through productivity enhancements, controlled headcount additions, and improved workload management.

On leverage, the presentation reported gross debt of INR 1,212 crore as of March 31, 2026 and net debt of INR 1,065 crore. Net debt to net worth was 0.4x and net debt to EBITDA was 1.2x, with ROCE improving to 23.1%.

The company’s credit ratings were disclosed as IND AA stable and CRISIL AA stable with short-term CRISIL A1+.

Associate performance: Flash Electronics stays a key pillar

The presentation included detailed numbers for Flash Electronics, in which Minda holds 49%. Flash reported FY26 revenue of INR 1,803 crore and EBITDA of INR 310 crore with a 17.2% margin. PAT was INR 137 crore with a 7.6% margin.

In Q&A, management also provided a breakup of share of profit from associates and JVs. It stated that Flash contributed about INR 70 crore to Minda’s share of profit, Furukawa about INR 8 crore, EVQ did not contribute, and Minda VAST contributed about INR 5 crore.

Flash also disclosed FY26 free cash flow of INR 112 crore, ROCE of 27.7%, and EV revenue share of 21%.

Takeaways for investors

Minda Corporation’s FY26 performance is notable for two reasons. First, the financial trajectory has improved steadily across several years, with EBITDA margin expanding from 9.9% in FY22 to 11.7% in FY26, and ROCE rising to 23.1% in FY26. Second, the company’s strategic agenda is becoming more coherent, with a focus on EV ecosystem offerings and higher electronics content per vehicle.

The next year will likely be shaped by three execution variables that management itself highlighted: the pace of new product SOP in electronics and clusters, the rollout of new joint ventures like Toyodenso and Turntide, and the consolidation of Minda VAST to strengthen passenger vehicle system solutions.

Management also reiterated a long-term vision of group-level revenue of INR 17,500 crore by FY2030 with 12.5% EBITDA margin. While it did not provide explicit FY27 revenue guidance, it reiterated an internal principle to grow at least 50% faster than industry growth. For FY27 capital spending, it guided to around INR 400 to 450 crore.

Overall, FY26 reinforces the company’s positioning as a scaled auto-component player with expanding electronics and EV capabilities, but investors will still need to track how commodity costs, wage inflation, and integration of new partnerships influence margins and cash flows over the next few quarters.