Minda Corporation Q4 FY26: record revenue, steadier margins, and a bigger EV playbook

Minda Corporation closed Q4 FY2026 with its highest ever quarterly revenue at INR 1,704 crore, up 29 percent year on year. Operating performance held up as EBITDA rose to INR 203 crore, also up 33 percent, with the EBITDA margin inching up to 11.9 percent from 11.6 percent last year. What stood out most was the sharp improvement in the bottom line. Profit after tax jumped to INR 124 crore versus INR 52 crore in Q4 FY25, lifting PAT margin to 7.3 percent.

For the full year, the same pattern continued. Consolidated revenue from operations reached INR 6,185 crore, up 22.3 percent over FY25. EBITDA came in at INR 721 crore, up 25.5 percent, with EBITDA margin improving to 11.7 percent. PAT for FY26 rose to INR 358 crore from INR 255 crore, taking PAT margin to 5.8 percent. The board also recommended a final dividend of 40 percent on face value, which equals INR 0.80 per equity share.

Behind these numbers is a company that is expanding its product scope across vehicle access, wiring harness and connectors, clusters and electronics, die casting and interior plastics, and EV power electronics. Management also highlighted that the total lifetime order book exceeded INR 10,000 crore in FY26, and that INR 3,500 crore of lifetime orders were booked in Q4 alone. In a year when the broader Indian auto industry grew 12.2 percent, the company’s growth suggests rising content per vehicle, stronger program wins, and momentum in electronics-led platforms.

Growth was broad-based, with electronics doing the heavy lifting

Minda Corporation reports performance across two major vertical groupings. Q4 FY26 growth was led by Information and Connected Systems, which expanded to INR 933 crore from INR 667 crore in Q4 FY25, a 40 percent jump. For FY26, this vertical grew to INR 3,342 crore from INR 2,581 crore, up 29 percent.

Management commentary points to two clear drivers. First, demand remained strong in domestic two-wheeler and commercial vehicle segments. Second, premiumisation of existing products supported better realisations. The vertical’s growth was also supported by robust demand in wiring harness and instrument cluster businesses.

The Mechatronics and Aftermarket vertical also grew, though at a slower pace. Q4 FY26 revenue increased to INR 771 crore from INR 654 crore in Q4 FY25. For FY26, the vertical reached INR 2,843 crore versus INR 2,475 crore in FY25, up 15 percent. The company noted strong domestic two-wheeler demand and steady aftermarket growth, while exports were subdued in Europe.

Mix trends reinforce this story. In FY26, wiring harness contributed 31 percent of revenue versus 28 percent in FY25, while clusters rose to 17 percent from 16 percent. Vehicle access dipped to 22 percent from 24 percent. Geography remained largely India-centric, with India at 89 percent of revenue, Southeast Asia at 5 percent, and Europe plus North America at 6 percent.

End market exposure stayed diversified. Two and three-wheelers contributed 48 percent in FY26, commercial vehicles including tractors and off-highway remained at 28 percent, passenger vehicles stayed at 14 percent, and aftermarket slipped to 10 percent from 11 percent.

Margins improved slightly, but earnings quality improved more

The margin story in FY26 is not about a sudden step-change in EBITDA margin. It is about consistency. EBITDA margin moved from 11.4 percent to 11.7 percent, and Q4 margin reached 11.9 percent. The stronger message is that operating leverage is beginning to show as scale increases, and profitability below EBITDA is improving.

In Q4 FY26, EBIT rose 51.2 percent year on year to INR 150 crore and EBIT margin improved to 8.8 percent from 7.5 percent. PAT improved even faster. Part of this acceleration came from higher share of profit from associates and joint ventures, which increased to INR 31 crore in Q4 FY26 from INR 10 crore in Q4 FY25. For FY26, share of profit from associates and joint ventures stood at INR 81 crore versus INR 16 crore in FY25.

The longer-term trend supports management’s execution narrative. Consolidated revenue grew from INR 2,976 crore in FY22 to INR 6,185 crore in FY26. Over the same period, EBITDA margin moved from 9.9 percent to 11.7 percent, and ROCE improved to 23.1 percent in FY26 from 14.1 percent in FY22. EPS increased to INR 15.0 in FY26 from INR 10.7 in FY25.

Balance sheet leverage also looks contained for a manufacturing and electronics business scaling its footprint. As of March 31, 2026, consolidated net debt stood at INR 1,065 crore, with net debt to net worth at 0.4 times and net debt to EBITDA at 1.2 times. Net worth increased to INR 2,659 crore.

The company’s disclosed gross debt reduced to INR 1,212 crore at March 2026 from INR 1,344 crore at March 2025, while cash and cash equivalents increased to INR 147 crore from INR 97 crore. This combination of improving profitability and moderated leverage matters because the company is simultaneously investing in new partnerships and technology capability.

Strategy in FY26: partnerships, EV ecosystems, and deeper electronics content

FY26 was framed around expanding capabilities, not only adding capacity. Two new joint ventures were front and center.

The first is the joint venture with Turntide Drives, formed on March 9, 2026, with Minda Corporation holding 49 percent. The stated purpose is to combine Turntide’s globally proven technology with Minda’s localization expertise to deliver premium, localized solutions for the EV ecosystem. The products and technology highlighted include axial flux motors, EV motors, electric water pumps, and motor controllers. The company also positioned this as strengthening the domestic supply chain and supporting the Make in India vision.

The second is the joint venture with Toyodenso, with Spark Minda holding 60 percent. Toyodenso is described as a global leader in electromechanical switches, electronics, and sensors. The India-focused JV targets automotive switches for two-wheelers, passenger cars, and other segments, covering steering-related, front panel, roof and door, and handle-related switch products. Management also noted its internal estimate that the total market size for switches in India for FY2025 is INR 10,000 to 12,000 crore. The JV has already secured a large order from a leading two-wheeler OEM, and the initial total investment is around INR 150 crore in the respective shareholding ratio. Since Minda holds the majority stake, the JV’s revenue will be consolidated into Minda Corporation’s financials.

These moves fit into a broader product roadmap shown in the presentation. The company is positioning across vehicle access, wiring harness and electrical distribution, clusters and connected systems, die casting and interior plastics, and EV power electronics like chargers and converters. It is also pushing technology capability. R and D spending as a percentage of revenue was 3.2 percent in FY26, after 4.3 percent in FY25 and 3.1 percent in FY24. The company disclosed 950 plus engineering headcount, 330 plus patents filed, and two advanced engineering centres alongside seven engineering centres. During Q4 FY26, 11 new patents were filed, and 27 were filed during FY26.

A useful way to read this strategy is that Minda wants to be paid for complexity. Wiring harness growth, the increase in cluster share, and the push into EV motors and controllers all move the content mix toward electronics and integrated systems. That can support margin resilience, but it also increases the need for strong program execution, quality systems, and supplier discipline.

What investors should watch from here

The Q4 and FY26 results show a company that is growing faster than underlying industry volumes and steadily improving profitability. The most meaningful signal is the combination of record quarterly revenue, sustained EBITDA margins, and a sharp improvement in PAT supported by stronger associate and JV contributions.

Execution will now be judged on two tracks. The first is sustaining growth in the Information and Connected Systems vertical, where wiring harness and clusters are already scaling and where platform wins were highlighted, including multiple instrument cluster orders. The second is converting partnership-led expansion into financial outcomes, especially as the Turntide JV targets motors and controllers and the Toyodenso JV targets a large domestic switch market with early order traction.

Balance sheet discipline appears intact with net debt to EBITDA at 1.2 times and ROCE at 23.1 percent in FY26. That gives management room to invest, but it also raises expectations that capital deployed into new programs will translate into consistent cash generation and durable margins.

The quarter’s theme is disciplined execution with strategic expansion. If Minda Corporation continues to grow electronics content, localize advanced technologies through partnerships, and keep leverage contained, FY26’s momentum can become a more durable growth path rather than a one-year spike.