Minda Corporation Q1 FY27 Results: Revenue, EBITDA, PAT, Capex & Future Growth Plan

Minda Corporation Q1 FY27 Results

Minda Corporation reported a strong performance in Q1 FY27, recording its highest-ever quarterly revenue of ₹1,846 crore, up 33.2% YoY from ₹1,386 crore in Q1 FY26. EBITDA increased 35.4% YoY to ₹212 crore, with the EBITDA margin improving to 11.5% from the year-ago period. PAT surged 216% YoY to ₹206 crore from ₹65 crore, although the company noted that PAT included an exceptional gain of ₹106 crore related to the consolidation of Minda VAST. The company also added approximately ₹2,500 crore of lifetime order wins during the quarter, while Flash Electronics reported revenue of ₹533 crore, up 42% YoY, with an EBITDA margin of 15.4%.

Capex and Future Investment Plan

Minda Corporation plans to invest around ₹400 crore in capex during FY27, according to management commentary during the Q1 FY27 earnings call. The company said the planned capital expenditure will be spread across various business verticals and divisions rather than being allocated specifically between EV and ICE businesses. The investments are aimed at expanding capacity, supporting new product launches, strengthening technology capabilities, and catering to the company’s growing order book. Management indicated that capacity utilization across the group is currently around 77%–80%, depending on the plant and product line, while new facilities and production lines are being prepared for upcoming programs.

The company is also investing in areas such as electric mobility, vehicle access systems, wiring harnesses, die casting, instrument clusters, sunroofs, power tailgates and other technology-driven products. The Turntide business is expected to begin SOPs around October-November 2026, while the sunroof program remains on track following successful customer trials. Management also highlighted continued investments in R&D and technology, with the company having filed more than 335 patents, including 150 already granted.

Future Growth Plans

Minda Corporation remains focused on its Vision 2030, under which it is targeting revenue of around ₹17,500 crore by FY30 and a long-term EBITDA margin target of 12.5%. Management identified several key growth drivers, including organic growth with existing customers, new customer additions, exports, premiumization, new product launches, joint ventures and technology partnerships.

The company also expects passenger vehicles to become an increasingly important contributor to revenue. The consolidation of Minda VAST has already increased the passenger vehicle contribution from around 15% to 19%. Management plans to expand its vehicle-access portfolio through products such as locking systems, latches, door handles, and smart vehicle access solutions.

Tailwinds for Minda Corporation

Several factors could support Minda Corporation’s growth over the coming quarters:

• Strong Indian automotive demand: Industry production grew about 22% YoY in Q1 FY27, with particularly strong growth in two-wheelers, three-wheelers and passenger vehicles.
• EV adoption: EV revenue at Minda Corporation is close to 10% and grew about 40% YoY, while Flash Electronics’ EV revenue accounts for around 30% and grew about 90% YoY.
• Passenger vehicle opportunity: Minda VAST consolidation and new product programs are increasing the company’s exposure to the passenger vehicle segment.
• Large order pipeline: The company added approximately ₹2,500 crore of lifetime order wins during Q1 FY27.
• New product launches: Growth is expected from wiring harnesses, instrument clusters, vehicle access, die casting, switches, sunroofs and EV-related products.
• Exports: Management said exports account for around 8%–10% of the overall order book, providing an additional growth avenue.
• Capacity expansion: With utilization at around 77%–80%, investments in additional capacity could support the execution of new orders.
• Technology and R&D: Continued investment in R&D, patents and technical partnerships is expected to expand the company’s product portfolio.

Headwinds and Challenges

Management also highlighted several near-term challenges. Higher commodity prices, increased labour costs, freight expenses and supply-chain disruptions put pressure on margins during Q1 FY27. Flash Electronics’ EBITDA margin was also affected by higher commodity and labour costs.

However, management said a significant portion of the commodity-cost pressure is covered through back-to-back arrangements with customers, although there can be a lag of one or two quarters before the cost increases are passed through. The company is also focusing on automation, localization, operating efficiency, and cost competitiveness to protect margins.

Another near-term challenge is the need to build capacity in line with strong EV demand. Management emphasized that demand is strong, but capacity expansion and customer approvals will determine the pace at which new opportunities can be converted into revenue.

Management Commentary

Management remained confident about the company’s growth trajectory and said it is on track with its Vision 2030 strategy. The company expects Flash Electronics to deliver 20%–24% growth, while targeting a long-term EBITDA margin of around 16%–17% for Flash.

For Minda Corporation, management indicated that maintaining an EBITDA margin of around 11.5%–12% during FY27 would be a positive outcome, while the long-term target remains 12.5% by FY30. The company is also working to improve Minda VAST’s profitability and bring its margins closer to the overall Minda Corporation level.

Overall, management sees EV adoption, passenger vehicle penetration, new product launches, exports, premiumization, capacity expansion and technology investments as important drivers for the next phase of growth, while commodity inflation and labour costs remain the key near-term margin risks.