Minda Corporation Ltd.Revenue +33% to ₹1,846 Cr, EBITDA +35%

Minda Corporation reported Q1 FY27 record revenue of ₹1,846 Cr, up 33.2%, and EBITDA of ₹212 Cr, up 35.4%, at an 11.5% margin, 19 bps higher than a year ago.

Profit after tax of ₹206 Cr includes an exceptional gain of ₹106 Cr from consolidating Minda VAST. Wiring harness grew over 30% and instrument clusters over 35%, EV products are about 14% of group revenue, and Flash Electronics, the 49% associate, grew revenue 42% to ₹533 Cr with a 15.4% EBITDA margin. Cost pressure from commodities, labour and freight is offset through customer pass-through with a lag of a quarter or two.

Management added about ₹2,500 Cr of lifetime orders, plans about ₹400 Cr of capex, expects a margin of 11.5% to 12% for the rest of the year and reiterated its Vision 2030 aim of ₹17,500 Cr of revenue at a 12.5% margin. Share of profit from associates fell to about ₹18 Cr from ₹31.5 Cr last quarter, which management called temporary.