1. Opening Hook
If “Make in India” had a mascot, it might just look like Minda Corp’s balance sheet this quarter — wired, connected, and shockingly energetic. While most auto suppliers are still oiling their gears, Minda’s speeding ahead with EV wiring harnesses, sunroofs, TFT clusters, and even magnet-less motors (yes, science fiction is real).
The management sounded like engineers with caffeine instead of blood — talking patents, partnerships, and production ramps like it’s a race to 2030. The numbers backed the talk: record revenues, expanding margins, and a patent pile taller than most competitors’ growth charts.
Keep reading — because the story goes from “auto ancillary” to “tech powerhouse” real quick.
2. At a Glance
- Revenue ₹1,535 Cr, up 19% YoY:Highest ever; clearly, cars are buying more from Minda than customers buy cars.
- EBITDA ₹178 Cr, up 21% YoY:Margins at 11.6% — apparently torque also applies to profits.
- PAT ₹85 Cr, up 14% YoY:Profits accelerating smoother than EV motors.
- Order Book ₹2,000 Cr (Q2), ₹3,600 Cr (H1):CFO’s bedtime lullaby now includes zeroes.
- Debt ₹1,165 Cr (D/E 0.5x):Leveraged just enough to sound ambitious.
- Capex ₹220 Cr (H1), ₹2,000 Cr planned:Because future-proofing isn’t cheap.
- Stock rating AA (Stable):Bankers still smiling.
3. Management’s Key Commentary
“We achieved our highest ever quarterly revenue of ₹1,535 Cr, a 19% YoY growth.”(Translation:Sales charts look like Tesla’s stock in 2021 😏*)
“EBITDA margin at 11.6% — highest ever.”(Translation:We’ve found the sweet spot between steel and software.*)
“Secured first sunroof order from a leading OEM.”(Translation:Yes, we’re literally opening new doors — or rather, roofs.*)
“High-voltage EV wiring harness business launched.”(Translation:Wires are sexy now.*)
“Lifetime order book exceeds ₹3,600 Cr; exports form 15%.”(Translation:Someone finally figured out how to sell ‘Made in India’ overseas without discounts.*)
“Flash Electronics delivered 16.1% EBITDA margin.”(Translation:Our associate company’s flexing too; magnets are optional, money isn’t.*)
“Vision 2030: target 12.5%+ margins, 25% revenue from passenger vehicles.”(Translation:2030 is far, but our PowerPoint already lives
there.*)
4. Numbers Decoded
| Metric | Q2 FY26 | Q2 FY25 | Change | Commentary |
|---|---|---|---|---|
| Revenue (₹ Cr) | 1,535 | 1,289 | +19% | EVs, clusters, and cables – the triple boost. |
| EBITDA (₹ Cr) | 178 | 147 | +21% | Operational efficiency strikes again. |
| EBITDA Margin | 11.6% | 11.4% | +20 bps | Not flashy, but steady – pun intended. |
| PAT (₹ Cr) | 85 | 74 | +14% | Clean profit, cleaner wiring. |
| Order Book (₹ Cr) | 3,600 (H1) | 3,000+ | Growing | Apparently, OEMs can’t stop calling. |
| R&D Spend | ~3.5% of revenue | 4.5% last year | -1% | Capex done; now it’s about returns. |
Quick Take:Record-breaking quarter, expanding order book, EV-driven margins. Flash Electronics’ magnet-less tech could soon electrify Minda’s valuations too.
5. Analyst Questions
Q:Market share in wiring harness?A:30%+ in 2W, CV, off-road. (Translation:We basically wire half the vehicles that move.*)
Q:Sunroof order — small or serious?A:Phase-wise ramp; meaningful by FY28. (Translation:Don’t blink — it’ll be raining sunroofs soon.*)
Q:Smart key adoption?A:At 5% now, targeting 25-30% by 2030. (Translation:Keys are getting smarter than some drivers.*)
Q:Flash margins at 16% — sustainable?A:Yes, thanks to EV mix and cost cuts. (Translation:We’ve magnetized profits.*)
Q:FY27
