Bollywood has sequels; Minda has record quarters. The company just delivered its highest-ever revenue and EBITDA, while OEMs still argue over EV vs ICE like it’s a family WhatsApp group. Throw in Qualcomm collabs, Toyodenso JVs, and magnet-less motors, and suddenly auto ancillaries look sexier than your neighbor’s new EV scooter. Stick around — the plot thickens with patents, exports, and die-casting dreams.
2. At a Glance
Revenue ₹1,386 Cr (+16% YoY): Beat the auto industry’s ~2% growth.
EBITDA ₹156 Cr (+19% YoY): Margin at 11.3%, CFO almost smiling.
Capex FY26: ₹350–375 Cr planned — half for EV & electronics push.
3. Management’s Key Commentary
Quote: “We delivered our highest ever quarterly revenue.” (Translation: Even the wiring harness is pulling its weight like Salman Khan in a climax scene.)
Quote: “30% of new orders are EV-linked.” (Translation: We’re future-proof; ICE is just paying the rent now.)
Quote: “JV with Toyodenso will be profitable from year one.” (Translation: Finally, a partnership that isn’t like a flop Bollywood marriage.)
Quote: “Snapdragon collaboration brings cockpit domain controllers.” (Translation: Cars are getting smarter dashboards than some MBA grads.)
Quote: “Capex at ₹350–375 Cr for FY26.” (Translation: Wallet feels lighter, but factories will look sexier.)
Quote: “Magnet-less motor tech is under development.” (Translation: No magnets, no supply chain drama — call it breakup-proof motors.)
4. Numbers Decoded
Metric
Q1 FY26
YoY Change
One-Line Take
Revenue – Headliner
₹1,386 Cr
+16%
Outpaced industry; wiring harness = hero.
EBITDA – Muscle
₹156 Cr
+19%
Margins steady at 11.3%, strong execution.
PAT – Survivor
₹65 Cr
+1%
Flat due to higher interest & depreciation.
Order Book – Blockbuster
₹1,300 Cr+
New highs
30% EV, rest steady; future locked in.
Flash Electronics
₹376 Cr
+14%
Magnet issues aside, EBITDA 15.8% = solid.
Exports
~6–7%
Flat
Global jitters muted gains; India still 89%.
Capex FY26
₹350–375 Cr
Ongoing
Split between EV, die-casting & electronics.
5. Analyst Questions
Q: EV content within wiring harness? (Mgmt: 5–6% group level. Translation: Tiny now, but EV tsunami is coming.)
Q: Snapdragon tie-up — what’s in it for Minda? (Mgmt: Full cockpit systems. Translation: From meters to Tesla-like dashboards.)
Q: ASEAN growth was flat — why? (Mgmt: Industry stagnation. Translation: Even scooters in Vietnam are tired.)
