Minda Corporation Q2 FY26 Concall Decoded: “Wiring Up the Future, One Patent at a Time”
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.
“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.*)
