MINDACORP · Automobile and Auto Components
Minda Corporation Ltd. reported revenue of ₹1,531 cr for July to September 2025, +18.7% on the year and +10.5% on the quarter. It is the highest quarterly revenue in the last 10 quarters on record. Over the last four quarters revenue comes to ₹5,491 cr, +12.9% on the four before.
Operating profit (EBITDA) was ₹170 cr, a margin of 11.1%, −28 bps on the year and −14 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 11.1% to 11.6%). Operating costs grew +19.1%, faster than revenue at +18.7%, so operating profit grew less than sales.
Net profit was ₹84.6 cr, +14.4% on the year and +30.2% on the quarter, with earnings per share of ₹3.60. Profit before other income, one-offs and tax fell 2.3%, so 17 points of the headline growth came from outside the core business. The tax rate was 18% against an average of 28% over the previous 8 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹267 cr, +2.2% on the four before.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models. The quarterly statements do not carry volumes, realisation per vehicle and the export share; those come with the filing read.
On earnings per share of ₹11.22 over the last four quarters, the stock at ₹647.50 trades at 57.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Finance cost ₹31.0 cr, +181.7% on the year; 18% of EBITDA.
Source: Results filing
A lower tax rate lifted profit. Is the lower rate going to last?
Effective tax rate 17.8% against 29.3% over the previous quarters, worth about ₹9.7 cr of profit.
Source: Results filing
Headline profit grew much faster than core profit. What made up the difference?
Reported profit +14.4% on the year; profit before other income, exceptional items and tax −2.3%.
Source: Results filing
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Metric | Q2 FY26 |
|---|---|
| Consolidated Operating Revenue (₹ crore) | 1,531 |
| Consolidated EBITDA Margin | 11.6% |
| Normalized Profit After Tax (₹ crore) | 85 |
Read using the Automobiles and components framework (named in the filing read). Primary valuation lens: P/E through the cycle.
Read more closely in this sector: Dealer inventory days · Raw material cost against realisation.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,166 cr | ₹1,215 cr | ₹1,192 cr | ₹1,290 cr | ₹1,253 cr | ₹1,321 cr | ₹1,386 cr | ₹1,531 cr | ₹1,560 cr | ₹1,704 cr | ₹1,846 cr | ₹2,189 cr |
| YoY | — | — | +11% | +8% | +7% | +9% | +16% | +19% | +25% | +29% | +33% | +43% |
| EBITDA margin | 11.1% | 11.4% | 11.1% | 11.4% | 11.5% | 11.6% | 11.3% | 11.1% | 11.8% | 11.9% | 11.5% | 16.8% |
| Other income, % of PBT | 3% | 11% | 10% | 13% | 10% | 5% | 4% | 3% | −1% | 7% | 1% | 1% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | ₹124 cr | — |
| Tax rate | 33% | 25% | 26% | 26% | 29% | 36% | 26% | 18% | 33% | 25% | 20% | 15% |
| Net profit | ₹52.0 cr | ₹71.0 cr | ₹64.0 cr | ₹74.0 cr | ₹65.0 cr | ₹52.0 cr | ₹65.0 cr | ₹84.6 cr | ₹84.0 cr | ₹124 cr | ₹207 cr | ₹253 cr |
| YoY | — | — | +42% | +25% | +25% | −27% | +2% | +14% | +29% | +138% | +218% | +199% |
| Core profit YoY | — | — | +25% | +12% | +9% | −24% | −11% | −2% | +21% | +85% | +64% | +222% |
| EPS | ₹2.20 | ₹2.96 | ₹2.69 | ₹3.11 | ₹2.71 | ₹2.18 | ₹2.73 | ₹3.60 | ₹3.58 | ₹5.21 | ₹8.75 | ₹6.08 |
| Flags | · | · | 1 | ✓ | 1 | 1 | 1 | 3 | 1 | 1 | 2 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Minda Corporation Ltd. reported revenue of ₹1,531 cr (+18.7% on the year) and net profit of ₹84.6 cr (+14.4% on the year) for July to September 2025.
Profit before other income, exceptional items and tax moved −2.3% on the year, against +14.4% for reported profit.
3 checks raised a question: Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
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