MINDACORP · Automobile and Auto Components · filed 3 Nov 2026
Minda Corporation Ltd. reported revenue of ₹2,189 cr for July to September 2026, +43.0% on the year and +18.6% on the quarter. That is faster than this quarter has grown in recent years (+13.3% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹7,300 cr, +32.9% on the four before.
Operating profit (EBITDA) was ₹367 cr, a margin of 16.8%, +567 bps on the year and +530 bps on the quarter. It is the widest margin of the last 8 quarters (range 11.1% to 16.8%). Operating costs grew +33.8% against revenue growth of +43.0%, so more of each rupee of sales reached operating profit.
Net profit was ₹253 cr, +198.9% on the year and +22.4% on the quarter, with earnings per share of ₹6.08. Profit before other income, one-offs and tax grew faster, at +221.9%; other income, one-offs or tax held the headline back. The tax rate was 15% against an average of 27% over the previous 8 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹668 cr, +150.4% on the four before.
Of the 15 companies in Automobiles and components that have reported Q2 FY27 so far, Minda Corporation Ltd. ranks 5th on revenue growth; the sector median is +32.6%. Its margin moved +567 bps on the year against a sector median of −98 bps.
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.
On earnings per share of ₹23.62 over the last four quarters, the stock at ₹647.50 trades at 27.4 times trailing earnings.
Less than half the profit turned into operating cash. Working capital, or something else?
Operating cash flow for the first half ₹80.0 cr against profit of ₹460 cr.
Source: Cash flow statement
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit +198.9% on the year; profit before other income, exceptional items and tax +221.9%.
Source: Results filing
Could not run on this quarter: Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹1,341 cr | ₹995 cr | ▲ 34.8% |
| Inventory | ₹1,001 cr | ₹710 cr | ▲ 41.0% |
| Cash | ₹96.5 cr | ₹103 cr | ▼ 6.1% |
| Bank balances | ₹21.7 cr | ₹44.3 cr | ▼ 51.1% |
| Long-term borrowings | ₹324 cr | ₹398 cr | ▼ 18.6% |
| Short-term borrowings | ₹1,108 cr | ₹814 cr | ▲ 36.1% |
| Trade payables | ₹1,537 cr | ₹1,143 cr | ▲ 34.4% |
| Net block | ₹1,655 cr | ₹1,446 cr | ▲ 14.4% |
| Capital work in progress | ₹180 cr | ₹129 cr | ▲ 39.7% |
| Equity | ₹2,976 cr | ₹2,644 cr | ▲ 12.6% |
| Total assets | ₹6,732 cr | ₹5,495 cr | ▲ 22.5% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹80.0 cr | ₹308 cr |
| Capital expenditure | −₹157 cr | −₹220 cr |
| Investing cash flow | −₹141 cr | −₹230 cr |
| Financing cash flow | ₹54.5 cr | −₹66.5 cr |
| Dividends paid | −₹18.8 cr | −₹21.2 cr |
Operating cash flow was 0.17× profit. Receivables at 61 days of sales (+2 days against the last year end). Inventory at 45 days of sales (+3 days).
No emphasis of matter.
₹0.0 cr still unused. “Allotted 76,50,000 share warrants at ₹550 per warrant; received 25% subscription amount of ₹105.19 crore (₹10,519 lakhs) during previous year”
Appointment of Mr. Ravi Sud as the Lead Independent Director of the Company w.e.f. November 10, 2026.
Tax: Consolidated tax expense of ₹39.97 crore (current tax ₹44.43 crore, deferred tax credit ₹4.46 crore) on Profit before tax of ₹267.31 crore
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| EV share | 35% | — | — |
| Consolidated Operating Revenue (₹ crore) | 2,189 | 1,846 | 1,531 |
| Consolidated EBITDA Margin | 11.8% | 11.5% | 11.6% |
| Normalized Profit After Tax (₹ crore) | 143 | 100 | 85 |
| Additional Investment in Minda HCMF JV (₹ crore) | 37 | — | — |
not disclosed
Company is a Tier-1 auto component supplier to OEMs, so direct dealer inventory days are not applicable/disclosed.
Consolidated cost of materials consumed stood at ₹1,126.09 crore (51.44% of revenue) in Q2 FY27 compared to ₹949.29 crore (61.99% of revenue) in Q2 FY26, showing significant raw material cost efficiency.
Raw material cost as % of revenue improved by ~1,055 bps YoY.
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.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| EV-Related Share of Order Wins Target | 35.00 | Ongoing/Q2 FY27 | unchanged or first given |
| Total Investment in Minda HCMF JV | 60.00 | Post-allotment total investment | unchanged or first given |
Held for next quarter's said-then-did check.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Manufacturing of Automobile Components and Parts thereof | ₹2,189 cr | ▲ 43.0% | ₹267 cr | ▲ 214.3% |
| 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 ₹2,189 cr (+43.0% on the year) and net profit of ₹253 cr (+198.9% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +221.9% on the year, against +198.9% for reported profit.
1 check raised a question: Less than half the profit turned into operating cash. Working capital, or something else?
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