Minda Corporation Ltd. Q2 FY27 results

The quarter, explainedfrom the filing and the statements

Minda Corporation Ltd. reported revenue of ₹1,725 cr for July to September 2026, +38.1% on the year and +23.1% on the quarter.

Operating profit (EBITDA) was ₹200 cr, a margin of 11.6%, +61 bps on the year and +12 bps on the quarter. Operating costs grew +37.2% against revenue growth of +38.1%, so more of each rupee of sales reached operating profit.

Net profit was ₹88.9 cr, +89.1% on the year and +45.3% on the quarter, with earnings per share of ₹3.72. Profit before other income, one-offs and tax grew faster, at +96.9%; other income, one-offs or tax held the headline back.

Of the 18 companies in Automobiles and components that have reported Q2 FY27 so far, Minda Corporation Ltd. ranks 8th on revenue growth; the sector median is +27.4%. Its margin moved +61 bps on the year against a sector median of −104 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.

Questions to ask: none this quartereach one with its numbers and source

No check fired. That is a statement about the checks below, not a verdict on the company.

Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.

Where the profit change came fromSep '25 → Sep '26

Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.

The half year: balance sheet and cashfiled with Q2

Receivables at 55 days of sales (+3 days against the last year end). Inventory at 41 days of sales (+4 days).

From the filingauditor, IPO money, related parties, promoters

Inside the profitother income, one-offs, tax

Other income, line by line

• Interest income (6M consolidated): 2.56 crore (recurring)consolidated cash flow statement
• Unrealised foreign exchange gain (6M consolidated): 3.51 crore (recurring)consolidated cash flow statement
• Net gain on disposal / fair valuation of investments (6M consolidated): 0.09 crore (recurring)consolidated cash flow statement

One-offs

• Gain on remeasurement of existing joint venture stake on acquisition of control in Minda-VAST Access Systems Private Limited: 123.99 crore. Seen before: 1consolidated note 9

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

Auto vitalsthe numbers this business is run on

Checks this sector needs

What management saidquoted, with source

• Q2 and H1FY27 reflected continued progress in our long-term growth strategy, driven by demand across key vehicle segments and execution across our businesses.press release, release p.1
• EV-related products accounted for approximately 35% of new order wins in Q2FY27, highlighting our progress in addressing the industry's transition towards smarter, connected and electrified mobility.press release, release p.1
• During the year, Minda Corporation invested Rs. 80 Crore in its group companies, Spark Minda Green Mobility Systems Private Limited, Minda HCMF Technologies Private Limited and Spark Minda – Toyodenso India Private Limited to support its business expansion.press release, release p.1
• Minda Corp achieved quarterly revenue of Rs. 2,189 crores, registering growth of 42.6% YoY, driven by demand across key vehicle segments, product premiumisation and an expanding customer base.press release, release p.1

Guidance given this quarter

Held for next quarter's said-then-did check.

Segments

Every quartersame rules, every quarter