Minda Corporation Limited — Q1FY27 earnings call summary

Filed 13 August 2026 · Company audio recording

Q1 FY27 EBITDA margin at 11.5%, up 25 bps YoY despite commodity inflation, wage hikes, and freight cost increases.
Capex guidance of ₹400 crore for FY27, spread across business verticals without specific EV/ICE split.
Indian automotive industry production grew 22% YoY in Q1 FY27; two-wheelers up 23%, EV 2W registrations crossed 5 lakh units.
Minda expects wiring harness and instrument cluster divisions to sustain 30-35% YoY growth into FY28.
Flash Electronics margin at 15.4%, slightly down QoQ due to higher commodity and labor costs; pass-through arrangements mitigate impact.
SOPs for Turntide motor controllers expected Oct-Nov FY27; Sunroof business SOP on track for Q2 FY27.
Cross-selling synergies with Flash underway; casting and wiring harness projects progressing with customer approvals.
Margin recovery dependent on customer pass-through and cost management; some temporary PAT compression in JVs due to excess depreciation and inflation.