This document contains the transcription of the Q4 and FY26 Earnings Conference Call for Minda Corporation Limited, held on May 22, 2026. The call was hosted by Emkay Global Financial Services Limited.

  • Type of Event: Q4 and Full Year FY26 Earnings Conference Call.
  • Date and Time: May 22, 2026. The specific time was not mentioned in the transcript.
  • Purpose: To discuss the company's financial and operational performance for the quarter and full financial year ended March 31, 2026 (FY26), along with key business developments.
  • Management Participants: Mr. Aakash Minda (Executive Director), Mr. Ajay Agarwal (Group CFO and President, Finance & Strategy), and Mr. Nitesh Jain (Lead, Investor Relations).
  • Availability of Materials: The management referred to a presentation deck (slides) that had been uploaded to the stock exchanges prior to the call. The audio recordings of the call were also uploaded to the stock exchanges on May 22, 2026, and are stated to prevail in case of any discrepancy with the transcript.
  • UPSI Statement: The company did not include a specific statement confirming that no Unpublished Price Sensitive Information (UPSI) would be shared in this transcript.

Financial Highlights Discussed

The management discussed the following financial figures for Q4 FY26 and Full Year FY26:

Q4 FY26 Performance:

  • Revenue: INR 1,704 crores (29% YoY growth)
  • EBITDA: INR 203 crores (33% YoY growth)
  • EBITDA Margin: 11.9%
  • PAT: INR 124 crores
  • PAT Margin: 7.3%

Full Year FY26 Performance:

  • Revenue: INR 6,185 crores (22.3% YoY growth)
  • EBITDA: INR 721 crores (25.5% YoY growth)
  • EBITDA Margin: 11.7% (29 bps expansion)
  • PAT: INR 358 crores (40.3% YoY growth)
  • Capex: INR 413 crores (highest ever)

Associate Company - Flash Electronics (FY26):

  • Revenue: INR 1,803 crores
  • EBITDA: INR 310 crores
  • EBITDA Margin: 17.2%
  • PAT: INR 137 crores
  • PAT Margin: 7.6%

Share of Profit from Associates (FY26):

  • Flash Electronics: ~INR 70 crores
  • Minda Furukawa: ~INR 8 crores
  • Minda VAST: ~INR 5 crores

Dividend: The Board of Directors recommended a final dividend of 40% (INR 0.80 per equity share), taking the total dividend for FY26 to 70% (INR 1.40 per equity share).

Strategic and Operational Updates

  • Lifetime Order Book: The company secured new orders with a lifetime value exceeding INR 10,000 crores in FY26, with 20% coming from exports.
  • Consolidation of Minda VAST: Minda Corporation will consolidate its associate company, Minda VAST, into the company from FY27 onwards following a change in the shareholder agreement. Minda VAST's FY26 revenue was approximately INR 500 crores with an EBITDA margin of ~7%.
  • Joint Ventures: The company highlighted its new JV with Turntide Technologies (U.K.) for EV powertrain solutions and with Toyodenso of Japan for switches. The Toyodenso JV has secured significant orders with operations expected to commence in Q4 FY27.
  • Product & Segment Revenue Mix (FY26):
  • Product-wise: Wiring Harness (31%), Vehicle Access (22%), Die Casting (15%), Clusters (17%).
  • Segment-wise: 2W/3W (48%), Commercial Vehicles (28%), Passenger Vehicles (14%), Aftermarket (10%).
  • R&D and Patents: The company filed 330 patents in FY26 (147 granted) and employs 950 engineers.
  • Outlook: Management stated its guiding principle is to grow 50% more than the industry growth rate. The long-term vision for FY2030 is to achieve revenue of INR 17,500 crores with an EBITDA margin of 12.5%. Capex for FY27 is expected to be in the range of INR 400-450 crores.

Additional Notes Section

  • This document is an edited transcript of the conference call. The audio recording on the stock exchanges is the definitive version in case of discrepancies.
  • The transcript included a full Question & Answer session with analysts from firms including Elara Capital, Nuvama Research, Haitong, and others.
  • The discussion covered topics such as commodity inflation (copper, aluminum, steel), labor cost increases, capacity utilization (~75-80%), and the outlook for various automotive segments.
  • No financial data was disclosed for the first time in this transcript; it pertained to the already announced FY26 results.