Financial Performance Highlights

Consolidated Financials (FY2025-26):

  • Revenue from Operations: ₹61,853 million (22.3% YoY growth from ₹50,562 million)
  • EBITDA: ₹7,211 million (25.5% YoY growth)
  • EBITDA Margin: 11.7% (29 bps expansion)
  • Profit After Tax: ₹3,583 million (40.3% YoY growth from ₹2,554 million)
  • PAT Margin: 5.8% (74 bps expansion)
  • Earnings Per Share: Basic ₹15.31 (FY25: ₹10.85)

Standalone Financials (FY2025-26):

  • Revenue from Operations: ₹50,170 million (21.06% YoY growth from ₹41,443 million)
  • Net Profit: ₹2,415 million (17.29% YoY growth from ₹2,059 million)

Exceptional Item: ₹14 million expense due to implementation of new Labour Codes

Dividend Declaration

  • Interim Dividend: ₹0.60 per share (declared February 5, 2026)
  • Final Dividend Recommended: ₹0.80 per share (subject to shareholder approval)
  • Total FY26 Dividend: ₹1.40 per share (70% payout ratio)

Strategic Partnerships & Joint Ventures

Flash Electronics (49% Associate):

  • Acquired 49% stake in January 2025
  • FY26 Revenue: ₹18,028 million
  • EBITDA Margin: 17.2%
  • PAT Margin: 7.6%
  • Strengthens EV powertrain electronics capability

Toyodenso JV (60:40):

  • Established June 11, 2025 for advanced automotive switches
  • Greenfield plant in Noida under construction
  • Lifetime orders exceeding ₹10,000 million secured

Turntide Technologies JV (49:51):

  • Established March 9, 2026 for EV motors and controllers
  • Focus on high-voltage motor controllers, EV motors, thermal-management pumps

HCMF JV (50:50):

  • For sunroof and power liftgate systems
  • Pune facility under commissioning
  • Lifetime order of ₹3,500 million secured from leading Indian OEM

Corporate Structure & Subsidiaries

The company maintains 15 holding/subsidiary/associate companies including:

  • 100% Subsidiaries: Minda Instruments Limited, Spark Minda Green Mobility Systems Private Limited, Almighty International Pte Limited, PT Minda Automotive Indonesia
  • Joint Ventures: Minda VAST Access Systems (50%), Minda Infac Private Limited (51%), Minda-HCMF Technologies (50%)
  • Associates: Flash Electronics (49%), Furukawa Minda Electric Private Limited (17.5%)

ESG Performance & Sustainability

Environmental Metrics:

  • Carbon emission intensity: 1.01*10-6 MT CO₂e/₹ revenue
  • Renewable electricity share: 32.38%
  • Water consumption: 345,325.66 kiloliters
  • Waste recycled/reused: 99.40%
  • Zero waste to landfill achieved
  • Target: 42% reduction in carbon intensity by 2030 (FY23 baseline)

Social Initiatives:

  • CSR expenditure: ₹70-71.65 million through Spark Minda Foundation
  • Workers LTIFR: 0.024 per million person-hours (improved from 0.15)
  • Persons with disabilities employed: 684
  • 100% health and accident insurance coverage for employees

Governance Structure:

  • Board comprises 7 directors (3 executive, 4 independent including 1 woman director)
  • Comprehensive ESG oversight through CSR & Sustainability Committee
  • ISO 14001, ISO 45001, ISO 50001 certifications maintained

Capital Structure & Financing

Debt Position:

  • Total borrowings: ₹12,122 million (FY25: ₹13,447 million)
  • Net debt to equity ratio: 0.4x (improved from 0.7x)
  • Undrawn banking facilities: ₹7,235 million

Share Capital:

  • Paid-up Equity Share Capital: ₹478,158,856
  • 239,079,428 equity shares of ₹2 each
  • Preferential issue of 7,650,000 warrants to Minda Capital Private Limited at ₹550 per warrant

ESOP Schemes:

  • Amended ESOP 2017 scheme, transferring 3,218,517 unallocated shares to new ESOP 2025 scheme
  • ESOP 2025 grants totaling ₹90 million worth of options with vesting on April 1, 2028

Risk Factors & Outlook

1. Customer concentration risk with leading OEMs

2. Technology transition risk from ICE to electric powertrains

3. Commodity price volatility (copper, aluminum, zinc)

4. Rare-earth magnet supply constraints

5. Geopolitical uncertainties impacting global operations

FY27 Outlook: Expect to become net cash positive with continued focus on premiumisation and export growth, supported by RBI's 6.9% GDP growth projection.

Regulatory Compliance & Audits

  • Annual Report filed pursuant to Regulation 34(1) of SEBI LODR
  • Clean audit opinions from S.R. Batliboi & Co. LLP for both standalone and consolidated financial statements
  • Secretarial Audit Report by BMP & Co. LLP with no qualifications
  • Independent assurance of BRSR disclosures through Enen Green Consulting LLP

Material Business Conduct Issues

Identified 14 material issues including climate and GHG emissions, energy management, water management, waste management, data security, and responsible supply chain, each with detailed risk/opportunity assessments and financial implications.