Consolidated revenue rose 42.6% year-on-year to ₹2,189 crore in the quarter ended 30 September 2026. EBITDA expanded 44% to ₹257 crore. Net profit increased 68% to ₹143 crore. Electric-vehicle products now account for about 10% of revenue and 35% of new order wins. The stock closed near ₹657, implying a market capitalisation of roughly ₹15,700 crore.

Minda Corporation (MINDACORP) Q2 FY27: Growth Outpaces Industry, Mix Shifts Toward EV

Minda Corporation reported consolidated results for the quarter and half-year ended 30 September 2026 on 3 November 2026. Revenue from operations reached ₹2,189 crore, up 42.6% from ₹1,535 crore a year earlier and about 18–19% from the June quarter. EBITDA rose 44% to ₹257 crore. The EBITDA margin stood at approximately 11.8–12.0%, up roughly 17–40 basis points year-on-year depending on the exact definition used in the filings and commentary. Net profit after tax came in at ₹143 crore, a 68% increase from ₹85 crore in the corresponding quarter of the prior year.

The headline numbers are strong relative to the broader auto industry, which grew roughly 18% in the same period. Management has linked the outperformance to premiumisation and the consolidation of Minda Vast Access Systems, which became a subsidiary from 1 April 2026. Electric-vehicle-related products contributed approximately 35% of new order wins in the quarter and now represent about 10% of revenue, after growing 113% year-on-year. The company also secured TFT cluster orders with a lifetime value exceeding ₹1,000 crore.

Minda Corporation Q2 FY27 Consolidated Metrics

Revenue Up 43%; EBITDA Margin Expands 20-40 Basis Points

Revenue growth of 43% year-on-year was well above the underlying auto production growth. Two factors explain most of the gap. First, content per vehicle is rising as original equipment manufacturers (OEMs) shift toward higher-specification clusters, electronics and access systems. Second, the consolidation of Minda Vast Access Systems added a full quarter of passenger-vehicle access-systems revenue that was not present in the prior-year base. Management has described the combination as reinforcing the company’s presence in the passenger-vehicle segment.

EBITDA margin expansion of roughly 20–40 basis points is modest relative to the volume growth. Input costs (steel, copper and electronics) and labour inflation have been flagged in earlier commentary as offsets to operating leverage. The company did not report a large exceptional item in the September quarter. A prior-period remeasurement gain related to the Minda Vast acquisition had boosted the June-quarter profit; that item did not repeat. The year-on-year profit increase is therefore more reflective of underlying operations than of one-off accounting effects.

EV Products Account for 35% of New Order Value

Electric-vehicle products accounted for about 35% of the value of new orders won in the quarter. EV-related revenue itself grew 113% year-on-year and now contributes roughly 10% of total sales. The company won TFT cluster programmes with a lifetime value above ₹1,000 crore. These orders are multi-year and support the narrative of rising electronic content per vehicle. The additional ₹37 crore investment approved for a joint venture and the planned greenfield display-module facility under the ECMS scheme through Minda Instruments point to further capacity for electronics and displays.

The order book is not a signed revenue guarantee. Conversion depends on OEM production schedules, model launches and the company’s ability to execute on cost and quality. Still, the mix of new wins toward EV and electronics is consistent with the structural shift already visible in the revenue composition.

Cash Flow, Working Capital and Leverage

Operating cash flow for the half year was weaker than the prior-year period. Trade receivables and inventories both rose, consistent with the rapid revenue growth and the integration of the acquired business. Current borrowings increased. Capital expenditure for the half year was about ₹157 crore; management has guided full-year capex of ₹400–450 crore. The balance sheet remains investment-grade for an auto-component company of this size, but the working-capital build and higher borrowings mean that free-cash-flow conversion will be the metric to watch in the second half.

The company approved an additional equity investment in a joint venture. That outlay is small relative to annual cash generation but signals continued willingness to deploy capital into technology and capacity rather than return it immediately.

Valuation Context at the 3 November Close

Minda Corporation closed near ₹657 on 3 November 2026. Market capitalisation was approximately ₹15,700 crore. At that price, the stock trades at a trailing P/E in the mid-to-high 30s, depending on the exact earnings base used. The multiple already embeds expectations of sustained double-digit revenue growth and gradual margin expansion from the current 12% EBITDA range. The EV-content and electronics-order narrative is the main support for that multiple; a slowdown in OEM production or a failure to convert the new order book at expected margins would pressure the valuation.

Peers in the auto-ancillary space with meaningful electronics or EV exposure trade in a similar valuation band. The key differentiator for Minda is the combination of scale, the recent access-systems consolidation, and the visible shift in order-book mix toward higher-content products. Whether that mix continues to expand at the same rate is the principal open question.

FY27 Earnings Catalysts and Risks

The near-term catalysts are straightforward. Festive and post-festive OEM production will determine whether the 43% growth rate moderates or holds. Conversion of the TFT cluster and other electronics orders into revenue will test execution. Any further improvement in EBITDA margin beyond the current 12% level would strengthen the case that operating leverage is overcoming input-cost pressure. The guided capex of ₹400–450 crore will show up in depreciation and working-capital needs; investors will look for evidence that the incremental capacity earns returns above the cost of capital.

The main risks are also clear. A sharper-than-expected slowdown in two-wheeler or passenger-vehicle production would reduce volume leverage. Persistent steel, copper and electronics inflation could compress margins if OEM pricing remains sticky. Integration of Minda Vast could produce one-time costs or working-capital friction that is not fully visible in the September numbers. Finally, the stock’s multiple leaves limited room for disappointment on either growth or margin.

Minda Corporation’s September-quarter results show revenue growth well ahead of the industry, stable-to-slightly-better margins, and a measurable shift toward EV and electronics content. The profit increase is largely operational once prior-period exceptional items are set aside. The valuation at ₹657 already prices in continued execution on the order book and the content-mix thesis. The next two quarters will show whether the 10% EV revenue share and the 35% EV order-win share continue to rise, and whether free-cash-flow conversion improves as the working-capital build normalises.