# 1. Financial Performance ## A. Key Figures * **Revenue:** ₹1,386 Cr Minda Corp Q1 FY26 (+16% YoY) · ₹376 Cr Flash Electronics (+14% YoY) * **EBITDA:** ₹156 Cr Minda Corp (+19% YoY) · ₹59 Cr Flash Electronics (+5–11%) * EBITDA Margin: 11.3% Minda Corp (+23 bps) · 15.8% Flash Electronics * **PAT:** ₹65 Cr Minda Corp · ₹21 Cr Flash Electronics (₹11 Cr recognized share) * **Capex Guidance:** ₹350–375 Cr FY26 ## B. Revenue Growth * **Record Top-Line Performance:** Minda Corporation delivered highest-ever quarterly revenue, significantly exceeding consensus, driven by strong execution and export momentum. * **EV & Innovation Momentum:** Booked lifetime orders worth **₹1,300 Cr**, with over **30% contribution from EV segment**, alongside six new patents and a strategic tie-up with Qualcomm for smart cockpit solutions. * **Group Scale & Footprint:** Minda Group achieved ₹7,500 Cr revenue in FY25, with listed entity contributing ₹5,056 Cr across 32 plants and six product lines. ## C. EBITDA & Margins * **Margin Expansion Achieved:** EBITDA margin improved despite macro pressures, fueled by **higher-margin export revenues** and operational efficiencies in utility costs and productivity. * **Associate Strength:** Flash Electronics delivered robust margin performance at 8%, indicating successful integration and scalability of the strategic partnership. ## D. Profit After Tax * **PBT Pressure from Investments:** PBT margin held at 1% despite higher financial costs and depreciation from capacity expansion and technology upgrades. * **Stable Profitability:** PAT margin maintained at **7%**, reflecting resilience in core earnings despite elevated non-operating expenses. ## E. Cash Flow & Capex * **Debt Reduction via Promoter Infusion:** ₹105 Cr raised from promoter through share warrants, fully deployed to repay existing debt, strengthening balance sheet. * **Sustained Investment Cycle:** Capex guidance reaffirmed at ₹350–375 Cr for FY26, aligned with prior years, supporting future capacity and tech growth. --- # 2. Order Book & Demand ## A. Key Figures * Automobile Industry Growth: 1.9% Q1 FY26 YoY (+exports, -domestic) * Passenger Vehicle Production: 3.4% growth (UV-led) * Commercial Vehicle Growth: 2.6% modest expansion * Overall Industry Volumes: 1.9% growth in Q1 FY26 despite market pressures * **Tractor Growth:** **13%** YoY * **Three-Wheeler Growth:** **10%** YoY * Two-Wheeler Growth: 0.7% YoY * **Order Book:** **₹1,300 Cr+** (excl. Toyodenso) * **EV Segment Orders:** **>30%** of new orders ## B. Demand Dynamics & Market Trends * **Export-Driven Resilience:** Strong 9% automobile growth despite stagnant urban/entry-level demand, underpinned by robust export performance. * **Divergent Segment Performance:** Tractors and three-wheelers show double-digit momentum, while overall volumes fell 7% due to structural softness in key consumer segments. * **Utility Vehicles Leading Recovery:** PV production growth of 4% concentrated in UVs, signaling sustained preference for premiumized segments. ## C. Strategic Order Book Strength * **Robust Pipeline:** Order book exceeds ₹1,300 Cr across wiring harnesses, electronics, EV components, and access systems, with **significant exposure to domestic and export markets**. * **EV Momentum Accelerating:** Over 30% of new orders from NEV segment highlights successful strategic pivot and growing traction in future-ready technologies. * **Excluded Upside:** Current order book does not include **Toyodenso JV award**, indicating potential for near-term upward revision. ## D. Customer Wins & EV Positioning * **EV Contribution Marginal but Growing:** Group-level EV revenue share remains **5–6%**, though new order mix suggests accelerating adoption trajectory. * **Local Capability Buildout:** JV secured major two-wheeler OEM win, reinforcing strategy of technology localization and value enhancement via partnerships. --- # 3. Product & Segment Performance ## A. Key Figures * **Revenue by Product:** **30%** wiring harness · **23%** vehicle access · **15%** die casting · **15%** instrument clusters & sensors · **17%** others * **Revenue by End Market:** **47%** two/three-wheelers · **28%** commercial vehicles · **15%** passenger vehicles · **9–10%** aftermarket * **Mechatronics & Aftermarket Revenue:** **₹650 Cr** (+13% from ₹575 Cr) * **Information & Connected Systems Revenue:** **₹736 Cr** (+19% from ₹617 Cr) * **EV Revenue:** **23%** of total in FY25, stable in current quarter * **Other Segments Revenue Run Rate:** **₹240–250 Cr**, driven by EV and electronics ## B. Wiring Harness Growth * **Outperformance & Share Gains:** Wiring harness and CV segments delivered strong YoY growth, outpacing peers with gains in market share and new wins despite localization challenges. * **EV Expansion & Innovation:** Division expanding into EV two/three-wheelers with new OEM contracts; focus on light-weighting and next-gen tech like flat/aluminum/high-voltage cables. * **Margin Recovery:** Wiring harness EBITDA margin improving from low single-digit base through operational enhancements, signaling turnaround momentum. * **Technology Trends:** Optical fiber use remains minimal; complexity rising in EV connection systems with bus bars, charging guns, and high-voltage connectors. ## C. Mechatronics & Aftermarket * **Volume-Driven Growth:** 13% revenue increase fueled by strong demand for new two-wheeler mechatronics and market share gains in low-voltage systems. * **Emerging Scale in New Businesses:** Other segments (plastics, starter motors, EV solutions) on track for 15–17% growth in FY26, supported by export traction and new product ramps. * **Electronics Momentum:** Power electronics (DC-DC converters, chargers) and Shark Fin antennas gaining orders from Japanese and Indian OEMs, enhancing earnings quality. ## D. Information Systems * **Premiumization & Content Growth:** Instrument clusters growing via TFT adoption, with values tripling to quadrupling; new export and domestic launches underway. * **Regulatory Tailwinds:** Higher kit values in tractors (TREM IV/V) and CVs driven by regulation and feature penetration, boosting revenue quality. * **Smart Cockpit Strategy:** Focus on domain controllers and integrated architectures to increase content per vehicle and enter new segments. * **EV & Electronics Contribution Rising:** “Others” category now 19% of revenue, reflecting scaling of EV power electronics and ADAS/connected systems. --- # 4. Geography & Market Mix ## A. Key Figures * **India Revenue Share:** **89%** of total revenue · **Indonesia:** **5%** · **Vietnam:** **5%** · **Direct Exports:** **6–7%** * **B. S. Revenue:** **<2%** (<₹100 Cr) of total revenue ## B. India Revenue Share * **Dominant Domestic Position:** India remains the core revenue driver, with market share gains underway at major two-wheeler OEMs across North, West, and South regions. ## C. ASEAN Market Trends * **Stalled Regional Growth:** ASEAN performance remained flat over the past year due to concentrated competition and weak industry dynamics in Indonesia and Vietnam. * **Growth Pathway:** Expansion into new customers across Indonesia, Vietnam, and Thailand is central to re-igniting regional growth. ## D. Export Execution * **Steady Export Trajectory:** Exports delivered steady single-digit growth, underpinned by fulfillment of prior-year orders—indicating sustainable execution, not a one-off. * **Strategic Diversification:** Revenue model expansion targets high-growth domestic and international segments, including two-wheelers, three-wheelers, CVs, and tractors. --- # 5. Capacity & Manufacturing ## A. Key Figures * **JV Investment:** **₹150 Cr** for Toyodenso JV facility * **Land Acquisition:** **32 acres** acquired in Aurangabad, Maharashtra ## B. New Plant Expansion * **Strategic Capacity Buildout:** Expansion underway across multiple verticals, including a new instrument cluster facility and localized components for wiring harnesses, enabling long-term growth. * **Phased Capex Deployment:** Capital expenditure for new facilities will be spread over two financial years, supporting disciplined investment scaling. ## C. Die Casting Capacity * **Die Casting Scale-Up:** New fifth plant and brownfield expansions advanced, with Greater Noida and Pune capacities already in use, though full ramp-up timeline remains unspecified. ## D. JV Facility Ramp-up * **High-Value JV Launch:** 60:40 joint venture with Japan’s Toyodenso to manufacture advanced switches, targeting major OEMs and capturing technology-led value. * **Near-Term Production Start:** JV facility in Noida set for production start in **Q4 FY27**, ramping up through **FY28–FY29**, with profitability expected from **first year of operations (Q2 FY27)**. --- # 6. Technology & Partners ## A. Intellectual Property & Innovation * **Headline:** **Six new patents** filed in the quarter, expanding Minda Corporation’s total portfolio to **over 110 patents**, underscoring its commitment to automotive technology leadership. * **Headline:** Innovation focus remains central to FY26 strategy, with sustained investment in advanced cockpit electronics and system-level solutions. ## B. Strategic Partnerships * **Headline:** Landmark collaboration with **Qualcomm** establishes Spark Minda as a key systems integrator in smart cockpit domain, leveraging Snapdragon’s chips and software for **four-wheelers, two-wheelers, and commercial vehicles**. * **Headline:** Partnership creates a **three-way ecosystem** with OEMs, integrating Qualcomm’s backend tech with Spark Minda’s hardware and integration expertise across **EV and ICE platforms**. * **Headline:** Collaboration enhances Minda’s **global and domestic OEM engagement capability**, broadening product architecture and strengthening full-stack solution offerings. ## C. New Venture Updates * **Headline:** Sunroof venture progressing with **Aakash Minda on bidders’ list for all major customers**, with project conversions expected imminently despite no defined revenue timeline.