Minda Corporation reported its strongest-ever quarterly and annual performance in FY26, driven by rising electronics content in vehicles, premiumisation trends and growing demand across two-wheelers and commercial vehicles.

Revenue from operations rose 29 per cent year-on-year to ₹1,704 crore in Q4 from ₹1,321 crore logged in the same period last year. EBITDA increased 33 per cent to ₹203 crore from ₹153 crore, while net profit surged 138 per cent to ₹124 crore from ₹52 crore.

For FY26, revenue from operations increased 22 per cent to ₹6,185 crore from ₹5,056 crore in FY25. EBITDA rose 25 per cent to ₹721 crore from ₹575 crore, while net profit increased 40 per cent to ₹358 crore from ₹255 crore.

The company said FY26 marked its highest-ever consolidated revenue and operating profit performance. Chairman and Group CEO Ashok Minda said growth during the year was supported by demand across two-wheelers and commercial vehicles, policy support and continued investments in R&D and technology partnerships.

“Our focus remains on operational efficiency, customer relationships, and disciplined financial management, as we work towards sustaining growth and creating long-term value for all stakeholders,” he said.

Shift Towards EV Electronics

The company is repositioning itself from a traditional auto-component supplier into a broader smart mobility and EV systems player. Its FY27–FY30 strategy is increasingly centred around EV power electronics, connected vehicle systems, advanced switches, telematics, on-board chargers and EV drivetrain technologies as vehicles become more software- and electronics-intensive.

Minda said it is “transforming from mechatronics to advance technology provider,” with increasing focus on embedded software, electrical architecture and advanced automotive electronics. Analysts said the broader opportunity lies not just in rising vehicle sales, but in increasing electronics and software content per vehicle as mobility becomes more connected, electrified and feature-rich.

Premiumisation Drives Growth Mix

The company’s strongest growth is increasingly coming from premium and connected automotive systems rather than conventional mechanical components. Its Information and Connected Systems business, which includes wiring harnesses and instrument clusters, grew 29 per cent year-on-year to ₹3,342 crore in FY26 from ₹2,581 crore in FY25. Management attributed the growth to strong demand in two-wheelers and commercial vehicles along with “premiumisation of existing products”.

The investor presentation also highlighted rising EV penetration, connected mobility and premiumisation trends across passenger vehicles as structural themes expected to shape the industry over the next few years.

Global JVs Shape FY30 Roadmap

Brokerages and industry analysts said Minda’s FY27–FY30 roadmap is increasingly being shaped through global technology partnerships and rising electronics content in vehicles. During FY26, the company partnered Japan’s Toyodenso for advanced automotive switches and UK-based Turntide Technologies for EV powertrain solutions, strengthening its access to high-value electronics and electrification technologies.

Analysts said the Toyodenso alliance gives Minda exposure to a domestic automotive switch market estimated at ₹10,000–12,000 crore annually, while the Turntide partnership positions it within the fast-growing EV motor and controller ecosystem under the “Make in India” framework.

The FY30 Challenge

Analysts said the key challenge over FY27–FY30 will be balancing aggressive technology investments with profitability and capital discipline as the automotive industry transitions toward electrification and software-led mobility.

Still, Minda’s balance sheet strengthened in FY26, with net debt-to-EBITDA improving to 1.2x from 1.8x a year earlier and ROCE rising to 23 per cent, positioning the company to invest more aggressively in next-generation automotive technologies.

Published on May 23, 2026