MINDACORPMinda Corporation Ltd.
Minda Corporation Q2 FY27 Results: Consolidated Net Profit ₹143 Crore on Total Income of ₹2,192 Crore
- Earnings
- Automotive components
Reviewed byKeshav SehgalBlacklitt Research
Minda Corporation (NSE: MINDACORP) reported consolidated total income of ₹2,192 crore and net profit of ₹143 crore for the quarter ended 30 Sep 2026, and standalone total income of ₹1,728 crore and net profit of ₹89 crore, it said in a filing on 03 Nov 2026.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹2,192 crore, up 42.9% YoY and 18.6% QoQ
- Net profit and EPS: ₹143 crore, up 68.9% YoY and down 30.7% QoQ; basic EPS ₹6.08 against ₹1.60
- Finance costs: ₹35 crore, up 215.0% YoY
Standalone
The company on its own, without its subsidiaries
- Total income: ₹1,728 crore, up 38.0% YoY and 23.2% QoQ
- Net profit and EPS: ₹89 crore, up 89.1% YoY; basic EPS ₹3.72 against ₹1.97
- Fire loss: ₹105.36 crore book value, booked as an exceptional item
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 2,192 | 1,534 | +42.9% | 1,848 | +18.6% | |
| Revenue from operations | 2,189 | 1,531 | +43.0% | 1,846 | +18.6% |
| Other income | 3 | 3 | +2.7% | 2 | +87.0% |
| 143 | 85 | +68.9% | 206 | -30.7% | |
| Finance costs | 35 | 11 | +215.0% | 31 | +10.0% |
| Depreciation | 68 | 57 | +20.0% | 69 | -0.5% |
| Net profit margin | 6.52% | 5.52% | +1.00 pp | 11.16% | -4.64 pp |
| EPS, basic (₹) | 6.08 | 1.60 | +280.0% | 8.75 | -30.5% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated net profit rose 68.9% YoY, faster than total income, which rose 42.9%. Finance costs of ₹35 crore are 1.6% of total income this quarter and rose 215.0% from ₹11 crore a year earlier.
Against the previous quarter, consolidated net profit fell 30.7% while total income rose 18.6%. The press release footnote says Q1 FY27 and H1 FY27 PAT exclude an exceptional gain of ₹106 crore, net of tax, from the consolidation of Minda Vast. The consolidated statement separately records a gain of ₹123.99 crore on remeasuring the existing stake as an exceptional item, which the notes date to the quarter when control was acquired.
The fire loss of ₹105.36 crore is also booked as an exceptional item in the consolidated results. The company has received an adhoc insurance amount of ₹60.00 crore against the claim, which is still in progress, and the consolidated net profit of ₹143 crore is ₹54 crore higher than the standalone figure.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 1,728 | 1,253 | +38.0% | 1,403 | +23.2% | |
| Revenue from operations | 1,725 | 1,249 | +38.1% | 1,401 | +23.1% |
| Other income | 4 | 4 | -8.6% | 2 | +85.9% |
| 89 | 47 | +89.1% | 61 | +45.3% | |
| Profit before tax | 120 | 63 | +89.9% | 82 | +45.2% |
| Finance costs | 34 | 31 | +10.0% | 31 | +10.3% |
| Depreciation | 51 | 48 | +6.1% | 50 | +1.4% |
| Tax expense | 31 | 16 | +92.2% | 21 | +44.7% |
| Net profit margin | 5.14% | 3.75% | +1.39 pp | 4.36% | +0.78 pp |
| EPS, basic (₹) | 3.72 | 1.97 | +88.8% | 2.56 | +45.3% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit rose 89.1% to ₹89 crore, faster than total income's 38.0% growth. Profit before tax of ₹120 crore is up 89.9% from ₹63 crore, and tax expense of ₹31 crore is 25.7% of it.
Revenue from operations rose 38.1% YoY while other income fell 8.6% to ₹4 crore, 0.2% of total income. Finance costs of ₹34 crore are 2.0% of total income, up 10.0% from a year earlier, and standalone net profit rose 45.3% against the previous quarter, faster than total income's 23.2%.
Inference
The company says EV-related products contributed about 35% of new order wins in Q2 FY27. The Board approved an additional investment of up to ₹37 crore in Minda HCMF Technologies Private Limited, a 50:50 joint venture with HCMF Co., Ltd., which will take the company's total investment there to about ₹60 crore after allotment.
Pratima Ram completes her second and final consecutive term as Independent Director on 9 Nov 2026, and the company says this is the reason for her cessation. Rachna Nath is appointed Independent Director for a first term of five years from 10 Nov 2026, subject to shareholder approval, and Ravi Sud becomes Lead Independent Director from the same date.
Statutory auditors S.R. Batliboi & Co. LLP issued unmodified limited review reports on both sets of results. It is not known from the filing whether further insurance money will be received, or when.
Filed with BSE on . Reference: Original filing (PDF)
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