Minda Corporation Achieves Record FY26 Performance, Expands EV Focus

Record Revenue: Rs 6,185 Crore
Record PAT: Rs 358 Crore

Reader Takeaway: Stellar financials and strategic JV additions are positives; JV execution and auto demand are key watch points.

What just happened

Minda Corporation held its 41st Annual General Meeting on August 21, 2026, confirming a record fiscal year for FY26. The company reported its highest-ever revenue at Rs 6,185 crore, a 22.3% increase from FY25. Profit After Tax (PAT) also surged by 38.0% to Rs 358 crore. All auditor reports were clean, and shareholders approved standard business, including a final dividend of 40% (Rs 0.80 per share).

Why this matters

These results indicate strong operational performance and market demand. The company is strategically positioning itself for future growth by entering the Electric Vehicle (EV) ecosystem through a joint venture with Turntide Drives and expanding its automotive switch manufacturing capabilities with Toyodenso. These moves aim to tap into significant addressable markets and align with industry trends.

The backstory

This performance follows a strong FY25 where Minda Corporation reported revenues of Rs 5,056 crore and PAT of Rs 255 crore. The company has been focused on enhancing its product portfolio and expanding its manufacturing base to cater to evolving automotive needs.

What changes now

The formation of new joint ventures with Turntide Drives and Toyodenso marks a significant strategic shift. The JV with Turntide (49% Minda) focuses on EV components like axial flux motors, while the JV with Toyodenso (60% Minda) targets automotive switches for two-wheelers and passenger cars. The company also secured lifetime orders exceeding Rs 10,000 crore.

Risks to watch

While the financial performance is robust, Minda Corporation remains susceptible to the cyclical nature of the automotive industry. The success of the new joint ventures hinges on efficient technology transfer, market integration, and execution. Global supply chain disruptions or shifts in consumer preference within the automotive sector could impact future performance.

Peer comparison

(Data not available in filing, cannot provide comparison)

Context metrics (time-bound)

• Revenue Growth: 22.3% YoY for FY26.
• PAT Growth: 38.0% YoY for FY26.
• Leverage: Net Debt to EBITDA improved to 1.2x in FY26 from 1.8x in FY25.
• ROCE: Increased to 23.1% in FY26 from 20.0% in FY25.
• Dividend: 40% final dividend approved.

What to track next

Investors will be keen to monitor the progress of the Turntide and Toyodenso joint ventures, including their revenue contribution and market penetration. The conversion of the substantial order book into revenue will also be a key factor to watch in the coming quarters.