Transcript of earnings call for Q2FY27

November 11, 2026 The Officer-In-Charge (Listing) Head - Listing Operations, Listing Department BSE Limited, National Stock Exchange of India Ltd., P.J. Towers, Dalal Street, Fort, Exchange Plaza, Bandra Kurla Complex, Mumbai – 400 001 Bandra (East), Scrip Code: 538962 Mumbai - 400 051 Symbol: MINDACORP Subject: Transcription of Earnings Call held on November 03, 2026 Dear Sir/Madam, Pursuant to Regulations 30 and 46 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, please find attached herewith transcription of audio recording of the Company’s Earning Call to discuss the financial results for the Quarter and half year ended September 30, 2026 held on November 03, 2026. Request you to kindly take the same on record and acknowledge. Thanking you Yours faithfully, For Minda Corporation Limited Meenal Bansal Company Secretary Membership No. A35091 “Minda Corporation Limited Q2 FY27 Earnings Conference Call” November 03, 2026 E&OE - This transcript is edited for factual errors. In case of discrepancy, the audio recordings uploaded on the stock exchanges on Nov 03, 2026, will prevail. MANAGEMENT: MR. AAKASH MINDA – EXECUTIVE DIRECTOR MR. AJAY AGARWAL – GCFO & PRESIDENT, FINANCE AND STRATEGY MR. NITESH JAIN – LEAD INVESTOR RELATIONS Page 1 of 16 Minda Corporation Limited November 03, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Minda Corporation Limited Q2 FY27 Earnings Conference Call hosted by Emkay Global Financial Services Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Chirag Jain from Emkay Global Financial Services Limited. Thank you, and over to you, sir. Chirag Jain: Thank you, Shruti. Good evening, everyone. On behalf of Emkay Global Financial Services, I would like to welcome you all to the Q2 FY27 Earnings Conference Call of Minda Corporation. From the management team, we have with us today, Mr. Aakash Minda, Executive Director; Mr. Ajay Agarwal, Group CFO and President, Finance and Strategy; and Mr. Nitesh Jain, Lead Investor Relations. I shall now hand over the call to the management for opening remarks, post which we will open the floor for Q&A. Over to you, sir. Aakash Minda: Thank you, Chirag and Emkay, for hosting this call. Good afternoon, everyone, and welcome to the Q2 and H1 FY27 Earnings Conference Call of Minda Corporation Limited. I am Aakash Minda, Executive Director, Minda Corporation. I hope all of you are doing well. It is a pleasure to connect with you today to discuss the company's performance for the quarter and half year ended September 30, 2026, and share the key developments across our businesses. I will begin with a brief overview of the macroeconomic environment and the automotive industry. Mr. Ajay Agarwal will then take you through our financial and operational performance for the quarter, after which we will be happy to take on your questions. The global environment continues to present uncertainty around trade and geopolitical developments. Against this backdrop, the Indian automotive industry recorded its highest ever second quarter sales across vehicle segments. Page 2 of 16 Minda Corporation Limited November 03, 2026 Improved affordability following GST changes, festive purchase and infrastructure activity supported the demand. These conditions provide opportunities for automotive components manufacturers while increasing customer expectations on technology, quality and delivery continue to shape business priorities. Turning to individual segments. The 2-wheeler segment grew by approximately 16.5%, driven by strong scooter demand and export momentum. Demand for 2-wheeler benefited from increased scooter sales and record second quarter exports. Passenger vehicles grew by approximately 25%, led by strong demand for utility vehicles, premiumization and exports. Passenger vehicles benefited from improved affordability and sustained rural demand. 3- wheelers recorded growth of approximately 24% due to increasing requirements for last-mile mobility and cargo transportation. Commercial vehicles grew by approximately 34% during the quarter, gained from infrastructure spending, freight movement and exports, while tractors benefited from favorable agriculture activity and purchases ahead of the festive season. Overall, demand conditions remain positive across the major vehicle segments. Now coming to Minda Corporation. During the Q2 FY27, the company surpassed consensus estimates, delivering its highest ever quarterly revenue of INR 2,189 crores with a growth of 43% on a year-on-year basis. The company reported EBITDA of INR 257 crores with a growth of approximately 45% on a year-on-year basis, along with an EBITDA margin of 11.8%. PAT reached INR 143 crores with a growth of 69% on a year-on-year basis. Minda Corporation delivered a landmark quarter, achieving strong performance across revenue, EBITDA and profit. The company surpassed the INR 2,000 crores quarterly revenue milestone for the first time, reflecting the strength of its expanding product portfolio and increasing participation across vehicle segments. For H1 FY27, revenue from operations was INR 4,036 crores with a growth of 38% on a year-on-year basis. EBITDA reached INR 469 crores with a margin of 11.6% and a profit after tax was INR 243 crores. The first half also marked progress in bringing new products into production and securing customer programs that will support the growth over the coming Page 3 of 16 Minda Corporation Limited November 03, 2026 years. On the company's associate company, Flash Electronics, Flash has continued to deliver strong performance during the quarter with revenues of INR 650 crores in Q2 with an EBITDA of INR 106 crores and an EBITDA margin of 16.4%. During the quarter, margins were affected by 3 key factors: elevated commodity pricing, increased input costs, although these increases are largely pass-through in nature with recovery from customers expected over the coming quarter. Revision in minimum wages across several states added to our labour cost. Prevailing market conditions resulted in higher freight expenses. On the new business front, the company secured multiple orders on TFT instrument cluster businesses ranging from 5 to 12-inch with a cumulative lifetime value exceeding INR 1,000 crores across segments of 2-wheeler, 3-wheeler, commercial vehicle and most importantly, passenger vehicle and platform products. Production is planned to commence in FY28 and onwards. This win expands our presence in digital driver information systems and demonstrates customer acceptance of our capabilities in advanced electronics. The company also won multiple orders in electric vehicle mobility and a notable order from a 3-wheeler OEM for the 3.5 kilowatt charger with production planned for the first quarter in next financial year. EV products accounted for approximately 35% of new order wins during the quarter. On the technology front, the company continues to strengthen its capability through strategic partnerships and new program products. During the year, the company also received approval from the Government of India on ECMS initiative for localization of display module assembly for automotive sector. In parallel, the SOPs for advanced switches business and other new programs are progressing as planned, further expanding the company's product offerings across new age automobile technologies. The company's performance continues to be guided by following key pillars of growth, which are: one, investment in existing businesses; two, exports-led growth; three, premiumization of existing products; fourth, new product launches; fi [Showing first 8,000 characters — download PDF for full document]