Analysts/Institutional Investor Meet/Con. Call Updates

August 19, 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 Ref: Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Subject: Transcription of Conference Call with Investors/Analysts held on August 13, 2026 Dear Sir/Madam, Please find attached herewith transcription of Conference call with Investors/Analysts held on August 13, 2026. Kindly take the same on record and acknowledge. Thanking you Yours faithfully, For Minda Corporation Limited Pardeep Mann Company Secretary Membership No. A13371 “Minda Corporation Limited Q1 FY27 Earnings Conference Call” August 13, 2026 E&OE - This transcript is edited for factual errors. In case of discrepancy, the audio recordings uploaded on the stock exchanges on May 22, 2026, will prevail. MANAGEMENT: MR. AAKASH MINDA – EXECUTIVE DIRECTOR MR. AJAY AGARWAL – GCFO AND PRESIDENT, FINANCE AND STRATEGY MR. NITESH JAIN – LEAD, INVESTOR RELATIONS Page 1 of 18 Minda Corporation Limited August 13, 2026 Moderator: Ladies and gentlemen. Good day, and welcome to Minda Corporation Limited Q1 FY27 Earnings Conference Call hosted by Anand Rathi Shares and Stock Brokers 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 this conference call, please signal an operator by pressing start and zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Mumuksh Mandlesha from Anand Rathi Shares and Stockbrokers Limited. Thank you, and over to you, sir. Mumuksh Mandlesha: Thank you, Neerav. Good evening, everyone. On behalf of Anand Rathi Shares and Stockbrokers, I would like to welcome the management team of Minda Corporation and thank them for this opportunity. Today, we have with us Mr. Aakash Minda, Executive Director, Mr. Ajay Agarwal, Group CFO and President of Finance and Strategy, and Mr. Nitesh Jain, Lead, Investor Relations. I shall now hand over the call to the management team for the opening remarks, post which we will open the floor for Q&A. Over to you, sir. Aakash Minda: Thank you, Mumuksh and Anand Rathi for hosting this call. Good afternoon, everybody, and welcome to the Q1 FY27 earnings conference call of Minda Corporation Limited. 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 ended June 30, 2026, and share the key developments across our businesses. The global economy continues to navigate an evolving environment marked by geopolitical developments, changing trade dynamics, and persistent uncertainty across several regions. Despite these challenges, India remains one of the fastest growing major economies, supported by strong domestic demand, improving infrastructure activity, and continued policy support for manufacturing. Turning to the automotive industry. The sector delivered a strong performance for the quarter, recording its highest ever first quarter production volumes. Page 2 of 18 Minda Corporation Limited August 13, 2026 Overall industry production grew by around 22% on YoY basis, driven by positive demand conditions, improving exports, and resilient consumption across both rural and urban markets. The two-wheeler segment grew by approximately 23%, driven by strong scooter demand and exports momentum. Electric two-wheeler adoption also continued to accelerate, with registrations crossing 5 lakh units for the first time in a single quarter. Passenger vehicles grew by approximately 17%, led by strong demand for utility vehicles and premiumization and exports. Key industry trends such as electrification, premiumization, and increasing preference for SUVs continue to gain momentum. Three-wheelers recorded growth of approximately 39%, and commercial vehicles and tractors grew by approximately 15% each during the quarter. Overall, the demand conditions remained positive across major vehicle segments. On electric vehicle penetration in the two-wheeler segment, it reached about 10.6%, and the passenger vehicle penetration reached to about 7.5%. While vehicle demand remained very good, the quarter remained challenging from input cost perspective higher prices of key raw materials, supply chain and logistic related disruptions, manpower related disruptions, and wage increase impacted the automotive component industry and put pressures on margins. Now coming to Minda Corporation, during Q1 FY27, the company surpassed consensus estimates, delivering its highest ever quarterly revenue of INR 1,846 crores, a growth of 33.2% on YoY basis. The company reported EBITDA of INR 212 crores, with a growth of 35.4% YoY basis. EBITDA margin stood at 11.5%. PAT reached INR 206 crores with a growth of 216% on YoY basis. On the associate company Flash Electronics, Flash Electronics has continued to deliver strong performance during the quarter, with revenues reaching INR 533 crores in Q1, with an EBITDA of INR 82 crores and EBITDA margin of 15.4%. During the quarter, the company further strengthened its growth initiatives through an investment of INR 63 crores in its group companies, including Page 3 of 18 Minda Corporation Limited August 13, 2026 Spark Minda Green Mobility Solutions, Spark Minda HCMF for sunroofs, and Spark Minda Toyo Denso for switches, to support its future growth and expansion. These new businesses and investments are on track as per their plan. On the EV penetration, at Minda Corporation, EV percentage as revenue is close to 10%, which has grown by 40% YoY basis. At Flash Electronics, the EV revenue constitutes to about 30%, with a YoY growth of about 90%. At Minda Corporation Group level, it is close to about 14%. The company also started consolidation of Minda VAST into Minda Corporation from this year onwards, which will further strengthen its presence in the passenger vehicle segment. Minda VAST joint venture brings an extensive portfolio of vehicle access solutions and includes products like inside and outside door handles, locksets, steering column locks, latches, immobilizers, passive entry solutions and power access solutions, etc. The integration will combine the company's established presence in India with our joint venture partner VAST with their global technology to further enhance Minda Corporation's vehicle access systems portfolio. The company's performance continues to be guided by the following key pillars of growth, which are: growth in organic business by increase in share of business in existing customers, second by adding new customers, third exports, fourth premiumization of existing products, fifth new product launches by way of joint ventures and technical agreements. Last, not the least but most important, investment into R&D and technology of our Spark Minda Technical Centre. Looking ahead, the company remains committed to executing its strategic priorities with focus on enhancing its system solutions offering, strengthening customer relationships, and investing in new technologies. The company's key priorities remain on disciplined capital allocation, expanding its presence in high-growth segments, and advancing its R&D capabilities that will drive long-term value creation for all its stakeholders. With that, I would now like to invite Mr. Ajay Agarwal, Group CFO and President, Finance and Strategy, to take you through our detailed financial performance and key highlights for the quarter. Page 4 of 18 Minda Corporation Limited August 13, 2026 Over to you, Ajay. Thank you. Ajay Agarwal: Thank you, Aakash. Very good afternoon to all of you. I'm on slide number two. Slide number two gives you a reference with re [Showing first 8,000 characters — download PDF for full document]