Net profit jumps +215.80% YoY, but other income drives 56.30% of PBT
Revenue growth outpaced costs YoY, while sequential cost growth was faster and operating margin slipped 0.48 percentage points.
Filed 13 Aug 2026, 13:22 IST · Minda Corporation Ltd (MINDACORP)
Key takeaways
- Consolidated net profit rose +215.80% YoY to Rs 206.25 cr, but other income accounted for 56.30% of pre-tax profit.
- Revenue grew +33.22% YoY against expense growth of +32.95%, lifting operating margin by 0.18 percentage points.
- Sequentially, operating margin fell 0.48 percentage points as expenses grew +8.95% against revenue growth of +8.36%.
Price around the results
Profit growth was driven by a sharp rise in other income
Minda Corporation's consolidated revenue grew +33.22% YoY, while operating profit rose +35.41%, as expenses grew slightly slower than sales. Pre-tax profit rose +203.85% because other income increased +773.28% YoY to Rs 143.48 cr. Other income contributed 56.30% of pre-tax profit, while the tax rate fell 3.06 percentage points to 19.07%, making net profit growth less representative of operating performance.
Sequential margin momentum reversed after four quarters of improvement
Revenue rose +8.36% QoQ, but expenses increased +8.95%, so operating margin narrowed by 0.48 percentage points. This reversed the rise from 11.28% in Q1FY26 to 11.94% in Q4FY26. The current 11.46% margin was 1.83 percentage points below the 13.29% median for 158 Consumer Discretionary peers that had reported the quarter.
Management highlighted PV consolidation, patents and new orders
Management said Minda Vast had been consolidated with Minda Corporation to strengthen the passenger-vehicle segment. The company said it filed seven patents in Q1FY27, taking total patents filed above 335, and reported a Rs 2,500 cr new lifetime order book, with EVs contributing over 15%. The presentation also described a strategic partnership with Flash Electronics and management's stated shift from mechatronics toward advanced technology.
No market reaction is available yet
There is no post-results market move to assess yet. Across eight prior result reactions, the stock rose twice and fell six times, with a median absolute move of 3.05%. The recent recorded moves ranged from -3.05% to +7.04%, so the historical response has generally been negative but variable.
Q1FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q1FY27 | Q4FY26 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹1,846 cr | ₹1,704 cr | +8.36% | +33.22% |
| Other income | ₹143 cr | ₹40 cr | +260.77% | +773.28% |
| Expenses | ₹1,635 cr | ₹1,500 cr | +8.95% | +32.95% |
| Operating profit | ₹212 cr | ₹203 cr | +4.06% | +35.41% |
| Operating margin (%) | 11.46% | 11.94% | — | — |
| Interest | ₹31 cr | ₹30 cr | +6.50% | -4.09% |
| Depreciation | ₹69 cr | ₹59 cr | +17.22% | +22.77% |
| Profit before tax | ₹255 cr | ₹155 cr | +64.52% | +203.85% |
| Tax | ₹49 cr | ₹31 cr | +57.25% | +161.80% |
| Net profit | ₹206 cr | ₹124 cr | +66.33% | +215.80% |
| EPS (₹) | ₹8.75 | ₹5.29 | +65.41% | +214.75% |
Operating margin of 11.46% compares with a Consumer Discretionary sector median of 13.29% across 158 peers that have reported Q1FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
New orders
- The company reported a total new lifetime order book of Rs. 2,500 crores in Q1 FY27, with EVs above 15%.
New initiatives
- Minda Vast was consolidated with Minda Corporation to strengthen the passenger vehicle segment.
- The company filed seven new patents during Q1 FY27, taking total patents filed above 335.
- The company has a strategic partnership with Flash Electronics.
- The company is transforming from a mechatronics business into an advanced technology provider.
What to watch
- Whether operating margin recovers from 11.46% after the 0.48 percentage-point sequential decline.
- Whether other income's 56.30% share of pre-tax profit reduces in the next quarter.
- Progress against the Rs 2,500 cr new lifetime order book, including the reported EV contribution of over 15%.