Lower other income cuts Minda Corp profit 30.68% sequentially
Operating performance improved as revenue grew faster than expenses, but other income contributed 15.66% of pre-tax profit and fell sharply from the previous quarter.
Filed 03 Nov 2026, 15:00 IST · Minda Corporation Ltd (MINDACORP)
Key takeaways
- Consolidated net profit fell 30.68% sequentially because other income dropped 80.03%, despite revenue growth of 18.58%.
- Operating margin improved 0.30 percentage points sequentially to 11.76% as expenses grew 18.18%, slower than revenue.
- EV product revenue grew 113% year on year in Q2FY27, according to management, while operating margin remained 0.59 percentage points below the 12.35% sector median.
Price around the results
Operating growth did not translate into sequential profit growth
Minda Corporation reported consolidated revenue growth of 18.58% sequentially and 42.59% year on year, with operating profit rising 21.62% and 44.67%, respectively. Yet net profit declined 30.68% sequentially because other income fell 80.03% from Rs 143.48 cr to Rs 28.65 cr. Other income accounted for 15.66% of pre-tax profit in the quarter.
Margin recovered, but remains below the peer median
Operating margin expanded 0.30 percentage points sequentially and 0.17 percentage points year on year because expenses grew more slowly than revenue. Interest expense still rose 10.04% sequentially, while the tax rate increased 2.78 percentage points to 21.85%, adding to the pressure on net profit. Minda's 11.76% margin was 0.59 percentage points below the 12.35% median for the 163 Consumer Discretionary peers that had reported.
The margin trend remains above last year's opening levels
Operating margin moved from 11.28% in Q1FY26 to 11.59% in Q2FY26, 11.76% in Q3FY26 and 11.94% in Q4FY26, before dipping to 11.46% in Q1FY27 and recovering to 11.76% now. This quarter therefore reversed the prior sequential decline, but did not regain the Q4FY26 level. The lower tax rate year on year, down 1.15 percentage points, also supported the 68.92% rise in net profit.
EV growth and new product activity led management's commentary
Management said EV product revenue grew 113% year on year and that domestic two-wheeler and passenger-vehicle demand was strong. The company said it launched sunroof production in Q2FY27, secured multiple TFT orders and won a 3.5 Kw charger order from a leading three-wheeler OEM. Management said production start for that charger is planned for Q1 next year and described an effort to move from mechatronics towards advanced technology products.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹2,189 cr | ₹1,846 cr | +18.58% | +42.59% |
| Other income | ₹29 cr | ₹143 cr | -80.03% | +42.68% |
| Expenses | ₹1,932 cr | ₹1,635 cr | +18.18% | +42.32% |
| Operating profit | ₹257 cr | ₹212 cr | +21.62% | +44.67% |
| Operating margin (%) | 11.76% | 11.46% | — | — |
| Interest | ₹35 cr | ₹31 cr | +10.04% | +11.71% |
| Depreciation | ₹68 cr | ₹69 cr | -0.48% | +19.97% |
| Profit before tax | ₹183 cr | ₹255 cr | -28.21% | +66.43% |
| Tax | ₹40 cr | ₹49 cr | -17.74% | +58.11% |
| Net profit | ₹143 cr | ₹206 cr | -30.68% | +68.92% |
| EPS (₹) | ₹6.08 | ₹8.75 | -30.51% | +68.89% |
Operating margin of 11.76% compares with a Consumer Discretionary sector median of 12.35% across 163 peers that have reported Q2FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- EV product revenue grew 113% year on year in Q2 FY27.
- The company reported strong demand in domestic two-wheeler and passenger-vehicle segments.
Guidance & outlook
- The 3.5 Kw charger order has SOP planned for Q1 next year.
New orders
- The company secured multiple TFT orders.
- The company won an order from a leading three-wheeler OEM for a 3.5 Kw charger.
New products
- The company launched its sunroof SOP in Q2 FY27.
New initiatives
- The company is transforming from a mechatronics business into an advanced technology provider.
- The company is focused on innovating new technology and developing advanced automotive products.
- The company initiated its Greenlink programme.
What to watch
- Whether operating margin holds above 11.76% after the sequential recovery.
- Whether other income remains below Rs 28.65 cr and reduces its 15.66% contribution to pre-tax profit.
- EV product revenue growth after management's reported 113% year-on-year increase in Q2FY27.