Minda Corp profit jumps 138.32% as margin improves for third straight quarter
Revenue grew 28.95% year on year, while lower interest and tax costs amplified the operating profit increase.
Filed 22 May 2026, 15:22 IST · Minda Corporation Ltd (MINDACORP)
Key takeaways
- Consolidated revenue rose 28.95% year on year to Rs 1,703.81 cr, while operating margin widened 0.37 percentage points.
- Net profit increased 138.32% year on year to Rs 124.00 cr, helped by a 10.86-percentage-point fall in the tax rate.
- The stock rose 7.04% on the result date, far above its 2.7% median absolute move and against declines after seven of its last eight results.
Price around the results
Revenue growth accelerated into the year-end quarter
Consolidated revenue grew 28.95% year on year and 9.20% sequentially to Rs 1,703.81 cr. Expenses rose slightly slower, at 28.42% year on year and 8.98% sequentially, allowing operating profit to grow 33.03% year on year and 10.82% sequentially. The company’s operating margin was 2.87 percentage points below the 14.81% median among 93 Consumer Discretionary peers that have reported.
Margins kept moving higher, but profit quality needs scrutiny
Operating margin widened 0.37 percentage points year on year and 0.18 percentage points sequentially because revenue grew faster than expenses. This was the third consecutive quarter-on-quarter increase in operating margin, from 11.28% in Q1FY26 to 11.94% in Q4FY26. Net profit growth was also helped by interest expense falling 14.38% year on year and the tax rate dropping 10.86 percentage points; other income accounted for 25.67% of pre-tax profit.
Market reaction reversed the stock’s usual results pattern
The stock gained 7.04% on the result date, with volume at 11.63 times the reference level. That was an unusually positive response for Minda Corporation: the stock had declined after seven of its last eight results, and its median absolute move was 2.7%. The reported gain reached 15.26% after five sessions.
Q4FY26 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q4FY26 | Q3FY26 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹1,704 cr | ₹1,560 cr | +9.20% | +28.95% |
| Other income | ₹40 cr | ₹19 cr | +113.70% | +191.78% |
| Expenses | ₹1,500 cr | ₹1,377 cr | +8.98% | +28.42% |
| Operating profit | ₹203 cr | ₹184 cr | +10.82% | +33.03% |
| Operating margin (%) | 11.94% | 11.76% | — | — |
| Interest | ₹30 cr | ₹29 cr | +3.43% | -14.38% |
| Depreciation | ₹59 cr | ₹58 cr | +1.72% | +3.33% |
| Profit before tax | ₹155 cr | ₹116 cr | +33.70% | +105.98% |
| Tax | ₹31 cr | ₹32 cr | -2.18% | +33.36% |
| Net profit | ₹124 cr | ₹84 cr | +47.15% | +138.32% |
| EPS (₹) | ₹5.29 | ₹3.64 | +45.33% | +139.37% |
Operating margin of 11.94% compares with a Consumer Discretionary sector median of 14.81% across 93 peers that have reported Q4FY26.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | +7.04% | +6.77% |
| Next session | +9.03% | — |
| 5 sessions | +15.26% | +16.42% |
| 15 sessions | +23.41% | — |
| 30 sessions | +27.83% | — |
Volume on the results session was 11.63× its 20-day average.
What to watch
- Whether operating margin holds above 11.94% after its third straight quarterly increase.
- Whether other income remains below 25.67% of pre-tax profit.
- Whether the tax rate stays below 19.95% without further amplifying net profit growth.