Minda Corporation hosted a conference call on Feb 5, 2026. In the conference call, the company was represented by, Aakash Minda – Executive Director, and Nitesh Jain – Lead Investor Relations.

Key takeaways of the call

In Q3 FY26, the company achieved highest quarterly revenue of Rs 1,560 crore, up 24.6% YoY. This performance is attributed to a strong product portfolio, an expanding customer base and a focus on product premiumization.

In Q3 FY26, the company’s performance was supported by resilient demand across key vehicle categories, particularly in the 2W and CV markets. The positive impact of GST rationalization, trade deals with EU & UK, tariff rate rationalization with US and other progressive fiscal measure will help competitiveness and strengthens the company’s access to most sophisticated automotive markets.

2Ws witnessed sequential improvement in Q3 FY26, supported by festive demand, improved retail traction, and stable consumer sentiment across key markets.

3Ws saw continued demand recovery during the quarter, driven by improving mobility needs and better financing access.

PVs continued to report healthy demand trends during the quarter, aided by festive season buying, new launches, and improved financing availability.

CVs maintained steady momentum in Q3 FY26, supported by sustained freight movement, infrastructure-led activity, and replacement demand across segments.

Tractors segment saw healthy traction, with consistent demand through the quarter and support from steady domestic activity and exports.

Domestic auto industry for the quarter remained constructive, backed by festive tailwinds, stable macro conditions, and policy support.

The company remains committed to operational efficiency, strategic alliances, and delivering sustainable value.

During 9M FY26, the company secured lifetime orders totaling over Rs 7,000 crore across products & verticals.

The company secured a Rs 350 Crore (lifetime value) order for sunroof from a leading OEM.

The company secured multiple platform level Instrument cluster orders from leading OEM’s.

The company filed 4 new Patents during Q3 FY26, taking the total Patents filed to 320+.

During 9M FY26, the company spent around 4% of its revenue on R&D.

Exports grew 22% YoY in Q3 FY26, driven by increasing traction across international markets. Continued focus on expanding geographic reach and deepening customer relationships to drive export growth ahead.

In Q3 FY26, Mechatronics and Aftermarket segment reported 17% YoY growth supported by strong domestic 2W demand. However, Export demand in the European market was subdued.

In Q3 FY26, Information & Connected Systems segment grew 32% YoY supported by strong demand in domestic 2W & CV segment and premiumisation of existing products. Revenue growth was also driven by strong demand in the wiring harness and instrument cluster businesses.

During 9M FY26, Mechatronics and Aftermarket segment grew 14% YoY, and Information & Connected Systems segment grew 26% YoY.

The company plans to expand its presence in high growth segments.

The company continues to expand its manufacturing capabilities with a capital expenditure of Rs 276 crore in 9M FY26. The company plans to spend another Rs 100 crore in Q4 FY26.

The company Planned capital expenditure of approximately Rs 2,000 crore over the next 5 years.

The company is setting up two new Greenfield facilities in Die Casting and one Greenfield facility for Instrument Clusters.

For new manufacturing facility coming up in Pune, the SOP is planned from Q1 FY27.

In Q3 FY26, the company’s overall capacity utilization stood around 85%.

In Q3 FY26, 2Ws contributed 45% to revenue, CVs 29%, aftermarket 11%, and PVs 15%.

In terms of geography, India contributed 88% to revenue in Q3 FY26, Europe & North America 7%, and SE Asia 5%.

In terms of product mix, Vehicle Access contributed 25% to Q3 FY26 revenue, WH 28%, Die Casting 15%, Clusters 16%, and Others 16%.

Its associate company Flash Electronics reported a strong performance in Q3 FY26 with a revenue of Rs 488 crore with an EBITDA of Rs 90 crore.

Toyodenso joint venture, won a significant order for the switches from the leading OEM, and plan to commence operation in Q4 FY27.

The board appointed Mr. Ajay Agarwal as Group Chief Financial Officer (GCFO) and Key Managerial Personnel (KMP) of the Company in addition to his existing role of President Finance & Strategy of the Company w.e.f. February 05, 2026 as per the recommendation of Nomination and Remuneration Committee & Audit Committee.

The board declared an interim dividend Rs 0.60 per equity share of face value of Rs 2 each. The record date fixed for the purpose is February 13, 2026.