Minda Corporation Ltd

AGM details

• AGM held 21 Aug 2026 at 10:30 IST via VC/OAVM.
• Cut-off date for voting: 14 Aug 2026.
• Remote e-voting from 18–20 Aug 2026; e-voting at AGM available.

Key resolutions

• Ordinary: Adoption of audited financial statements and reports.
• Ordinary: Confirmation of interim dividend and declaration of final dividend.
• Ordinary: Re-appointment of Ashok Minda as director by rotation.
• Ordinary: Re-appointment of S.R. Batliboi & Co. LLP as statutory auditors; remuneration to be fixed.
• Ordinary: Ratification of remuneration of Chandra Wadhwa & Co. as cost auditors.

Voting results

• Resolution 1 passed; near-unanimous with negligible dissent.
• Resolution 2 passed; near-unanimous with negligible dissent.
• Resolution 3 passed; 98.52% in favour, 1.48% against.
• Resolution 4 passed; 99.998% in favour, 0.002% against.
• Resolution 5 passed; near-unanimous with negligible dissent.

Dividends

• Final dividend on equity shares approved following interim dividend.

Directors

• Mr. Ashok Minda re-appointed as director by rotation.

Auditors

• S.R. Batliboi & Co. LLP reappointed as statutory auditors; term through 46th AGM; remuneration to be fixed.

Cost Auditors

• Remuneration of Chandra Wadhwa & Co. Cost Accountants ratified.

Change in KMP: resignation

• Mr. Pardeep Mann resigns as Company Secretary and Compliance Officer, effective Aug 21, 2026, due to personal reasons.

AGM Details

• 41st AGM held Aug 21, 2026 at 10:30 IST via VC/OAVM.
• Notice and annual report circulated electronically; hard copies on request.
• Remote e-voting Aug 18–20, 2026; voting during meeting.
• E-voting closed at 12:06 p.m. on Aug 21, 2026.
• Agenda included notices/readings and inspection of records as per law.

Key Resolutions

• Ordinary resolution for adoption of audited financial statements and reports.
• Ordinary resolution for confirmation of interim dividend and declaration of final dividend.
• Ordinary resolution for re-appointment of Ashok Minda as director liable to retire by rotation.
• Ordinary resolution for re-appointment of M/s S.R. Batliboi & Co. LLP as Statutory Auditors; remuneration to be fixed.
• Ordinary resolution to ratify remuneration of Chandra Wadhwa & Co. Cost Accountants as Cost Auditors.

Voting Status

• Voting results not disclosed in this excerpt; Scrutinizer's report to be published later.

Dividend

• Interim dividend payment confirmed; final dividend proposed.
• Final dividend: 40% of face value (Rs 0.80 per equity share).

Director Changes

• Re-appointment of Ashok Minda as director by rotation.

Auditor Appointments

• Re-appointment of M/s S.R. Batliboi & Co. LLP as Statutory Auditors until 46th AGM; remuneration to be fixed.
• Ratification of remuneration of Chandra Wadhwa & Co. as Cost Auditors.

AGM Details

• Date, time, mode: 21 Aug 2026, 10:30 IST, VC/OAVM.
• Attendance: 357 members attended via VC; quorum declared.
• Notice and records: electronic notice; e-voting facility available during and after meeting.

Dividend

• Interim dividend paid; final dividend proposed at 40% (₹0.80 per share).

Resolutions

• Ordinary: Adoption of audited financial statements and reports for the year ended 31 March 2026.
• Ordinary: Confirmation of interim dividend payment and declaration of final dividend.
• Ordinary: Re-appointment of Ashok Minda as director liable to retire by rotation.
• Ordinary: Re-appointment of S.R. Batliboi & Co. LLP as statutory auditors through 46th AGM; remuneration to be fixed.
• Ordinary: Ratification of remuneration of Chandra Wadhwa & Co. Cost Accountants as Cost Auditors.

Voting Results

• Outcomes: Not disclosed in this filing; e-voting completed and results to be reported.

Commercial Paper issuance

• Issued and allotted Commercial Paper aggregating INR 100 crore.
• Issue date: 19-08-2026; redemption date: 13-11-2026.
• Face value per security: INR 5,00,000.
• Discount rate: 7.02% p.a.
• ISIN: INE842C14230.
• Listed on NSE on 19-08-2026.

Financial Performance

• Q1 FY27 consolidated revenue: INR 1,846 crore, up 33.2% YoY.
• EBITDA: INR 212 crore; EBITDA margin 11.5%; YoY growth 35%.
• PAT: INR 206 crore; YoY growth 216%; includes 106 crore exceptional gain from Mindavast consolidation.
• Mindavast revenue grew 22% YoY; Mindavast margin 8.4% in Q1.

Operating / Segment Update

• Mechatronics and Aftermarket growth: 33% YoY.
• Information and Connected Systems growth: 34% YoY; wiring harness and instrument clusters led.
• Product mix: Wiring Harness 32%; Vehicle Access 25%; Die Casting 15%; Clusters 16%; others 12%.
• Mobility mix: Two-/Three-wheelers 46%; CV 27%; PV 19%; Aftermarket 8%.
• Flash Electronics: revenue INR 533 crore; EBITDA INR 82 crore; margin 15.4%; PAT margin 6.6%.
• Minda Vast consolidation: Mindavast revenue growth 22%; Mindavast margin 8.4% for Q1.
• EV penetration: group ~14% of revenue; Minda Corp ~10%; Flash ~30%.

Capacity, Innovation and Portfolio

• Patents filed: 335 total; 150 granted.
• Manufacturing footprint: 42 plants; ~23,000 employees.
• Group capacity utilization: typically 77%–80% across units.
• Minda VAST consolidation; expanded vehicle access solutions portfolio.

Capex and Guidance

• Capex guidance for FY27: about INR 400-odd crore across businesses.
• Vision 2030 remains intact; disciplined capital allocation and tech investments.
• Turntide SOPs to start in Oct–Nov; sunroof SOP on track for Q2.

Outlook and Strategic Targets

• Long-term EBITDA margin target: 12.5% by 2030.
• FY27 margin expected to be 11.5%–12% (rest of year).
• Revenue target: INR 17,500 crore by FY30 across five/six pillars.

Q&A Highlights

• Wiring Harness and Instrument Clusters: 30%+ YoY growth in Q1; sustained ramp in FY28.
• Flash margin drivers: back-to-back cost pass-through with customers; target 16%–17% margin long-term.
• Exports and international: Flash exports 12–15% of revenue; group exports 8–10% of order book.
• Furukawa contribution to PAT: ~0.8 crore this quarter vs ~5 crore in Q4 FY26; recovery expected in 1–2 quarters.
• SOP timelines: Turntide implemented Oct/Nov; sunroof SOP approved and on track.

ECMS clearance for Display Module Sub-Assemblies

• ECMS approval clears Minda Instruments to manufacture Display Module Sub-Assemblies.
• Facility will be greenfield TFT display module assembly under backward integration.
• Investment for tranche approved under ECMS is ₹7,877 crore.
• Cumulative ECMS investments approved since launch totaled ₹69,548 crore across 15 states.
• 9,588 direct jobs expected as a result of this tranche.
• Facility will reduce imports and bolster domestic supply.
• TXB Optics received the same ECMS approval in the same round.
• Positioning Minda among leading Indian automotive electronics players.
• Minda is among two companies cleared nationwide for this component.
• Aug 17 approvals bring ECMS total to 106 projects.