Minda Corp Q2 FY27 Results (NSE: MINDACORP)
Signal: Growth reaccelerated
The read
The trajectory is revenue-led acceleration with stable-to-improving margins: consolidated revenue growth reached +43.0% YoY from +33.2% in Q1FY27 and EBITDA margin held at 11.5%, but QoQ PAT fell 30.7% to ₹14,297 lakh after the prior quarter's ₹20,603 lakh; the key watchpoint is whether the 11.5% margin can hold while operating cash flow remains weak.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,189.3 Cr | +43.0% | +18.6% |
| Net profit | ₹142.97 Cr | +68.4% | |
| EPS | ₹6.08 | +69.0% | |
| EBIT margin | 11.5% |
P&L walk
Consolidated revenue accelerated to ₹218,930 lakh, +43.0% YoY and +18.6% QoQ, with EBITDA margin at 11.5%, but PAT of ₹14,297 lakh was down 30.7% QoQ after the prior quarter's unusually high ₹20,603 lakh and remained supported by ₹2,562 lakh of associate/JV profit.
Segments
The company reports a single operating segment, but consolidation is material: consolidated PAT of ₹14,297 lakh was ₹5,412 lakh above standalone PAT of ₹8,885 lakh, with ₹2,562 lakh specifically disclosed as the share of profit from associates and joint ventures.
Key positives
- Consolidated revenue rose to ₹218,930 lakh, +43.0% YoY and +18.6% QoQ, accelerating from +33.2% YoY in Q1FY27.
- Consolidated operating margin improved to 11.5%, +50bps YoY, while employee benefits and other expenses grew 26.4% combined versus 43.0% revenue growth.
- Standalone PAT rose 85.9% YoY to ₹8,885 lakh and standalone operating margin expanded 60bps YoY to 11.6%.
- EPS growth of 69.0% broadly tracked consolidated PAT growth of 68.4%, indicating no material dilution signal.
- The group continues to benefit from subsidiaries and associates, with ₹2,562 lakh of associate/JV profit lifting consolidated earnings above standalone PAT.
Key concerns
- Consolidated PAT declined 30.7% QoQ to ₹14,297 lakh despite 18.6% QoQ revenue growth, highlighting a high comparison base and less repeatable earnings contribution.
- Standalone gross margin compressed approximately 530bps YoY to 34.7% as material cost increased to 65.3% of revenue from 60.0%, and the filing does not disclose the driver.
- Standalone operating cash flow fell 54.3% YoY to ₹11,989 lakh in H1FY27 despite standalone PAT rising 68.4% to ₹14,998 lakh, pointing to weaker cash conversion.
- Finance costs rose 34.0% YoY on a consolidated basis to ₹3,462 lakh and increased 111.5% QoQ.
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