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w w w. s p a r k m i n d a . c o m INVESTOR PRESENTATION Q2 and H1 FY2027 3rd Nov 2026 Minda Corporation
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Page 2 Minda at a Glance A significant player in the global automotive industry for over six decades *Revenue includes Associates and JVs Engineering Focused Industry Partnerships “Customer First” is unified belief at Spark Minda Well Placed Marketing Professionals, Product Managers, Project Managers and Business Operations team Strategically Located Plants & Offices in India, ASEAN, Japan & Europe 1,000+ Engineering Headcount 340+ Patents 3-4% R&D Spend 2 Advanced Tech Centre 7 Engineering Centers Rs. 9,016Cr FY26 Group Revenue* 23,000+ Workforce Business Verticals Customer Centric Electrical Distribution System EV System & Electronics Light Weighting & Plastics Driver Information System Vehicle access Be a Dynamic, Innovative and Profitable global automotive organization to emerge as the preferred supplier and employer and create value for all stakeholders Be a complete automotive system solutions provider and build a brand recognized by vehicle manufacturers all over the world Commitment to Stakeholders, Passion for Excellence, Open Communication, Integrity & Fairness, Nurture Talent, Competency & Willingness, Respect & Humility Vision Mission Values Power Train Solutions Rs. 6,185Cr FY26 Consol Revenue* 42 Manufacturing Plants 8.2 lakh Sqft Land Bank 2.6 lakh Sqft Built Up
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Page 3 ➢ 2Ws reported higher sales in Q2 FY27, led by increased scooter demand and record second-quarter exports across international markets ➢ 3Ws saw increased demand, driven by increased last-mile mobility demand, growing adoption of electric vehicles and higher cargo transportation demand ➢ PVs achieved higher Q2 FY27 sales, led by improved affordability following GST 2.0, sustained rural demand and festive purchases ➢ CVs demand remained strong, driven by infrastructure spending, increased freight movement and a significant rise in exports ➢ Tractors benefited from sustained rural demand, favourable agricultural activity, with demand picking up ahead of the festive season ➢ Auto industry achieved record Q2 FY27 sales across all vehicle segments, benefiting from improved affordability, increased freight movementand infrastructure led economic activity Indian Automotive Industry Performance Production Volumes in Millions Source: SIAM, TMA Q2 FY27 Growth (Y-o-Y) H1 FY27 Growth (Y-o-Y) 33.9% 6.8% 24.2% 24.9% 16.5% 18.2% 10.5% 30.5% 19.5% 19.9% 0.32 0.26 0.36 1.33 6.95 9.22 0.35 0.35 0.45 1.66 8.10 10.90 Tractors CV 3 W PV 2 W Auto Industry Q2FY26 Q2FY27 24.7% 21.0% 0.62 0.52 0.62 2.57 12.86 17.19 0.68 0.65 0.81 3.11 15.37 20.62 Tractors CV 3 W PV 2 W Auto Industry H1FY26 H1FY27
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Page 4 Key Operation Highlights for Q2 FY27 Highest Ever Revenue & EBITDA Highest ever quarterly revenue with a 43% YoY growth, significantly outpacing 18% industry growth, with 11.8% margin Record sales for EV System EV product revenue grew 113% YoY , driven by accelerating EV penetration, and now contributes 10% of Minda Corp’s revenue and 15% at the Group level Sunroof : SOP Started Sunroof SOP launched in Q2 FY27 and won the “Best Supplier –Innovation Excellence” award in its very first year EV Order Book 35% of the order book value now contributed by EV products New business wins Secured multiple TFT orders from 5 inch to 12 inch, with lifetime value exceeding Rs. 1,000 crore and SOP planned in FY28 EV: New Order Won an order from a leading 3W OEM for a 3.5 Kw charger, with a lifetime value exceeding Rs. 400 crore. SOP is planned for Q1 next year. Credit Rating Upgraded to AA Upgrade from AA− to AA reflects an improved credit profile and greater financial stability Power Foot Step : New Order Secured the first-ever power footstep order from an anchor customer for its passenger vehicle.
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Page 5 Page 5 Government Approval To Manufacture Display Module Sub-Assemblies Minda Instruments Limited, wholly owned subsidiary of Minda Corporation Government approval to manufacture Display Module Sub-Assemblies, a component the country has largely imported until now The clearance came under the Electronics Components Manufacturing Scheme (ECMS), part of a batch of 31 new proposals the Ministry of Electronics and Information Technology The company will set up a greenfield facility for TFT display module assembly as part of its backward integration strategy. The new facility will allow it to manufacture the display component in-house rather than import it
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Page 6 Page 6 Q2 & H1 FY2027 Financial Highlights Revenue & EBITDA at record levels Revenue EBITDA PAT* Rs. In Crores 2,921 4,036 H1 FY26 H1 FY27 YoY 38% 334 469 11.4% 11.6% H1 FY26 H1 FY27 EBITDA EBITDA Margin (%) YoY 40% 150 243 5.1% 6.0% H1 FY26 H1 FY27 PAT PAT Margin (%) YoY 62% 1,535 1,846 2,189 Q2 FY26 Q1 FY27 Q2 FY27 YoY 43% 178 212 257 11.6% 11.5% 11.8% Q2 FY26 Q1 FY27 Q2 FY27 EBITDA EBITDA Margin (%) YoY 45% 85 100 143 5.5% 5.4% 6.5% Q2 FY26 Q1 FY27 Q2 FY27 PAT PAT Margin (%) YoY 69% Q2 FY27H1 FY27 19% 22% 43% * Excluding exceptional gain (net of tax) of Rs. 106 crore arising from the consolidation of Minda Vast.
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Page 7 Page 7 Business Vertical Performance Rs. In Crores Mechatronics and Aftermarket: • Strong demand in domestic 2W and PV segment coupled with the premiumization of existing products, significantly contributed to overall growth • Consolidation of Minda Vast into Minda Corp to strengthen its presence in the PV segment Information & Connected Systems • Wiring Harness & Instrument Cluster Division delivered significant growth, driving a notable increase in share of business (SOB) with existing customers while expanding the customer base through new customer acquisitions • Cluster Division gained strong market interest, successfully securing multiple high- value orders Mechatronics, Aftermarket and Others Information & Connecte d Systems 712 863 984 Q2 FY26 Q1 FY27 Q2 FY27 823 983 1,205 Q2 FY26 Q1 FY27 Q2 FY27 1,362 1,847 H1 FY26 H1 FY27 YoY 38% YoY 46% YoY YoY 1,559 2,189 H1 FY26 H1 FY27 36% 40%
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Page 8 Page 8 Revenue Break-Up Q2 FY27 India 89% Europe & North America SE Asia 5% Wiring Harness 30% Vehicle Access 22% Die Casting 16% Clusters 17% Others 15% Wiring Harness 31% Vehicle Access 24% Die Casting 15% Clusters 15% Others 15% India 89% Europe & North America SE Asia 5% 6% Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 By Products By Geography By End Market Q2 FY26 Q2 FY27 45% 49% 29% 25% 11% 8% 15% 18% 2-3 Wheelers Passenger Vehicles Commercial Vehicles* After Market Note:- *Includes off highway and tractors 6%
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Page 9 FLASH ELECTRONICS Flash Electronics Revenue from Operations EBITDA PAT 446 533 650 822 1,183 Q2 FY26 Q1 FY27 Q2 FY27 H1 FY26 H1 FY27 YoY 48% YoY 46% YoY 77% YoY 44% 44% 71% 72 82 106 131 188 16.1% 15.4% 16.4% 15.9% 15.9% Q2 FY26 Q1 FY27 Q2 FY27 H1 FY26 H1 FY27 30 35 54 52 89 6.8% 6.6% 8.3% 6.3% 7.5% Q2 FY26 Q1 FY27 Q2 FY27 H1 FY26 H1 FY27 YoY YoY Financial & Other Highlight (FY26) EV Revenue 21% PAT Rs. 137 Cr Revenue Rs. 1,803 Cr EBITDA Rs. 310 Cr Electrical & Electronics Powertrain Components Business Verticals Manufacturing Facilities 6 Manufacturing facilities in India + 2 Manufacturing facilities in Germany and Hungary 150+ Engineering Headcount 3,500+ Workforce Product Portfolio
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Page 10 Consolidated Leverage Position Instrument Rating India Ratings & Research Term Loan IND AA / Stable Working capital limits (Fund-based and Non-fund-based) IND AA / Stable / IND A1+ CRISIL Long Term CRISIL AA/Stable Short Term CRISIL A1+ *Long Term Borrowings includes Current Maturities #Exclude Investment & share of profit JV/Associates, ^Net Debt / EBITDA includes 49% of Flash EBITDA Particulars Mar 31st, 2025 Mar 31st, 2026 Sep 30th, 2026 Net Worth 2,202 2,659 3,130 Long Term Borrowings* 528 543 470 Short Term Borrowings 816 669 962 Gross Debt 1,344 1,212 1,432 Less: Cash & Cash Equivalents 97 147 118 Net Debt 1,247 1,065 1,314 Capital Employed 1,975 2,165 2,887 ROCE# 19.2% 23.1% 23.1% Net Debt / Net Worth 0.6x 0.4x 0.4x Net Debt / EBITDA^ 1.8x 1.2x 1.2x (Rs. Crores)
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Page 11 CSR and ESG
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Page 12 Page 12 ESG Transforming Towards Sustainable Mobility Greenlink programme initiated with suppliers for Sustainable Supply Chain BRSR Assurance conducted for Minda Corporation Limited Sustainability roadmap initiated for Spark Minda’s Aftermarket Division Sustainable Operations 1,690+ learners enrolled in Cycle 1 (FY 26-27) of Aakarshan in various skill development programs in 5 states Conducted Road Safety Awareness Sessions in Collaboration with Suzuki Motors in WHD GN & DCD GN Conducted Menstrual Hygiene Management sessions across 5 District Prisons covering 200 + inmates and Prison Staff CSR Project Excellence Award by All India Management Association (AIMA) under the Corporate Category for Prison Inmate Reform Programme Care For People Spark Minda Sustainable Procurement Guideline shared during Suppliers’ Conference Release of BRSR Report FY 2025-26 Stakeholder management Policy Quality Management System in accordance with ISO 9001:2015 OHSAS 45001:2018 ISO 14001: 2015 ISO 50001:2011 Ethical Business 2,340+ accessible and assistive aid to people with disabilities 760+ persons with disabilities currently employed across the group Organized Saksham Camp for Empowerment of People with Disabilities in collaboration with Kalptaru Society, providing fitment to 515 PwDs Organized Saksham Camp for Empowerment of People with Disabilities in collaboration with Indian Army in Haldwani, providing fitment to 1,164 PwDs Inclusive Growth Addressed and resolved assessments, audits and queries from Bajaj, TVS, Mahindra & Mahindra, Suzuki Motors etc. to their satisfaction 50,000+ trees planted Responsible Value Chain
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Page 13 Page 13 FICCI award for Best Innovative Diversity & Inclusion Practices State Level Programme on Menstrual Hygiene Day in Prison Headquarters Lucknow CSR Programme Glimpses CSR Project Excellence Award by AIMA Uttarakhand SDG Achievers Award by Uttarakhand State Government
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Page 14 Page 14 Awards & Achievement Q2 FY2027 Total 131 External Awards received in Q2 FY27 ▪ QCFI - 4 Awards ▪ CII - 22 Awards ▪ ACMA - 3 Awards ▪ Others - 15 Awards ▪ Customers - 23 Awards Business Vertical – 1 (Mechatronics, Aftermarkets & others division) won 67 awards during Q2 FY27 ▪ QCFI - 18 Awards ▪ CII - 1 Award ▪ Others - 1 Award ▪ Customers - 1 Award Business Vertical – 2 (Information & Connected System division) won 21 Awards during Q2 FY27 ▪ QCFI - 17 Awards ▪ CII - 4 Awards ▪ ACMA - 2 Awards ▪ Others - 2 Awards DCD – won 25 Awards during Q2 FY27 ▪ QCFI - 15 Awards ▪ CII - 2 Awards ▪ ACMA - 1 Award Business Vertical – 5 (MIL, SMGM & CD) won 18 Awards during Q2 FY27
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Page 15 Annexures
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Page 16 Consolidated Profit & Loss Statement Particulars Q2 FY27 Q2 FY26 YoY% Q1 FY27 QoQ% H1 FY27 H1 FY26 YoY% Revenue from Operations 2,189 1,535 42.6% 1,846 18.6% 4,036 2,921 38.1% Raw Material 1,430 956 1,180 2,610 1,818 Employee Cost 300 235 279 578 462 Other Expenses 203 167 176 378 307 EBITDA 257 178 44.7% 212 21.6% 469 334 40.3% EBITDA Margin 11.8% 11.6% 17 Bps 11.5% 29 Bps 11.6% 11.4% 18 Bps Other Income 3 3 2 5 6 Depreciation 68 57 69 137 113 EBIT 192 124 55.1% 144 32.9% 336 227 48.0% EBIT Margin 8.8% 8.1% 71 Bps 7.8% 94 Bps 8.3% 7.8% 55 Bps Finance Cost 35 31 31 66 64 Exceptional item - - 124 124 - Profit before share of Profit/(Loss) of associates/ JVs and tax 157 93 69.5% 237 (33.6)% 394 164 141.1% PBT Margin 7.2% 6.0% 114 Bps 12.8% (565 Bps) 9.8% 5.6% 417 Bps Tax 40 25 49 89 44 Share of profit / (loss) in associates / joint ventures (net of tax) 26 17 18 43 30 Reported Profit after Tax 143 85 206 349 150 Reported PAT Margin % 6.5% 5.5% 11.2% 8.7% 5.1% Normalized Profit after Tax 143 85 68.9% 100 43.0% 243 150 62.0% Normalized PAT Margin % 6.5% 5.5% 102 Bps 5.4% 111 Bps 6.0% 5.1% 89 Bps (Rs. Crores)
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Page 17 Page 17 Historical Income Statement Consolidated Particulars FY22 FY23 FY24 FY25 FY26 Revenue from Operations 2,976 4,300 4,651 5,056 6,185 COGS 1,876 2,777 2,924 3,146 3,900 Gross Profit 1,100 1,523 1,727 1,910 2,286 Gross Profit Margin 36.9% 35.4% 37.1% 37.8% 37.0% EBITDA 295 461 514 575 721 EBITDA Margin 9.9% 10.7% 11.1% 11.4% 11.7% Other Income 24 16 16 32 15 Depreciation 112 138 166 204 230 EBIT 207 339 364 403 507 Finance Cost 31 41 56 67 122 Exceptional Item 33 - - - 1 Profit Before Tax 209 298 308 336 383 Tax Expense 24 4 83 96 108 PAT Before Share of Associate and JV 185 294 225 239 277 Share of Associate/JV 7 (10) 2 16 81 PAT and Share of Associate and JV 192 285 227 255 358 PAT Margin 6.4% 6.6% 4.9% 5.1% 5.8% (Rs. Crores)
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Page 18 COMPANY - OVERVIEW Minda Corp.
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Page 19 Public & Other Shareholding Strong Promoter Shareholding 35.2% 64.8% MINDA CORPORATION LTD JVs and Associates Subsidiaries Minda Instruments Ltd. Spark Minda Toyodenso Spark Minda Green Mobility Minda Vietnam PT Minda Indonesia Minda Vast Access System Spark Minda Turntide 49.0% Flash Electronics 49.0% Minda HCMF 50.0% Minda Infac 51.0% EVQ Point 29.5% Furukawa Minda 17.5% Schematic Representation of Minda Corporation
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Page 20 Strategic Partnerships 12 Strong Partnering with domestic and global clients to drive the automotive transition Advanced Switches JAPAN Motor Controllers UK Sunroof, Power Tail Gate TAIWAN Electrical Distribution CHINA Antenna System KOREA Mechanical Keys ITALY Wiring Harness JAPAN Vehicle Access USA Sensors and Clusters USA Motor, Motor Controllers INDIA Connection System JAPAN Display Module CHINA
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Page 21 Page 21 Strong Relationship With Marquee Customers Across Segments 2-3-Wheeler Commercial & Off Highway vehicles Passenger Vehicles Other Market
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Page 22 Well diversified product range Expanding core verticals to fuel future growth Interior Plastics 2W Vehicle Access Motors Sunroof & Power Lift Gate Fuel Pump EV Motor Housing Handle Assembly Turbocharger ElectricalDistribution Systems AdvanceElectronics VehicleAccess (2W+4W+Sunroof+PLG) DieCasting Aftermarket Driver Information System 2W / 3W / 4W EV Wiring Harness EV Powertrain EV Charging Busbar Connectors ADAS iRAS Sensor Smart Electronics EV Mobility 4W Vehicle Access AMD IPD DC-DC Converter Battery Charger Traction BLDC IDU Mild Drive Radiator Fan ABS Fiber Parts Wiper Lubricants Lockset Cluster Bearing Switches SMTD Electric motors Motor Controller Motors
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Page 23 Building a complete EV systems platform with global partners Strategy From components to complete EV systems across powertrain, high voltage and charging Flash Electronics 49% associate Motor and vehicle controllers BMS, Gears and MCU’s EV powertrain electronics Turntide Technologies 49:51 joint venture, UK High-voltage motor controllers Axial flux motors and thermal management pumps High-voltage motors and drives SANCO Technology license HV Connector, HV Harness, Charging guns and busbars and cell contact system High-voltage distribution Spark Minda Green Mobility 100% Subsidiary Scale green mobility, EV components and power electronic Power Electronic Integrated EV systems
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Page 24 Page 24 Business Segments Transforming Current Business Lines as per Technology Trends Vehicle Access Wiring Harness & Connectors Die Casting & Interior Plastic EV Power Electronics Intelligent & Smart Smart PEPS Flush Door System PLG Systems Cyber Security & E/E Architecture Electrical Distribution Systems PDU & BDU EV HV Wiring Harness Smart Junction Box EV HV Connection System Connected & Safe Mobility Large Size TFT & Conn. Clusters Telematics Sensors for safety, ADAS and EVs ADAS Systems Light Weight & Sustainable Cylinder Head Cover Centre Console Engine Mounting Bracket Battery Tray EV Drive Train Solutions Off Board Charger X in 1 Onboard Chargers EVSC/ ICCPD Clusters, ADAS & Sensors
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Page 25 R&D Process • Transforming from mechatronics to advance technology provider • Focused towards innovating new technology and developing advance automotive products • State of art technology center in India • Best In class testing facilities including EMC/EMC, HIL/SIL, SMT facility and unique design studio 2 Advanced Engineering Centre 7 Engineering Centre 340+ Patents Filed 1,000+ Engineer Headcount WH Design, E&E Architecture & Digital Cluster Power Electronics & Vehicle Access Solutions R&D Expenditure (% of Revenue) Engineering Capabilities Electronics Hardware Mechatronics Engineering Embedded Software Testing, HIL, SIL, EMI/EMC, CAE Innovation & Engineering for New Age Solutions 1.3% 1.4% 3.1% 4.3% 3.2% FY22 FY23 FY24 FY25 FY26
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Page 26 Comprehensive solutions for 2W EVSE DC-DC Converter Battery Charger Side Stand Sensors Tilt Sensors Vehicle Control Unit Keyless Entry System TFT Instrument Cluster Mechanical Lockset Telematics Die Casting Product Temperature Sensors TPMS Speed Sensors Electronic Handle Lock High Voltage Wiring Harness Connection System Position Sensors TMAP Antenna Handlebar Switches Lever & Foot Brakes top Lamp Switch
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Page 27 Page 27 Comprehensive solutions for 4W Power Lift Gate System EVSE Charge Gun IC CPD Sunroof SystemMechanical / Electronic Steering Column Lock Digital Clusters & Cockpit Interior Plastics Door Zone Module Seatbelt Reminder Around view Monitoring System Antenna Rain and Light Sensor High voltage wiring harness connection system DC DC Converter Battery Charger Speed Sensor Telematics Temperature Sensor EGT Sensor Start Stop Button Airbag Harness Key Fob Wireless Charger TPMS Immobilizer Roof Module Switches Parking Switch Multi function Front panel SwitchSteering & combination Switch Axial flux motors Motor Controller
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Page 28 Page 28 Comprehensive Solutions for Commercial Vehicle/Bus EV PDU Sensor Cables Battery Cables EV Busbars Cylinder Head Cover Plastic Oil Pan Position Sensor Soot Module Sensor EGT Sensor Junction Box Door Handle Digital/TFT Cluster Air Vent Speed Sensor Wiring Harness Die Castings Fuse Box Immobilizer Ignition Switch Cum Steering Lock Temperature Sensor Axial flux motor s
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Page 29 Page 29 Disclaimer This presentation contains statements that contain “forward looking statements” including, but without limitation, statements relating to the implementation of strategic initiatives, and other statements relating to Minda Corporation Limited(“MindaCorp” or the Company) future business developments and economic performance. While these forward-looking statements indicate our assessment and future expectations concerning the development of our business, a number of risks, uncertainties and other unknown factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, general market, macro-economic, governmental and regulatory trends, movements in currency exchange and interest rates, competitive pressures, technological developments, changes in the financial conditions of third parties dealing with us, legislative developments, and other key factors that could affect our business and financial performance. Minda Corp undertakes no obligation to publicly revise any forward-looking statements to reflect future / likely events or circumstances. Corporate Office: D-6-11, Sector – 59, Noida, Uttar Pradesh - 201301 Tel: +91 120-4442500 • Fax: +91 120 4787201 Registered Office: A–15, Ashok Vihar, Phase – 1, Delhi – 110 052 INVESTOR RELATIONS CONTACT Nitesh Jain Lead- Investor Relations Minda Corporation Limited nitesh.jain@mindacorporation.com +91 96491 31472 Simran Malhotra / Mohammed Petiwala Investor Relations Advisor Churchgate Partners minda@churchgatepartners.com +91 73032 11037