In Q3FY25, Minda Corp. reported revenue of INR 12,526 Mn (+7.4% YoY/ -2.9% QoQ), beating our estimates by 3.4%. EBITDA for the quarter was INR 1,436 Mn (+10.5% YoY / -2.1% QoQ), beating our estimates by 2.4%, due to strong operating performance. EBITDA margin stood at 11.5%, expanded by 32bps YoY (+10bps QoQ).