Minda Corporation Ltd(MINDACORP)

NSE: MINDACORPBSE: 538962

₹ 594.7-0.63%refreshed 26 Oct, 03:56 pm ISTMarket cap: ₹ 14,218 crWebsite: www.sparkminda.comUpdated: 24 Oct 2026

About

Minda Corporation, flagship of the Spark Minda group, is an Indian auto components maker. It is organised into two segments: Mechatronics & Aftermarket, which makes vehicle access systems, die castings and starter motors, and Information & Connected Systems, which makes wiring harnesses, clusters, sensors and telematics. It reported FY26 revenue of 6185.34 and, as of FY25, ran 32 manufacturing facilities across six countries. It held the lead in India's two-wheeler lock and key set market in FY2024-25, and it holds a 49% stake in Flash Electronics.^[1][2]

Business segments

Information & Connected Systems (wiring harnesses and instrument clusters) grew 40% YoY to INR 933 cr in Q4 FY26 and grew 29% for full-year FY26.^[3]
Mechatronics & Aftermarket (vehicle access systems, die castings, aftermarket products) grew 17% YoY to INR 710 cr in Q3 FY26.^[4]
Minda VAST had about INR 500 cr revenue in FY26 and is more than 90% focused on passenger vehicles. It is consolidated from FY27, which lifted the passenger-vehicle share to 19% in Q1 FY27 from 15%.^[3]
Flash Electronics (49% associate) had FY26 revenue of INR 1,803 cr, up 17% YoY. It contributed about INR 70 cr to the company's share of associate profit.^[3]

Products and joint ventures

Wiring harnesses cover two-wheelers and commercial vehicles, plus a high-voltage EV harness won for a leading passenger-vehicle maker. 18-19% of connectors were made in-house as of Q4 FY26, up from 15-16% in FY25.^[5][1]
Instrument clusters range from conventional units to TFT and advanced cockpit displays. A second Minda Instruments plant in Pune was readied in Q1 FY27 for advanced clusters.^[3]
Flash Electronics makes motor controllers, e-water pumps and integrated drive units. EV products were about 30% of Flash revenue in Q1 FY27, up about 90% YoY.^[6]
Minda Instruments became a wholly owned subsidiary after the company bought out its US partner, Stoneridge (FY25 report).^[1]
Joint ventures as of FY25: Minda HCMF (50:50 with HCMF of Taiwan) for sunroofs and closures, and Furukawa Minda Electric (Minda 25%) for wiring harnesses and steering roll connectors.^[1]
A technical licence with Sanco (China) covers connectors, charging guns and bus bars. The FY25 report puts the market it opens at over ₹10 billion.^[1]

Operations

As of FY25: 30 manufacturing facilities, three design offices and seven regional offices in India, plus two overseas plants and two overseas offices. The workforce is over 18,000.^[1]
As of FY25, the Security System business ran 4 plants (Pune, Noida, Pantnagar, Aurangabad) and the Wiring Harness Division ran 9 plants, including Pune, Greater Noida, Pithampur, Haridwar, Mysore and Hosur.^[1]
Group capacity utilisation was about 84-85% in Q3 FY26. It eased to 77-80% in Q1 FY27 after Minda VAST capacity was added.^[4]
Flash Electronics was running near full utilisation on EV motors in Q3 FY26. A new plant for EV motors and integrated drive units was readied by the end of Q4 FY26.^[4]
R&D spending was 4.3% of revenue in FY2025 (about 3% in FY2024) and 3-4% in FY26. As of FY25 the company had over 900 engineers, including technical centres in Pune and Bangalore, and over 300 IPRs.^[1][6]

Key operating numbers

Lifetime order wins: INR 2,500 cr in Q1 FY27 (over 15% EV) and INR 3,500 cr in Q4 FY26. Full-year FY26 wins exceeded INR 10,000 cr, compared with ₹80,000 million in FY2025.^[6][1]
In Q1 FY27, EV products were about 10% of standalone revenue (up 40% YoY) and about 14% of revenue at group level.^[6]
In Q1 FY27 the wiring harness division grew more than 30% YoY and the instrument cluster division grew more than 35% YoY.^[6]
Flash Electronics revenue was INR 533 cr in Q1 FY27, up 42% YoY, at a 15.4% EBITDA margin. Its FY27 growth target is 20-24%.^[6]

Customers and distribution

Security System customers as of FY25 included Bajaj Auto, TVS, Hero MotoCorp, Honda, Yamaha, Suzuki, Ashok Leyland, Ola Electric and M&M.^[1]
Two-wheelers are the largest vehicle segment. Passenger vehicles were 19% of revenue in Q1 FY27, up from 15% in Q1 FY26, against a target of 25% by FY30.^[6]
As of FY25, the aftermarket business had a pan-India network of over 750 business partners.^[1]
Exports were 7-8% of revenue as of FY25, against a medium-term target of 10-15%. About 20% of FY26 order wins were export orders, and the export revenue target is INR 1,500 cr by FY30.^[1][3]
Export growth recovered to 22% YoY in Q3 FY26, from 16% in Q2 FY26, after four to five weak quarters.^[4]
Subsidiaries in Indonesia and Vietnam serve vehicle makers across ASEAN, China, Japan, Brazil and Colombia (as of FY25).^[1]

Expansion and capex

FY26 capex was a record INR 413 cr. FY27 capex is planned at about INR 400 cr, within a five-year plan of about INR 2,000 cr through FY30.^[6]
Die casting runs four plants. A fifth, export-focused plant in Pune is targeted within about 18 months of Q4 FY26.^[3]
Toyodenso switches JV: plant and start of production targeted for Q1 FY28, with about INR 150 cr revenue in FY28. Lifetime orders exceed INR 1,000 cr.^[6]
Cross-selling to Flash Electronics has begun: die casting supply has started and wiring harnesses are under testing, with potential revenue of about INR 50-70 cr in FY27.^[6]
Land parcels were acquired in industrial clusters during FY26 for future plant expansion.^[3]

Recent developments

The 49% stake in Flash Electronics was acquired in January 2025 for ₹13,720 million.^[1]
Minda VAST has been consolidated from FY27 after a change to the JV shareholder agreement. Its EBITDA margin was 8.4% in Q1 FY27, compared with 6.5% in Q1 FY26.^[3]
A 49:51 JV with Turntide UK was formed on 9 March 2026 for motor controllers and e-water pumps for 2W, 3W and LCV segments. Start of production is expected in October-November 2026.^[3]
The promoter put in INR 104 cr through share warrants in 9M FY26, mostly used to repay debt.^[4]
Vision 2030 target: group revenue of INR 17,500 cr at an EBITDA margin above 12.5% (including Flash and VAST) and a 25% ROCE by FY30.^[6]

Market Cap

₹14,218 Cr

High / Low

₹769 / 469

Stock P/E

28.8

Price / Book

5.5

Book Value

₹111

EPS

₹15.1

No. of Shares

23.91 Cr

ROCE

14.9%

ROE

14.9%

OPM

8.2%

Debt / Equity

0.46

Sales

₹6,185 Cr

Net Profit

₹358 Cr

Promoter holding

64.8%

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