1. Economic and Industry Environment
1.1 Global Economy Outlook
The global economy navigated calendar year 2025 with greater resilience than anticipated. According to the International Monetary Funds World Economic Outlook of April 2026, global real GDP grew by an estimated 3.4% in 2025, despite persistent headwinds from trade-policy uncertainty and elevated geopolitical risk. This performance was underwritten by a surge in artificial intelligence-related investment, concentrated in North America and Asia, which offset the drag from tariff escalations. Global trade volumes expanded briskly by 5.1%, driven primarily by technology-related exports, including semiconductors, AI hardware and advanced electronics, benefiting Asian economies as the principal suppliers in these high-growth categories. Global headline inflation eased to 4.1% through 2025, and monetary policy across major economies was on a measured easing trajectory heading into 2026.
Global Economic Overview - Key Indicators
FY2026 Performance and FY2026 Outlook
However, geopolitical developments in the Middle East at the end of February 2026 delivered an abrupt shock to the near-term outlook. The IMFs April 2026 World Economic Outlook, published under the subtitle Global Economy in the Shadow of War, revised global growth for 2026 to 3.1%, down from a pre-conflict baseline of 3.4%. The disruption of oil and gas shipments through the Strait of Hormuz triggered a sharp reversal in energy markets: energy commodity prices, earlier expected to decline by approximately 7% in 2026, are now projected to rise by 19%, with the average petroleum spot price expected at US$82 per barrel.
The inflationary consequences are far-reaching. Global consumer price inflation, earlier projected at 3.8% for 2026, is now expected to remain elevated at 4.4%. Renewed price pressures from tariffs and energy costs are complicating the final phase of monetary-policy normalisation across advanced economies, and financial conditions have tightened moderately, with safe-haven demand strengthening the US dollar and emerging- market currencies coming under depreciation pressure.
Looking ahead, the IMF identifies risks as firmly tilted to the downside: under an adverse scenario of a prolonged or wider conflict, global growth could slow to 2.3% in 2026. On the upside, faster adoption of AI- driven productivity gains could lift growth by up to 0.3 percentage points, and de-escalation would restore the pre-conflict trajectory. Over the medium term, the IMF projects global growth to average 3.1% per annum over 2028-31, a subdued pace relative to the pre-pandemic average of 3.7%, reflecting geoeconomic fragmentation and elevated sovereign debt burdens.
1.2 Indian Economy Outlook
FY2025-26 was a year in which the global automotive industry continued to navigate structural transformation under conditions of acute volatility. Trade-policy realignment, the further consolidation of mainland Chinas position as the centre of gravity for electrified mobility, the slower-than-anticipated transition to battery electric vehicles in developed markets, and a renewed semiconductor cycle defined the operating environment.
Global trade grew 5.1% in 2025, and technology led it. Semiconductors, AI hardware and advanced electronics drove the expansion, with Asian economies as the principal suppliers. The centre of gravity of global manufacturing value continues to move towards technology-intensive components.
Supply-chain security remained a central theme. Mainland Chinas dominance in rare-earth materials critical to electric-motor production has been a persistent backdrop, with industry estimates indicating that 87% of European- built propulsion electric motors will require rare-earth magnets in 2026, against a negligible local supply. Within component demand, value pools continued to diverge internal combustion engine powertrain components are expected to decline at a 3% compound rate to 2030 and at approximately 8% thereafter, while content linked to electrification and advanced electronics continues to expand.
Supplier financial performance in calendar 2025 is estimated at an aggregate EBIT margin of 5.7%, ahead of the OEMs 4.8%. Suppliers are directing manufacturing capacity investments to best-cost geographies, including India, and electrification remains the single largest theme of announced strategic moves; cybersecurity maturity is moving from a compliance line item to a sourcing and pricing variable in contract awards.
The electrification of global mobility continued to broaden through this period. According to the International Energy Agencys Global EV Outlook, global electric car sales crossed 17 million units in calendar 2024, roughly one in five new cars sold, and exceeded 20 million units in 2025, taking the electric share past one in four new vehicles sold worldwide. China accounted for nearly two-thirds of global volumes, with electrified vehicles approaching half of its domestic new-car sales, while Europes adoption re accelerated ahead of tightening fleet CO2 requirements and North Americas trajectory moderated following the withdrawal of federal purchase incentives. Under stated policies, the IEA projects electric vehicles to exceed 40% of global car sales by 2030, with two- and three-wheelers remaining the most deeply electrified segment of the transition and Asia leading global adoption, sustaining multi-year demand visibility for EV-specific electronics, power electronics, and high-voltage architectures across the vehicle categories served by Tier-1 suppliers.
Implications for the Company
Notably, the operating environment is one in which differentiated suppliers are widening the gap with laggards. The global data are clear: the dispersion between top- and bottom-quartile suppliers is increasing, and suppliers building system-integration depth, multilocal supply systems, and artificial intelligence- enabled commercial excellence are outperforming through the cycle.
1.3 Global Automotive Industry
India retained its position as the fastest-growing major economy through FY2025-26, with real Gross Domestic Product growth estimated at 76% and Gross Value- Added expanding 7.7%, both up from 7.1% and the prior years GVA print, respectively. Growth was broad-based, supported by resilient private consumption, accelerating government capital expenditure and a buoyant services sector. The Reserve Bank of Indias First Advance Estimate had pegged FY2025-26 growth at 7.4% in February 2026, with subsequent revisions reflecting stronger-than-
Global automotive Industry FY 2025-26 Key Indicators
Indicators shaping the automotive value chain
Indian Economic Overview FY2025-26
Key indicators reflecting Indias strong and broad-based growth momentum anticipated momentum in industry and services through the second half of the year. Nominal GDP for FY2025-26 is estimated to have grown by 8.6%.
Growth Drivers and Demand Conditions
Private Final Consumption Expenditure grew 7.9% in Q2 FY2026, supported by benign inflation, rising disposable incomes from income tax and Goods and Services Tax (GST) relief, and favourable rural conditions. Government capital expenditure utilisation rose sharply to 51.8% in the first half of FY2025-26, against 373% in the corresponding period of the prior year, lifting Gross Fixed Capital Formation growth to 7.6%. The services sector, contributing approximately 60% of GVA and 48% of exports, remained the principal stabilising force in aggregate output, while industry, led by manufacturing, emerged as a key growth driver.
Inflation and Monetary Policy
Inflation was the standout story of the year. Consumer Price Index (CPI) inflation averaged approximately 2.0% for FY2025-26, a near-decade low, aided by easing food prices, healthy kharif and rabi crop production, and adequate buffer stocks. Core inflation, excluding food and fuel, remained anchored at approximately 2.6% in December 2025. The Monetary Policy Committee (MPC) of the RBI, at its meeting held on 7th - 9th April 2026, held the policy repo rate unchanged at 5.25%, adopting a cautious stance amid an evolving external environment.
External Sector and Trade Performance
Indias total exports of goods and services grew 5.8% year-on-year during April-February of FY2025-26, reaching US$790.9 Bn. Merchandise exports expanded modestly at 1.8%, weighed down by a 16.5% decline in petroleum product exports linked to softer global crude prices. In contrast, non-petroleum, non-gems and jewellery exports grew by 5.7%, with electronic goods leading at 28.1%, indicating a structural diversification of the export basket. Services exports remained the countrys external strength, growing 10.2% to US$387.9 Bn and generating a net services surplus of US$201 Bn that offset 64.7% of the merchandise trade deficit.
The current account deficit stood at 1.3% of GDP in Q3 FY2026, with foreign exchange reserves providing more than 11 months of cover for goods imports. India also concluded an interim trade arrangement with the United States, reducing tariffs on Indian goods from 50% to 18%, alongside continued progress on the India-EU Free Trade Agreement and the India-Oman Comprehensive Economic Partnership Agreement.
Industrial Activity and Manufacturing
Industrial activity maintained strong momentum through the year. The Index of Industrial Production recorded a 26-month high in December 2025, with broad-based expansion across manufacturing, mining and electricity. The Manufacturing Purchasing Managers Index averaged 57.6 for April-February of FY2025-26, well above the 10-year average of 53.9, and stood at 56.9 in February 2026, firmly in expansionary territory. Capacity utilisation in the manufacturing sector reached 74.3% in Q2 FY2026, above its long-run average of 73.9%, while listed private non-financial manufacturing companies posted aggregate sales growth of 9.95% year-on-year and an operating profit margin of 14.0% in Q3 FY2026. Cement production grew 9.6% year-to-date, and crude steel production expanded 10.2% year-on-year in February 2026. Automobile production rose across segments: two- wheelers grew 39.9% in December 2025, and tractors recorded an exceptional 80% expansion in February 2026, providing a positive demand backdrop for the autocomponent the industry in which the Company operates.
Outlook for FY2026-27
The risk environment shifted to the downside in late FY2025-26, as escalating geopolitical tensions in West Asia drove up global energy prices and heightened external uncertainty. Reflecting these developments, the RBI revised its FY2026-27 real GDP growth projection to 6.9%, with CPI inflation projected at 4.6% and risks tilted to the upside. Nevertheless, Indias macroeconomic fundamentals remain sound: comfortable foreign exchange reserves, a low starting current account deficit, the S&P sovereign rating upgrade in August 2025 — the first in 18 years — and active trade diplomacy together provide meaningful insulation against external headwinds, sustaining a credible medium-term growth trajectory in the 6.6%-7.0% range.
1.4 Indian Automotive Industry
Financial Year 2025-26 was a milestone year for the Indian automotive industry. After a modest opening half, the sector closed the year on a high note, with every vehicle category — passenger vehicles, commercial vehicles, three-wheelers and two-wheelers — posting its highest-ever annual sales in a financial year as per SIAM, a coordinated record not seen for seven years. Overall domestic wholesales jumped 10.4% year-on-year to 28.27 million units in FY2025-26, against 25.61 million units in FY2024-25. For the Company, which supplies system solutions across all vehicle categories, the breadth of the recovery is as important as its scale, with every customerfacing vertical — Vehicle Access Systems, Electrical Distribution Systems, Driver Information and Telematics Systems, Lightweighting and Plastics, and Electric Vehicle Systems and Electronics — participating in the upcycle.
Macroeconomic and Policy Drivers
A combination of structural reform and supportive monetary policy shaped performance through FY2025-26. The most visible structural lever was the implementation of the second-generation Goods and Services Tax reforms, referred to in industry commentary as GST 2.0, which rationalised rates on passenger vehicles and improved affordability across the price spectrum. Multiple repo rate reductions by the Reserve Bank of India throughout the year, combined with personal income tax relief measures, lowered the effective cost of vehicle ownership and lifted consumer sentiment. The cadence of the year reflected this policy stack with unusual clarity: the first half remained subdued, with overall passenger- vehicle wholesale volumes declining 0.2% year-on-year, while the second half, following the change in GST rates, recorded growth of approximately 17%, demonstrating how policy translated into volume within a single financial year.
Segmental Performance
All segments grew at meaningful rates. Passenger vehicle sales reached 4.64 Million units, up 7.9% over FY2024- 25; commercial vehicles delivered 1.08 Million units, up 12.6%; three-wheelers posted 0.84 Million units, up 12.8%; and two-wheelers recorded 21.71 Million units, up 10.7%. Each of these is a category record. Within passenger vehicles, the utility-vehicle segment continued to drive volumes, accounting for approximately 68% of overall passenger-vehicle volumes in FY2025-26, with utility-vehicle wholesales reaching 3.11 Million units, up 11% year-on-year. In contrast, passenger cars saw a modest improvement to 1.38 Million units, up 1.9%, a more pronounced recovery in the second half as the mini, compact and super-compact categories responded to GST relief. In the two-wheeler segment, scooters grew faster than motorcycles, with scooter volumes reaching 8.12 Million units, up 18.5%, and motorcycle volumes rising to 13.06 Million units, up 6.6%.
Indian Automotive Industry — Production, Domestic Sales and Exports, FY2025-26
| Category / Segment | Production (April-March) | Domestic Sales (April-March) | Exports (April-March) | ||||||
| FY2024-25 | FY2025-26 | % Change | FY2024-25 | FY2025-26 | % Change | FY2024-25 | FY2025-26 | % Change | |
| Passenger | 5.06 | 5.54 | 9.4% | 4.30 | 4.64 | 7.9% | 0.77 | 0.91 | 17.5% |
| Vehicles* | |||||||||
| Commercial | 1.03 | 1.17 | 13.1% | 0.96 | 1.08 | 12.6% | 0.08 | 0.09 | 17.4% |
| Vehicles | |||||||||
| Three-Wheelers | 1.05 | 1.30 | 23.9% | 0.74 | 0.84 | 12.8% | 0.31 | 0.46 | 50.1% |
| Two-Wheelers | 23.88 | 26.69 | 11.8% | 19.61 | 21.71 | 10.7% | 4.20 | 5.18 | 23.4% |
| Grand Total | 31.04 | 34.71 | 11.8% | 25.61 | 28.27 | 10.4% | 5.36 | 6.65 | 24.0% |
* BMW, Mercedes, JLR and Volvo Auto data are not available.
Source: Society of Indian Automobile Manufacturers (SIAM), Press Release of 14th April 2026.
Channel health improved throughout the year. As per the Federation of Automobile Dealers Association data cited by ICRA, passenger-vehicle inventory at the dealership level eased to approximately 28 days by March 2026, compared with 60 days as of September 2025 and 52-53 days at the end of March 2025. This reduction signals stronger retail offtake relative to wholesale dispatches and supports a more disciplined production cadence for Tier-1 component suppliers entering FY2026-27.
Exports added a second leg to the year. Passenger vehicles, two-wheelers and three-wheelers all delivered double-digit export growth, supported by steady demand from the Middle East, Africa and Latin America: passenger-vehicle exports reached an all-time high of 0.905 million units, up 17.5%; two-wheeler exports recorded their highest-ever financial-year tally of 5.18 million units, up 23.4%; and three-wheeler exports grew 50.1% to approximately 0.46 million units.
Indias transition to electric mobility is reshaping the automotive ecosystem—creating a multi-decade opportunity driven by innovation, localisation, and technology-led value creation.
Beneath the volume narrative, FY2025-26 confirmed structural shifts that bear directly on the kit-value premiumisation pillar of Companys strategy. Electric passenger-vehicle registrations grew by more than 80% over the prior year, and independent consumer research points to rising consumer openness to electrified powertrains, alongside a strong willingness to pay for safety-led connected features — framing the design priorities for Tier-1 suppliers in cockpit electronics, driver-information systems, and software-defined vehicle architectures.
1.5 Electric Vehicle Market in India
India has emerged as one of the worlds most distinctive electric-vehicle markets; high-volume, two- and three-wheeler-led, and structurally different from the passenger-car-centric transitions of China, Europe, and North America. Electric-vehicle registrations reached a record 2.55 million units in FY2025-26, up approximately 25% from 2.04 million in FY2024-25 and compounding at approximately 77% annually over the five years from FY2020-21s base of 0.15 million units; the cumulative electric-vehicle parc crossed 9.2 million units. The composition of this volume tells that electric two-wheelers account for roughly three-fifths of annual registrations, while three-wheelers, a segment in which India is the largest electric market in the world as per the International Energy Agencys Global EV Outlook, crossed 60% electric penetration of new three-wheeler registrations in FY2025-26, making it the first vehicle category in India where electric is the default choice. Electric passenger vehicles, though a smaller base, were the fastest-growing category, with registrations up more than 80% during the year, and the opening months of FY2026-27 sustained the momentum, with over 0.52 million registrations by 31st May 2026.
The policy architecture underpinning this transition is layered and increasingly execution focused. Demand incentives migrated from the FAME-II scheme to the PM E-DRIVE scheme (outlay of Rs.1,09,000 Million), which supports electric two-wheelers, three-wheelers, ambulances, trucks, and charging infrastructure. On the supply side, the Production-Linked Incentive scheme for Automobiles and Auto Components (outlay of Rs.2,59,380 Million) and the PLI scheme for Advanced Chemistry Cell battery storage are localising the electric value chain, from cells and battery packs to traction motors and power electronics, while GST rate differentials continue to favour electric vehicles relative to internal-combustion- engine equivalents. State-level EV policies, clean-mobility mandates for fleet and last-mile segments, and the steady build-out of charging infrastructure complete the framework, and progressive indigenisation norms under these schemes are structurally advantaging component manufacturers with domestic design and manufacturing depth.
The outlook is one of sustained, segment-led compounding rather than a single inflexion. NITI Aayogs aspiration of 30% electric penetration in new sales by 2030, read against the FY2025-26 run-rate, implies an electric two-wheeler and three-wheeler market of several million units annually by the end of the decade, with commercial fleets, last-mile logistics, and urban buses electrifying fastest and private passenger cars following as charging density and price parity improve. Importantly for the component industry, this is a two-speed transition: internal-combustion-engine volumes continue to grow even as electric penetration compounds, so the opportunity is additive rather than substitutive over the medium term. Each point of electric penetration carries disproportionate value migration, battery management systems, on-board chargers, DC- DC converters, motor controllers, high-voltage wiring harnesses, and connected-vehicle electronics represent kit values materially higher than their internal-combustion counterparts, positioning suppliers with proven EV- specific electronics portfolios to grow structurally faster than underlying vehicle volumes.
1.6 Indian Auto-Component Industry
The Indian auto-component industry entered FY2025- 26 with structural strength tempered by cyclical and geopolitical headwinds. Industry turnover is estimated to have crossed US$80 Billion in FY2025-26, continuing a run of approximately 14% compounded annual growth over the preceding five years as the post-pandemic recovery, premiumisation, localisation, and exports converged. The sector contributes 2.3% to the national gross domestic product and 25% to the manufacturing gross domestic product and employs over 5 million people.
Demand is split across three end-markets. Domestic Original Equipment Manufacturer (OEM) supplies contributed approximately 54% of FY2024-25 industry turnover (10% year-on-year growth); the aftermarket grew 6%; and exports grew 8%. Indias vehicle parc — the stock of vehicles in use — is expected to expand from approximately 333 million units to 430-435 million units by FY2029-30, structurally lifting aftermarket demand.
Two-Speed Powertrain Transition and Export Aspiration
India is in a rare two-speed transition to powertrains. Electric-vehicle (EV) registrations rose from approximately
0.14 million units in FY2020-21 to 1.78 million units in FY2024-25, taking penetration from 0.8% to 7.3%; internal-combustion-engine registrations simultaneously compounded at approximately 7% to 225.9 million units, indicating ICE volumes remain well short of peak. Government measures supporting this dual trajectory include the GST reduction in the tax rate on small cars from 28% to 18%, the FAME-II scheme, and the Production-Linked Incentive (PLI) Scheme with an outlay of Rs.2,59,380 Million.
On exports, the medium-term aspiration is substantial.
The Boston Consulting Group and Automotive Component Manufacturers Association of India February 2026 study captures the industrys collective FY2029-30 ambition at US$100 Billion, a 4.3-times expansion from the FY2024- 25 base of US$22.90 Billion. 80% of surveyed global Chief Procurement Officers express willingness to source from India, conditional on faster new-product development, zero-defect quality and shorter lead times — capabilities best addressed through Smart Factory adoption.
Outlook
The combined outlook for FY2026-27 across the Indian automotive value chain is one of moderated but structurally healthy growth. The vehicle industry enters the year on a firm footing: dealership inventories of approximately 28 days (against 52-53 days a year earlier, per FADA data cited by ICRA) point to genuine retail pull, while the full-year effect of GST 2.0 rate rationalisation, lower interest rates, and income-tax relief continues to support affordability on FY2025-26s record base. Electrification remains the fastest-compounding demand vector within this; the opening two months of FY2026-27 recorded over 0.52 million electric-vehicle registrations (VAHAN, as of 31st May 2026), with three-wheelers past the electric tipping point and two-wheeler electrification broadening, sustaining the two-speed powertrain transition in which internal-combustion volumes grow even as electric penetration compounds towards NITI Aayogs 30%-by-2030 aspiration.
For the auto-component industry, this translates into revenue growth ahead of underlying vehicle volumes, supported by kit-value premiumisation, rising electronics content per vehicle, the localisation pull of the PLI schemes and indigenisation norms, and the export opportunity framed by the BCG-ACMA FY2029-30 aspiration of US$100 Billion. The principal risks to this outlook are external: elevated energy prices and logistics uncertainty arising from the West Asia conflict, rare-earth magnet supply constraints affecting electric- motor programmes, and residual trade-policy volatility notwithstanding the interim India-US tariff arrangement. The structural underpinnings, however, remain intact, a vehicle parc expanding towards 430-435 million units by FY2029-30, premiumisation across segments, and a policy stack aligned behind localisation, supporting a multi-year growth runway for suppliers positioned in electronics, EV systems, and software-led product categories.
2. Company Snapshot
Minda Corporation Limited (referred to as Minda Corporation or the Company) is the flagship company of the Spark Minda Group and one of Indias leading automotive component manufacturers. Incorporated in 1985 and headquartered in Noida, the company has grown over four decades into a multi-product, multivertical Tier-1 supplier with a pan-India manufacturing footprint, an established presence across ASEAN, Japan, and Europe, and a diversified customer base spanning two-wheelers, three-wheelers, passenger vehicles, commercial vehicles, off-road vehicles, and the after-market.
The Company operates across six business verticals: Vehicle Access Systems, Electrical Distribution Systems, Driver Information Systems, Lightweighting and Plastics, Electric Vehicle Systems and Electronics, and Power T rain Systems, anchored by the Flash Electronics associate. These verticals are supported by 42 manufacturing plants, a workforce of over 23,000 people, two advanced technology centres, seven engineering centres, an in-house engineering headcount of more than 1,000+, and a patent portfolio of 330 filings of which 147 have been granted as on 31st March, 2026. The depth of this engineering and manufacturing footprint is the foundation on which the Companys Vision 2030 strategy has been built.
Six business verticals, one integrated architecture. From vehicle access to EV electronics, our footprint is structured so that every vertical participates in the same shift, from components to complete systems.
2.1 Global Footprint and Business Verticals
Companys manufacturing and engineering footprint is structured to serve a diverse customer base across geographies and vehicle segments. Of the 42 manufacturing plants, the majority are located across the principal automotive clusters of India, Pune, Pantnagar, Gurugram, Noida, Bawal, Chennai with international operations in Indonesia and Vietnam. Our global footprint is a strategic response to the reallocation of value pools in the global supply base. Our facilities in Vietnam and Indonesia, supported by a design centre in Japan, function as Strategic Design Hubs. These hubs ensure supply chain resilience and enable us to participate in global OEM platforms from the design stage, delivering localised electronics that meet regional regulatory requirements.
The six business verticals operated by the Company are summarised below. Detailed segmental performance commentary is provided in Section 4 of this Management Discussion and Analysis.
| Business Vertical | Description and Customer Reach |
| Vehicle Access Systems | Locksets, latches, hinges, security systems, smart key systems, and integrated access modules. Serves two-wheelers, passenger vehicles, commercial vehicles, and off-highway equipment |
| Electrical Distribution Systems | Wiring harnesses, terminals, connectors, and high-voltage harness systems for internal- combustion-engine and electric vehicle applications. Anchor vertical by revenue contribution; serves all four-wheeler and two-wheeler segments. |
| Driver Information Systems | Instrument clusters, head-up displays, telematics devices, fleet management solutions, smart electronics, and software-defined cockpit components. |
| Lightweighting and Plastics | Aluminium die-castings, precision-machined components, and engineered plastics. Serves passenger vehicles, commercial vehicles, two-wheelers, and the after-market |
| Electric Vehicle Systems and Electronics | Battery management systems, on-board chargers, DC-DC converters, motor controllers, and EV-specific electronic architectures. Strategic vertical with disproportionate kit-value expansion potential |
| Power Train (anchored by Flash Electronics — 49% associate) | Traction motors (axial-flux, BLDC, PMSM), motor controllers, vehicle control units, magnetos, alternators, regulator-rectifiers, and on-board chargers. Serves two-wheelers, three-wheelers, passenger vehicles, and commercial vehicles across ICE and electric architectures. Anchored by the Flash Electronics associate and the Turntide Technologies joint venture |
Source: Minda Corporation Limited, Vision 2030 Investor Day Presentation, September 2025.
2.2 Strategic Partnerships at a Glance
Companys growth strategy is supported by a portfolio of strategic partnerships and joint ventures that bring complementary capabilities, customer access, and technological depth. The partnership ecosystem reached a critical mass in FY2026, transitioning from "agreements" to "revenue engines." Key milestones include the integration of Flash Electronics (EV power electronics) and the Toyodenso JV (advanced switches). Additionally, we strengthened our global technology stack through a new UK-based JV with Turntide.
| Partner | Status | Strategic Rationale |
| Flash Electronics | 49% Associate | Adds power-electronics capability: magnetos, alternators, regulator-rectifiers, on-board chargers, and EV power electronics. |
| Toyodenso | 60:40 JV | A joint venture for advanced switches across the segment was announced in June 2025. Greenfield plant under construction in Noida; |
| HCMF | 50:50 JV | Joint venture for Sunroof & Power lift gate manufacturing operations in Pune. |
| Turntide Technologies | 49:51 JV | Joint venture for high-voltage motor controllers, electric vehicle motors, and thermal-management pumps, announced March 2026 |
| VAST Access Systems | 50:50 JV | Vehicle access systems; door handle, flush door handle etc |
| INFAC Elecs | 51:49 JV | Electronic components, including development and manufacturing of automotive antenna systems, are in the ramp-up phase |
| Stoneridge Inc. | TLA | Technology in clusters and sensors |
| EVQPOINT Solutions | TLA | EV Charging solution equipment, (EVSE) and offboard charger technology |
| SANCO Connecting Technology | TLA | A technology licensing agreement in the Electrical Distribution Systems vertical, providing capability extension in specific harness sub-segments, including charging gun assemblies, bus bars, PDUs and BDUs |
3. Strategic Review
3.1 FY2026 - Driving the Systems Shift and Unlocking New Value
FY2026 is a decisive turning point for Minda Corporation — the start of Year One of Vision 2030 and a formal reset of our strategic architecture: SYSTEMS IN MOTION. VALUE IN PROGRESS. This shift represents our transition from providing mechanical "limbs" to delivering the "Brains and Nerves" of the modern vehicle. By moving beyond a component manufacturer to an integrated System Solution Provider, we are now more deeply embedded in the vehicles core technology stack, helping architect the next layer of mobility.
FY2025-26 demonstrated that the strategy is translating into measurable financial outcomes. Consolidated revenue from operations for the year ended 31st March 2026 stood at Rs.61,853 Million, registering a year-on-year growth of 22.3%. EBITDA grew 25.5% year-on-year to ^7,211 Million, with EBITDA margin expanding by 29 basis points to 11.7%.
3.2 Vision 2030 - The Strategic Framework
Vision 2030 articulates Companys long-range strategic intent through to FY2030. It is structured around five strategic pillars and four headline financial targets. The framework was unveiled to investors and analysts at the September 2025 Investor Day in Pune and has been reaffirmed in each subsequent quarterly engagement with the financial community.
3.2.1 The Five Strategic Pillars
Pillar 1 - Investment in Existing Businesses: sustaining and accelerating growth in our six core verticals through capacity expansion and capability deepening.
Pillar 2 - New Market Export Focus: tripling exports from India and from our plant locations in Indonesia and
Vietnam over the Vision 2030 horizon, reaching Rs.15,000 Million by FY2030.
Pillar 3 - Premiumisation of Existing Products: doubling kit value and achieving multi-fold growth in kit values across segments. The trend towards premium and electric vehicles is the structural enabler for this pillar.
Pillar 4 - New Product Launches: building the new products, including sunroof, power tail gate, advanced switches, motor & motor controller, and other EV products.
Pillar 5 - Investment into R&D (The SMIT Evolution): r&d investment is the structural engine for our "Systems Shift," which will pioneer intelligent, smart, and sustainable solutions, including ADAS, high-performance computing, and advanced cybersecurity.
3.2.2 The Four Financial Targets
Vision 2030 articulates four headline financial targets for FY2030. These targets translate the strategic pillars into measurable shareholder value outcomes:
| Metric | FY25 Baseline | FY30 Target | Implied Trajectory |
| Consolidated Revenue | Rs.50,562 Million | Rs.1,75,000+ Million | 3.5x growth;
28% revenue CAGR |
| EBITDA Margin | 11.4% | >12.5% | Margin expansion |
| Net Debt-to-Equity | 0.6x | 0.3x (near debt-free) | Halving of net leverage |
| Return on Capital Employed | 23.1% | >25% | ROCE expansion |
3.3 Capital Allocation Framework
The capital allocation framework that supports Vision 2030 is structured around three sequential priorities.
First, organic capital expenditure to expand and modernise Companys manufacturing footprint in line with customer order books and platform-specific requirements. Second, deleveraging to support the FY30 trajectory of the net Debt-to-Equity ratio of 0.3x. Third, return of capital to shareholders through a sustainable dividend policy. Selective inorganic capital deployment, illustrated by the Flash Electronics acquisition, is treated as a fourth, opportunistic priority that may be invoked when a clearly strategic asset becomes available at terms accretive to long-term shareholder value.
On the organic capital expenditure side, Company has articulated a five-year plan of approximately Rs.20,000 Million across FY2025-26 through FY2029-30. This plan funds the construction of greenfield facilities, brownfield expansion at existing manufacturing locations, and the technology investments required for the new product platforms in the Vision 2030 pipeline. Of this five-year plan, FY2025-26 represents the first tranche; capital expenditure of over Rs.4,130 Million was deployed in the financial year ending 31st March 2026, in line with the plan of approximately Rs.4,000 Million.
4. Business Vertical Performance
We operate across six business verticals, architected to deliver integrated technology platforms. Company is increasingly recognised as the "Preferred Supplier" by major global OEMs for our "bespoke electronics" capabilities. We leverage the SMIT ecosystem to design tailored vehicle architectures, from high-resolution digital clusters to complete EV powertrain electronics, specifically engineered for the unique demands of emerging markets. This Section provides detailed performance commentary for FY2025-26, with depth allocated approximately in line with each verticals contribution to consolidated revenue.
As an overarching note, FY2025-26 was a constructive year for all six verticals, with measurable progress on customer wins, product launches, and capacity additions across the portfolio. Vertical-level segmental performance is reported in line with the Indian Accounting Standard 108 disclosures elsewhere in this Annual Report; this section presents commentary at the level of managements operational verticals, which differs from the statutory segment classification (Mechatronics & Aftermarket; Information & Connected Systems).
4.1 Vehicle Access Systems
4.1.1 Vertical Description
The Vehicle Access Systems vertical is one of Companys historical strengths and the foundation of the broader Spark Minda Groups brand equity in the Indian automotive industry. The vertical manufactures locksets, latches, hinges, smart key systems, immobilisers, and integrated access modules for the full breadth of the automotive industry, two-wheelers, passenger vehicles, commercial vehicles, off-highway equipment, and the after-market. The kit value per vehicle in this vertical has been on a structural upward trajectory, driven by the migration from mechanical lock-and-key systems to electronic and smart access systems, including remote keyless entry, push-button start, and increasingly connected access systems integrated with telematics and smartphone-based access.
The vertical operates from multiple manufacturing locations across India and supports an established after-market business that complements the original equipment business. The verticals competitive position is supported by deep customer engineering relationships, a comprehensive product portfolio, and ongoing investment in the smart access and connected access categories.
4.1.2 FY2026 Performance Commentary
Vehicle Access Systems delivered solid growth in FY2025-26, supported by the broader recovery of the two-wheeler segment, the continued premiumisation of the passenger vehicle segment, and the gathering pace of smart access system adoption across vehicle categories. The product mix shift towards smart access systems, which carry materially higher kit values than traditional mechanical systems, was a meaningful contributor to revenue growth in the vertical. The "Systems Shift" is delivering the "proof of the pudding" through exponential expansion of kit value.
4.1.3 Operational Highlights
Operational highlights included continued investment in the smart key and connected access categories, the extension of the after-market product portfolio, and the deepening of customer relationships across the twowheeler and passenger vehicle segments. The verticals manufacturing footprint underwent ongoing modernisation through automation and digital manufacturing initiatives across multiple plant locations.
4.2 Electrical Distribution Systems
4.2.1 Vertical Description
In the architecture of modern vehicles, our Electrical Distribution Systems (EDS) serve as the "Nervous System," integrating complex high-voltage systems for EVs. When unified with our Information and Connected Systems (ICS) — the vehicles "Digital Brain" — we provide a cohesive electronic backbone. This integration allows us to transition from standalone gauges to advanced Cockpit Domain Controllers, capturing significantly higher content per vehicle. The vertical manufacturers wiring harnesses, terminals, connectors, junction boxes, and increasingly high-voltage harness systems for electric vehicle applications. Wiring harnesses are mission- critical components that integrate every electrical and electronic system in a vehicle. The kit-value per vehicle in this vertical has been on a structural upward trajectory driven by three forces: the growing electrical content per vehicle, the migration from internal-combustion-engine to electric powertrains (which materially increases harness complexity and copper content), and the proliferation of advanced electronic systems, including driver assistance, telematics, and connected services.
The verticals customer base spans every segment of the Indian automotive industry, from leading two-wheeler and three-wheeler original equipment manufacturers (where Company holds scale leadership) to passenger- and commercial-vehicle programmes. The product mix is increasingly weighted towards higher-value premium and electric-vehicle harnesses, complementing the foundation of the high-volume two- and three-wheeler harness business.
4.2.2 FY2026 Performance Commentary
Electrical Distribution Systems delivered another year of robust growth in FY2025-26, anchoring Companys consolidated revenue progression. Volume growth was supported by the broad-based recovery in two-wheeler and three-wheeler production, the continued ramp-up of electric vehicle programmes among leading two-wheeler original equipment manufacturers (where Company is the harness supplier across multiple platforms), and the expanding kit value per vehicle across passenger and commercial vehicle programmes.
The margin trajectory in the vertical was supported by the gradual stabilisation of copper input costs, operational leverage from higher volumes, and ongoing cost-engineering initiatives at the manufacturing level.
The verticals inherently higher working-capital intensity, driven by the long lead times of copper procurement and the complexity of platform-specific harness inventories, was actively managed through tighter operational discipline.
4.3 Driver Information Systems
4.3.1 Vertical Description
The Driver Information Systems vertical manufactures instrument clusters, head-up displays, telematics devices, fleet management solutions, smart electronics, and increasingly software-defined cockpit components. The vertical sits at the intersection of mechanical engineering, electronics, and software. It is one of the categories with the largest kit-value expansion potential as the industry transitions towards software-defined vehicles, augmented-reality interfaces, and connected services. Customer engagement in this vertical involves deep multi-disciplinary collaboration with original equipment manufacturer engineering teams.
4.3.2 FY2026 Performance Commentary
The Driver Information Systems vertical delivered a positive year, supported by the continued premiumisation of the instrument cluster segment, the expansion of telematics and connected services penetration across the two-wheeler and passenger-vehicle segments, and active customer engagement with next-generation cockpit platforms. The lifetime order book commentary disclosed in the FY2025-26 stage highlighted multiple platform- specific instrument cluster wins from leading original equipment manufacturers, providing forward visibility for the vertical.
4.4 Lightweighting and Plastics
4.4.1 Vertical Description
The Lightweighting and Plastics vertical manufactures aluminium die-castings, precision-machined components, and engineered plastic parts for the automotive industry. The verticals products serve passenger vehicles, commercial vehicles, two-wheelers, and the aftermarket across a range of applications. Lightweighting is a strategic priority for original equipment manufacturers across all powertrain types, internal-combustion-engine, hybrid, and electric. It supports the broader objectives of improving fuel efficiency in conventional vehicles and optimising range in electric vehicles.
4.4.2 FY2026 Performance Commentary
Lightweighting and Plastics delivered a positive year, supported by the broader automotive industry recovery, sustained demand from passenger and commercial vehicle programmes, and ongoing operational improvements at the verticals manufacturing locations. The product mix benefited from the continued migration of vehicle structures towards aluminium and engineered- plastic components, particularly in segments where weight reduction directly translates into fuel efficiency or range improvements.
4.4.3 Operational Highlights and Outlook
The vertical continued investment in process modernisation, automation, and quality systems throughout the year. The outlook for the vertical is supported by the structural shift towards lighter vehicles across all powertrain categories and the continued expansion of the passenger vehicle and commercial vehicle parcs in India. As a complement to the broader Spark Minda product offering, the vertical provides operational diversification and complements the higher- electronics-content verticals.
4.5 Electric Vehicle Systems and Electronics
4.5.1 Vertical Description
The Electric Vehicle Systems and Electronics vertical is our strategic focus, which we have been building over the past several years. The vertical manufactures battery management systems, on-board chargers, DC- DC converters, motor controllers, and electric-vehicle- specific electronic architectures. The vertical is structured to address the rapid scaling of the Indian electric-vehicle market across the two-wheeler, three-wheeler, and fourwheeler segments. Kit value per vehicle in the electric powertrain category is materially higher than in equivalent internal-combustion-engine vehicles, supporting disproportionate revenue expansion as electrification accelerates.
4.5.2 FY2026 Performance Commentary
The Electric Vehicle Systems and Electronics vertical continued to scale through FY2025-26, supported by the rapid growth of the electric two-wheeler segment, the accelerating adoption of electric three-wheelers, and the early-stage scaling of electric passenger-vehicle programmes. The verticals product portfolio evolved from foundational battery management systems and onboard chargers to a more comprehensive offering that encompasses the broader electric powertrain architecture.
4.5.3 Operational Highlights
The signature operational development for the vertical in FY2025-26 was the announcement on 10th March 2026, of a 49:51 joint venture with Turntide Technologies. The Turntide joint venture is dedicated to manufacturing high-voltage motor controllers, electric vehicle motors, and thermal-management pumps, a portfolio of products that materially deepens Companys electric powertrain capability and positions the vertical to address the scaling of the commercial and passenger vehicle electric segments. The joint venture builds on the existing Flash Electronics associate relationship in power electronics and represents the next layer of capability-building in the electrification value chain.
Other operational highlights for the vertical included sustained customer engagement on EV-specific platforms with leading two-wheeler and three-wheeler original equipment manufacturers, continued technology investment in advanced battery management and motor-control architectures, and ongoing development collaboration with Flash Electronics on the integrated power-electronics offering.
4.5.4 Outlook
The outlook for the Electric Vehicle Systems and Electronics vertical is structurally the most attractive of Companys six verticals on a multi-year view, given the secular shift of the Indian automotive industry towards electrification. Vision 2030 considers this vertical a meaningful contributor to the targeted revenue trajectory through FY2030. The Turntide joint venture and the existing Flash Electronics associate relationship together provide a comprehensive electric powertrain capability that is differentiated from most domestic competitors.
4.6 Flash Electronics - Associate company
In line with the materiality of Flash Electronics to Companys broader strategic position, this Sub-section provides a dedicated treatment of the FY2025-26 performance of Flash Electronics Private Limited. Flash is a 49% associate of Minda Corp, acquired in January 2025.
Flash Electronics manufactures magnetos, alternators, regulator-rectifiers, on-board chargers, and electric- vehicle power electronics, a product portfolio that is highly complementary to Companys existing six verticals and materially deepens the power-electronics capability of the broader Spark Minda Group. The customer base of Flash overlaps significantly with Companys customer base in the two- and three-wheeler segments, providing a foundation for cross-selling, joint platform engagement, and shared procurement efficiencies.
Every vertical tells the same story at a different scale: rising content per vehicle, deepening customer engineering relationships, and a product mix shifting from mechanical to electronic to software-defined.
Flash recorded revenue of approximately Rs.18,028 million in FY2025-26, with an EBITDA margin of 17.2% and a Profit After Tax margin of 7.6%. The FY outturn reflected the foundation revenue base of the underlying business, as well as the early-stage absorption of the rare-earth magnet supply situation, which affected one of the product lines throughout the period.
The rare-earth magnet supply constraint is an industrywide issue affecting the magnetos product line and is being managed through alternative sourcing arrangements that are being scaled up gradually. Notwithstanding this transient operational headwind, the strategic logic of the Flash Electronics investment, capability deepening in power electronics, customer- base reinforcement, and positioning for the electrification transition, continues to be supported by the FY2025-26 execution evidence.
From a financial reporting perspective, Flash Electronics contribution to Companys results is reflected in the equity-method line in the consolidated Profit and Loss Statement (share of associates profit/loss). Flashs revenue does not appear in Companys consolidated revenue from operations; instead, Flashs revenue is captured separately in the memorandum group revenue figure (which includes associates and joint ventures).
SWOT Analysis
Strengths
1. Technological Leadership: Minda Corporations advanced R&D capabilities, anchored in the Spark Minda Technical Centre, seven engineering centres and a patent portfolio of 330 filings (147 granted), enable it to deliver cutting-edge solutions such as smart access systems, software-defined cockpit electronics and EV power electronics, helping it stay ahead of the innovation curve as SMIT 2.0 progresses towards SMIT 3.0.
2. Robust Manufacturing Network: With 42 manufacturing plants across India and international operations in Indonesia and Vietnam, supported by a design centre in Japan functioning as a Strategic Design Hub, the Company maintains high production agility, supply chain resilience and the ability
to participate in global OEM platforms from the design stage.
3. Strong OEM Relationships: Long-term partnerships with leading two-wheeler, three-wheeler, passenger vehicle and commercial vehicle manufacturers provide consistent business visibility and reinforce the Companys position as a reliable Tier-1 supplier. Lifetime order book additions of approximately Rs.1,00,000 Million during FY2025-26 further strengthen multi-year revenue visibility.
4. Diversified Product Portfolio: A well-balanced offering across the six business verticals of Vehicle Access Systems, Electrical Distribution Systems, Driver Information Systems, Lightweighting and Plastics, and Electric Vehicle Systems and Electronics, together with the powertrain platform anchored by Flash Electronics, reduces reliance on any single product line, powertrain type or technology trend.
5. Strategic Acquisitions and Alliances: The first full year of the Flash Electronics associate, joint ventures with Toyodenso for advanced switches, HCMF for sunroof systems and Turntide Technologies for EV motors and controllers, the technology licensing agreement with SANCO in electrical distribution strengthen the Companys technological capabilities, broaden its platform offerings and facilitate entry into high-growth automotive domains.
Weaknesses
1. Operational Complexity: Managing a large and globally distributed manufacturing and engineering footprint, now spanning 42 plants and several joint venture programmes under simultaneous execution, presents supply chain, cost and compliance challenges that can potentially impact efficiency and consistency.
2. Financial Exposure from Strategic Investment: continued capital investments in emerging technologies, infrastructure, and acquisitions may increase leverage and expose the business to execution risk if returns do not materialise as expected.
3. Acquisition Integration Risks: Integrating the aligning multiple new joint ventures with the Companys operational model may temporarily divert management bandwidth from core functions during their construction and ramp-up phases.
Opportunities
1. Electrification and Green Mobility: With EV registrations in India at record levels and a two-speed powertrain transition underway, the Companys portfolio of EV systems, high-voltage harnesses and powertrain electronics, deepened through Flash Electronics and Turntide, positions it to capture disproportionate kit-value expansion as electrification accelerates.
2. Exports and Emerging Markets Growth: The auto component industrys collective export aspiration of US$100 Billion by FY2029-30, rising vehicle penetration across Southeast Asia and Africa, and the Companys Vision 2030 target of tripling exports to Rs.15,000 Million, present a structural second growth engine beyond domestic volumes.
3. Supportive Government Policies: Incentives under the PM E-DRIVE scheme, the Production-Linked Incentive schemes for Auto and Components and for Advanced Chemistry Cells, GST 2.0 rate rationalisation and progressive indigenisation norms provide a favourable environment for capacity expansion and technological localisation.
4. Vehicle Connectivity and Premiumisation: The increasing demand for connected vehicle solutions, ADAS modules, digital cockpits and software- defined architectures, alongside new product categories such as sunroofs and power tailgates approaching Start-of-Production, offers significant kit-value and product extension opportunities.
Threats
1. Global Geopolitical and Economic Uncertainty:
Geopolitical tensions in West Asia, elevated energy prices and residual trade policy volatility could dampen automotive demand and disrupt logistics in key markets, affecting the Companys order book and profitability.
2. Intensifying Competition: The global auto components space is highly competitive, with pricing pressures, rapid product cycles and continuous innovation placing sustained pressure on margins and market share.
3. Input Cost Volatility and Supply Concentration:
Cost escalation of 30 to 40% in key raw materials such as copper, zinc and aluminium during FY2025- 26, together with the industry-wide rare-earth magnet supply constraint, may raise the cost base despite contractual pass-through mechanisms with customers.
4. Technology Obsolescence: Rapid technological shifts and evolving OEM architecture preferences could render certain product lines outdated, requiring sustained investment in research and development and disciplined product lifecycle management.
5. Financial Performance
5.1 Five-Year Financial Summary
The five-year financial summary places FY2025-26 within the multi-year compounding trajectory that has characterised Company. Over the FY2021-22 through FY2025-26 period, Company delivered a compound annual growth rate of approximately 20% in revenue, approximately 25% in EBITDA, and approximately 17% in Profit After Tax. The five-year average Return on Capital Employed exceeded 18%, and the cumulative shareholder return over the same period exceeded 500% [TSR figure to be verified], reflecting the compounding effect of multi-year operational delivery.
| Metric ( Rs. Million unless stated) | FY22 | FY23 | FY24 | FY25 | FY26 |
| Revenue from Operations (Consolidated) | 29,759 | 43,001 | 46,511 | 50,562 | 61,853 |
| Revenue Growth (% YoY) | 25.7 | 44.5 | 8.2 | 8.7 | 22.3 |
| EBITDA | 2,946 | 4,615 | 5,144 | 5,748 | 7,211 |
| EBITDA Margin (%) | 9.9 | 10.7 | 11.1 | 11.4 | 11.7 |
| Profit After Tax | 1,919 | 2,845 | 2,272 | 2,554 | 3,583 |
| PAT Margin (%) | 6.4 | 6.6 | 4.9 | 5.1 | 5.8 |
| EPS - Basic ( Rs.) | 8.2 | 12.1 | 9.7 | 10.9 | 15.0 |
| Capex (annual) | 1,077 | 2,488 | 2,781 | 3,420 | 4,130 |
5.2 Revenue Performance Commentary
Consolidated revenue from operations for FY2025-26 was Rs.61,853 Million, growing 22.3% year-on-year over Rs.50,562 Million in FY2024-25, the Companys highest-ever annual revenue. The growth was broad-based across business verticals, with each of the six operational verticals contributing positively, and was distributed across the four quarters with progressive momentum: Q1 Rs.13,858 Million (+16.2% year-on-year), Q2 Rs.15,354 Million (+19.0%), Q3 Rs.15,603 Million (+21.4%), and Q4 Rs.17,038 Million (+28.9%). The Q4 outturn was particularly significant, being the highest-ever quarterly revenue in Companys history, growing -24.6% sequentially over Q3, and outperforming the underlying auto industry growth.
The quality of revenue growth is reflected in three observations. First, the growth was supported by both volume expansion and product premiumisation across all major segments. Management estimated that a meaningful portion came from premiumisation and new product addition, with the remainder coming from underlying volume growth, increased customer penetration, and new customer additions - confirming the diversified character of revenue growth. Third, Companys lifetime order book additions during FY26 totalled approximately Rs.1,00,000 Million, of which approximately 20% are from export orders, providing forward visibility on multi-year revenue progression.
Diversified by customer, segment, vertical, and geography and governed by an enterprise risk framework that treats resilience as a design principle, not a response.
5.3 Profitability Commentary
EBITDA for FY2025-26 was Rs.7,211 Million, growing 25.5% year-on-year over Rs.5,748 Million in FY2024-25, the Companys highest-ever annual EBITDA. EBITDA margin expanded by 29 basis points year-on-year to 11.7%, with sequential margin expansion through the year from 11.3% in Q1 to 11.9% in Q4. Margin expansion was supported by operational leverage from higher volumes, deliberate cost discipline at the conversion-cost and people-cost levels, the gradual stabilisation of certain input prices, and the continued improvement in the product mix as premium and electric-vehicle programmes scaled up. These positive levers more than offset the FY26 commodity inflation environment in which key raw materials like copper, zinc, and aluminium have experienced cost escalations of 30 to 40% on a year-on-year basis; the majority of this escalation is passed through to customers under contractual arrangements, though such passthrough carries no profit element and therefore does not contribute proportionately to EBITDA.
Profit Before Tax for FY2025-26 was Rs.3,835 Million, growing 14.2% year-on-year over Rs.3,356 Million in FY2024-25. in Q4 FY 26 PBT of Rs.1,234 Million was 90.2% higher year-on-year and 27.9% higher quarter- on quarter, reflecting the operational leverage on Q4s record revenue.
Profit After Tax for FY2025-26 was Rs.3,583 Million, growing 40.3% year-on-year over Rs.2,554 Million in FY2024-25, Companys highest-ever annual Profit After Tax. The PAT margin of 5.8% represents a 74-basis-point expansion year-on-year. Q4 FY26 PAT of Rs.1,240 Million grew 138.3% year-on-year, reflecting the combination of revenue growth, EBITDA margin expansion, and a favourable comparison base. Share of profit from associates for FY2025-26 was approximately Rs.811 Million.
India Ratings and Research, in its 8th August 2025 affirmation of the IND AA / Stable rating for the Company, recognised the strategic logic of the Flash acquisition and the credibility of the deleveraging trajectory; CRISIL Ratings upgraded the Company to AA / Stable outlook, similarly citing the deleveraging thesis as a supporting factor in the credit profile.
The pathway to deleveraging is articulated in Vision 2030, with the FY2030 target of a net Debt-to-Equity ratio of 0.3x. The trajectory contemplates organic free cash flow generation funding both the capital expenditure plan and the gradual reduction of net debt over the Vision 2030 horizon. The total dividend of 70% ( Rs.1.40 per equity share) declared for FY2025-26 reflects the Boards confidence in the operational free cash flow profile while maintaining the deleveraging trajectory.
5.4 Capital Expenditure
Capital expenditure for FY2025-26 was Rs.4,130 Million, reflecting the scale of the multi-year investment plan articulated within Vision 2030. The deployment funded capacity expansion at existing plants, the construction of greenfield facilities, the clusters that will support future plant expansion.
For FY2026-27, Company expects to deploy capital. This forward capex envelope funds the next tranche of the five-year capital expenditure plan.
Key Ratios:
| Particulars | FY26 | % of Change | FY25 | Reason for Change |
| 1 Debtors Turnover (Days) | 54 | -9% | 59 | Not applicable |
| 2 Inventory Turnover (Days) | 60 | -6% | 63 | Not applicable |
| 3 Interest Coverage Ratio | 5.82 | -26% | 7.84 | Decrease due to increase in finance cost during the year. |
| 4 Current Ratio | 0.94 | 11% | 0.85 | Not applicable |
| 5 Debt-Equity Ratio | 0.46 | -25% | 0.61 | Decrease due to decrease in total debt during the year |
| 6 EBITDA Margin | 11.7% | 2% | 11.7% | Not Applicable |
| 7 Net Profit Margin | 5.8% | 13% | 5.1% | Not Applicable |
| 8 Return on Net Worth | 13.5% | 16% | 11.6% | Not applicable |
| 9 ROCE | 23.1% | 17% | 23.1% | Not applicable |
6. Risk Management and Internal Controls
6.1 Risk Management Framework
Company operates a structured Enterprise Risk Management framework, governed by the Board of Directors through the Risk Management Committee. The framework articulates the risk universe across strategic, operational, financial, regulatory, and information security domains, and is maintained through a periodic risk register reviewed by the Risk Management Committee, most recently in February 2026. It provides a periodic basis for identifying, assessing, mitigating, and monitoring risks at the enterprise level. The principal risks affecting Company in FY2025-26, and the corresponding mitigation approach, are summarised below.
6.2 Strategic Risks
6.2.1 Customer Concentration
As a Tier-1 supplier, Company has a concentrated customer base across the leading original equipment manufacturers in India. While this concentration supports operational efficiency and deep multi-year customer engineering engagements, it also exposes the company to individual customers volume and platform decisions. The risk is managed through deliberate diversification across customer segments (two-wheeler, three-wheeler, passenger vehicle, commercial vehicle, off-highway, aftermarket), business verticals, and, increasingly, international expansion.
6.2.2Technology Transition Risk
The automotive industry is undergoing a multi-decade technology transition, from internal-combustion engines to electric powertrains, from mechanical to electronic and software-defined systems, and from standalone to connected-vehicle architectures. Successful navigation of these transitions is essential for the long-term competitive position of any Tier-1 supplier. The risk is managed through sustained research and development investment (approximately 4% of revenue), strategic partnerships in adjacent capability areas (Flash Electronics, Toyodenso, Turntide, HCMF Sunroof), an active patent portfolio, and the depth of capability across the seven engineering centres and the Spark Minda Technical Centre
6.2.3 Artificial Intelligence and Disruptive Technologies Risk
Artificial intelligence and other disruptive technologies are reshaping both the product and the process landscape of the automotive industry. On the product side, the acceleration of AI-enabled cockpit experiences, advanced driver assistance systems, and software-defined vehicle architectures is shifting value towards software and high-performance computing, while emerging propulsion pathways beyond battery electrification, including hydrogen internal combustion, CNG, and ethanol blends, could alter powertrain demand assumptions over time. On the process side, generative AI is changing engineering productivity, quality analytics, and commercial processes across the supplier ecosystem, and slower adoption than competitors could erode relative cost and speed advantages. The risk of technological leapfrogging or product obsolescence is managed through the progressive adoption of AI and digital tools within engineering, manufacturing, and commercial functions, and continuous monitoring of alternative propulsion technologies to assess associated risks and opportunities.
6.2.4 New Product Profitability Risk
New technology products typically carry a cost differential relative to conventional products during their introduction and ramp-up phases, which can pressure realisations and margins as original equipment manufacturers seek cost reductions or defer migration to premium variants. The risk is managed through a structured categorisation of the product portfolio into legacy, upgraded, and new technology products, target contributions set during the product development phase, the monitoring of projected gross margins against actual contributions after the commencement of supplies, upfront recovery of programme-specific capital expenditure wherever feasible, and a strengthened Product Management Group with clear accountability for quality, cost, and delivery across programmes of strategic importance.
6.2.5 Demand and Macroeconomic Risk
Global demand conditions remain exposed to geopolitical conflicts, trade policy shifts, and regional slowdowns. During FY2025-26, the conflict in West Asia, the evolving tariff environment in the United States, and softness in certain European markets affected the export operating environment. The risk is managed through diversification of export markets, including a sharper focus on the European Union and other alternative markets, dedicated business development engagement in North America, the ASEAN manufacturing footprint serving regional demand, and a domestic business that remains the principal revenue base and benefited from record industry volumes during the year.
6.2.6 Joint Venture and Associate Execution Risk
Companys strategic portfolio includes an active pipeline of joint ventures and associates. The execution of joint venture milestones, including the Toyodenso plant construction, the HCMF Sunroof Start-of-Production, and the Turntide capability build-out, is subject to the standard joint venture execution risks associated with multi-party programmes. The risk is managed through structured governance frameworks at each joint venture, regular operating reviews, and deep integration with the partners engineering and manufacturing organisations
6.3 Operational Risks
6.3.1 Commodity and Input Cost Volatility
Several of Companys product categories are sensitive to commodity input price volatility, most notably copper (used in electrical distribution systems), aluminium (used in lightweighting and plastics, and in select access systems), and rare-earth magnets (used in certain power- electronics products at our Flash Electronics associate). The risk is managed through a combination of contractual pass-through mechanisms with customers, hedging arrangements, alternative sourcing, and active inventory management. The rare-earth magnet supply situation that affected Flash Electronics in parts of FY2025-26 was a specific instance of this risk category.
"Powered by Passion" reflects the collective strength of more than 23,000 people across the Companys manufacturing and engineering network. Their skills, engagement and commitment to continuous learning are enabling Minda Corporation to build the technologies, capabilities and systems that will shape the future of mobility.
6.3.2 Supply Chain Risk
As a Tier-1 supplier integrated into multiple original equipment manufacturer supply chains, Company is exposed to supply chain disruption risks at multiple tiers, from direct suppliers, sub-tier suppliers, logistics providers, and customer plants. The risk is managed through dual-sourcing arrangements, where commercially feasible, deep supplier development engagements, supply chain visibility tools, and inventory buffer strategies for critical inputs. International supply chain risks specific to the auto-component sector, including the recalibration of United States tariff policy, geopolitical tensions in the Asia-Pacific region, and the broader realignment of global trade, were actively monitored throughout the year.
6.3.3 Information Security and Cybersecurity Risk
As Companys products migrate towards software- defined and connected architectures, and as the manufacturing footprint becomes increasingly digitalised, information security and cybersecurity risks become more material. The risk is managed under the ISO/IEC 27001 framework, supported by ongoing investment in security infrastructure, employee training, and incident- response capabilities. Customer-specific cybersecurity requirements (including those required under the United Nations Economic Commission for Europe Regulation 155 framework for connected vehicles) are met through the product development and delivery process.
6.4 Financial Risks
6.4.1 Interest Cost and Net Debt
Following the January 2025 strategic acquisition of the 49% stake in Flash Electronics Private Limited, Companys net debt position and the resulting interest cost have increased relative to the pre-acquisition baseline. FY2025-26 disclosure indicated net debt of approximately Rs.11,650 Million and a net Debt-to-Net Worth ratio of 0.4x. This elevated leverage represents the explicit, disclosed financial cost of the long-term capability addition provided by the Flash investment. The deleveraging trajectory is articulated in Vision 2030, with a FY2030 net Debt- to-Equity target of 0.3x. India Ratings and Researchs August 2025 rating affirmation of IND AA / Stable and the upgrade by CRISIL Ratings to AA / Stable outlook both explicitly recognise the deleveraging thesis.
6.4.2 Working Capital Risk
Companys working capital intensity reflects the underlying business mix, particularly the higher-cycletime inventory required for the wiring harness business and the Tier-1 supplier models receivables cycle. The risk is managed through active working-capital discipline, including supplier financing arrangements, inventory optimisation programmes, and receivables management.
6.4.3 Foreign Exchange Risk
Company has foreign exchange exposure on both revenue (exports) and procurement (imported inputs and capital goods) sides. The exposure is managed through natural hedges (matching currency receivables and payables where possible), forward cover for net residual exposure, and active monitoring of currency movements.\
2.4.4 Investment Carrying-Value and Impairment Risk
Companys balance sheet carries investments in subsidiaries, joint ventures, associates, and other financial assets, including the 49% investment in Flash Electronics Private Limited. The carrying value of these investments is exposed to the underlying performance of the investee entities. The risk is managed through thorough due diligence before any investment is made, consultation with legal and other advisors on regulatory matters, classification of investments in accordance with the applicable accounting standards, and impairment assessment at each balance sheet date, with adequate provisions made wherever required so that the financial statements present a true and fair view of the Companys financial position.
6.5 Internal Financial Controls
We have adequate internal financial controls for the financial statements, designed to provide reasonable assurance regarding the reliability of financial reporting, the prevention and detection of fraud and errors, the accuracy and completeness of accounting records, and the timely preparation of reliable financial information. The internal financial controls framework is reviewed annually by the Audit Committee of the Board of Directors and is tested by the internal auditors and statutory auditors.
The internal control framework is structured around the Committee of Sponsoring Organisations (COSO) reference framework. It covers control activities at the entity, process, and information technology general controls levels.
7. Human Capital
Companys people are the foundation of every operational and strategic outcome described in the preceding sections of this Management Discussion and Analysis. The depth of our engineering capability, the precision of our manufacturing operations, and our relationships with customers, suppliers, and joint venture partners are built and sustained by the more than 18,000 individuals who make up our workforce. This Section sets out the principal Human Capital developments and disclosures for FY2025-26.
7.1 Workforce Composition
As of 31st March 2026, the workforce of Company comprised over 23,000 people, deployed across 42 manufacturing plants in India and across the international operations in Indonesia, Vietnam, the Czech Republic, Spain, and Germany. Of the total workforce, an in-house engineering headcount of more than 900 supports the seven engineering centres and the Spark Minda Technical Centre. The workforce composition reflects the multi-disciplinary nature of a Tier-1 System Solution Provider - manufacturing operators, quality and process engineers, design and development engineers, supply chain professionals, sales and customer-engagement personnel, and corporate functions.
We are among the largest employers in the Indian Tier-1 automotive component industry. We are a Great Place to Work-certified organisation, reflecting our consistent investment in employee experience, leadership development, and organisational culture. The certification is renewed periodically through independent assessment of employee engagement, trust, and pride in the organisation.
7.2 Diversity and Inclusion
We have a deliberate and longstanding commitment to diversity and inclusion. A key part of this commitment is employing more than 780 people with disabilities across the workforce, one of the largest such groups in the Indian manufacturing sector. The recognition received during FY2025-26, including the Confederation of Indian Industry Disability Inclusion Award 2025, reflects the maturity of these programmes. Gender diversity programmes continued through FY2025-26, with targeted recruitment, mentoring, and leadership-development interventions designed to expand the representation of women across operational, engineering, and corporate functions.
7.3 Learning and Development
Learning and development at Company is structured around three layers: technical capability building
(engineering, manufacturing, quality); leadership development (from first line to senior leadership); and behavioural and cultural development (collaboration, customer-centricity, problem-solving). The learning ecosystem includes formal classroom training, on-the-job development, structured mentoring, external academic partnerships, and digital learning platforms. Investment in technical training is particularly active in areas aligned with the Vision 2030 capability priorities - power electronics, software-defined systems, electric vehicle architectures, and connected vehicle technologies.
Leadership development is a strategic priority, given Vision 2030s multi-year horizon and the need for next- generation leaders to advance the strategy. Succession planning at the senior leadership level is reviewed periodically by the Nomination and Remuneration Committee of the Board of Directors. The transition of the Group Chief Financial Officer role during FY2025-26, with Mr Ajay Agarwal assuming the role with effect from 5th February 2026, was managed through a structured handover process consistent with the succession framework.
7.4 Health and Safety
Occupational health and safety are managed under the ISO 45001 framework across the manufacturing footprint, supported by plant-level safety committees, periodic safety audits, employee training programmes, and continuous improvement initiatives. Lost-time injury rates and severity indices are tracked and reviewed at the corporate level. Safety performance during FY2025- 26 was maintained at the prior-year level, with continued investment in safety infrastructure, training, and the broader safety-first culture.
7.5 Employee Engagement and Culture
Employee engagement is measured periodically through the Great Place to Work assessment framework and through internal pulse surveys. The Powered by Passion tagline of the Spark Minda Group is the cultural anchor that brings the workforce together across geographies, plants, and functions, and it is reinforced through internal communications, recognition programmes, and town- hall engagements with the leadership team. The tagline reflects the cultural orientation of Company, its passionate engagement with customers and technology, and with the people who deliver every product.
7.6 Human Capital Outlook for FY2026-27
The Human Capital priorities for FY2026-27 align with the Vision 2030 strategic pillars. Deepening capabilities in future-facing technology areas, power electronics, software-defined cockpits, and electric vehicle architectures, will continue to be a recruitment, training, and retention priority. Leadership development will continue to be a structural investment to support the multi-year horizon of Vision 2030. Diversity and inclusion programmes will continue to deepen, building on the foundation established over the past several years.
8. Sustainability and ESG
Sustainability and Environmental, Social and Governance disciplines are integrated into the operating fabric of Company. The Business Responsibility and Sustainability Report section of this Annual Report provides detailed prescribed disclosures across the nine principles of the National Guidelines on Responsible Business Conduct. This Section provides a high-level commentary on the principal sustainability and ESG developments for FY2025-26 and their linkage to Vision 2030.
8.1 Environmental Performance
8.1.1 Energy and Climate
Sustainability is now integral to our Vision 2030 financial trajectory. We are on track to achieve a 42% reduction in carbon intensity by 2030 (FY23 baseline). This is supported by our Sustainable Sourcing Policy and external assurance for our BRSR data, ensuring our systems are as sustainable as they are technologically advanced. Progress towards this target is supported by three principal levers: the transition to renewable energy, energy efficiency improvements at manufacturing plants, and the gradual electrification of internal logistics where commercially feasible. Renewable energy accounted for 24% of Companys total energy consumption in
FY2024-25, with the trajectory continuing into FY2025- 26 as additional rooftop solar capacity and contracted renewable purchase agreements were brought into operation across the manufacturing footprint.
8.1.2 Water and Waste
Water management within the manufacturing footprint is structured around three principles: measuring intake and discharge, promoting recycling and reuse where commercially feasible, and progressively reducing freshwater dependence. Several plants operate under zero-liquid-discharge arrangements, with treated water reused in process applications. Waste management focuses on source segregation, recycling, and the
Responsible growth, measured: renewable energy scaling across the footprint, zero-liquid-discharge operations, and a Foundation reaching communities where we operate - because business success must go hand-in-hand with social responsibility. progressive elimination of single-use plastics from operations and offices. Hazardous waste is handled in accordance with the prescribed regulatory framework and disposed of by authorised handlers.
8.1.3 Biodiversity and Land Use
Plant locations across the manufacturing footprint are subject to environmental impact assessment at the time of commissioning and brownfield expansion. Sustained tree-planting drives and green-belt development around plant boundaries support both biodiversity and aesthetics at operational sites. The greenfield facility under construction at the Yamuna Expressway will incorporate sustainability considerations from the design stage, including renewable energy provisioning and water recycling infrastructure.
8.2 Social Performance
8.2.1 Community Engagement and CSR
The Spark Minda Foundation is the corporate social responsibility vehicle of the Spark Minda Group, focused on community engagement programmes in education, livelihoods, healthcare, and support for persons with disabilities. The Foundation operates several long- running programmes, including educational support for underserved communities near manufacturing locations and skill-development initiatives aligned with the broader Skill India agenda. The Annual Report on Corporate Social Responsibility, presented as an annexure to the Boards Report, provides the detailed prescribed disclosures.
8.2.2 Awards and Recognition for ESG
FY2025-26 saw multiple ESG-related industry recognitions for the Company, including the Confederation of Indian Industry Disability Inclusion Award 2025, the Mahatma Award for corporate social responsibility, the All-India Management Association Best CSR recognition, and the Times Foundation recognition. These recognitions reflect the maturity of our ESG operational discipline and the Spark Minda Groups longstanding commitment to responsible business conduct.
8.3 Governance
Governance arrangements at Company are documented in detail in the Corporate Governance Report section of this Annual Report. At the broader level, the governance framework is structured around the Board of Directors and its mandated committees (Audit, Nomination and Remuneration, Stakeholder Relationship, Risk
Management, and Corporate Social Responsibility), the Code of Conduct for Directors and Senior Management, the Whistle-Blower Policy, the Code of Conduct for Prevention of Insider Trading, and the broader compliance and disclosure framework prescribed under the Companies Act, 2013 and the Securities and Exchange Board of India regulations.
The composition of the Board of Directors reflects the prescribed independence and diversity requirements, with multiple independent directors providing oversight on operational, strategic, and risk matters. The Boards engagement during FY2025-26 included structured reviews of the Vision 2030 framework, the strategic partnership pipeline, the Flash Electronics integration progression, the deleveraging trajectory, and the broader operational and financial performance of Company.
8.4 BRSR Linkage
The Business Responsibility and Sustainability Report section of this Annual Report provides the prescribed disclosures across the nine principles of the National Guidelines on Responsible Business Conduct, in line with the Securities and Exchange Board of India circular on Business Responsibility and Sustainability Reporting. The boundary of the BRSR disclosures has been progressively expanded over the past several years to reflect the multigeography, multi-entity structure of the broader Spark Minda Group. The detailed BRSR disclosures should be read alongside this Management Discussion and Analysis to provide a complete view of Companys sustainability profile.
8.5 Sustainability Linkage to Vision 2030
Sustainability disciplines are integral to the Vision 2030 framework rather than parallel to it. The 42% carbon-footprint-reduction target by 2030 and the renewable energy progression, the diversity and inclusion programmes, and the corporate social responsibility activities are all embedded within the operational and strategic disciplines that support the Vision 2030 financial trajectory. The Tier-1 automotive component sector is undergoing a multi-decade transition, driven in significant part by sustainability considerations, the migration to electric powertrains, the lightweighting of vehicle architectures, and the broader decarbonisation of the automotive value chain. Our positioning across electric vehicle systems, lightweighting and plastics, electrical distribution, and our strategic partnerships with Flash Electronics and Turntide Technologies align with this transition.
Our CSR Engagements
9. Strategic Outlook and Cautionary Statement
9.1 Strategic Outlook for FY2026-27
FY2026-27 will be the second year of execution against the Vision 2030 framework. We are organising our priorities for the year around the five strategic pillars outlined at the September 2025 Investor Day in Pune. Each pillar has concrete, measurable deliverables that will be reported on in the FY2026-27 Annual Report.
9.1.1 Pillar 1 - Investment in Existing Businesses
The priorities for FY2026-27 under Pillar 1 include the continued ramp-up of capacity additions across the manufacturing footprint, the next tranche of the five-year capital expenditure plan, the construction progression of the Yamuna Expressway wiring harness facility, the deepening of operational integration with Flash Electronics in the second full year of consolidation, and the active management of the working-capital and net- debt trajectory in line with the Vision 2030 deleveraging path.
9.1.2 Pillar 2 - New Market Export Focus
Under Pillar 2, the priorities for FY2026-27 include sustaining the export recovery that emerged in the second half of FY2025-26, executing the implementation roadmap arising from the Maharashtra Memorandum of Understanding signed in January 2026, executing the Tokyo Memorandum of Understanding signed by the Government of Uttar Pradesh in February 2026 in a manner that supports international customer engagements, and progressively scaling exports towards the Vision 2030 target of Rs.15,000 Million by FY2030.
9.1.3 Pillar 3 - Premiumisation of Existing Products
Under Pillar 3, the priorities for FY2026-27 include the conversion of the lifetime order book into revenue across the platform-specific instrument cluster wins disclosed during FY2025-26, the first Start-of-Production from the HCMF Sunroof joint venture scheduled for Q1 FY2026-27, and the continued kit-value expansion in Vehicle Access Systems towards the Vision 2030 doubling target by FY2027-28.
9.1.4 Pillar 4 - New Product Launches
Under Pillar 4, the priorities for FY2026-27 include the operationalisation of the Turntide joint venture in line with the announced timelines, the progression of the active product pipeline (advanced driver assistance systems, augmented-reality head-up displays, smart-surface human-machine interfaces, power-tail-gate systems) into customer programme wins, and the construction progression of the Toyodenso joint venture plant in Noida ahead of the Q2 FY2027-28 Start-of-Production.
9.1.5 Pillar 5 - Investment into R&D (The SMIT Evolution):
R&D investment is the structural engine for our "Systems Shift." We have formally transitioned from the component- focused SMIT 1.0 (2017-2022) to the current SMIT 2.0 (2023-2026) phase, in which we operate as a complete systems solution provider. Looking ahead, we are already designing SMIT 3.0 (2027-2030), which will lead the way in intelligent, smart, and sustainable solutions, including ADAS, high-performance computing, and advanced cybersecurity.
9.2 Reaffirmation of Vision 2030
Vision 2030, set out at the September 2025 Investor Day in Pune and reaffirmed in each subsequent quarterly engagement with the financial community, is the framework within which Company operates, allocates capital, and engages with stakeholders. The headline financial targets for FY2030, consolidated revenue of more than Rs.175,000 million+, EBITDA margin more than 12.5%, net Debt-to-Equity of 0.3x, Return on Capital Employed more than 25%, and exports of Rs.15,000 Million, remain the destination towards which the Vision 2030 strategy is being executed. The FY2025-26 evidence presented in this Management Discussion and Analysis supports the credibility of this trajectory. Year 2 of Vision 2030 will be the next opportunity to translate strategic commitment into measurable evidence of execution.
9.3 Cautionary Statement
Statements in this Management Discussion and Analysis describing Companys objectives, projections, estimates, expectations, plans, intentions, or predictions may be forward-looking statements within the meaning of applicable securities laws and regulations. These forward-looking statements include, but are not limited to, statements regarding the Vision 2030 framework, the five strategic pillars, the four headline financial targets for FY2030, expected revenue and earnings progression, expected outcomes of strategic partnerships and joint ventures, expected progress on the deleveraging trajectory, and expected operational and capital expenditure milestones.
Forward-looking statements are based on certain assumptions and expectations of future events.
Company cannot guarantee that these assumptions and expectations are accurate or will be realised. Companys actual results, performance, or achievements could differ materially from those projected in any such forward-looking statements. Important factors
The destination is unchanged: 3.5x revenue, expanding margins, near debt-free, ROCE above 25% by FY2030. FY2025-26 made the trajectory credible. FY2026-27 is about staying on it. that could cause actual results to differ materially from such forward-looking statements include, but are not limited to, the global economic, geopolitical, and trade environment; the trajectory of demand in the Indian and international automotive industries; the supply availability and pricing of key inputs including copper, aluminium, semiconductors, and rare-earth magnets; the progression of customer programmes and platform-specific volumes; the execution of joint venture and associate milestones, including those relating to Flash Electronics Private Limited, Toyodenso Co., Limited, HCMF Sunroof, Turntide Technologies, and SANCO; the regulatory, taxation, and policy environment in the geographies in which Company operates; the trajectory of monetary policy, interest rates, and currency movements; force majeure events; and other factors discussed in the Risk Management section of this Management Discussion and Analysis.
Company assumes no obligation to update or revise any forward-looking statements that may be made from time to time by it or on behalf of it, except as required by applicable law and regulation. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made.
This Management Discussion and Analysis should be read in conjunction with the audited financial statements (standalone and consolidated) of Company for the financial year ended 31st March 2026, the notes thereto, the Boards Report, the Corporate Governance Report, the Business Responsibility and Sustainability Report, and the broader content of this Annual Report. All financial figures stated in this Management Discussion and Analysis are stated in Indian Rupees Million, unless otherwise specified, and refer to the consolidated financial position and performance of Company, unless otherwise specified.
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