Minda Corporation Wins ₹1,400 Crore Display, Charger Orders

Minda Corporation, the flagship company of Spark Minda, has secured automotive component orders worth more than ₹1,400 crore covering TFT displays and electric vehicle chargers. Production under both programmes is scheduled to commence in FY28. The new business strengthens the company's position in automotive display systems and EV charging solutions, with the programmes spanning multiple vehicle categories. The disclosed order values represent cumulative programme values, with revenue expected to be recognised over the respective supply periods rather than entirely during the initial production year.

Of the total order value, more than ₹1,000 crore relates to TFT displays measuring between five and 12 inches. These displays will cater to two-wheelers, three-wheelers, passenger vehicles and commercial vehicles. Separately, Minda Corporation has secured an order exceeding ₹400 crore for 3.5kW electric vehicle chargers from a leading electric three-wheeler manufacturer. Production of the chargers is expected to begin in the first quarter of FY28. The company has not disclosed the customer name associated with the charger programme.

According to management's Q2FY27 earnings conference call, new orders typically require 18–24 months to enter production. Revenue contributions generally reach their peak around two years after production begins. This timeline provides important context for assessing the financial contribution of the newly secured programmes, as the announced cumulative order values will translate into revenue over their respective supply periods. The production schedules and revenue ramp-up periods therefore remain important considerations when evaluating the potential contribution of these contracts to the company's future business performance.

In another development, Minda Corporation has secured its first order for a power footstep system from a major customer for a passenger vehicle platform. The company has not disclosed the customer's identity or the value of the order. The development adds another product category to its automotive portfolio. Meanwhile, EV-related products accounted for approximately 35% of the new orders secured during Q2FY27, according to the company's financial results announcement. Around 60% of the new orders relate to new vehicle platforms, while the remaining 40% are associated with replacement platforms.

The company's EV product revenue increased 113% year-on-year during Q2FY27, representing approximately 10% of Minda Corporation's revenue and 15% at the group level. Management expects the EV business to expand faster than the overall automotive industry, supported by orders covering multiple vehicle platforms. The growing contribution of EV-related products to new business and quarterly revenue highlights the increasing importance of electrification within the company's operations. However, the anticipated growth remains dependent on the execution and production schedules of the secured programmes.

Flash Electronics, in which Minda Corporation acquired a 49% stake in 2025, also reported substantial growth in its electric vehicle business. Its EV product revenue increased 173% year-on-year during Q2FY27, while EV-related products accounted for 32% of quarterly revenue, compared with 21% in FY26. Flash Electronics recorded quarterly revenue of approximately ₹650 crore, representing 46% year-on-year growth. EBITDA increased 48% to ₹110 crore, and its operating margin improved to 16.4% from 16.1% in the corresponding period a year earlier. Profit after tax rose 77% to ₹54 crore.

Minda Corporation's Information and Connected Systems business registered 46% revenue growth during the quarter, supported by wiring harnesses and instrument clusters. Its Mechatronics business expanded 38%, driven by demand from domestic two-wheeler and passenger vehicle manufacturers, alongside higher sales of premium products. These performances demonstrate growth across multiple business segments rather than relying exclusively on EV-related products. The contribution from wiring harnesses, instrument clusters and mechatronic systems also reflects the company's broader automotive component business activity during the reporting period.

To strengthen its domestic display manufacturing capabilities, the company's wholly owned subsidiary, Minda Instruments, plans to invest approximately ₹200 crore in a greenfield display module assembly facility in the Pune region. The proposed investment follows approval under the government's Electronics Components Manufacturing Scheme. The facility is expected to commence production within 12–18 months. Minda Corporation is targeting 70–80% localisation of its TFT display requirements, which are currently met through imports. The planned facility is intended to support this localisation objective by expanding domestic display module assembly capabilities.

Beyond the display facility, Minda Corporation plans to establish six to seven manufacturing facilities over the next 12–24 months. The proposed investments will cover instrument clusters, TFT displays, switches, die casting, wiring harnesses and EV components. These facilities form part of the company's broader manufacturing expansion plans across several automotive product categories. The investment programme, together with the newly secured customer orders, represents an expansion of its production footprint and product capabilities, although the company has not disclosed individual investment amounts or production capacities for all the planned facilities.

For Q2FY27, Minda Corporation reported record consolidated revenue of ₹2,189 crore, increasing 42.6% year-on-year. EBITDA rose 44.7% to ₹257 crore, while the operating margin stood at 11.8%. Profit after tax increased 68.9% to ₹143 crore. The quarterly performance coincided with higher EV product revenue, growth across Information and Connected Systems and Mechatronics, and the addition of new automotive programmes. Together, these results provide the financial context for the company's order wins and planned manufacturing investments.

Industry Impact & Outlook

Minda Corporation's order wins and manufacturing expansion plans highlight the growing business opportunities associated with automotive displays, EV charging systems and locally assembled electronic components. The TFT display programmes cover four vehicle categories, while the 3.5kW charger order strengthens its participation in electric three-wheeler supply chains. The proposed ₹200 crore display facility and 70–80% localisation target also demonstrate the company's focus on reducing its reliance on imported display requirements. However, the financial contribution of the new programmes will develop over their respective production and supply periods, with management indicating that peak revenue generally arrives around two years after production begins.

Frequently Asked Questions

1. What is the total value of Minda Corporation's new orders?
Minda Corporation has secured new automotive component orders worth more than ₹1,400 crore for TFT displays and electric vehicle chargers. The larger portion, exceeding ₹1,000 crore, relates to TFT displays ranging from five to 12 inches. The remaining order value, exceeding ₹400 crore, covers 3.5kW chargers for a leading electric three-wheeler manufacturer. These figures represent cumulative programme values, with revenue expected to be recognised over the respective supply periods rather than immediately upon order confirmation.

2. When will production begin for the TFT display and EV charger orders?
Production under both newly secured programmes is scheduled to begin in FY28, with the electric vehicle charger programme expected to commence in the first quarter of FY28. The TFT display orders cover five to 12-inch displays for two-wheelers, three-wheelers, passenger vehicles and commercial vehicles. Management has also indicated that new orders typically require 18–24 months to enter production, while peak revenue contribution generally occurs around two years after production begins.

3. How is Minda Corporation expanding its EV business?
Minda Corporation is expanding its EV business through new orders for automotive displays and electric vehicle chargers, alongside growing revenue from existing EV-related products. EV products accounted for approximately 35% of new orders secured during Q2FY27, while EV product revenue increased 113% year-on-year. The segment contributed around 10% of the company's revenue and 15% at the group level. Management expects the EV business to grow faster than the automotive industry, supported by orders covering multiple vehicle platforms.

4. What investment is Minda Corporation making in TFT display manufacturing?
Minda Corporation's wholly owned subsidiary, Minda Instruments, plans to invest approximately ₹200 crore in a greenfield display module assembly facility in the Pune region. The project received approval under the government's Electronics Components Manufacturing Scheme and is expected to begin production within 12–18 months. The company is targeting 70–80% localisation of its TFT display requirements, which are currently met through imports. The proposed facility is intended to strengthen domestic display module assembly capabilities and support the company's localisation plans.

5. How did Minda Corporation perform financially in Q2FY27?
Minda Corporation reported record consolidated revenue of ₹2,189 crore in Q2FY27, representing 42.6% year-on-year growth. EBITDA increased 44.7% to ₹257 crore, with an operating margin of 11.8%. Profit after tax rose 68.9% to ₹143 crore. Its Information and Connected Systems business recorded 46% revenue growth, while Mechatronics expanded 38%. Flash Electronics also reported quarterly revenue growth of 46% to approximately ₹650 crore, alongside a 77% increase in profit after tax to ₹54 crore.