Minda Corporation Capex and New Business SOP Plans

Minda Corporation outlines FY 2027 capex plans

In an investor update, Minda Corporation said it expects capital expenditure of about INR 4 billion in FY 2027, ending in March. The planned spending is distributed across its business verticals, with management not providing a separate allocation for electric vehicle and internal combustion engine programs. Group capacity utilisation generally remains in the 77–80% range, although the actual level varies between individual plants and product lines. The company’s current investment plans therefore span multiple areas of its operations rather than being dedicated exclusively to a particular propulsion technology or vehicle segment.

Turntide motor controller production moves closer

The Turntide motor controller business is progressing toward series production, with SOP currently expected in October–November 2026. Production lines are already being tested as the business prepares for the planned manufacturing start. The milestone represents an important step in moving the motor controller operation from production-line testing toward commercial manufacturing. The timing also places the expected SOP within FY 2027, aligning the program with Minda Corporation’s broader capital expenditure cycle and its ongoing expansion across different business verticals.

Sunroof program remains on track for Q2 FY 2027

The sunroof business operated through the Spark Minda HCMF joint venture has received customer trial approvals, supporting progress toward commercial production. According to the investor update, SOP remains scheduled for Q2 FY 2027. Customer trial approval is a significant development for the program because it indicates that the business has progressed through an important stage of customer validation before the planned production ramp-up. The company is therefore maintaining its previously indicated production timeline while continuing preparations for the next phase of the sunroof program.

Switches business carries over INR 10 billion lifetime order book

Within the switches business operated through Spark Minda Toyo Denso, Minda Corporation reported a lifetime order book exceeding INR 10 billion. The business is expected to begin SOPs from Q1 FY 2028, placing its production ramp-up later than the Turntide motor controller and sunroof programs. The order book provides visibility for future business activity, while the planned SOP timeline indicates that the associated manufacturing programs remain part of the company’s longer-term growth pipeline. Together, these developments show activity across several distinct product areas.

Multiple programs advance across Spark Minda operations

The update highlights a combination of investment, customer validation, production-line testing and order-book visibility across Minda Corporation’s operations. The Turntide program is approaching series production, the sunroof business has cleared customer trial approvals, and the switches operation has a lifetime order book of more than INR 10 billion. These milestones are being pursued alongside approximately INR 4 billion of planned FY 2027 capex, which management said is spread across business verticals. The company also indicated that capacity utilisation typically remains between 77% and 80%, depending on the plant and product line.

Frequently Asked Questions

What is Minda Corporation planning for FY 2027 capex?
Minda Corporation plans approximately INR 4 billion of capital expenditure during FY 2027, with the spending distributed across its different business verticals rather than separately allocated to EV and ICE programs. Management said the group’s capacity utilisation generally ranges between 77% and 80%, depending on the plant and product line. The planned investment is being undertaken alongside several business-development milestones, including Turntide motor controller production, the sunroof program under the Spark Minda HCMF joint venture, and future switches production through Spark Minda Toyo Denso.

When are the new business programs expected to reach SOP?
The Turntide motor controller business is expected to begin series production in October–November 2026, with its production lines currently undergoing testing. The sunroof business under the Spark Minda HCMF joint venture remains scheduled for SOP in Q2 FY 2027 after receiving customer trial approvals. The switches business through Spark Minda Toyo Denso has a lifetime order book exceeding INR 10 billion, with SOPs expected to begin from Q1 FY 2028.