Minda Corporation Plans ₹200 Crore TFT Display Facility

Minda Corporation, the flagship company of Spark Minda, is planning a phased investment of approximately ₹200 crore in a new automotive display module manufacturing facility in the Pune region. Through this project, the company aims to localise 70–80% of its TFT display requirements, which are currently met entirely through imports. The proposed greenfield facility will be established through its wholly owned subsidiary, Minda Instruments, and is expected to begin production within 12–18 months. The investment forms part of the company's broader strategy to strengthen its automotive electronics manufacturing capabilities and reduce dependence on imported components used in digital instrument clusters.

The proposed investment follows multiple TFT display order wins worth more than ₹1,000 crore across two-wheelers, three-wheelers, passenger vehicles and commercial vehicles. These orders cover display sizes ranging from five to 12 inches, with production scheduled to commence in FY28. The order pipeline provides a foundation for expanding domestic display manufacturing and supports the company's plans to progressively increase local content in its automotive electronics products. The development also reflects Minda Corporation's expanding participation in the supply of electronic display solutions across different vehicle categories.

In August 2026, the company received government approval under the Electronics Components Manufacturing Scheme (ECMS) for display module assembly. This approval supports its proposed investment in domestic manufacturing capabilities for components that are currently sourced from overseas. During the Q2FY27 earnings conference call, management explained that the first phase of the project would concentrate on backward integration to support the existing instrument cluster business. Minda Corporation currently depends on imported TFT components and intends to progressively increase localisation through the new manufacturing operation.

The company's instrument cluster business serves several vehicle categories, with two-wheelers contributing approximately 40% of the business, commercial vehicles accounting for 30% and passenger vehicles representing the remaining 30%. Under the proposed manufacturing arrangement, Minda Instruments will initially manufacture display modules for Minda Corporation's existing instrument cluster operations. This approach is intended to increase the domestic content of its products while reducing dependence on imported display assemblies. The initial phase will therefore focus on strengthening the company's existing manufacturing value chain rather than immediately supplying complete display modules to external customers.

The second phase of the project will involve expanding the business to supply complete display modules directly to passenger vehicle manufacturers. This would create an additional business opportunity beyond the company's established instrument cluster portfolio. Management expects the planned facility to achieve asset turnover of approximately three to four times as operations scale up. However, Minda Corporation has not disclosed a specific revenue target or utilisation timeline for the proposed facility. The phased approach indicates that the company intends to develop its manufacturing capabilities progressively while building on its existing customer relationships and product portfolio.

The localisation initiative comes amid increasing adoption of digital instrument clusters and electronic displays across different vehicle categories. Minda Corporation's recent order wins indicate demand for TFT-based products across both mass-market and higher-content vehicle platforms. By establishing domestic display module assembly capabilities, the company intends to reduce its reliance on imported components while supporting its growing instrument cluster business. The proposed expansion also creates a pathway for extending its role in the automotive display supply chain, particularly through the planned second phase targeting direct supplies to passenger vehicle manufacturers.

Minda Corporation's Information and Connected Systems business, which includes instrument clusters and wiring harnesses, reported 46% year-on-year revenue growth during Q2FY27. The company attributed this performance to higher business volumes from existing customers and additions to its customer base. At the consolidated level, Minda Corporation recorded quarterly revenue of ₹2,189 crore, representing a 42.6% year-on-year increase. EBITDA reached ₹257 crore during the quarter. These results provide additional context for the company's planned manufacturing expansion and its broader efforts to strengthen its automotive components and electronics operations.

Beyond the proposed TFT display facility, Minda Corporation is planning to establish six to seven manufacturing facilities over the next 12–24 months. The planned investments will cover several product categories, including instrument clusters, TFT displays, switches, die casting, wiring harnesses and electric vehicle components. This expansion programme indicates that the company is pursuing manufacturing capacity additions across multiple automotive component segments rather than concentrating exclusively on display modules. The proposed Pune-region facility represents one part of this wider investment strategy, with its initial focus on localisation and subsequent expansion into direct display module supplies.

Industry Impact & Outlook

Minda Corporation's proposed TFT display facility represents a step towards developing domestic automotive electronics manufacturing capabilities in a segment currently dependent entirely on imported requirements. The targeted 70–80% localisation could strengthen the domestic content of its instrument clusters, while the phased expansion into complete display module supplies could broaden its participation in the passenger vehicle supply chain. Its order pipeline exceeding ₹1,000 crore provides an existing business opportunity across multiple vehicle categories. The planned expansion, together with the company's wider programme of six to seven manufacturing facilities, highlights its focus on increasing domestic manufacturing capabilities across automotive electronics and other component segments.

Frequently Asked Questions

1. How much is Minda Corporation investing in its new TFT display manufacturing facility?
Minda Corporation is planning a phased investment of approximately ₹200 crore in a greenfield automotive display module manufacturing facility in the Pune region. The project will be established through its wholly owned subsidiary, Minda Instruments. The investment is intended to develop domestic TFT display module manufacturing capabilities and reduce dependence on imported components. The facility forms part of the company's broader automotive electronics expansion strategy, with production expected to commence within 12–18 months.

2. What localisation target has Minda Corporation set for TFT displays?
Minda Corporation is targeting 70–80% localisation of its TFT display requirements through the proposed manufacturing facility. Its current TFT display requirements are entirely met through imports. The first phase will focus on backward integration by manufacturing display modules for the company's existing instrument cluster operations. This is expected to progressively increase local content in its products and reduce dependence on imported display assemblies. The initiative is also supported by government approval under the Electronics Components Manufacturing Scheme.

3. What is the value of Minda Corporation's recent TFT display orders?
Minda Corporation has secured multiple TFT display orders worth more than ₹1,000 crore across two-wheelers, three-wheelers, passenger vehicles and commercial vehicles. The orders cover display sizes ranging from five to 12 inches, with production scheduled to begin in FY28. These order wins indicate demand for the company's TFT-based display solutions across different vehicle categories. They also provide an existing business opportunity supporting the company's plans to expand domestic display module manufacturing and increase localisation.

4. When will Minda Corporation's new TFT display manufacturing facility begin production?
The proposed automotive display module manufacturing facility in the Pune region is expected to commence production within 12–18 months. The project will be implemented through Minda Corporation's wholly owned subsidiary, Minda Instruments. The initial phase will concentrate on manufacturing display modules for the company's existing instrument cluster business. A second phase is planned to expand supplies to complete display modules for passenger vehicle manufacturers. However, the company has not disclosed a specific revenue target or utilisation timeline for the facility.

5. What are the two phases of Minda Corporation's TFT display manufacturing expansion?
The first phase will focus on backward integration by manufacturing display modules for Minda Corporation's existing instrument cluster operations. This will help increase local content and reduce dependence on imported display assemblies. The second phase will expand the business to supply complete display modules directly to passenger vehicle manufacturers. This planned expansion would create an additional opportunity beyond the company's existing instrument cluster portfolio. Management expects the facility to achieve asset turnover of approximately three to four times as operations scale up.

6. What were Minda Corporation's financial results during Q2FY27?
Minda Corporation reported consolidated quarterly revenue of ₹2,189 crore during Q2FY27, representing 42.6% year-on-year growth, while EBITDA increased to ₹257 crore. Its Information and Connected Systems business, which includes instrument clusters and wiring harnesses, recorded 46% year-on-year revenue growth. The company attributed this segment's performance to higher business volumes from existing customers and additions to its customer base. Separately, it is planning six to seven manufacturing facilities over the next 12–24 months across multiple automotive component categories.