Minda Corp Bags Over ₹1,400 Crore in Display, EV Charger Orders

Minda Corporation, the flagship company of Spark Minda, has secured orders worth more than ₹1,400 crore for automotive TFT displays and electric vehicle chargers, with production under both programmes scheduled to begin in FY28.

Of the total, orders worth over ₹1,000 crore are for TFT displays ranging from five to 12 inches, covering two-wheelers, three-wheelers, passenger vehicles and commercial vehicles. The company has also won an order exceeding ₹400 crore for 3.5kW chargers from a leading electric three-wheeler manufacturer, with production expected to begin in the first quarter of FY28.

The orders represent cumulative programme values, with revenue to be recognised over the respective supply periods. According to the company’s Q2FY27 earnings conference call, new orders typically take 18–24 months to enter production, with peak revenue contribution generally coming around two years after production begins.

Minda Corporation has also secured its first order for a power footstep system from a major customer for a passenger vehicle platform. The company did not disclose the customer or the order value.

EV-related products accounted for approximately 35% of new orders won during Q2FY27, according to the company’s financial results announcement. Around 60% of its new orders are for new vehicle platforms, while the remaining 40% are for replacement platforms.

The company’s EV product revenue increased 113% year-on-year during the quarter, accounting for approximately 10% of Minda Corporation’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.

Flash Electronics, in which Minda Corporation acquired a 49% stake in 2025, reported a 173% year-on-year increase in EV product revenue during Q2FY27. EV-related products contributed 32% of Flash Electronics’ quarterly revenue, compared with 21% in FY26.

Flash Electronics reported quarterly revenue of approximately ₹650 crore, up 46% year-on-year, while EBITDA increased 48% to ₹110 crore. Its operating margin improved to 16.4% from 16.1% a year earlier, while profit after tax rose 77% to ₹54 crore.

Minda Corporation’s Information and Connected Systems business reported 46% revenue growth during the quarter, led by wiring harnesses and instrument clusters. The Mechatronics business grew 38%, supported by demand from domestic two-wheeler and passenger vehicle manufacturers and higher sales of premium products.

The company is also expanding its display manufacturing operations. Its wholly owned subsidiary, Minda Instruments, plans to invest approximately ₹200 crore in a greenfield display module assembly facility in the Pune region following approval under the government’s Electronics Components Manufacturing Scheme.

The facility is expected to begin production within 12–18 months. Minda Corporation is targeting 70–80% localisation of its TFT display requirements, which are currently met through imports.

Separately, the company plans to establish six to seven manufacturing facilities over the next 12–24 months across instrument clusters, TFT displays, switches, die casting, wiring harnesses and EV components.

For Q2FY27, Minda Corporation reported record consolidated revenue of ₹2,189 crore, up 42.6% year-on-year. EBITDA rose 44.7% to ₹257 crore, with an operating margin of 11.8%, while profit after tax increased 68.9% to ₹143 crore.