The company projects its operating profit margin to expand to more than 12.5% by the end of this decade.
24 Sep 2025 | 7685 Views | By Kiran Murali
Auto component major Minda Corp has set a revenue target of over Rs 17,500 crore for the financial year 2030, representing a three-and-a-half-fold growth from the current topline, driven by higher shares from the passenger vehicle business, premiumization, electrification, and exports.
According to an investor presentation, the Delhi-based company ...
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Auto component major Minda Corp has set a revenue target of over Rs 17,500 crore for the financial year 2030, representing a three-and-a-half-fold growth from the current topline, driven by higher shares from the passenger vehicle business, premiumization, electrification, and exports.
According to an investor presentation, the Delhi-based company plans to boost its revenue to Rs 17,500 crore from Rs 5,056 crore in the financial year 2025. The company has also set a target to expand its operating profit margin (Earnings Before Interest, Taxes, Depreciation, and Amortization, or EBITDA margin) to more than 12.5% from the current 11.4%.
Minda Corp is the flagship company of the Spark Minda Group. It manufactures on-board chargers, DC-DC converters, high-voltage connectors, EV controllers and electronic control units (ECUs), battery management system interfaces for electric vehicles, while it makes vehicle access systems, starter motors and alternators, die casting, aftermarket products, and service products for two- and four-wheelers. The company also makes wiring harnesses, electrical distribution systems, driver information systems, automotive sensors, and control units.
A large part of the incremental revenue in the next couple of years is projected to come from recently established joint ventures in sunroofs and powered lift gates, switches, and high-voltage connector systems for electric vehicles, including charging gun assemblies, sockets, bus bars, power distribution units, and battery distribution units. A total of Rs 1,450 crore is forecasted to come from these new businesses.
Minda Corp has a 50:50 joint venture with Taiwan-based HSIN Chong Machinery Works Co. Ltd. to localise the manufacturing of sunroof and closure systems — a segment seeing growing adoption in premium passenger vehicles. The company is eyeing a 15% market share in India’s sunroof and powered tailgate segment, with the joint venture expected to generate Rs 500 crore in revenue by the end of this decade.
For switches across all major vehicle segments, Minda Corp has a 60:40 joint venture with Japan’s Toyodenso. The company noted that the joint venture has already secured significant orders, and the revenue from this venture is expected to be Rs 650 crore by 2030.
Last year, Minda Corp signed a technology licensing agreement with China’s Sanco Connecting Technology to localise charging gun assemblies along with sockets and accessories, bus bars, cell contact systems, power distribution units, and battery distribution units. The revenue from EV products is estimated at Rs 300 crore by the end of this decade.
Minda Corp has also acquired a 49% stake in Flash Electronics for Rs 1,372 crore this year, aiming to expand the product offerings of both companies by leveraging their existing portfolios to create a comprehensive range of EV solutions.
Flash Electronics currently provides EV solutions for two-wheelers, while it will start commercial production of EV components such as traction motors, MCU assemblies, and DC-DC converters for three-wheelers in the current financial year.
Exports are another area where Minda Corp is focusing strongly. According to the presentation, export revenue grew at a CAGR of 18% between FY21 and FY25 to Rs 420 crore, contributing 8% to the company’s total revenues. Going forward, the growth rate is projected to increase to a CAGR of 37% over the next five years, reaching Rs 1,500 crore by FY30. The share of exports is expected to increase to 9% by the end of this decade.
The company is actively expanding into international aftermarkets, including Sri Lanka, Nepal, Bangladesh, Africa, and Latin America, and is utilising new joint ventures and partnerships to grow in developed markets such as the US and Europe. Minda Corp has 30 manufacturing facilities and two R&D facilities in India, while it has two manufacturing plants overseas.
Currently, Minda Corp gets 47% of its total revenue from two- and three-wheeler parts. Commercial vehicle parts account for 28% of the revenue, while passenger vehicle parts contribute 14%, followed by 11% from the aftermarket. Amid the strong premiumization trend in the personal mobility space, the company plans to increase the contribution from passenger vehicle components to 25% by FY2030.
To support this strong revenue growth, Minda Corp has earmarked Rs 2,000 crore as capital expenditure over five years till FY30. This will be used to expand manufacturing facilities, including two new greenfield facilities for die casting and one greenfield facility for instrument clusters.