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 as it targets 70–80% localisation of TFT display requirements, which are currently met entirely through imports.
The proposed greenfield facility, to be established through its wholly owned subsidiary Minda Instruments, is expected to commence production within 12–18 months. The investment forms part of the company’s strategy to expand its automotive electronics manufacturing capabilities and reduce dependence on imported components used in digital instrument clusters.
The development comes as 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.
The company received government approval in August 2026 under the Electronics Components Manufacturing Scheme (ECMS) for display module assembly. The approval supports its plans to establish domestic manufacturing capabilities for components that are currently sourced from overseas.
During the company’s Q2FY27 earnings conference call, management said the first phase of the project would focus on backward integration to support its existing instrument cluster business. The company currently relies on imported TFT components and intends to progressively increase local content through the new manufacturing operation.
The company’s instrument cluster business serves multiple vehicle categories, with two-wheelers accounting for approximately 40%, commercial vehicles 30% and passenger vehicles the remaining 30%.
Under the proposed manufacturing arrangement, Minda Instruments will initially produce display modules for the company’s existing instrument cluster operations. This will allow it to increase local content in its products while reducing reliance on imported display assemblies.
The second phase will involve expanding the business to supply complete display modules directly to passenger vehicle manufacturers, creating an additional opportunity beyond its existing instrument cluster portfolio.
The company expects the planned facility to achieve asset turnover of approximately three to four times as operations scale up. However, it has not disclosed a specific revenue target or utilisation timeline for the facility.
The localisation initiative comes amid growing adoption of digital instrument clusters and electronic displays across vehicle categories. Minda Corporation’s recent order wins indicate demand for TFT-based products across both mass-market and higher-content vehicle platforms.
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 the increase to higher business volumes from existing customers and additions to its customer base.
At the consolidated level, Minda Corporation reported record quarterly revenue of ₹2,189 crore, an increase of 42.6% year-on-year, while EBITDA rose to ₹257 crore. The company is also planning six to seven manufacturing facilities over the next 12–24 months across product categories including instrument clusters, TFT displays, switches, die casting, wiring harnesses and electric vehicle components.