Minda Corporation is targeting more than threefold revenue growth to Rs 17,500 crore by FY30 from Rs 5,056 crore in FY25, with the plan increasingly dependent on higher-value products, electric vehicles and automotive electronics.
The shift matters because Minda is seeking to grow not just by selling more components, but by increasing the value of what it supplies to each vehicle. Its kit value can rise sharply when mechanical products are combined with electronic access, body electronics, cockpit systems and EV powertrain components.
That strategy is already visible in the company's financial performance. Revenue rose 33.2% year over year to Rs 1,846 crore in Q1 FY27, while EBITDA increased 35.4% to Rs 212 crore. Net profit, excluding extraordinary items, rose 53.8% to Rs 100 crore.
The bigger test, however, is whether the newer, higher-value businesses can scale quickly enough to support the FY30 revenue target and push the EBITDA margin above 12.5%, from 11.7% in FY26.
Kit Value
Two-wheelers and three-wheelers accounted for 46% of Minda's revenue in Q1 FY27, making the company's strategy to increase content per vehicle particularly important.
A basic mechanical lockset costs about Rs 3,000 per two-wheeler. Adding smart electronic access and body electronics can take the potential kit value to Rs 12,000-Rs 15,000.
This is where Flash Electronics becomes important. Minda holds a 49% stake in Flash, which makes automotive electrical, electronic and powertrain components for brands including Audi, Mahindra, Bajaj, Harley-Davidson, KTM, Kawasaki and Piaggio.
The opportunity is not limited to adding individual components. Combining Flash's powertrain electronics with Minda's access and body electronics could increase the value of the overall system supplied per vehicle.
Through Flash, Minda is targeting integrated EV powertrain systems with a kit value of Rs 35,000-Rs 40,000 per vehicle.
The initial numbers point to growing traction. Flash's revenue rose 42% year over year to Rs 533 crore in Q1 FY27, while its EV revenue increased 90%.
PV Upside
The same approach is being applied to passenger vehicles, which contributed 19% of Minda's revenue in Q1 FY27.
After the consolidation of Minda VAST, vehicle access systems have a kit value of about Rs 8,000-Rs 13,000 per vehicle. Minda plans to double that value by FY28, taking the potential range to Rs 16,000-Rs 26,000.
The company is adding passive entry passive start systems, smart key fobs, integrated digital displays and electronic steering column locks to raise the value of its access systems.
There is a larger opportunity in cockpit electronics. Minda estimates that a complete cockpit electronics suite could carry a kit value of Rs 50,000-Rs 1 lakh per vehicle.
The implication for the FY30 plan is clear: Minda needs a greater share of vehicle value, rather than relying only on volume growth from its existing component businesses.
EV Growth
Electric vehicles provide another route to higher content per vehicle because they require more electronics, control systems and power management components.
Minda's EV-related revenue grew 40% year over year in Q1 FY27 and accounted for 10% of revenue. Including Flash Electronics, EVs represented about 14% of revenue.
Flash is growing faster within this segment. Its EV revenue increased 90% year over year in Q1 FY27, with EV products accounting for 30% of total sales.
Management is targeting 20%-24% growth for Flash, while focusing on profitable growth as demand for EV components increases.
Minda's order book also points to further EV exposure. The company secured new lifetime orders worth Rs 2,500 crore in Q1 FY27, with EV components accounting for more than 15% of the total.
That spreads the company's EV exposure across several product categories instead of concentrating it in a single component.
New Products
Partnerships are another part of Minda's strategy to expand its technology portfolio.
The company has partnered with UK-based Turntide Technologies to add high-power EV motors and controllers for commercial electric trucks and buses. Commercial vehicles accounted for 27% of revenue in Q1 FY27.
Minda has received orders for high-voltage motor controllers, with production scheduled to begin in October-November 2026.
The Toyodenso joint venture is focused on advanced automotive switches. Production is scheduled to begin in Q2 FY28, with the facility expected to generate about Rs 150 crore in its first year and reach peak production in FY29.
Minda is also moving towards mass production of its sunroof and closure system with HCMF. Production and deliveries are scheduled to begin in Q2 FY27.
The company has developed prototype sunroof designs for domestic SUV manufacturers and secured a lifetime order book of Rs 350 crore from a major Indian automaker.
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Core Base
The new businesses are being built on an existing earnings base.
The wiring harness division accounted for 32% of revenue in Q1 FY27 and grew more than 30% during the quarter. Instrument clusters contributed 16% of revenue and grew more than 35%.
Together, these businesses form part of Minda's information and connected systems portfolio, which grew 34% in Q1 FY27.
This gives Minda an existing source of revenue while newer categories such as cockpit electronics, sunroofs, advanced switches and EV powertrain components move towards larger-scale production.
The challenge is to ensure that new businesses add to, rather than simply replace, growth from the existing portfolio.
Export Push
Minda is also targeting a larger international business as part of Vision 2030.
The company aims to increase export revenue to Rs 1,500 crore by FY30 from Rs 533 crore in FY25.
International orders already form part of its growth pipeline. About 20% of the Rs 10,000 crore of new lifetime orders secured during FY26 came from international export orders.
Exports therefore provide another potential source of growth alongside higher kit values and new product categories.
Margin Test
Revenue growth alone will not determine whether the Vision 2030 strategy succeeds.
Minda is targeting an EBITDA margin of more than 12.5% by FY30, compared with 11.7% in FY26. It also aims to raise return on capital employed, excluding Flash Electronics, to more than 25%, from 23.1% in FY26 and 20% in FY25.
That means the company needs to translate higher-value products and increasing scale into stronger profitability.
The growth case rests on several moving parts: higher kit value, a shift towards electronics, EV expansion, new product launches, partnerships, exports and growth in existing businesses.
Valuation
The valuation leaves less room for growth to come from a higher earnings multiple.
At Rs 704 per share, Minda trades at 42 times trailing 12-month earnings, the same as its five-year median. It trades below Uno Minda at 49 times, Belrise at 45 times and Gabriel at 66 times.
With the stock already trading at its five-year median multiple, the case for further valuation expansion is less clear from the numbers provided.
That puts greater emphasis on earnings growth. For Minda to deliver on its FY30 target, the company's higher-value products, EV businesses and new partnerships will need to translate into sustained revenue growth and higher margins.
The key question is therefore not simply whether Minda can reach Rs 17,500 crore in revenue, but how much of that growth can come with the margin improvement needed to support its Vision 2030 targets.
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