Minda Corporation Limited, a supplier of automotive components and systems, has announced plans to invest INR 20 billion over the next five years to expand manufacturing, strengthen localisation, and accelerate its electric vehicle (EV) product portfolio. The announcement was made during the company’s earnings call for the second quarter of the financial year ending March 2026 (FY2026).
According to the company’s management, the investment will be directed towards key verticals including die-casting, SMAD (Safety, Mechatronics and ADAS), the Minda–Toyodenso joint venture, the wiring harness division, and Minda Instruments. The company invested INR 2.2 billion in the first half of FY2026 as part of this long-term plan.
“Our key focus remains on capital allocation. We are committed to expanding our presence in the EV market, advancing our R&D capabilities, and building strategic partnerships,” said Aakash Minda, Executive Director of Minda Corporation Limited.
The company currently operates 32 manufacturing plants with a workforce of over 18,000 employees. It continues to scale domestic manufacturing and localise high-voltage wiring harnesses and other key components. Two new die-casting plants are under construction, which will serve both EV and internal combustion engine applications such as motor housings and battery trays.
During the quarter, Minda Corporation reported its highest-ever lifetime order book of INR 20 billion, of which 15 percent came from exports. For the first half of FY2026, the total lifetime order book stood at INR 36 billion. “This quarter, we registered a lifetime order book of about INR 20 billion, which constitutes export of about 15 percent,” said Ajay Agarwal, President – Finance and Strategy at Minda Corporation Limited.
Recent business wins include a high-voltage EV wiring harness order from a leading international OEM based in India, a sunroof systems order scheduled for production in the first quarter of FY2027, and a switches contract through the Minda–Toyodenso partnership, expected to begin production in the fourth quarter of FY2027. The company also secured an instrument cluster order for an upcoming passenger vehicle model.
“We have secured our first sunroof order from a leading OEM for their upcoming vehicle launch. This business will ramp up through FY2027 and reach peak volume in FY2028,” Aakash Minda said.
Minda Corporation currently allocates around 4 to 4.5 percent of its revenue to research and development, with the proportion expected to ease to about 3 to 3.5 percent as major infrastructure investments have been completed.
Exports account for about 15 percent of the company’s order inflows, supported by growing demand for die-casting, wiring harness, and instrument cluster products. The company is also focusing on localisation of high-voltage wiring harness components through its partnership with Sanko, while pursuing export opportunities in Europe and North America.
Minda Corporation’s Vision 2030 roadmap is built on five pillars: investment in existing businesses, export expansion, premiumisation of products, new product launches, and continued investment in R&D.
“Our emphasis on operational excellence will play a critical role in driving growth in FY2026 and beyond,” Aakash Minda added.
The company closed the quarter with net debt of INR 11.65 billion and a net debt-to-equity ratio of 0.5. The management stated that ongoing investments in capacity, technology, and localisation will strengthen Minda Corporation’s position in the domestic and global automotive component markets.