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What is the story about?
Shares of Minda Corporation Ltd. surged as much as 10% on Wednesday, September 24, after the company unveiled its Vision 2030 roadmap after market closing hours on Tuesday, in which, it projected its revenue to more than triple by calendar year 2030.
From ₹5,100 crore in revenue in financial year 2025, Minda Corp now aspires to scale that figure to ₹17,500 crore. It also expects its Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) margin to improve from 11.4% earlier, to over 12.5%.
As part of the Vision document, Minda Corp expects to become nearly debt-free, with net-debt-to-equity likely to halve to 0.3x, while Return on Capital Employed (ROCE) to rise above 25%.
A shift in revenue mix is a key strategic shift that Minda Corp has made part of its document. The contribution of the Passenger Vehicle (PV) business is likely to increase to 25% by financial year 2020, from 14% in the previous financial year. This, will bring down the dependence of the company on two-wheelers and three-wheelers business down to 40%, and on Commercial Vehicles to 25%.
This tilt toward PVs, along with premiumisation, is expected to drive both growth and margin expansion.
Here's the outlook that Minda Corp has laid out for its other businesses:
Minda Corp is also significantly increasing the kit value across vehicles. Within the Passenger Vehicles segment, vehicle access kit value is set to nearly double by FY28, while wiring harness kit value will rise 2.5x. The digital cockpit systems will see more than 2x growth in vehicle access kit value.
Similar expansion is planned in the two-wheeler segments, with kit values expected to double across access systems, wiring harness and power electronics.
The company has already secured multiple new orders, including digital keys for two-wheelers, high-voltage EV wiring harness systems, TFT clusters, cockpit sensors and ECUs, with SOPs staggered between FY26–FY27.
Exports, which have grown at a Compounded Annual Growth Rate (CAGR) of 18% for Minda Corp over financial year 2021-2025, are likely to reach ₹1,500 crore by financial year 2030, showcasing a 37% CAGR during this period.
New Joint Ventures, including a tie-up with HCMF (Japan), for sunroofs and powered lift gates, Toyodenso (Japan) for Switches, and Sanco (China) for high-voltage connector.
Flash Electronics, Minda’s EV-focused subsidiary, is scaling up with traction motors, MCUs and magnet-less technologies to offset rare-earth supply risks.
Shares of Minda Corp. are trading 8.3% higher at ₹578.05. The stock made an intraday high of ₹588 and is trading close to its 52-week high of ₹623.8.
From ₹5,100 crore in revenue in financial year 2025, Minda Corp now aspires to scale that figure to ₹17,500 crore. It also expects its Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) margin to improve from 11.4% earlier, to over 12.5%.
As part of the Vision document, Minda Corp expects to become nearly debt-free, with net-debt-to-equity likely to halve to 0.3x, while Return on Capital Employed (ROCE) to rise above 25%.
A shift in revenue mix is a key strategic shift that Minda Corp has made part of its document. The contribution of the Passenger Vehicle (PV) business is likely to increase to 25% by financial year 2020, from 14% in the previous financial year. This, will bring down the dependence of the company on two-wheelers and three-wheelers business down to 40%, and on Commercial Vehicles to 25%.
This tilt toward PVs, along with premiumisation, is expected to drive both growth and margin expansion.
Here's the outlook that Minda Corp has laid out for its other businesses:
- Smart Access: Revenue for this business may quadruple to ₹600 crore by financial year 2030, led by higher penetration of smart keys.
- EV Products: Wiring Harness revenue is likely to climb 6x by financial year 2030 to ₹700 crore.
- Other EV Products: Revenue here is likely to grow by six-fold as well to ₹300 crore.
- Cockpit Electronics: Revenue to rise from ₹100 crore to ₹600 crore, as adoption of digital displays, navigation and ADAS gains traction.
Minda Corp is also significantly increasing the kit value across vehicles. Within the Passenger Vehicles segment, vehicle access kit value is set to nearly double by FY28, while wiring harness kit value will rise 2.5x. The digital cockpit systems will see more than 2x growth in vehicle access kit value.
Similar expansion is planned in the two-wheeler segments, with kit values expected to double across access systems, wiring harness and power electronics.
The company has already secured multiple new orders, including digital keys for two-wheelers, high-voltage EV wiring harness systems, TFT clusters, cockpit sensors and ECUs, with SOPs staggered between FY26–FY27.
Exports, which have grown at a Compounded Annual Growth Rate (CAGR) of 18% for Minda Corp over financial year 2021-2025, are likely to reach ₹1,500 crore by financial year 2030, showcasing a 37% CAGR during this period.
New Joint Ventures, including a tie-up with HCMF (Japan), for sunroofs and powered lift gates, Toyodenso (Japan) for Switches, and Sanco (China) for high-voltage connector.
Flash Electronics, Minda’s EV-focused subsidiary, is scaling up with traction motors, MCUs and magnet-less technologies to offset rare-earth supply risks.
Shares of Minda Corp. are trading 8.3% higher at ₹578.05. The stock made an intraday high of ₹588 and is trading close to its 52-week high of ₹623.8.
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