Thank you. Good evening, everyone.

I would like to welcome the management team of Minda Corporation and thank them for this opportunity. Today we have with us Mr.

Aakash Minda, Executive Director; Mr. Ajay Agarwal, Group CFO and President, Finance and Strategy; and Mr.

Nitesh Jain, Lead Investor Relations. I shall now hand over the call to the management team for their opening remarks, post which we will open the floor for Q&A.

Over to you, gentlemen.

Thank you, Chirag. Good afternoon, everybody.

Thank you, Chirag, and thank you, Emkay Global, for hosting this call. Welcome to the quarter four and the FY '26 earnings conference call for Minda Corporation Limited.

I hope you're all doing well. It is a pleasure to connect with you today and present the company's performance for the quarter and the full financial year, along with the key developments across our businesses.

I will begin with the brief overview of the macroeconomic environment, followed by current trends in the automotive industry. Ajay Agarwal ji will then take you through our financial and operational performance for the quarter and full year, after which we will open the floor for Q&A.

As FY '26 concludes, the global economy has demonstrated notable resilience despite rising complexities. Geopolitical tensions in the Middle East are fueling commodity prices price swings and inflationary pressures, while emerging market face uneven recovery.

Amidst these global uncertainties, India continues to distinguish itself with strong performance. Rising capacity utilization and the activation of private sector capacities reinforce a supportive domestic macroeconomic environment, providing a solid foundation for our growth ambitions.

Additionally, the increase in minimum wages announced by couple of states like UP and Haryana governments effective 1st April 2026 is being addressed through productivity enhancements, controlled headcounts additions, and improved workload management. Turning to the automotive sector, India concluded FY '26 on a strong note.

After a cautious start, the second half saw a synchronized recovery across key segments, supported by fiscal and monetary measures, personal income tax rationalization, and GST rate reductions, which enhance customer affordability and disposable income. Despite challenges from geopolitical tensions and commodity price volatility, the industry maintained strong momentum throughout FY '26, reflecting underlying demands across the domestic market.

The sector The sector, however, faced significant inflationary pressures over the past 5 months. Prices for major commodities such as steel, aluminum, and copper continued to rise, compounded by higher freight, packaging, energy costs, as well as a broad increase in petrochemical-linked expenses.

While this commodity inflation is passed to the customer, it continues to influence overall cost structures. Quarter four of FY '26 witnessed strong performance across all major vehicle segments.

The two-wheeler segment witnessed strong growth of about 21% year-on-year growth led by GST reforms, urban demand strengthening, and rising EV adoption. Passenger vehicle segments delivered record-high sales with a growth of about 11.3% year-on-year, driven by favorable macros, premiumization trends, and rising contributions from SUVs and EVs.

Commercial vehicle segment reported broad-based growth across M&HCV and LCVs categories of about 20% year-on-year growth. The tractor segment continued its momentum with a growth of more than 37% year-on-year basis, led by policy reforms and macro support, and with continued momentum expected despite geopolitical and commodity risks.

Overall, the auto industry grew by 20% and closed quarter four FY '26 on a firm footing with stable macroeconomic conditions and policy-led affordability gain. Coming to Minda Corporation, the quarter four FY '26 marked a record-breaking quarter across all metrics for Minda Corporation, with delivering its highest-ever revenue, EBITDA, and PAT.

During quarter four FY '26, the company surpassed consensus estimates, delivering its highest-ever quarterly revenue of ₹1,704 crore, a growth of 29% on a year-on-year basis. The company reported its highest-ever EBITDA of ₹203 crore, with a growth of 33% on year-on-year basis, along with a 11.9% EBITDA margin.

The PAT reached ₹124 crore, with a PAT margin of 7.3%, supported by improved operational efficiencies and a favorable product mix. For the full year FY '26, the company delivered highest-ever annual revenue of ₹6,185 crore, registering a growth of 22.3% on year-on-year basis.

The company reported EBITDA of ₹721 crore, with a growth of 25.5% on YoY basis, with a margin expansion of 29 basis points. PAT for the full year was ₹358 crore, marking a growth of 40.3% year-on-year basis.

On our associate company, FLASH Electronics, FLASH has continued to deliver strong performance with revenues of ₹1,803 crore in FY '26, with an EBITDA of ₹310 crore and a margin of 17.2%. The strategic partnership has significantly strengthened our presence in high-growth domains such as EV, power electronics, traction motors, motor controllers, and vehicle control units.

This collaboration continues to deliver operational synergies and will play a pivotal role in achieving our growth roadmap. We have further strengthened our strategic footprint in the rapidly growing electric mobility ecosystem through a joint venture with Turntide Technologies of UK.

This partnership leverages Turntide's global technology expertise, along with Spark Minda Corporation manufacturing and localization strength, enabling the delivery of advanced, cost-competitive, and locally manufactured powertrain solutions to meet the customer requirements. Additionally, in the year, through our newly formed joint venture with Toyo Denso of Japan, we have secured significant orders for switches from leading Japanese OEMs, with operations expected to commence in quarter four FY '27.

Building on our strategic growth initiatives, Minda Corporation will now consolidate our associate company, Minda VAST, into the Minda Corporation from this fiscal year after the change in our shareholder agreement with our joint venture partner. This will enhance the four-wheeler system solutions and platform-based offerings to our customer.

Our performance continues to be guided by following key pillars of growth, which are: one, investment in existing businesses; second, export-led growth; third, premiumization of existing products; fourth, new product launches; fifth, new customer addition and increased penetration in existing customers; and sixth, investment into R&D and technology. In recognition of our shareholders, the board of directors have recommended a final dividend of 40%, that is 80 paisa per equity share on the face value, taking the total dividend to the year for the year to 70%, that is ₹1.40 per equity share.

The company also continued to strengthen its business fundamentals during the year through new order wins having lifetime value exceeded of ₹10,000 crore across existing and emerging product categories, supported by increasing customer engagements and higher content per vehicle opportunities. Our focus on technology-led products, localization initiatives, and premium product offering continues to support the long-term growth visibility across domestic and export markets.

Looking ahead, we remain committed to executing our strategic priorities with continued focus on enhancing our system solutions offering, strengthening our customer relationships, and investing in new technologies and our core. Our key focus remains on disciplined capital allocation, expanding our presence in high-growth segments, and advancing R&D capabilities that will drive long-term value creation for our shareholders and stakeholders.

With that, I would now like to invite Mr. Ajay Agarwal, Group CFO, to take you through the detailed financial performance and key highlights for the quarter.

Over to you. Thank you.

Thank you, Aakash. Before I start, I am assuming all of you would have received the slides which have already been uploaded in the system.

I'll start from slide number two. It talks about the company's overview and its scale of operations.

Like Aakash briefly touched upon, our group revenue for financial year '26 stood at ₹9 90 billion, and the consolidated revenue stood at ₹6,185 crore. We have a manufacturing footprint which includes 42 plants with over 23,000 associates and employees across our plants and offices all over the world.

We remain focused on innovation, which enabled us to file 330 patents during the fiscal year, of which 147 have already been granted. We work with 950 engineers across our offices and plants, and we are extremely proud of the work which they continue to do on year-on-year basis, quarter-on-quarter basis.

Moving to slide number four, during the quarter, we registered highest-ever quarterly revenue of ₹1,704 crore, reflecting a growth of 29% year-on-year. EBITDA margin stood at 11.9% with 37 basis points improvement over last year.

Our lifetime order book registered a recorded 300 ₹3,500 crore during the quarter. Along with that, we have secured multiple platform-level instrument cluster orders from several leading OEMs.

During the quarter, we filed 11 patents and resulting in the total patent filing to be to in the range of 330. Talking about for the whole year, for the whole year, the revenue grew at 22.3% despite macro and micro challenging economic environment we operated.

EBITDA margin had stood at 11.7%, expanding our margin by 29 basis points year-on-year. We recorded a lifetime order book of ₹10,000 crore, contributing about 20% from exports order.

During the year, we have acquired several land parcels in industrial clusters, which help which will help in the future for our expansion and establishing different plants across these various locations. Net-net, for the whole year, we recorded a highest-ever revenue at ₹6,185 crore, we recorded highest EBITDA at ₹721 crore, we recorded highest PAT at ₹358 crore, and also we spent highest-ever capex for fiscal year 20 FY '26 at ₹413 crore.

Aakash briefly touched upon our partnership with Turntide. We are extremely proud of this partnership.

The joint venture has already been established during the first week of March '26. It combines clearly, Turntide's global technology with our own expertise to deliver premium, localized electric vehicle solution and system solution to several of our two-wheeler, three-wheeler, and LCV customers.

It offers high quality, cost-competitive product, including axial flux motors, EV motors, electric water pump, and motor controller, amongst several other product and portfolio which Turntide has. Going to slide number nine, slide number nine refers to several of our product, and it gives you glimpse of our revenue mix across our product portfolio.

Wiring harness contributed 31% of our revenue. It's the lead It's it's the maximum revenue has been contributed by wiring harness.

Vehicle access contributed 22%, die casting contributed 15%, and cluster business contributed 17%. Speaking about mobility-wise revenue split, two-wheeler and three-wheeler contributed 48% of the group's revenue, commercial vehicle contributed 28%, passenger vehicle contributed 14%, and aftermarket contributed about 10%.

With the consolidation of Minda VAST business with Minda Corporation from financial year '27 onwards, it will certainly accelerate our vision to achieve 25% revenue from passenger vehicle segment, which currently stands at about 14%. Moving to slide number 10, it briefly touches upon about FLASH Electronics performance.

FLASH also did quite well throughout the whole year, particularly in Q4 as well. The Q4 and full-year revenue stood at ₹493 crore and ₹1,803 crore, respectively.

EBITDA margin stood at 18% and PAT margin stood at 9.9%. From a full-year perspective, it is ₹310 crore EBITDA, and a PAT and PAT margin of ₹137 crore with 7.6%, respectively.

Aakash briefly touched upon several of our guided principle and strategic pillars, and I'll not dwell too much into it. Clearly, the group is extremely focused on those pillars, and we'll be guided how we are performing, and we will measure our success basis how we are performing across those five, six pillars.

Looking ahead, we continue to invest in our growth through new product categories, strategic partnership—Toyo Denso is classic example, Turntide is another example, and several of those are there in the pipeline—and our R&D capabilities. Our focus remains on expanding our footprint in high-growth areas like EV, strengthening our customer relationship, and building on our leadership in key technology-driven segments.

All in all, year has been extremely good, and quarter particularly has been good. With this, thank you, and I will now hand it over to operator for the Q&A.

Thanks for taking my question and congratulations on a great set of numbers, significantly outperforming the industry. My first question is regarding your information and connected systems.

We've seen that it has seen a steady growth rate, outperforming your overall company growth rate over the year. If you could just point out a few things on the wiring harness, where are we in terms of market share gains, because of localization?

Where are we in terms of localization content, and which segment are we gaining market share and outperforming the industry? Within that also, in instrument clusters also, whether the new orders that you had received in the last one or two years, how have they been shaping up and the outlook going forward?

Thank you, Jay, for your question. I'll first start with the wiring harness.

Again, wiring harness has been one of the core for the group for a long time. As we have shared over the past few years, we have been focusing on particularly localization, where it is the connectors and the couplers become a very important part.

Now the requirement of Minda Corporation is being fulfilled to the tune of about 18% to 19% by our own division. We have now working on couple of other technology-related products when it comes to the ICE or even high voltage or electric vehicle mobility, as well as on the electronics connectors is what we're working on with this division through our investment into the own engineering capabilities and, again, partnering up with couple of international companies.

With respect to the market share, as the Japanese four-wheeler passenger vehicles is catered by our joint venture company, Minda Furukawa. That is something that we do not approach.

The market share gains have been largely in the area of two-wheelers, three-wheelers, as well as commercial vehicles. These are areas that are giving us growth along with the premiumization.

We have also seen couple of addition of new customers as well as increase in content from the high-voltage wiring harnesses and connectors. When it comes to the instrument clusters as a business, as you've also shared before, that we've been in the journey of increasing the kit value by way of premiumization and offering from component to system to platform-related products.

Now here, we have won multiple orders over the past year or two on account of the TFT clusters ranging from 3-inch, 4-inch going up to even 15-inch. Then in the previous quarter and in the next quarters to come, we'll see some of them coming into SOP.

This is across segments, which is passenger vehicle as well as commercial vehicle as a complete platform-related product, and two-wheelers also from domestic and exports. Thank you.

Understood. My second question is regarding your Turntide JV.

How should one look at it, the scope of this JV, especially with FLASH Electronics also having EV motors? What is the area that is solving your needs with Turntide, which FLASH wasn't?

How should these two go ahead from a customer as well as segment perspective?

Turntide is from UK, and they have a legacy from Sevcon and BorgWarner, which are pretty famous companies in the automotive industry. Turntide brings in, from the motor perspective, axial flux technology, which FLASH does not have.

Axial flux can be again used in all vehicle segments, particularly where the space is a constraint. That is where the axial flux technology comes from Turntide.

When it comes to the motor controllers, below a certain threshold is done by FLASH Electronics, and above certain threshold for the three-wheeler as well as the commercial vehicle segments is going to be done by Turntide.

They don't have passenger vehicle EV motor capability as of yet, right?

No, for passenger vehicle EV motor capability, FLASH Electronics already have the product developed through their technical center in Poland. We are already under discussion with a few customers where our products are in active engagement in India for the passenger vehicle motors and a complete system.

Understood. Last question, if you can just speak a little bit about the commodity pressures in this quarter and going forward in the next quarter, and how much could this increase in labor cost impact your margins going forward?

Some guidance on the margins. See,

obviously, as commodity cycle has been extremely volatile. When I look at across our main commodity, whether it is copper, zinc, and aluminum, throughout the year we saw escalation anywhere between 30% to 40%.

Most of our contracts with our customers are on pass-through basis. Any escalation should not necessarily eat up our margin, but definitely, since there is no profit element attached to the escalation, you would see some bit of impact on the EBITDA margin.

From a cost escalation point of view, it should not eat up our profit. What will happen in the future?

It's very difficult to predict how the commodity cycle will move, but looking at last 20, 30 years, we always found that after every alternative 3 years, commodity cycle moves on an uptrend basis. Unless and until the geopolitical situation improves, we don't see this cooling off at least in the next quarter or so.

We are fully prepared to take control of commodity and fully prepared how do we deal with the escalation and speaking with our customer to see if we can manage the escalation in a best possible manner.

Understood. Just one last, your revenue and EBITDA for FLASH is largely stable on a quarter-on-quarter basis, but PAT has moved up significantly.

Any line item you would want to call out below EBITDA? On a quarter-on-quarter basis.

Just a moment.

Yes, for the FLASH Electronics, again, largely the focus has been on the electric vehicle mobility, where on quarter-on-quarter, we can see how the penetration of the two-wheeler or the three-wheeler industry has been moving per se. Largely, when there are some of the export orders from the metallics business that are coming into effect in this quarter, hence we can see the rise particularly, and as well as the high utilization of capacities from the FLASH point of view.

Hence, you can see this amount of jump in the bottom line.

No, I was just referring to the difference of PAT,

yeah. PAT is mainly to do with the interest cost.

I think their overall interest cost has gone down, which has resulted in a better PAT performance.

Thanks, and I'll come back in the queue. All the best.

Good evening, sir. Congratulations on strong results once again, and thank you for the detailed opening remarks.

Sir, my first question, the share of profit from associates for the full year was at ₹81 crore. Can you give a break-up, ₹67 crore is from FLASH, can you indicate the remaining amount, what would be the share of VAST and Furukawa?

Also for VAST, if you can share some numbers on revenue, EBITDA, PAT for full year FY '26?

You are right, Raghu. FLASH contributed about ₹70 crore in contributing to the PAT.

Furukawa contributed about ₹8 crore. EVQ did not contribute.

Minda VAST contributed about ₹5 crore. From a Minda VAST perspective, last year they did about, give or take, ₹500 crore revenue with the EBITDA margin of about 7%.

We expect the EBITDA performance to improve in the current fiscal year with the improvement in top line as well.

Thank you, that is useful, sir. VAST revenue would be predominantly PV?

Predominantly PV, yes.

Yes, VAST revenue more than 90% is passenger vehicle.

Noted, sir, that is very helpful. Because you've been winning large orders across categories, for FY '27, which would be the major segments where order executions are expected?

How do you see the share of segments moving in FY '27? Which segments are likely to outperform?

Raghu, largely the pie will remain similar once the Minda VAST is definitely added. The passenger vehicle segment at the overall Minda Corporation level will grow north of 20%.

However, in terms of the products-wise, you can say the instrument cluster business, as well as the wiring harness business, will see the maximum amount of product launches, followed by the die casting for exports will be the top three. The other segments, which include our electric vehicle mobility products, sensors, various electronic products like wireless chargers and others, that will also come into mass production.

Noted, sir. For switches and sunroof, FY '28 will be the first full year of operation.

Based on the orders received, how do you see the revenue potential in the first year?

Yes, for sunroof, we have received the lifetime order of about ₹1,050 crore last year. We are getting into the mass production the next next 4 to 5 months.

Yes, FY '28 will be the first full year full year revenue. When it comes to the switches, which is coming again into the mass production by by March this year, the FY '28 will be the ramp-up year, I would say.

The first peak year would be let's say FY '29 for for the switches joint venture.

Noted, sir, extremely helpful. Just the last question.

For FY '27, can you indicate what would be your capex and investments?

Our capex has been in the range of ₹350 to ₹400 crore, and this year also we expect to be in that range, maybe 10% plus of that. Close to about ₹400-₹450 crore capex we are expecting for fiscal year 2026-2027.

Got it, sir, very helpful. I'll fall back in the queue.

Thank you.

Thank you for the opportunity. Sir, with increase content per vehicle across EV and premium vehicle, how does you see Minda's content per vehicle opportunity evolving across two-wheeler, PV, and CV segment?

Also the strategic JV that we have done, when do we see the ventures contributing meaningfully to revenue and profitability, and what is the expected scale over the next 3 to 5 years? Another, if you can give some outlook on the CV side.

Thank you.

I think these are multiple questions, but I think I'll just start by sharing that we just answered the questions of the new joint ventures that we have signed. Sunroof is coming into SOP this year.

The joint venture for the switches is coming by March, let's say the April of FY '28. When it comes to the Turntide joint venture, we have already secured businesses and the existing running businesses are already being transferred in the next 3 to 4 months.

The SOP is expected to happen in this year, and probably you can see the peak starting from next year because the EV penetration will increase. Your last question was on account of the electric vehicle mobility.

Of course, the penetration across segments is increasing year on year. We have seen, particularly after the West Asia war, the focus on electric vehicle mobility in two-wheeler segment as well as the passenger vehicle segment is increasing, and with our products are fully ready to cater that across segments from power electronics to motors to electric charging-related product lines, etc.

as the system solution offering. If you could also repeat your first question, then I could share more highlights on that.

Yeah. Sir, I was asking on the EV side and premium vehicle, how we are seeing the content per vehicle opportunity as now evolving across EV that is evolving across two-wheeler, PV, and CV side?

Premiumization is one of our core pillars of growth going forward. Now, it depends on different product lines, but the majorly is driven by electronics and system solution offering.

If I look at the wiring harness space, you can say somewhere about every year in totality, on an average, about 20% increase in the kit value is seen across products, across segments. That is something which is as a general rule of thumb, you can say, with the approach that we are moving forward and adding products in terms of adjacencies, as well as system solutions offering from premiumization perspective.

Thank you, sir. Sir, last question is on the CV outlook side, what kind of opportunity we are seeing going forward?

CV outlook?

Yes, sir. On the CV side, what kind of opportunity we are seeing.

Yes, CV is again expected to continue the growth largely by again the exports which are being driven by India is growing. Extreme amount of roads and transportation is being built across.

The number of highways that are being built is phenomenal. There are more and more airports coming in.

By and large, the economy is booming, and so with that, logistics need to move. Commercial vehicle is expected to do well in the coming quarters as well as in the years.

Understood. Thank you so much, sir.

Hi, sir. Sir, just want to understand what is the status on the die casting and the clusters plant?

When those would be commissioned and visibility on capacity utilization for the same from our order book currently?

When it comes to our capacity utilization as in the complete group, on an average, you can say somewhere between 75% to 80%, again spread differently. When it comes to the Minda Instruments second plant, which is under commissioning, we're expected to be ready by quarter one of next year.

That will house all our advance electronics technologies from the instrument cluster and cockpit point of view. When it comes to the die casting, our one plant is already operational in Noida, so that is already started production.

Our fifth plant in Pune is under commissioning. That should take about 18 months from here on because that will be a majorly export-related facility, with much higher end, much larger equipments and infrastructure.

Sir,

if you can elaborate on the previous question on the CV outlook, because we had a good outperformance vis-a-vis the CV OEMs. Can we continue to outperform by 2-3x even this year?

I will not be able to comment on the 2 to 3x time, but I can share that, again, a lot of things are changing in the commercial vehicle segment, even, for example, the safety side, as well as many regulatory aspects, such as the tyre pressure system, air conditions coming in, long route drives that are happening, charging for the commercial vehicles, etc. is coming along.

Definitely, the commercial vehicle segments order book as well as the growth from the volume perspective is definitely bound to continue.

Okay. Sir, on the synergies with the FLASH Electronics, we were expecting the synergies to start from the customer approval side.

Do we expect from this year we should expect some synergies?

Yes, absolutely. We have already secured some of the orders particularly in our die casting space, as we had shared before, for the EV motors and other things.

That is under development and should be under mass production in the next two quarters or so. Also, our facilities, which are particularly in the Asian countries or Vietnam and Indonesia, are starting to secure order book for FLASH-related customers.

That is something which are under works. Of course, the sourcing synergies that we have shared, which is expected to give benefits for Minda Corporation as well as the FLASH, is expected to start to show results.

Last but not the least is one of the joint ventures that we signed, the Turntide, is again something that we're building up on technology along with the Poland Tech Center, Spark Minda Technical Centre, and Turntide will all continue to work together to make the magnet-less motors, X-in-1 products for the segments. These are the all avenues how we are coming together as for our transition.

Okay.

Sir, last question on the gross margin. We had 180 bps Q-on-Q declining gross margins.

Do we have any levers now because R&D spends are now already 3.2%? Do we have any levers at the opex levels which can offset the declining margins in the near future?

The declining margin is mainly on account of RMC going up. Obviously, we all saw huge cost pressure because of commodities run-up.

I am hoping that things should settle down. In so far as different levers are concerned, if you see, our EBITDA margin has improved, therefore there are other levers where we have worked which were slightly controllable from our end, whether it is people cost, whether it is conversion cost, whether it is power cost.

Several of those levers have helped us to maintain the margin despite RMC cost going up.

Sir. That's it from my side.

Wish you all the best.

Thank you so much for the opportunity. Sir, just wanted to understand the thought process behind the R&D spend.

I think over the last few years, we have seen a consistent increase, but in FY '26, we have seen some sort of normalization in terms of R&D spend. Maybe if you can elaborate on that.

See, a, the revenue has gone up. Number two, when it comes to the investment into engineering, we have different strategies in place on how we are and in what we're going to invest.

Again, products is one side. Second is, of course, building our capability in building a robust and resilient supply chain for the industry and how our R&D can play a very important part in that.

By upgrading our quality systems, software quality, infrastructure, all those things are being put in place. Yes, it's a cycle-based approach where we strengthen ourselves on year-to-year basis, as well as consistently optimize on where we are spending, but more importantly, come up with the front-end solutions which are the right customer product fits in our platform-based approach.

It is how we kind of ourselves become more stronger ourselves in the areas that we're investing on the R&D front. The amount has not been reduced, but the focus areas have been defined, I would say, for us to propel better.

Okay. Thank you.

Thank you so much. I'll come back in the queue.

Hello. Congratulations, sir, on a great set of numbers.

Can you please decompose the 29% year-on-year growth into underlying volume growth, CPV expansion, and new product contribution?

Yes, our growth, particularly in the volume sides, if I speak on the segments per se, we have grown more than 26% in the two-wheeler space, outperforming the industry of about 12%. Similarly, in our passenger vehicles, we have grown more than 12%.

In the commercial vehicle space also, we have grown somewhere about 25%, as well as in terms of our exports as well, we have grown. Segment-wise or everywhere, we can see a growth.

When it comes to the factor of new products or premiumization, that has led to, you can say, somewhere about out of the 29%, you can say somewhere about 12% to 13% of growth has come from premiumization of new product addition, and the others have been further from the customer penetration and new customer additions. Okay.

Thank you, sir.

Hello. Sir, I have a couple of questions.

First question is that what is your revenue outlook for FY '27?

Second Rohit, please go ahead, Rohit.

Yes, sir. Second question is that as you mentioned that our lifetime order book is of ₹10,000 crore, what is the timeline for that execution of the current order book?

While we don't give future outlook in terms of revenue guidance, but our guiding principle has been that we want to grow our business at least 50% more than the industry growth. If the industry grows at about 10%, we should look at revenue growth in Minda Corporation to the tune of 15% plus.

Now, our order book is ₹10,000 crore, which we have registered throughout the year, and different product, different customer will have a different lifecycle. Some may be order for 5 years, some may be for 6 years, but by and large, you can say it ranges anywhere between 48 months to 60 months.

Sir. My last question is that earlier you had given a guidance for FY 2030 of about ₹17,500 crore approx.

Are we online with that?

Yes, we have kept the long-term vision in mind for 2030 to deliver 17.5 thousand crore top line with 12.5% EBITDA margin. The whole group is working towards achieving those stated numbers.

Sir. Thank you.

Thank you for providing me the opportunity, and congratulations on a very good set of numbers. Just, sir, in line with the question of the previous participant, I wanted to ask you one thing, 70 more ₹17,500 crore of revenue by FY 2030, I think it implies a revenue CAGR of 22% or 25%, right?

Sir, will it be possible to achieve our 22% or 25% kind of growth in FY '27? Any range is fine, sir.

If you look at during financial year '25-'26, we grew our business by 22%, and the group consolidated revenue, including FLASH and all, it's roughly, give or take, about 9,000-odd crore. We are looking at 4-year window to deliver 17.5 thousand crore number.

If we go about 19%-20% growth from here on, we are quite destined to deliver 17.5 thousand crore revenue.

Sir, we should grow at least by 20%, I guess, in the FY '27, right? That's right.

That's right.

That's right.

Sir, basically, we will be around tripling the revenue from existing ₹6,200 crore to ₹17,500 crore by FY '30?

Which will include FLASH Electronics as well. So ₹6,200 do not include FLASH Electronics, and it does not include Minda VAST as well.

If I include Minda VAST, FLASH Electronics, and all, then our group revenue today stands at about 9,000-odd crore.

Sir, the vision of FY '30 for ₹17,500 crore, it includes FLASH Electronics as well as the new associate company, or just the Minda Corp?

Mr. Hemant, as he shared, that the vision is about ₹17,500 crore, and there are multiple initiatives that are being taken on account of organic growth as well as inorganic growth.

This accounts on a multiple that we are currently working on. At a group level, we have shared that we are at ₹9,000 crore.

Moving forward, we are working on multiple opportunities, including joint ventures, consolidations, M&A opportunities, as well as organic growth to ensure this.

Sir, this ₹17,500 crore vision is on a group level on a consolidated basis, right, sir?

Yes, that's right.

Basically, we will be doubling the revenue, this is what I can say, right?

Yes.

Okay. Thank you.

Sir, thank you for taking my question, and congratulations. I think a very strong set of numbers.

I think margin delivery, which you have talked off, has come through. My first query is in terms of our Turntide JV.

While we talk of the axial flux motors, essentially if one looks at the current platforms, we seem to have more on the radial flux side. When you say you have won orders already, could you elaborate a little more?

Are we talking of two-wheelers, PVs, CVs? Which segments are we referring to?

Secondly, in terms of capex, this JV would be more of an assembly operations as of now, or we would start with localization?

To first answer your question, whether it is any product or joint venture, we are looking at deep localization as much as possible from the SOP itself. That is where Minda Corporation is focusing along with our partner's technical center, as well as the entire initiative goes there.

That is our offerings to the customer. Number two, when it comes to the Turntide joint venture, as I mentioned, we've already won orders when it comes to the motor controllers as well as the other electronics space.

That is going to start SOP in about 5 to 6 months. When it talking about the motors particularly, there also we are under advanced discussion.

I may not be able to share further details because of confidentiality nature.

Sure. Thank you.

Just one query out here. Since this technology is slightly different, it's superior, but also the cost is higher.

Do you envision this to become substantially larger than the current set of motors?

It depends, to be honest, depending on the segment and the vehicle architecture. Again, we are offering with a complete portfolio of motors in our umbrella.

That is the objective that we are going forward with. If any customer would like to take BLDC motor or PMSM motor or axial flux motor, we can offer that.

That is our objective as a complete system solution offering.

Sure, very helpful. Sir, the second question is it's more of a broad question.

We are hearing a lot of labor cost inflation. There obviously we would be hit by commodity prices, there would be a base effect impact on margins.

In terms of stresses, in spite of that, this quarter we have actually seen a good quarter. How do you see this pan out over the year ahead?

Basically, I'm sure we'd move towards our direction of 12.5% over a few years, but just in terms of the outlook for this year and maybe the next?

We don't know how other states will react, but as we have mentioned in our statements, Minda Corporation is focusing on operational excellence. Now, this includes being a manufacturing company how we can put in the best practices in place by using of automation, AI, Industry 5.0, work closely with our suppliers in order to work the best for our customers.

Continuously we engage and our ideas how we can deliver better with the same set of people, generate higher revenue and sweat our assets, including our optimization of the people strength that we have.

On the commodity side, sir, have we seen any impact? I know LPG was a concern for a number of players, but aside from that, availability, etc., have we faced any issues, or with our tier 2, tier 3 suppliers?

No, I can say that we have planned our next couple of months in line with our customers. To ensure our customer requirements, we are fully adhering and committed for delivering whatever is needed.

We have in place all our requirements with our suppliers for all sorts of commodities.

Sure. Thank you, and wishing you all the best in the future.

Thank you.

Thanks for taking my question again. Sir, first question is on the TPMS as a product.

We've seen that in the upcoming CAFE regulations, the adoption of this product could give benefits to the OEMs. Where are we in the adoption as per you, and are we seeing increased customer interest, and how large could this product be for you going forward?

Jay, the focus is on safety. While the commercial vehicles, passenger vehicle, all segments are growing, the vehicle count is increasing, and so is the concern for safety and accidents in India.

The entire industry is focusing along with multiple regulations to reduce the fatality or the accidents. Anything that gives an information to the driver and helps in increasing safety is something that is what everybody's working for.

Tyre pressure monitoring system is one such key critical sensor which is in the portfolio of Minda Corporation, as well as we have multiple orders in place also getting into start of production. I cannot share which customers, what segments, but they are across multiple segments that we are already won businesses coming into mass production soon.

Okay. Understood.

That's all from my side.

Thank you.

Thank you very much, and I would like to really thanks Emkay Global for organizing this call, and thank everyone for joining the call. We at Minda Corporation remain highly confident in our growth trajectory, both in near term and long term, driven by strategic investments and unwavering commitment to advancing our products and technologies.

We are committed to creating value for all our stakeholders and shareholders. We are investing deeply in our capabilities in terms of people, capacities, capabilities, competencies, and technologies across segments and divisions.

I hope we have been able to respond to most of the queries. For further information, we request to please do get in touch with our IR team.

Thank you very much. Thanks for support.

Have a great day.