Thank you, Rudra. Good evening, everyone.

On behalf of Elara Securities, I'd like to welcome you all to Q3 FY26 earnings conference call of Minda Corporation Limited. Today we have with us from the management team Mr.

Akash Minda, Executive Director; Mr. Ajay Agarwal, President, Finance and Strategy; and Mr.

Nitesh Jain, Lead Investor Relations. I'd like to thank the management for giving us this opportunity.

I'll now hand over the call to the management for their opening remarks, post which we will open the floor for Q&A. Over to you, sir.

Good afternoon, everybody, and thank you, Elara Capital and Mr. Upadhyay, for organizing this call.

Good afternoon, everyone. Welcome to the quarter three and nine months financial year '26 earnings conference call of Minda Corporation Limited.

I hope you all are doing well. It is our pleasure to connect with you today and present our performance for the quarter, along with some key developments across the businesses.

India has recently secured significant trade deals with the UK, European Union, and the United States, marking a transformative step for Indian market. These agreements promises to unlock greater market access and business opportunities, positioning India as a key player in the global trade arena, especially for the automotive and auto component industry.

The Union Budget 2026, revealed on Sunday, has set a clear course for India's automotive future, shifting the focus from short-term buyer subsidies to long-term supply chain resilience and green energy integration with initiatives like Semiconductor 2.0, ECMS Scheme, rare earth corridor establishment, and focus for MSMEs also. For quarter three FY26, we witnessed strong performance across all major vehicle segments due to the key reasons such as GST reductions, festive season buying, new launches, improved financial availability, supported by favorable market conditions.

Overall, the auto industry grew by 17% and entered the quarter four FY26 on a firm footing, with stable macroeconomic conditions and policy-led affordability gain. Coming to the performance for Minda Corporation.

For the quarter three FY26, the company has maintained its strong growth momentum led by outperforming the automotive industry growth and achieved its highest-ever quarterly revenue of ₹1,560 crores, representing a robust growth of 25% on year-on-year basis. The performance was fueled by sustained demand across key vehicle segments, increased share of businesses and content per vehicle, and strong traction in EV and premium product categories.

During the quarter, the company's EBITDA stood at ₹184 crores, reflecting a margin of 11.8%. The reported profit after tax reached ₹84 crores, with a PAT margin of 5.4%, supported by improved operational efficiencies and a favorable product mix.

I am also happy to share that our Board of Directors has recommended an interim dividend of 30%, that is ₹0.60 per equity share. Our associate company, Flash Electronics, continued to deliver strong performance with revenue of over ₹488 crores with an EBITDA of ₹90 crores, representing a margin of 18.4%.

This strategic partnership has significantly strengthened our presence in high-growth domains, such as EV power electronics, traction motors, motor controllers, and other related products. The collaboration continues to deliver operational synergies, and it'll play a pivotal role in achieving our growth roadmap.

Our performance continues to be guided by the key pillars of growth, which we have shared earlier. First, investment and growth in existing businesses.

Second, export market focus. Third, premiumization of existing products.

Fourth, new product launches by way of partnerships and organic technology development through our technical centers. We are happy to share that the Board of Directors of the company has appointed Mr.

Ajay Agarwal as Group Chief Financial Officer and a Key Managerial Personnel of the company in addition to his existing role of President, Finance and Strategy, for the company, effective 5th February 2026. We are also happy to let you know that the Board of Directors have approved an ESOP Scheme 2025, marking an important milestone in rewarding our employees.

This ESOP Scheme 2025 is forward-looking and aligns with our Vision 2030. This is of course subject to shareholders' approval.

Looking ahead, we remain committed to executing our strategic priorities with continued focus on enhancing our system solutions offering, strengthening customer relationships, and investing in new technologies and systems. Our emphasis on operational excellence, strategic partnerships, and innovation will play a critical role in driving the growth in FY26 and beyond.

Our key focus remains on disciplined capital allocation, expanding our presence in high-growth segments, and advancing our R&D capabilities that will drive long-term value creation for all our stakeholders and shareholders. With that, I would like to invite Mr.

Ajay Agarwal, Group CFO, to take you through our detailed financial presentation and performance and key highlights for the quarter. Over to you.

Thank you.

Thank you, Aakash, and good afternoon to all of you. I hope you have the slides in front of you.

This was shared a while back. I'm on slide number two.

Slide number two pretty much gives you the overview of Minda Corporation and its scale of operations. As many of the group's revenue in FY25 stood at ₹7,472 crore, with a consolidated statutory revenue at ₹5,056 crore.

We have manufacturing footprint, which includes 32 plants and 18,000 employees all across the globe. Our strong performance is backed by strong focus on innovation, with which we have close to about 322, 320 patents filed, out of which 147 patents have already been granted.

Moving to slide number three. This slide talks about the auto industry in India.

As many of you would have already seen, the auto industry in Q3 grew at around 16.8% vis-a-vis last year. All across, strong performance were witnessed, whether it is tractors, whether it is commercial vehicle, three-wheeler, passenger vehicle, and two-wheeler.

Of course, tractors and commercial vehicle and three-wheelers led the chart. On a quarter-on-quarter basis, we saw a marginal dip.

Of course, that has pretty much to do with post-festive season normalization. We saw a very strong Q2, that could be one of the reasons, but despite that, the growth is quite stupendous.

Speaking about the Q3 key strategic developments in Minda, one, of course, we recorded the highest revenue of ₹1,560 crore, representing a growth of 25% year-on-year. Our EBITDA margin stood at 11.8% in Q3 '26, registering a growth of 20 bps year-on-year.

We have also registered a lifetime order book of ₹2,000 crore, with multiple orders across product category within the organization. We also secured multiple platform-specific instrument cluster orders across leading OEMs for our instrument cluster or display business.

During the quarter, we also filed four new patents, taking the total patents filed thus far to 320 plus. On nine months performance, our revenue grew at 20% year-on-year, obviously backed by strong fiscal policy and strategic initiatives adopted and announced by the government.

The nine months margin of EBITDA stood at 11.6%, representing a growth of 26 bps. Our lifetime order book for nine months period recorded at ₹7,000 crore.

As we have already announced, our partnership with Toyo Denso, it is also shaping good shape for our switches business across vehicle segments. In the nine months period, we had also filed 16 new patents, taking the total patents filed to 320 change.

I'm on slide number five. From revenue perspective, on year-on-year, our revenue grew by 25% at ₹1,560 crore.

For a similar period, our EBITDA grew by 28% to ₹184 crore, and PAT for a similar period grew by 36% to ₹88 crore. Speaking of nine months period result, our revenue grew by 20%, taking the top line to ₹4,482 crore.

EBITDA, the similar period, stood at ₹518 crore, registering a growth of 23%. PAT for a similar period grew to ₹238 crore, representing a growth of 17%.

As we all know, in the month of December, the government announced new labor law. Due to the change in the labor regulation, we had to account for ₹4 crore of exceptional item due to the change in the regulation.

That has also been accounted for in these numbers. From the business vertical performance perspective, our Mechatronics and Aftermarket and other businesses grew by 17%, from ₹608 crore to ₹710 crore.

Information and Connected System business, from overall perspective, during the quarter grew from ₹645 crore to ₹850 crore, representing a growth of 32%. For a similar period, on a nine months period, the revenue stood at ₹2,073 crore for Mechatronics and Aftermarket, whereas Information and Connected business stood at ₹2,409 crore vis-a-vis ₹1,914 crore, representing a growth of 26%.

Moving to slide number seven. This slide gives you a bit of a snippet in terms of our revenue breakup, where from we have got ₹1,500 crore revenue.

Wiring harness contributed about 28%, vehicle access contributed 23%, cluster business contributed 18%, and die casting business contributed 18, 15%. From a geography perspective, as the company continues to be a heavily India-dependent company, India contributes about 88%, and export contributes about 12%, and out of that, 5% comes from Southeast Asia business, and Europe and North America contributes 7%.

From end market standpoint, 45% revenue comes from two-wheeler and three-wheeler, commercial vehicle contributes 29%, passenger vehicle contributes 15%, and aftermarket contributes about 11%. I'll not speak much about our associate company Flash's performance, because Akash has already in detail covered.

They are in a strong and strategic growth path across their product line, and they have also admitted few large OEMs during the quarter. From a CapEx perspective, during the year, we have committed to spend close to about ₹400-odd crore for the CapEx.

We have already spent about ₹276 crore for the nine-month ended FY26, and we plan to spend another ₹100 crore in the coming quarter as well. We are moving strongly in operationalizing most of our CapEx, whether it is die casting plant in Pune, whether it is MIS plant in Pune, as well as die casting plant in Greater Noida.

Moving to slide number 15. These are some of the products which are under launch.

We have already detailed out in our Investors Day presentation as well, whether it is sunroof, PLG, whether it is switches, or EV products. Slide number 13 gives you our consolidated income statement from FY21 till FY25.

Slide number 14. Yeah.

With this, back to the operator. We can start with the Q&A, please.

Congratulations, sir, for extremely strong numbers. Sir, my first question was on commercial vehicle space.

It's an important segment for us, representing around 30% of revenue. Can you indicate your thoughts about the outlook here?

Do you think the demand conditions have significantly improved, and you see an upcycle in this space going forward?

Yes. Hi, Raghu.

How are you? I think the commercial vehicles has done a growth in the recent quarter, as well as the first nine months.

We expect the commercial vehicles also to continue growth in the next quarter four, as well as in the first half of next year. The primary reasons we believe is due to the regulation changes that have been there, plus the infrastructure upgradation that is happening all across India, and last not the least, of course, you know that the trade has been booming within India, as well as for exports.

India is, of course, on a growth with the GDP growing. We believe that these are the reasons where the commercial vehicle segment is expected to grow at least for immediate future.

Noted, sir. Thank you.

Secondly, on the orders for switches and sunroof, a very large order of ₹1,000 crore for switches and sunroof ₹350 crore, both are starting SOP or the manufacturing is starting for both in FY27. Firstly, when you say lifetime order, for how many years does it represent?

Would there be a ramp-up phase for this order? That is, would it take 2-3 years to reach the peak?

How does it work?

Yes, Raghu. I think what you've answered is also your own questions.

Yes, the switches business is expected to start in quarter two FY28. Next year.

The plant is already under construction. The partners are already here.

Now the localization and the other things are going on. We expect one year from year-end, the production to start.

Yes, the orders that you mentioned are lifetime, they will take about two years to ramp up, and then subsequently it will move forward. Number two, when it comes to the sunroof, so that is also a lifetime business.

It is expected to start SOP in quarter one of FY28, which is next year, and '27, and the ramp-up is expected to happen over the next two quarters. That is how we expect these businesses to ramp up.

Thanks for that detail. Would it be fair to assume that lifetime order would mean 4 years?

Yes, on a typically, you can say 4 to 5 years. Yes.

Understood, sir. On the export side, how are you seeing the signs of improvement?

Recently, there has been both talks of EU and US agreements with India. How do you see the future for FY27 and also your strong markets of Asia, if you can talk about all of them?

Yes, for us, at least now we can see the exports coming back to normalcy in this quarter. You will acknowledge that over the last many quarters, about 4 to 5 quarter, the exports have been kind of subdued, but this quarter we have seen coming back to normalcy where our exports to the Europe, as well as to US, both are picking up, and it is across the divisions that we have.

Now we welcome the trade agreement between UK and Europe, as well as the direct tariff alignment that has happened between India and US. However, auto components is not clear yet, and we will get a clarity soon, but hopefully it should be in the similar range and not much of a difference, where we continue to engage with our customers.

The order books that we have already won in the last quarters where we have shared before, they expect to come without any delay into start of production over the next few quarters.

Thank you, sir. Lastly, to Ajay sir, sir, if you can indicate other expenses have seen a 7% Q-o-Q drop, can you indicate the reason and whether this number is sustainable?

Also, if you can talk about copper, there has been a big increase in copper price. Is there a lag for us in pass-through of that commodity impact to customers?

See, all index cost are having reciprocal arrangement from our vendors plus from our customers' perspective. There could be a lag of a quarter or so while we do the true-up with our vendor and pass those on to the OEM.

That arrangement is being there with the organization for several years now, and the practice is working quite well. Yes, definitely, this year has been a quite a aberration when it comes to commodity.

Not only for copper, this equally applicable for aluminum and rest of the alloys as well, cuz we are heavily dependent on aluminum, copper, and rest of the index products, too. Speaking about the other expenses, we have managed to reduce the other expenses, and largely those are to three counts.

One is savings in energy cost due to renewable and few other things. Second, we have managed to carry out certain activities through job work as well.

That has also led to reduction of our other expenses.

Thank you, sir. Fair to assume that we will be able to maintain the other expenses to revenue at this reduced level?

Yes.

Yeah. Thank you, sir.

I'll come back in the queue.

Thank you.

Good evening, sir. Hope I'm audible.

Yeah. My first question is while the shift to Information and Connected System is driving top line growth, but consolidated EBITDA margin have remained stagnant around 11.5.

Can you bridge the path to your target of 12.5%? Specifically, how much of this margin expansion is dependent on the localization of high-tech electronics versus pure operating leverage?

Ms. Jyoti, we have already shared before that first of all, where we come from is about high single digit about a couple of years ago, and the last 8 to 12 quarters, we have come from about 10% to a sustainable and consistent delivery of over 11.5%, which is what we had committed as well as shared with all our shareholders and all your colleagues.

Similarly, I think this is also one of the highest-ever EBITDA that we have posted with 25% growth in the revenue, and on the nine months basis also, we have posted the highest-ever EBITDA in terms of the value and percentage terms. What is going to drive growth going forward is on multiple aspects.

Our first continue focus on operational excellence. Number two is we are investing and going to be focused on localization and backward integration as well.

There are multiple initiatives that are happening there that I can't share on the call, which are strategic in nature, on how we can improve that, whether it is related to the electronics or some of the subsidies that the government has offered us, and we'll be investing in that, which will help us drive Minda Corporation's growth both from top line and bottom line. This is what I would like to share about how we have come across and where we are looking at going from the EBITDA perspective.

Got it, sir. Sir, you have announced around ₹2,000 crore CapEx plan to triple revenue by 2030.

How will this massive investment translate into a 15% plus ROCE, and at what stage do we expect to see the peak of this capital intensity? See,

every year, we spend, give or take, ₹300 to ₹400 crore. If you're looking at up to FY 2030, by design, we will land up spending around ₹1,500 crore.

Given our other strategic priority, whether it is premiumization, whether it's investment in new businesses, acquiring new clients, focusing on export, launching new products, all those will also accelerate our CapEx from ₹1,500 crore, designed ₹1,500 crore to ₹2,000-odd crore. From a return on capital employed perspective, if you do a apple-to-apple comparison, we are already doing a margin of about 22%, because why the dysfunctional numbers you are able to arrive at is due to the fact that interest is levied in Minda Corporation, whereas the revenue or the profit of Flash is not consolidated.

If you do the apple-to-apple comparison, we do close to about 22% ROCE. I think what we have promised the market to deliver by 2030 is improvement from 22 to 25%.

Given our disciplined capital allocation and making sure that whatever investment we do, particularly from connected business, high-revenue business, and high-margin business, we are confident that we will be able to increase our ROCE from current 22% level to 25%.

Okay. Sir, what is our current gross debt as of December 31st, both long-term and short-term?

Have we repaid any during this period, and what are the repayment plan going forward?

Our gross debt is about ₹1,100-odd crore, and we have paid about ₹70-odd crore debt during the first nine months period. I don't have the quarter-wise detail, but during the nine months period, we paid about ₹70-odd crore.

As promoter has infused around ₹104 crore through share warrant. That amount was largely used towards the repayment of debt.

Okay. During FY26 or further?

During FY26.

Okay. Thank you so much, sir.

That's it from my end. Thank you.

Thank you for the opportunity, sir. My question is with regards to Flash Electronics, where Mr.

Sanjeev had mentioned few months back on Minda Corporation's Investor Day that they were in very advanced stage with respect to the non-ferrite or synchronous motor. Just wanted to understand what is the status on that product?

Are we ready for mass production, or do we have any commercial order from any of the OEMs? Thank you.

Yeah. That motor is already designed, developed by our technical center, or Flash Technical Center in Poland.

Yes, it takes a lot of time on the field trials as well. Yes, we have showcased this product to our couple of customers as well, and we are working with them closely.

Yes, no order has been booked so far. All our large customers are moving forward for final evaluation, or further evaluation, and then we can hopefully be able to conclude something in the next couple of months.

Is it fair to understand that the OEMs are currently testing the product rigorously? Is that the current status?

That's right. Yes.

We are also testing. Yeah.

Then we have had some customers as well, and on the field.

Generally, sir, how much timeline does it take for the OEMs to test and validate a product, and then for that product to come under our SOP?

Technically, in the automotive industry, whether it's a new product, you can say once the product is ready to offer to the customer, then depending on the product, and in this case, you can say at least about 6 to 8 months' time, because in that architecture, a new vehicle performance is based on the motor. Yes, it'd be technically proven solution and all the simulations and the validation that are done in the lab, it could take somewhere about 6 to 9 months after award to come into the mass production.

From the first sample to come into the order and then that's so on and so forth.

Got it. This is a proprietary product which is under the name of Flash Electronics.

Is that understanding correct, sir?

Yes.

Okay. Thank you so much.

Thank you.

Hi, sir. Thanks for taking my question.

Congratulations on a strong set of numbers. Couple of questions.

Firstly, the Flash margins have been doing really well, and we are growing margins quarter on quarter. What would be a sustainable level of margins to assume going forward?

Secondly, if you could talk on what is the capacity utilization across

Sure. My first question was Flash margins have been doing really well.

What is the sustainable level of margin to assume going ahead? Secondly, what is the capacity utilization across business segments for us currently?

The margins are again going to be in the same level that we have shown in the last two or three quarters, which is somewhere about 16 to 17%. We expect this, of course, stay sustainable and consistently going forward.

Of course, many of this or a lot of this is also depending on the export orders, which is also good for this quarter as well, for Flash Electronics. Sorry, your second question was?

Capacity.

Yeah. Capacity utilization.

On a second, the capacity utilization on their gear business is quite high, but they have the facility where they can add on new machines and create capacity, so that's not a concern in terms of space. When it comes to the other EV motor and the other ICE products-related, they have capacity to the tune of, let's say, about 20%.

Plus, for their electric vehicle motors and the motor controllers and integrated drive units, the plant that they had inaugurated about a year ago is already full. We are now starting investing in the new plant, which will be ready in about 3 to 4 months' time.

Sir, I also wanted capacity utilization on our Minda business, the die casting and

the Yeah. I see.

Minda Corporation overall capacity at the group level is, you can say, somewhere about 84 to 85%.

Okay. Got it, sir.

Thank you.

Thank you.

Yeah. Sir, can you share R&D spends in other expenses?

What was the amount of R&D spends in other expenses?

Can you repeat the question, please?

Can you share R&D amount?

R&D expenses, we are investing somewhere about 4% of our top line, which is including OpEx and CapEx.

It is not included in other expenses because, obviously, the whole expenditure can be bifurcated into two, one is OpEx, the other is people-related expenses. People-related expenses will feature in employee cost, and other expenses will accordingly get clubbed across each of those separately.

By and large, we maintain as Akash rightly mentioned, we spend about 4% of our revenue in R&D.

Understood. For the nine months also, it would be around 4%?

Sorry?

For the nine months also, it would be around 4%?

Yeah.

Nine months of FY26.

Yes, close to 4%.

Sir, if I see the others segment, if I exclude the aftermarket revenue from that other segment, the remaining basically the EV products and all, so that seems like a very low number for this year, for this quarter. Is that understanding right?

Yeah. Again, this includes, firstly, our multiple products, which is the small starter motor divisions, the EV product lines, then the interior plastic division.

There are other products which are under start-up phase. Yes, there are products which are getting into SOP.

There are products which have recently got into SOP, the ramp-up does happen. Overall, the quarter product mix is depending on the larger verticals.

That segment includes aftermarket revenues also in the others?

Sorry, we can't hear you clearly. Yes.

I'm saying the others segment includes the aftermarket revenues also, right?

Yes, it is. Yes.

Okay. That's it from my side.

Thank you. Thank you.

Hi, sir. Thank you for taking my question.

Couple of questions I had. First is on Flash Electronics.

There is a very good margin expansion on the Flash Electronics for last 6 to 9 months. Just wanted to understand what is driving this margin expansion.

How much is coming from the synergy, and what else are the main factors for that?

Yeah. As Flash Electronics houses multiple products, which is EV, as well as on the ICE-related powertrain product line, and another vertical is on the gears business.

There are three primary product lines. Of course, margin expansion is coming from the EV product portfolio, as well as on the gear businesses, which are exports.

These are the reasons, again a favorable product mix on how the expansion of the margin is happening. Yes, growth is coming across all three product lines, and across domestic, as well as exports.

Do we expect to maintain this 18% EBITDA margin going forward for Flash Electronics?

I just shared before, it's sustainable numbers could be again about 16 to 17% here and there, but of course, our interest is how we can expand them further, which is our efforts that we're putting in place.

Okay. Sir, just on the rare earth magnet issue, that is behind us, right, still seeing some impact from there?

No, that is behind us. The overall industry, I think, has figured out multiple ways.

Have we. Plus, now with the new budget and the overall magnet corridor that has been created, a lot of efforts have been done and a lot of opportunities open up for the industry as a whole.

Secondly, technology-wise also, we have created motors which are magnet-less and rare earth-free, and for the ferrite magnet also, which are not coming from China or from other countries as well. Technology-wise also, we have developed products for across segments, which can cater to those products as well.

Looking forward into the fourth quarter and FY27, are you seeing any raw material headwinds, and how do you plan to pass it on? Especially on the copper, aluminum, and other metals side.

I was reading some of the financial statement of some of the large resource companies in India. Many have hedged their position, and many have not hedged.

You would have already seen some companies had hedged silver at some $39 in Q2. If those companies are not able to predict how the commodity cycle will behave, it's very, very difficult.

Thankfully, whether it is Flash, whether it is Minda Corporation, all our group companies are following a very strategic approach, which is passing on the cost. We don't enjoy the upside, neither we lose our sleep because of the price going down.

Therefore, we are properly hedged, and we are not in the business of making money out of commodity uptrend or downtrend. We are here to really excellent manufacturing capability and deliver quality services to our clients.

There is no time lag between the raw material price increase and pass-on to the customer, is it, there is a delay?

I think I just answered the question to the previous question. We typically do this indexed cost pass-on quarter-on-quarter.

We do true-up every quarter.

Okay. Thank you, sir, and all the best for upcoming quarters.

Thank you.

Thank you.

thanks for the opportunity, and congratulations on strong numbers. Sir, we have mentioned about kit value in two-wheeler segment including Flash Electronics.

Likewise, what could be the expected kit value for the four-wheeler in EV segment once all our product go on stream?

Oh, that's a good question. It depends.

If I look at a complete kit value with Flash Electronics and what we can offer only from the engine side, it is primarily on the power electronics front. Now we are working for the four-wheeler motor that we have developed.

We can typically put somewhere about ₹50,000 to ₹60,000. However, if I club products and make it a system solution into six-in-one or seven-in-one, that could even go up to ₹90,000 or ₹1 lakh.

It really depends as a complete kit value, but customers may select to take all as a combination, they may select to take one component out of this, they may select integration. A lot of possibilities are there when it comes to this product offering in the four-wheeler space.

You mentioned about the new order which is into smart key segment, that will start in Q2 FY28, right?

Which segment, sorry?

The new lifetime order we have received ₹1,000 crore. That's

part of it will start

in

Q2 of next fiscal year, and a part will start in Q2 of '28. '27.

Okay. Because here it is mentioned the facility will be completed by Q4 FY27, right?

Which Are you talking about the sunroof or the Switches.

Sunroof you mentioned Q2 Q1 FY27. Switches

is already under commissioning. The plant is already expected to be ready by quarter four FY27, which is about one year from here, and the SOP is expected to start in quarter one and/or quarter two in FY28.

Then the ramp-up of further will happen in let's say about a year from there.

Once we start getting other orders from other OEMs in this sunroof segment, what could be the potential annual contribution from this segment, let's say in FY28, '29?

That's a very broad question. As the sunroof market in India is expanding and growing very fast.

Now, of course, there are a couple of companies as well who are working in this segment. Sunroof is expected to penetrate faster.

There are also various technologies that are coming in. Our target is how we can go to at least 10 to 15% of market share by FY 2030 or '31.

That is our intention at first.

Thank you. That is all from my

side. Thank you very much.

Thank you for taking my question. Actually, I have couple of questions on a bit long-term trend first.

On the ADAS and sensors business, what kind of demand outlook or localization potential do we see for the say next 3 to 4 years down the line? What are our plans to capitalize on that product?

Yeah. I think, see, firstly safety is I think very important globally, and more importantly in India.

It is also personally very close to my heart on how I think we can contribute as an organization to this. Coming about to the ADAS systems, that in the new four-wheelers that are coming in, there are very much equipped until L1 level of ADAS systems coming from the Indian or even global OEMs.

Number two is these systems are currently provided by the large global Tier 1s as it is a system solution offering. Our focus here across the ADAS as a product is to enter from the component side and not the system when it comes to the passenger vehicle, all others.

That's number one focus. Number two, when it comes to the other segments such as two-wheelers and all, we have already developed products which are already getting tested at customer end, which is a complete system solution offering for front collision, rare blind spot.

These are some of the systems that we have already developed for this market. Then looking at the connected components from the ADAS, this is where we would like to work and we're looking for a couple of opportunities in that respect.

ADAS is something that we are going to be taking going forward from the component side primarily.

That was helpful, sir. My second question was on the export front.

How are we see the demand panning out? Is the situation improving there, or any comment on the recent FTAs, do we expect to pick up in demand due to this?

Any commentary or outlook would be good on this, sir.

Yeah. Mr.

Upadhyay, the first time in I think 6 to 8 quarters, particularly for Minda Corporation, the export orders have come to normalcy, and thanks to the clarity that is brought by the various EU agreements, as well as the tariff clarity, etc. However, going in the quarter four and the next year, we expect our new SOPs to come into a new orders come into start-up production, as well as the existing business ramp-up to happen.

It is expected to grow. I cannot really comment how much and how fast, but it is just the first quarter and too early to comment, we'll have to see on quarter-on-quarter basis at least for the next two quarters.

In addition to what Akash just said, our long-term vision remains quite strong for export. We expect to take our export business from current about ₹500-odd crore to ₹1,500 crore by 2030.

That vision remains static.

Okay. Thank you, sir.

That's really helpful. That was all from my end.

Thank you.

Thank you very much, and I would like to really thank Elara for organizing this call, and thank everyone for joining the call. We remain highly confident in our growth trajectory both in the near-term and long-term driven by strategic investments and unwavering commitments 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, technologies, and core competencies across fields.

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

Thank you, and have a great day.