FY27 Capex of ₹400 Crores
Company targets ₹400 crore capital expenditure across business verticals with no specific allocation between EV and ICE, broadly distributed across divisions for capacity expansion.
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Minda Corporation · forward-looking guidance across the available source record.
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capex
Flash Electronics Growth Target: 20-24%
Associate company Flash Electronics expected to deliver strong double-digit growth in the 20-24% range, with long-term EBITDA margin target of 16-17%.
FY27 EBITDA Margin: 11-12%
Management expects to maintain margins between 11-11.5% to 12% during the rest of FY27, navigating commodity inflation headwinds with customer pass-through arrangements.
Switches Business Ramp-up
Lifetime order book exceeds ₹1,000 crores with SOP expected in Q4 FY27/Q1 FY28; first full year revenue of approximately ₹150 crores expected in FY28, peaking in FY29.
Sunroof market share target: 10-15% by FY30-31
Sunroof market in India is expanding rapidly; Minda targets 10-15% market share by FY30-31 with ₹350 crore lifetime order ramping up from Q1 FY28.
Export revenue target: ₹500 crore to ₹1,500 crore by 2030
Long-term vision remains intact despite recent subdued exports; new SOPs expected in Q4 FY26 and FY27 with existing business ramp-up driving growth.
Switches business SOP: Q2 FY28
₹1,000 crore lifetime order for smart switches; plant under construction with localization underway; 2-year ramp-up period to peak volumes.
ROCE improvement: 22% to 25% by FY30
Current standalone ROCE at 22%; disciplined capital allocation focused on high-margin connected businesses expected to drive improvement to 25% by FY30.