Auto
Minda Corporation
Automotive electronics and components designed to increase content per vehicle.
Cars and motorcycles are becoming computers on wheels. Minda does not need to pick the winning powertrain if it can sell more electronics into every vehicle. Minda makes wiring harnesses, locks, clusters, sensors and electronics that drivers rarely think about. The structural bet is simple: petrol, hybrid or electric, vehicles are becoming more electronic and feature-rich. That can increase content per vehicle even if industry volumes grow modestly. Acquisitions and joint ventures widen the product basket but must not dilute margins.
The one thing to remember: The key growth variable is electronics content per vehicle, not the winning powertrain.
How the business works
Minda supplies electrical distribution systems, clusters, locking systems, sensors and other components to OEMs. Revenue is driven by vehicle production and the amount of Minda content installed in each platform. New technologies and acquisitions expand wallet share.
FY2025-26 snapshot
Revenue
about ₹6,185 crore
Net profit (PAT)
about ₹358 crore FY26 included acquisition/consolidation effects
EBITDA
about ₹721 crore
EBITDA margin
about 11.7%
Figures are for the financial year 2025-26 as reported by the company. Educational context only.
Where the money comes from
Wiring and electrical distribution Locks and security Clusters and electronics Sensors, EV and passenger-vehicle components
What could make it much bigger?
EV and premiumisation raise content per vehicle. Passenger-vehicle expansion broadens the base. New orders and acquisitions add products.
What can go wrong
Auto production is cyclical.
Acquisitions can dilute margins or create integration risk.
Input costs may be recovered from OEMs with a lag.
5 things to watch
Content per vehicle
EV/PV revenue share
Order wins
EBITDA margin
Ramsam Takeaway
Minda’s opportunity is broader than any single EV forecast. Vehicles of every kind are becoming more electronic. If Minda keeps winning more components per platform, revenue can outgrow vehicle production. The discipline to watch is margin: growth only creates value if returns stay healthy.
This profile is educational context only. Ramsam does not rate companies or suggest whether to buy, hold or sell anything.