Minda Corporation Limited (NSE: MINDACORP) Q1 2026 Earnings Call dated Aug. 12, 2025
Corporate Participants:
Unidentified Speaker
Aakash Minda — Executive Director
Vinod Raheja — Group Chief Financial Officer
Analysts:
Unidentified Participant
Kripashankar Maurya — Analyst
Raghunandhan — Analyst
Jay Kale — Analyst
Jyoti Singh — Analyst
Mithul Shah — Analyst
Shridhar Kallani — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to Q1FY26 Investor Conference Call from India Corporation Limited hosted by Mirae Asset Capital Markets. As a reminder, all participant lines will be in the listen only mode. And there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Kripa Shankar Maurya. Thank you. And over to you sir.
Kripashankar Maurya — Analyst
Thank you Agara. Good evening everyone. On behalf of Mira Asset Capital I would like to welcome you all to Q1 of automatic funding conference call of Minda Corporation Limited. Today we have with us from the management team Mr. Akash Nim Director, Mr. Vinod Raheja Group 04 Mr. Ajay Agrawal President Finance and Strategy and Mr. Nitin Jalan lead Investor Relations. I would like to thank management for giving us the opportunity. I will now hand over call the management for your OK remarks post which we will open the floor for the Q and A. Over to you sir.
Aakash Minda — Executive Director
Good afternoon, this is Aakash Minda Desai and thank you very much Niray Asset Capital and Mr. Kripa Shankar Maurya for organizing this call for quarter one financial numbers for Minda Corporation Limited. Thank you. Good afternoon everyone and welcome to the quarter one financial year 26 earning conference call from Minda Corporation Limited. I hope you are all doing well. It is a pleasure to connect with you today and present our performance for the quarter along with the key developments across the businesses. I trust you have reviewed our quarter one financial year 26 earnings presentation which is also available on our website and with the stock exchanges.
I will begin with an overview of the industry landscape and then dive into our company’s performance for the quarter. The first quarter for the year continued to showcase uneven recovery across India’s auto sector. While production segments showed promising traction, others were muted due to cyclical pressures. The two wheeler industry witnessed a soft growth in production volumes of about 0.7% reflecting ongoing pressure. Passenger vehicles production volume grew marginally by about 3.4% with utility vehicles continuing to drive the demand. The commercial vehicle segment remained largely flat with a modest growth of 2.6%. Overall, the automobile industry recorded a year on year growth of about 1.9% in Quarter 1 FY26, despite cautious market sentiment and and subdued demand, particularly in urban and entry level segments where volume growth remained stagnant.
This growth was primarily driven by strong export volumes, while domestic consumption declined on year on year basis. Looking ahead, the automotive segment remains cautiously optimistic. A gradual recovery is anticipated over the coming quarters, supported by the upcoming festive season and a likely improvement in rural incomes following a favorable monsoon. Now, reflecting on the company performance, Minda Corporation continued to strengthen its market position. In quarter one FY26, the company surpassed consensus estimates, delivering its highest ever quarterly revenue of rupees 1386 crores, a growth of 16% on year. On year basis, the company reported its highest ever EBITDA
operator
Can I have a. Name and a company name please? Your line has been unmuted. Can I have your name and a company name please? As there is no response connecting you. Back to the call
Aakash Minda — Executive Director
Strategic Initiatives the profit before tax for the quarter stood at rupees 71 crores with a PBT margin of 5.1%. This was impacted by higher financial cost arising from our investments and strategic partnership with Flash Electronics as well as increased depreciation due to investments in capacity expansion and technology upgrades. These strategic investments are expected to drive accelerated growth in the future. Profit after tax for the quarter was 65 crores with tax margin of 4.7%. This highlights our commitment to drive sustainable growth while maintaining profitability in a challenging macroeconomic environment. Across all business segments, we have outperformed industry trends with notable success in the Wiring Honors division where we have expanded our share of business with existing customers and secured new contracts.
The commercial vehicle segment also showed strong growth for us driven by increased volumes and acquisition of new customers. Additionally, for our other product lines including the EV segment, we saw impressive growth of around 30% this quarter on Flash Electronics. The associate company reported revenue from operations of 376 crores and EBITDA of 59 crores, translating to an EBITDA margin of 15.8%. That stood at rupees 21 crores, 49% of which is about 11 crores was recognized in Minda Corporation’s financials as share of profit from associates in this quarter. Despite global macroeconomic challenges, our exports have supported steady single digit growth.
Minda Corporation has minimal exposure to the US market with less than 2% of its revenue or below than 100 crores coming from the USA market. We have evaluated this situation with our customers and there have been no changes in existing and future orders. Our strategic initiatives continue to drive growth and enhance our competitiveness. In quarter one, FY26 and I would like to share some of the highlights. We closed the quarter with a strong order book exceeding 1300 crores with over 30% of the new orders coming from new energy vehicles. This highlights our increasing traction in the new energy vehicle space which continues to be our strategic focus area.
During the quarter, the company received 105 crores from the promoter entity for the issue of share warrants. The amount received has been utilized for the repayment of existing debt. We filed six new patents during the quarter taking our total portfolio to over 110, further strengthening our leadership in automotive innovation and technology. Further in line with our strategic vision, Linda Corporation has also acquired 32 acres of land in Aurangabad, Maharashtra for future expansion. We continue to focus on partnerships and we advanced our manufacturing footprint through strategic capacity expansion and inorganic initiatives. During the quarter, Minda Corporation entered into a joint venture with Toyo Denso Corporation Ltd.
Of Japan in which Mynda Corporation holds 60%. The partnership is aimed at developing and manufacturing advanced automotive switches and control systems at the new state out of the facility in Noida. This initiative reinforces Minda Corporation’s commitment of building local technological capabilities and enhancing product value. The joint venture has already secured significant orders from a leading two wheeler oem. 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. Our emphasis on operational excellence will also play a critical role in driving growth in FY26 and beyond.
We are committed to expanding our presence in the EV market, advancing our R and D capabilities and building strategic partnerships. Now I will move to the presentation and run you through the presentation which is uploaded online. I request you to start from page 3 which shows Minda Corporation at a glance. In FY25 the group achieved a revenue of about 7500 crores and in FY25 5500. 5056 crores came from the Minda Corporation. This entity we have 32 plants, more than 18,000 people, 6 product lines and various partnerships. Moving on to the next slide which shows the industry automotive performance.
I’ve already shared that if I look at on the right side which is the year on year growth the tractors grew about 13%, commercial vehicles grew about 2.6%, three wheelers by about 10%, passenger vehicles about 3.4% and two wheeler was muted to about 0.7 overall giving a growth of about 2% only moving to the next slide which shows the quarter one business performance key strategic developments the revenue grew by about 16.2% year on year despite various challenges. EBITDA margins stood at 11.3% for the quarter with growth of 23 basis points on year. On year basis, total lifetime order booked was 1300 crores with EV constituting more than 30%.
Signed a joint venture agreement with 3rd Enso of Japan which I will explain in the next slides. We filed six patents and we also formed a strategic partnership with Qualcomm of USA for developing smart cockpit solutions. Moving to the next slide which shows the details about the strategic joint venture with Toyotenso Corporation of Japan. On the right side you can see Minda Corporation will own 60% and Toyota Denso will invest 40%. On the right side are the switches for two wheelers and four wheelers for the entire Indian automotive industry. On the left side of the bottom I would like to share we foresee a growth in terms of the values, opportunity and the technology in this product line going forward.
The joint venture has already secured significant large orders from one of the largest two wheeler OEMs in India and which will be profitable from the first year of commencement. The operations is expected to start in quarter two FY27. Initially the total investment is around 150 crores and we will hold majority. The strategic partnership with Flash Electronics which shows the financial of the Flash Electronics. On the right side the revenue from operations stood at 376 crores. The EBITDA was 59 crores at 15.8% which is a growth of about 10.2%. And at the TAT margin stood at 21 crores which is 5.7%.
Moving on to the next slide which shows the Minda Corporation’s performance. The revenue grew by 16.2% from 1192 crores to 1386 crores. EBITDA grew from 132 crores to 156 crores from 11.1% to 11.3% marking a growth of 19% on the value basis and 23 basis points and PAT has grown from 64 crores to 65 crores. Moving on to the next segment, next slide which shows our business vertical wise performance. The mechatronics and aftermarket grew from 575 crores to 650 crores marking a growth of 13%. And there was a strong demand from our two wheeler products that we had launched recently Asean Market which is Indonesia and Vietnam shown flat growth and die casting facilities are starting commencing.
Manufacturing plants now. On the right side which is the information and connected system which is a wiring harness and instrument cluster. Business grew from 617 crores to 736 crores marking a 19% jump. And wiring harness division has achieved significant orders from India and exports growing our market presence. The CASA division has also launched various new TFT clusters. Moving on to the next slide which shows the revenue breakup by products geography and end market. Wiring harness continues to be about 30% of the revenue. Vertical axis products is about 23%. Die casting is about 15%, instrument clusters and sensors about 15%.
Others contribute 17% which includes our interior plastic division, starter motor division, electric vehicle mobility product lines, various electric products like shark fin antenna, wireless chargers, etc. By geography, India continues to be the major revenue share which is about 89%. The Indonesia and Vietnam continue to be about 5% and direct exports is about 6 to 7%. By end market, two wheelers and three wheelers are about 47%. Commercial vehicles are about 28%. Passenger vehicles about 15%. In aftermarket is again about 9 to 10%. Moving to the next slide which shows our investments into the new capacities and new plants which are coming across India.
From the left top you will see in our die casting fifth plant which is coming up, there was a brownfield expansion in our starter motor alternator division because of the exports business that we have received. On the top right you will see the bycasting coming up. On the bottom left is our new and latest facility coming for the instrument clusters division. In the middle bottom is the new joint venture facility for the Spark Minda Toyo Denso Private Limited. On the right side is the components division expansion for our localization of the connectors and systems for the wiring harness division.
Now I will move and summarize to the ESG slides which are standards slides which we always share in our journey to become an ESG compliant company. And we are reducing Our ESG by 42% by 2030 is our target. The next slide we show some of the awards that we have won from our customers. And the last slide where we will show some of the awards that we have received from various organization events that we participate and we continue to give back to the society. With this, I would like to conclude my presentation and open the floor for questions.
Thank you.
Questions and Answers:
operator
Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press chart in one. On the Touchstone telephone If you wish to remove yourself from the question queue, you may press chart and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. The first question is from the line of Raghunandanan from Nuvama Research. Please go ahead.
Raghunandhan
Congratulations sir for stellar numbers. Good to see a strong beat versus the industry performance. Trying to understand the outperformance better. Starting with the others category where you have multiple parts like EV parts, sensors etc. If you can indicate how much was the growth in the others category where the share has increased to 19% of revenue. Within that which product categories have grown and do you see this growth being sustainable?
Aakash Minda
Yeah. Hi Raghunandan. Thank you very much. So the other categories include products like our starter motor division which is primarily for the off road vehicle. It also includes our interior plastic division which is making kinematic parts like center consoles, air vents, under bonnet parts etc. This also includes our Sparkminda Green mobility which is making EV power electronics products like dc, DC converters, battery chargers and other power electronics which is infrastructure charging. It also include other electronic products like Shark Fin antenna, wireless chargers, adapt solutions etc. So these are the products that are covered under the other related segments.
And while we have won the orders in the last few quarters and years now we are seeing many products which are coming into the start of production with the new vehicle launches. So the premiumization of the products that we have been always sharing as well as increasing the kit value of the products by launching new products is falling under this category which are now seeing and coming to life.
Raghunandhan
Got it sir. So given that the orders are now getting executed, the run rate in this category which is closer to I think 240, 250 crore. So you think that is sustainable going forward?
Aakash Minda
Yes, as we are further deepening, deepening into the more and more electronics and EV systems. Yes, this is the run rate that we expect.
Raghunandhan
Got it sir. And second question was on the wiring harness division you referred to increase in share of business with existing customers. If you can elaborate a little bit on that. In which segments you are gaining market share, does it also include a higher share of business in EVs? And how is the share of EV within the wiring harness division?
Aakash Minda
Yes, so we are primarily into the non four wheeler segments because our joint ventures is into the Japanese four wheeler OEMs. So this focuses for Mass. Minda Corporation focuses on gaining share of business in the existing or the larger two wheeler OEMs which are again in the north as well as west and south. So that is one increasing in the share of business. Number two. Of course we have started getting businesses, you know in the past one year from the EV2 Wheeler OEMs as well as 3 Wheeler OEMs. Thirdly, the commercial vehicle space is you know in the last quarter or this quarter has also picked up pace.
So that where also we are seeing pick up a good pickup in volumes as well which was subdued in the whole of last year.
Raghunandhan
And how much would be EVCR in this division?
Aakash Minda
At the group level we are somewhere about 5 to 6%. I will have to exactly get back in this particular division.
Raghunandhan
Thank you sir. My third question was on the cluster space you indicated that on the TFT side there has been launches and that has supported and clusters is also play on premiumization with digital clusters. If you can talk a little bit about what is helping the growth new products segments. And are you seeing that share of digital cluster increasing in the overall segment?
Aakash Minda
Yes. So as you know the instrument cluster is going through premiumization phase. So let’s say in a two wheeler there was typically about an instrument cluster for about 7800 rupees. And now with the TFT coming in the prices are literally going three to four times. And with that respect we have been already winning orders in the past few quarters and now we are coming the start of production or the new product launches are happening for the Indian market as well as exports. So that is where we are seeing premiumization. So of course the value increase is happening or the annual selling price is increasing.
And also the new product launches for our customers is happening whether in EV as well as in ICE segment where we are seeing the uptick happening. And also of course you can see commercial vehicle segments are seeing more and more TFT clusters which are much larger in nature from the auto export. And now you can see all in mass production and our entry into re 4 wheeler large TFT cluster space as well.
Raghunandhan
Good to hear that sir. And on the order book of 1300 crore plus lifetime order book can you provide some detail across which segments or product this order book is? Would it also include Toyo Denso order?
Aakash Minda
No, this does not include toy ransoder number two. These are business, these are for the products across our divisions, wiring harness, our TFT clusters, electronics, EV vehicle access space as well as domestic and export. So they are spread across our segments and products. May I request you come back in line if you don’t mind. Please.
Raghunandhan
I’ll come back in the line and thank you so much and wishing you all the best.
operator
Thank you.
Aakash Minda
Thank you.
operator
The next question is from the line of Chai Kale from Elara Capital. Please go ahead.
Jay Kale
Yeah, good afternoon. Thanks for the question and congratulations on our strong outperformance result. My first question is regarding your Snapdragon, you know, collaboration. If you could just a little bit elaborate on how, what is the scope of this collaboration, what is your role in this and how will this collaboration work? You will provide what components and what will be assimilated by Snapdragon if you can just throw some light. And also the timeline of the startup production of this collaboration.
Aakash Minda
Yeah. Hi Jay. So Jay, we have partnered up with Qualcomm as a software and a chip manufacturer. So you know that is what they will give in terms of the back end solution. We are already pitching these products and incorporating their products and technologies for quite some time in our system solution offering to various customers. And now that you know, particularly on the particular chipsets we are winning orders from the four wheeler and they’re developing a couple of the softwares and chips for us from the two wheeler perspective in the cockpit domain controller space. So we are working with them on various capacities.
I will not be able to share a lot of things here but yeah, they are supporting our team from the software and the chip side.
Jay Kale
Okay, that, that’s great to hear. And any broad indication of what kind of kit value you would be able to provide? Any. How does it compare to your existence? Kit value?
Aakash Minda
Yeah, see so the, the kit value particularly in this space is from the cockpit, you know, domain cockpit domain controller as well as the cockpit electronics. So this includes, you know, from the displays to the silver box to various heads up display and other things all coming together. So I mean the kit value in a four wheeler can even go up to you know, 50,000 to 1 lakh rupees depending on the configuration. But if I break down the components, you know there are, there are different, you know, kits kit values in that space. So it’s a very large spread I would say, you know, particularly with respect to the cockpit electronics depending on the configuration with the four wheeler oem and.
Jay Kale
This will largely be to the EV customers or this is also scope is for ice models as well.
Aakash Minda
It is across customers and across segments whether it’s a two wheeler or a four wheeler or a commercial vehicle. Understood.
Jay Kale
And also second on your wiring harness as well as your CV revenue contribution. Now we’re seeing that your CV revenue growth on a yoy basis seems to have outperformed your other segments revenue growth and of course your wiring harness has outperformed. So are you seeing very strong traction on the market shares or share of business from the PV customers on wiring harness? Because earlier the localization was an impediment for us to gain incremental share in wiring harness. Where are we in that trajectory? Have we kind of solved that problem? And hence we are gaining incremental share and to that as an extension of that, does that mean that the profitability of the wiring harness division would have also meaningfully increased now?
Aakash Minda
So Jay, I think you answered all the questions yourself, so you know, made my work easier. But over the last few quarters, if I may say, we’ve been working on various aspects. So we of course coming from a low single digit ebitda, our focus was a improve ourselves as an organization. We consolidated our plants. In the past few quarters you’ve seen we’ve tried to get economies of scale from larger plants rather than running multiple small plants. Number two is of course we’ve invested a lot in our component division for localization and now our complete requirements of the connectors and systems is catered by our own Minda Corporation division by about 15 to 16% which has come down very very significantly from 5% in about three to four years before.
Number three, we are continuously looking at enhancing our revenue model which includes domestic plastic sports and areas and segments where we are stronger when it comes to the two wheelers, three wheelers, commercial vehicles and of course tractors. So now with the regulatory changes, whether it’s trem 4 tram 5 which is upcoming in tractors, or with more and more penetration of the features coming in into the commercial vehicles as well as in the EV segment, the kit value increases and in the conventional low voltage two wheeler business, we have gained some share of business across the customers also.
So there have been multiple factors on the quality of revenue, what we’ve been sharing, the quality of earnings and the quality of the products that we have been offering to our customers. Of course we have in this respect, if you remember, we have signed up a TLA with a Chinese company called Sanco which is helping us now develop our local connectors and charging guns and bus bugs etc. Which we’ve already won businesses and offering to the EV clients across segments. So all of this in the last few years the three quarters and of course more come is combining into what we can see is a good performance for wiring harness division.
Jay Kale
Great heartening to know and just one last question if I.
operator
Sorry to interrupt Mr. Chair may we request you to turn to the question queue for a follow up? Thank you. Before we take the next question, we would like to remind participants that you may press Sharon1 to ask a question. The next question is from the line of Jyoti Singh from Arian Capital Markets Ltd. Please go ahead. Sorry to interrupt. Ms. Jyoti, may we request you use a handset to ask a question?
Jyoti Singh
Yeah, I’m using now. Hello?
operator
Yes, please go ahead.
Jyoti Singh
Yeah, so just wanted to ask, on the Asian region, growth was flat. So what challenges we are facing there and what’s your strategy to revive momentum? And another on the diecasting capacity expansion at Greater Nord and Pune is already utilized and when do you expect full ramp up on that side?
Aakash Minda
Yeah, so. Hi Jyoti. Yeah, hi Jyoti. So on the asean, you know, we are seeing in terms of particularly Vietnam, Indonesia, they’ve been flat for us over the last one year or so. Again, the overall market is dominated by one or two large players and continuously we are seeing that the industry itself is flat. Number two is what we are doing going forward is we are again entering into the new and new customers in Indonesia and Vietnam and across Thailand and other customers. Number two is also we are planning to export out of that location to other parts of the world which is going to help us grow in the ASEAN region and hopefully come out of the steady and the flat growth that we’ve been having.
Number two, when it comes to the die casting business that you asked, currently our die casting capacities are to the tune of somewhere about 85 to 90%. And the order book that we are having in place for exports as well as domestic, we are coming up with two facilities which is our fourth and the fifth plant in the north as well as the west region. West will cater primarily to the export market and the north will have high tonnage machines for the HPDC products as well as for the EV castings and castings that are required for the EV products where we’ve already won orders over the last few quarters in the EV motors, battery casings, etc.
So that is why we are coming up with the new capacities in diecasting.
Jyoti Singh
Okay, thank you sir. Just one more question on the CAPEX side. What’s the plan for 26 and how much will be allocated to EV versus traditional product line?
Aakash Minda
Yeah, so while I have that answer, but I’ll request my colleague Vinod if you could take up that question please.
Vinod Raheja
Yeah. In FY26 we expect a capex of about 350, 375cr and it will be sort of in range like we have been doing in the last year. And the capex on new facilities that we talked about a bit earlier would be spread over to financial year.
Jyoti Singh
Okay, thank you sir.
operator
Thank you. The next question is from the line of Mithul Shah from TAM Capital. Please go ahead.
Mithul Shah
Thank you for the opportunity and congratulations. Strong performance all around. So my question is on flash financials for Q1. It seems there is a meaningful margin improvement and also top line. So can you highlight what are the factors driving this in this situation is raw material side benefit is coming or operating leverage and how are these key numbers comparable? Q1 25. Yeah.
Aakash Minda
So. Hi Mithul, from the sales perspective on the quarter on or year on year basis the revenue has grown from 330 crores to 376 crores which is about 14% jump. On the EBITDA side they have grown from 54 to 59 crores which is about 10.5 11% jump. And Vinod, maybe you would like to highlight that some of the initiatives that we have taken or the flash electronics management has taken for such numbers. Of course there were subdued challenges due to the magnet issues. Mitul, of course our revenue of flash electronics revenue could have been higher but due to the flash due to the magnet challenges we lost some sales there.
So Vinod, over to you please.
Vinod Raheja
Yeah, first of all the increase in EBITDA margin was also a result of sharp increase in the export revenues of flash where of course the margins are better then apart from that. We were. Able to get productivity gains in utility costs and other things also which helped us improve the EBITDA margin over same period last year. And the export revenues that I just talked about are not just one time phenomena. It is the execution of orders that were run say about a year back or so. And while I say this EV as a percentage of total revenue in the FY25 was 23% and in this quarter also I think it was almost the same at about 23% itself.
Aakash Minda
Thank you Vinod
Mithul Shah
sir, looking ahead in next 23 quarters how do you see this revenue growth would be double digit or on a sequential basis considering again global challenges on the AV front in. Terms of rare earth magnet and all.
Aakash Minda
So vitul. Yes there will be some challenges when it comes to the next, you know, quarter two or quarter three but hopefully by end of the year we will start seeing some positive particularly from the EV perspective. But from the IC engine related products and other related technologies we continue to see the Momentum so overall the growth is expected to be in low double digits. Thanks and all the best. Thank you.
operator
Thank you. Participants who wish to ask questions may press star and one at this time. The next question is from the line of Sridhar K from Access Securities. Please go ahead.
Shridhar Kallani
Thank you for the opportunity. Congratulations on the outperformance. Akash sir, Firstly I just like to understand other than the other segment which you had briefly detailed from the first question regarding the performance yoy basis, is there any other reason, any other segments because of which we were able to outperform the industry by a huge margin or it was there any new OEM that we had onboarded or was there an increase in wallet share regarding the outperformance reasons?
Aakash Minda
Yeah, so there are multiple factors. Sridhar and again thanks for your question. It is, I mean again multiple factors come into play. So while our exports have been largely flattish, the domestic has seen higher growth. And of course the first reason is the kit value increase by either increasing of the premiumization of the products like the PFP clusters or keyless solutions or the wiring harness or the addition of new products from the other category like the electronics or even the second is of course the new product launches which are coming in through the SOPs that have happened or the new launches from the OEMs that are coming into aspect.
And third is yes, we have gained some market share in a couple of products and couple of customers. And fourth is our product lines where we have been able to come up with some specific related special technologies, you know, like a cockpit or all those things are which are of a higher kit value are helping us, you know, grow this as well understood.
Shridhar Kallani
And in the wiring harness business, like in earlier phone calls you had mentioned that lightweighting is one of the key factors that you all are looking for your specialty into, especially in the electric vehicle segment. Anything on the optical fiber based wiring harness that we are developing?
Aakash Minda
No. So for cable related technologies currently we are dependent on our business partners or suppliers, supplier partners and whatever the customer, you know, asks us, we are of course working collaboratively with them. But as of now on the optical fiber we are, we are not seeing a lot of penetration. Maybe in a, maybe in a segment here and there, but not too much.
Shridhar Kallani
Do you see any technological transition in coming five years, 10 years down the line because optical fibers being extremely lightweight than the traditional wiring business that we are into.
Aakash Minda
So Sridhar, there are various technologies that are coming up in wiring harness. I mean there are multiple components to it. So one is of course the cables Itself whether they are flat cables or aluminum cables for lightweighting or etc. Again from the connection systems there are high voltage cables obviously on the connection Systems with the EVs and other products and technologies which are getting more complex. There are a lot of bus bars, charging guns, high voltage connectors, hydrogen system connectors and of course electronic data system connectors which are coming in. So a lot of you know things are.
Technology is changing over the course of time which is going to increase the kit value across our wiring harness everywhere.
Shridhar Kallani
Understood. And lastly sir, just one clarification on the magnet side of business of Flash electronics where I believe we basically procure hre magnets. But due to the disruption in supply chain, how ready are we with the LRE magnets and is there any possibility of commercial production with the usage of LRE magnets and supplying them to the OEMs?
Aakash Minda
So maybe I’ll answer a question that Flash has been working on a magnet less motor for across segments from the Poland Tech center as well as in India for the last one year. And plus and we have you know already taken them to various customers of Flash as well as mine. So hopefully you know they should. We should look at converting some of these businesses very soon. We’re in advanced discussion with various customers. So yes, magnet less motors organically and inorganically are something that we’re working on.
Shridhar Kallani
Okay, thank you. Thank you so much. All the best.
Aakash Minda
Thank you.
operator
Thank you. The next question is from the line of Raghunandan from Nuvama Research. Please go ahead.
Raghunandhan
Thank you sir for the opportunity. Again Toyo Denso where you are investing 150 crore and also you indicated that there are orders and the venture will be profitable from first year. If you can give some timeline on the completion of the facility and. And ramp up by FY27 28. How do you see that facility ramping up and on a 150 crore investment. What can be the revenue potential?
Aakash Minda
Yeah Raghu, so again we have won businesses from one of the large two wheeler OEMs. We are of course under advanced discussions for other OEMs also as the industry needs this particular product and good players in this. So that’s one. Number two, we expect the plant to commence in or so the production to commence in quarter four of FY27. I think earlier mentioned quarter two but I think it’s quarter four of FY27. So about a year and a half or 18 months from here on and the ramp up is going to happen. You know from.
From the. Let’s say the first year FY28. So we expect the orders that we’ve already got. Let’s say you know with this, in this product line you can typically say an fatr of about two and a half to three times. With that helping up in let’s say 529 we’ll get the full ramp which is a typically automotive, automotive trend.
Raghunandhan
Got it sir, thank you so much for this and one of your earlier venture on the sunroof part also if you can give some update as to how the progress is happening and by when we can start seeing revenues from that segment.
Aakash Minda
Yeah Raghu. So yeah, I mean we continue to engage with customers. We are again very closely working with various and many of them hopefully we should convert something very soon. When it comes to sunroof we are in the bidders list of all the customers that are there. But when it comes to the other product lines that are part of the joint venture such as the power tailgate that’s something that can be done fairly quickly. So you know it’s a matter of time when we are you know working with something with a couple of, couple of customers so we can be indigenized product offering by Spartaninda Group and you know of course currently we have not made any investments so to say because whatever comes out of this can be done from the existing facilities that are already upcoming.
So we’ve you know working in that respect. So once we win the order that is when we will start the investment into the, you know, equipment etc. And in June of the ratio of 50:50 of the.
Raghunandhan
Got it. Thank you so much. I’ll fall back to vitriol.
Aakash Minda
Thank you.
operator
Thank you. Before we take the next question we would like to remind participants that you may press char n1 to ask a question. The next question is from the line of Kripa Shankar Moria from Mira Asset Capital Markets. Please go ahead.
Kripashankar Maurya
Yeah hi, thank you for taking the. Question sir on these collaboration with Qualcomm on a smart corporate solutions. Just want to understand how this will help to expand our product or increasing content or segment expansion. If you can throw some light on this collaboration.
Aakash Minda
Yes again Qualcomm is a complete system solutions provider when it comes to the chip and the software part of it. They are deeply engaged in the global ecosystem of cockpit electronics and they’re also very deeply knitted to the OEMs in India. So while they work closely with them and having them partnered with the tier one sponsors, you know we are now part of the ecosystem when they are engaging with their OEMs or our OEMs as partners. All three partners, number one. Number two, as I mentioned earlier in the call that this is more on the back end side where the hardware solutions and the complete system solutions come from.
Corporation and Qualcomm gives us, supports us in the software and the chip side. And this is across segments whether it’s four wheeler, commercial vehicle, etc. Largely so when it comes to the cockpit domain controller or the complete architecture of the vehicle, when it comes to the standalone TFT cluster, etc. Which is where Minda Corporation does on our own. So when we are now venturing into the complete advanced cockpit electronics, that is where their expertise and our expertise come together to create value.
Kripashankar Maurya
Will this increase the content value for the product or whatever we are supplying currently? So just want to understand from that perspective.
Aakash Minda
So this is not particularly for increasing the content, but yes, with them coming on board, it gives more power and more strength to our system offering that we have and you know, helps us collaborate with other technologies and products to offer a resistance solution. So directly maybe not, but indirectly, yes, it helps us, you know, grow our product portfolio with the complete architecture that they bring in.
Kripashankar Maurya
Okay, okay, got it. And on the second question on the other segment, what we have. So we have seen very good growth. Just want to understand your thought and key. What could be the year end target we are expecting about quantum good. We are expecting for 26 from this particular segment. If you can throw some light.
Aakash Minda
Yeah, so again, this will continue to be, you know, in the range of what we are currently showing about, you know, 15 to 17%. Because the other segments also continue to grow. But this segment as I mentioned constitutes of our interior plastics division, our starting model alternative division, which is, you know, gaining traction for the exports for the off road. Number three is on the electric vehicle mobility, which is the power electronics. So some of them are coming in new launches like DC, DC converters, battery chargers, you know, infrastructure chargers, etc. And other electronics like Shark Fin Antenna where we have, you know, got a couple of new orders from various Japanese as well as Indian OEMs.
So all these things combined to be in that way, of course they have to start taking, you know, bringing economies to scale, economies of scale while over the next few quarters we ramp up.
Kripashankar Maurya
Okay, okay, thank you.
Aakash Minda
Thank you, thank you.
operator
Participants who wish to ask questions may press char and one at this time. As there are no further questions, I would now like to hand the conference over to the management for closing comments.
Aakash Minda
So once again, thank you very much. At Minda Corporation, we remain committed to execute our strategic priorities with continued focus on enhancing our system solutions offering, strengthening customer relationships and investing in new technologies. Our emphasis on operational excellence will also play a critical role in the FY26 and the years to come. I would like to thank everybody for joining this call and I would like to also assure the capital allocation and the growth that we focus on, on terms of the top line and bottom line, is always focused on our sustainable and consistent growth, which we have always committed to our shareholders and investors.
So, once again, thank you very much for joining this call and looking forward. Thank you.
operator
Thank you. On behalf of Mirae Asset Capital Markets. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.