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Minda Corporation Ltd
Company Surges 10% - Can Its Vision 2030 Triple Revenues?
Minda Corporation Ltd. shares soared nearly 10% on September 24, 2025, after the company unveiled its Vision 2030 roadmap. Analysts at Nuvama upgraded their target price to ₹620, citing robust growth across segments, increasing vehicle content, and a strategic focus on passenger vehicles, premiumisation, and EV products.
Vision 2030 and Revenue Ambitions
Minda Corp aims to scale revenues from ₹5,100 crore in FY25 to ₹17,500 crore by FY30, reflecting a 28% CAGR. EBITDA is projected to grow 30% CAGR to ₹2,100 crore. The Vision 2030 roadmap outlines strategic initiatives across multiple levers: growth in existing businesses (~28%), premiumisation (~14%), higher exports (~9%), new products (~12%), and acquisitions/other opportunities (~37%). This comprehensive strategy positions the company for strong, diversified growth.
Shift in Revenue Mix and Premiumisation
A key part of Minda’s strategy is the shift in revenue mix toward passenger vehicles, expected to rise from 14% to 25% of total revenues by FY30. Two- and three-wheelers’ contribution will reduce to 40%, while commercial vehicles’ share falls to 25%. Premiumisation efforts, particularly in Smart Access, Cockpit Electronics, and EV Harness segments, are expected to boost both growth and margins. Revenue from Smart Access may quadruple to ₹600 crore, EV wiring harness revenue could climb six-fold to ₹700 crore, and cockpit electronics may grow from ₹100 crore to ₹600 crore.
Exports and Global Expansion
Minda is aggressively pushing exports, which have grown at an 18% CAGR over FY21–25, targeting ₹1,500 crore by FY30 (37% CAGR). The company has secured multiple new orders, including digital keys for two-wheelers, high-voltage EV wiring harness systems, TFT clusters, cockpit sensors, and ECUs. New joint ventures with HCMF, Toyodenso, and Sanco will strengthen capabilities in sunroofs, switches, and high-voltage connectors, while Flash Electronics, its EV-focused subsidiary, is scaling up traction motors, MCUs, and magnet-less technologies.
Financial Health and Investor Takeaways
Minda Corp aims to become nearly debt-free, with net-debt-to-equity expected to halve to 0.3x, while ROCE rises above 25%. Increasing kit values across passenger and two-wheeler vehicles, coupled with strong export growth and premiumisation, provides significant upside potential. The stock’s 10% intraday surge reflects investor optimism around this strategic roadmap and the potential for robust long-term growth.
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