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Emkay Global Financial' research report on Minda Corporation
We attended Minda’s Analyst Meet and visited Spark Minda Technical Centre (SMIT) in Pune and its Flash Electronics plant; the management outlined its ‘Vision 2030’ at the Meet. Our visit highlighted Minda’s ongoing transformation from a traditional component maker into a systems solutions provider, underpinned by 3x higher R&D spend over the last 4Y, a growing IP portfolio (>310 in FY25), and strong EV-ready capabilities. Strategic priorities include expanding capacity with ~Rs20bn planned capex till FY30, scaling adjacencies via JVs (sunroofs with HCMF, switches with Toyodenso, EV components with SANCO), and de