Ladies and gentlemen, good day and welcome to Minda Corporation Limited Q2 and H1 FY 2026 earnings conference call, hosted by ICICI Securities Limited. 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. Ronak Mehta from ICICI Securities Limited. Thank you, and over to you, Mr. Mehta.
Thank you, Ikra. Good evening, everyone. On behalf of ICICI Securities, I would like to welcome you all to Q2 FY 2026 earnings conference call of Minda Corporation Limited. Today, we have with us from the management team, Mr. Aakash Minda, Executive Director, Mr. Ajay Agarwal, President Finance and Strategy, and Mr. Nitesh Jain, Lead Business Relations. I would like to thank the management for giving us this opportunity. I will now hand over the call to the management for the opening remarks, post which we will open the floor for Q&A. Over to you, sir.
Yeah, good afternoon. Am I audible?
Yes, sir, you are audible.
Good afternoon, everybody, and thank you very much, Ronak, from ICICI Securities for hosting our call. Today, I'm going to share and give some highlights about Minda Corporation. Good afternoon, everybody, and welcome to the Quarter two and H1 FY 2026 earnings conference call of Minda Corporation Limited. I hope all of you are doing very well. It is our pleasure to connect with you today and present our performance for the quarter, along with the key developments across the business. Speaking about the automotive industry, in Quarter two FY 2026, India's auto sector maintained a positive trajectory supported by favorable macros, improved consumer sentiment, and the recent GST rate reduction that enhanced the affordability. The two-wheeler segment witnessed strong growth led by resilient rural demand, improved financing access, and increased premiumization. In the passenger vehicle, sustained steady demand, with utility vehicles continuing to dominate the mix.
Commercial vehicle segment reported broad-based growth across MHCV and LCV categories, driven by strong freight activity, improved intra-city logistics, and recovery in infrastructure and construction sectors. The tractor segment also continued its momentum, supported by healthy tariff output and rural income recovery. Overall, the industry entered the second half of 2026 on an optimistic note, with festive demand and GST 2.0 reforms expected to sustain growth. In addition, the government's continued Make in India focus is driving localization and self-resilience across the automotive value chain. These policies align well with the Minda Corporation strategy as we scale domestic manufacturing, localization of key components, and strengthen our supply chain to serve both domestic and global OEMs. Now, reflecting on the company's performance, the company maintained its strong growth momentum this quarter, surpassing consensus estimates, achieving its highest-ever quarterly revenue of INR 1,535 crore, a robust growth of 19% on a year-on-year basis.
This performance was fueled by sustained demand across key vehicle segments, increase in share of businesses, and content per vehicle, and strong traction in EV and premium product categories. The company reported its highest-ever EBITDA of INR 178 crore, representing a growth of about 21.4% on a year-on-year basis, with a highest-ever EBITDA margin of 11.6%. The profit after tax reached INR 85 crore, a growth of 14% on a year-on-year basis, supported by improved operational efficiencies and a favorable product mix. Minda Corporation has outperformed the industry trends across business segments with notable success in the wiring harness division and instrument cluster division. On our associate company, Flash Electronics. Flash Electronics has reported a strong performance in Quarter two FY 2026, with a revenue of INR 446 crore, with an EBITDA of INR 72 crore, with an EBITDA margin of 16.1%.
The collaboration has strengthened our presence in high-growth domains such as EV power electronics, traction motors, controllers, and vehicle control units. This collaboration continues to deliver operational synergies and will play a pivotal role in achieving our growth roadmap. In Quarter two FY 2026, we also hosted our Investor Day in Pune, where we presented Minda Corporation's technological capabilities, strategic priorities, and most importantly, our long-term vision 2030, which is built around five key pillars that define our growth roadmap and guide our strategic direction. Our performance continues to be guided by the key pillars of growth, which are: one, investment in existing businesses; two, new market export focus; three, premiumization of existing products; four, new product launches; and five, investment into R&D. Looking ahead, we remain committed to executing our strategic priorities with continued focus on enhancing our system solution offering, strengthening customer relationships, and investing in new technologies.
Our emphasis on operational excellence will also play a critical role in driving the growth in FY 2026 and beyond. Our key focus remains on capital allocation. We are committed to expanding our presence in the EV market, advancing our R&D capabilities, and building strategic partnerships. Now, with that, I would like to invite Mr. Ajay Agarwal to take you through the company's presentation and key highlights for the quarter. Over to you, Ajay. Thank you.
Thank you, Aakash. Once again, good evening to everyone. I'm on slide number two. I'm hoping that the slides have reached all of you and you have a copy of them. Slide number two gives you a glance of Minda Corporation. Our group revenue for FY 2025 was INR 7,472 crore and consol revenue was INR 5,056 crore. We have 32 manufacturing plants, over 18,000 workforce across 32 plants and various offices. We have filed for 315 patents. Out of that, 143 have already been granted to the company. On the left bottom, these are some of the significant partners we have onboarded over the last several years. In this calendar year, many of you know we have acquired 49% of Flash in January of 2025. Moving to the next slide, slide number three, it gives you an overview of Indian automotive industry performance for Quarter two.
Aakash did touch upon how the growth has been for the auto industry. If you look at the industry, it grew at about 10.1% year-on-year. On a quarter-on-quarter basis, it grew at 15.6%. The noticeable growth we have seen both in the two-wheeler segment, in the three-wheeler segment, as well as in the tractor segment. Passenger vehicle also grew, but the growth was quite timid. Clearly, the growth which we saw in Q2 was largely driven by some of the policy announcements carried out by the central government in September. Moving to slide number four, it gives you a brief overview of how has been our Q2 and some of the significant developments in Q2. On the right-hand side, it talks about what has been the significant development from a six-month H1 2026 perspective. The company had a highest-ever revenue clocked at INR 1,535 crore, registering a growth of 19% year-on-year.
The EBITDA margin stood at 11.6% for Q2, registering a growth of 22 basis points year-on-year. This quarter, we registered a lifetime order book of about INR 2,000 crore, which constitutes export about 15%. We have been significantly waiting for our sunroof order. I'm happy to report to all of you that we have secured our first sunroof order from a leading OEM for their upcoming vehicle launch. We will give you more details as we come closer to the production. In this quarter, we have filed six new patents. As I said, up to date, we have filed 315 patents. Out of that, 143 have already been granted. From an H1 perspective, we registered a growth of 18% despite macro and microeconomic challenges which we are seeing in the automotive industry. EBITDA margin stood at 11.4%, registering a growth of 23 basis points year-on-year.
Total lifetime order book exceeded INR 3,600 crore for the H1. Our new partnership with Toyota, and for switches, we have got some interesting orders from leading OEMs. There also, we will give you more details as we come closer to the production. In the first year, we have filed 12 patents out of 315, which we talked about. Moving to slide number five, these are some of the new products portfolio we have added in the last six months, and particularly in Quarter two. High-voltage EV wiring and harness order we have received from a leading OEM, and this is a new business which we are going to start in Minda Corporation. TFT cluster, also we have won from a leading OEM for their upcoming model launch. Sunroof, I did touch upon that. That order has also been received, and SOP is planned for Q1 of FY 2027.
Like I said, our Toyota and so. Joint ventures, we have won a significant order for the switches from the leading OEM. We plan to commence our operation sometime Q4 of FY 2027. Moving to slide number six, giving you some snippets of our performance in revenue for Q2. Our revenue stood at INR 1,535 crore, registering a growth of 19% year-on-year. EBITDA stood at INR 178 crore, registering a growth of 21% over Q2 of FY 2025. PAT also saw significant growth from INR 74 crore to INR 85 crore in this quarter. From a half-year perspective, revenue saw a growth of 18%. EBITDA saw a growth of 20%, and PAT saw a growth of 8%. Moving to the slide number seven. From a business segment and business vertical perspective, mechatronics and aftermarket saw. Registered a strong growth in the domestic two-wheeler segment.
While we saw a little bit of setback in export and a little bit of slowdown in the ASEAN market, despite that, the business grew by around 12%. From an information and connected system perspective, the business growth was registered at about 26%, which includes our Minda instrument and wiring harness business. Moving to the next slide, slide number eight. From a product portfolio perspective on the overall revenue segment, wiring harness registered overall 30%, contributed by wiring harness business. Vehicle access contributed 22%. Die casting contributed 16%, and cluster business contributed 17%. From a mobility perspective, two-wheeler and three-wheeler contributed about 45% of our total revenue. Commercial vehicle contributed 29% of the revenue. Passenger vehicle contributed 15%, and aftermarket contributed 11% in Q2 of FY 2027. I briefly touched upon moving to slide number nine, I briefly touched upon our recent partnership with Flash.
They also did quite well, both from a Q2 as well as half-yearly perspective, despite having some challenges in terms of magnet. They saw a little bit of downtrend from an OEM perspective. Despite that, the performance is quite heartening to see. Their revenue stood at around INR 446 crore for the quarter, and for half-year, it stood at INR 822 crore. The EBITDA margin stood at 16.1%, and PAT margin stood at 6.8%. From a half-year perspective, it is INR 131 crore, the EBITDA, and the PAT margin is INR 52 crore with 6.3%. Moving to the next slide, slide number 10. This gives you an overview of where our debt position stands. Our net debt is INR 1,165 crore. Net debt to equity ratio is about 0.5. Our rating stands at AA stable from India Ratings. From CRISIL, it is AA- with positive outlook.
Moving to the next slide. Aakash did touch upon some of the strategic priorities when we unveiled our vision for FY 2030. I'll not go deeper into many of those, but suffice to say, for the quarter, for the half-year ending FY 2026, the company has invested INR 220 crore. We have planned expenditure of INR 2,000 crore over the next four and a half to five years. Moving to slide number 13, it gives you where all the investment will be made across the vertical, including die casting, SMAD, in our Minda Toyota and joint venture, wiring harness division, as well as Minda instrument. From the product launch, I have already spoken on slide number 15, whether it is sunroof, whether it is switches, and the high-voltage wiring harness product. I'm now on slide number 21.
As all of you know, we have made significant investment in our R&D center over the last several years. We will continue to invest because it's been our strategic priority, and it is yielding rich dividend to us. Thus far, we have been spending about 4-4.5% of our revenue in R&D. Going forward, that amount might stand at around 3-3.5% in R&D because most of the CapEx has already been carried out, and we don't expect to incur too much of CapEx around that. With this, I'll hand it over to the operator for the Q&A, please.
Thank you very much.
Thank you very much.
We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on the touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Raghunandhan NL from Nuvama Research. Please go ahead.
Thank you, sir, for the opportunity. Congratulations on extremely strong numbers. Sir, my question was on the wiring harness space. In wiring harness, there is a significant outperformance in comparison to industry growth. Can you indicate what would be the current market share in two-wheeler and CV wiring harness, and whether we have gained market share in comparison to last year?
Yeah, hi Raghu. Thank you so much for your question. In wiring harness division, particularly, as we have shown, our dependence continues to be more on the non-passenger vehicle segment. However, we have made the first breakthrough on the high-voltage side in the passenger vehicle at Minda Corporation. On the market share perspective, it is a little fragmented based on the different segments. When it comes to two-wheelers and commercial vehicles and off-road, we are north of 30% in each of these segments.
Got it, sir. You alluded to the PV order win. In opening remarks, also, Ajay sir mentioned that this is a new business. Can you elaborate a little bit more? What would be the size of the order? How do you see your position in the PV business to shape up in the coming quarters and years? How do you plan to take it forward?
Sorry, your question is a particular business or all the four businesses that we have showcased?
No, no. In wiring harness only, sir. In wiring harness, you have got the order for the PV wiring harness. This order is a new order. How do you see the size of the order? How do you see the growth in wiring harness segment, especially for the PV space?
Yes. Currently, high-voltage wiring harnesses and cables are imported into India. This is in our drive to move forward for PV localization, as well as increase content per vehicle. Passenger vehicle business that we have got is based in India, and they are one of the largest EV manufacturers of passenger vehicles in India. Yes, our focus going forward is how we can capture this segment of the industry as well. This is the first breakthrough that we have got from the passenger vehicle side, and we are now localizing the components through our Sanco partnership, as well as how we can penetrate further by way of localization of the other system solutions offering.
Got it, sir. Another question on wiring harness before I fall back to the queue. Can you indicate how many customers you are servicing, relating to the EVs in wiring harness? Or can you mention the share of EV in revenue for this division?
We are serving multiple customers, and largely, they come from the two-wheeler and three-wheeler. In the four-wheeler, we have just now added our first customer. Particularly when it comes to the wiring harness side, typically, our revenue from the EV stands in more excess of three-digit numbers.
Got it, sir. Thank you so much. I'll fall back to the queue.
Thank you.
Thank you. The next question is from the line of Jay Kale from Elara Capital. Please go ahead.
Yeah, good evening and thanks for taking my question and congrats on a great set of numbers. My first question is regarding your smartphone solution. You talked about a lot of adoption for the ICE customers as well. If you could just speak a little bit about the journey over there, when did it.
Sorry to interrupt, Jay. Your voice is breaking.
Yeah. Can you hear me?
Could you please check your network connection?
Is this better? Hello?
Could you please rejoin the queue?
Hello. Hello. Is this better?
Your voice is breaking. You have to rejoin the queue. Check your network connection and join back the queue.
Okay, sure. Yeah.
The next question is from the line of Mitul Shah from DAM Capital. Please go ahead.
Thank you for the opportunity and congratulations for a very strong performance in a tough environment. First question is on Flash. If you can give slightly more details in terms of how the business revenue breakup in terms of the EV versus non-EV, and considering the current scenario of the rare earth magnet issue. How one should look at or what's the outlook from next two, three quarters point of view, and what is the strategy there?
See, from an EV and non-EV perspective, their EV contribution to the revenue stands about 23%-24% odd. We believe that it was an issue of Q2. That problem has been relatively solved between most of the OEMs, tier ones, as well as the reconciliation which took place between the several governments. I don't believe that we don't believe that we would have that issue for Q3, Q4, and onwards. Alongside of that, most of the tier ones, including Flash, have been significantly spending money to find solutions around rare earth magnets. I think in times to come, we will be in a position to discuss more in detail what kind of product has been launched to solve permanently the rare earth issue.
Flash has already developed the ferrite motors for all of our customers. Also, the tech center from Poland has already developed magnetless motors. Now, they are under current testing validation at our internal facilities, and then they will be offered to the customers.
Okay. Second question is on sunroof SOPs. We are starting in Q1 2027. How should one look at ramp-up throughout 2027? If you can throw some light on 2028, or this initial order, first order win is very small, or can we consider meaningful? If you can give some detail on this sunroof business?
Yeah. It is a phase-wise approach. This business is going to ramp up throughout 2027, probably achieving the peak value in FY 2028. That is how the typical launch of a new product is. Our customer who is launching this product is a new platform or a new product. That is one. Secondly, it is a sizable order, if I can say. Yes, we are going to see the ramp-up. However, I would like to definitely point out that this joint venture is a 50%/50% between Minda Corporation and HCMF.
Lastly, on the revenue segment-wise, in terms of the CV revenue, has also reported decent revenues. Can you give more detail, whether it's market share gain or any content addition or increasing the price of the product? How one should look at it? Because overall, the underlying industry has not done so great, and we have done much better.
Yes. Again, focus on the base objectives of the organization that we continue to do. Again, it's a mix of market share, it's a mix of adding new products, sorry, and also adding the premiumization of the products from the clusters or the wiring harness perspective.
Thanks, and all the best.
Thank you.
Thank you. The next question is from the line of Jay Kale from Elara Capital. Please go ahead.
Yeah. Am I audible now?
Yes, please.
Yeah. So my first question was regarding your smartphone solutions. If you could just speak a little more about how the acceptance for your ICE customers has been for this product. What is the contribution of smartphone solutions currently, and how are you seeing that over the next two to three years?
Jay, thank you for your question. The penetration of smart keys into the two-wheeler is going as per our plan. As we understand, and as you shared before, the penetration currently is somewhere about 3%-5%. By 2030, our target is to take it to somewhere about 25%-30%. Yes, there are a lot of factors that are playing in, and we are seeing many customers, whether Japanese or Indian two-wheeler OEMs, launching these products in ICE as well as EV vehicles. Particularly when it comes to the percentage of penetration, it is, again, hovering around a similar number, which is close to about 5%-6%, yes.
Understood. Just on the export side, could you highlight how you are seeing your export orders, any significant wins over there? In the last 15 years, exports have underperformed the domestic growth. Are we seeing any change of fortunes on that side?
Yes. Our focus on export continues, as we have shown in our vision 2030 as well. The order win continues to be from the diecasting business, the wiring harness businesses, and now moving forward is from the instrument cluster businesses as well. These will be the areas of focus when it comes to the export orders. As we mentioned, the export orders continue to be there, but the overall current business that we are exporting, particularly on our mechatronics business side, is underperforming due to the overall recreational vehicle slowdown that we can see across the two geographies in Europe and America.
Got it. Thanks. I'll fall back into the queue for more questions. Thank you.
Thank you.
Thank you. The next question is from the line of Jyoti Singh from Arihant Capital Markets Limited. Please go ahead.
Thank you, sir, for the opportunity and the congratulations on the good set of numbers. My question is on the die-casting and plastic side. What proportion of die-casting revenue comes from EV application, like motor housing and battery trays versus IC components? With two new die-casting plants that are under construction, what kind of utilization level are we expected at SOP, and what incremental revenue capacity are we planning to add? I will add more.
Yeah. Thank you for your question. Firstly, in the diecasting business, about 10%-15% is only from the captive consumption. The rest comes from the outside customers. Out of that, about 40%-45% is the exports business. In terms of EV versus IC, I cannot give you a number offhand, but our investor relations team can reach out to you after this. Going forward, when we are setting up these new facilities, these new facilities are basically to enhance our current capacity in the current machine size. Also, we are adding large tonnage machines for more high EV and four-wheeler components and products. Of course, the utilization at the beginning is low, but we have won orders. Once we have a facility in place, we, of course, showcase to the customers for additional share of business or wallet share or penetration.
That is how we are continuing. The most important for us is to have the facilities in place to offer to the customers.
Okay. Thank you, sir. Just one more on the export side, like earlier we discussed. How is the company leveraging cost competitiveness to gain market share in your given Flash strong OEM base there?
Sorry, can you repeat the question?
Yeah. On the export side, how is the company leveraging cost competitiveness to gain market share in Europe as we have a Flash strong OEM base there?
Ma'am, both Flash and Minda have our strong customer base in Europe. We are in India market, and other Asian countries typically have a better cost competitiveness. Here, the overall dynamics of the supply chain around the world are changing. Particularly when it comes to Europe, there are, of course, challenges coming from the Chinese markets where they are further cost competitive than us. Here is where India at large and Minda Corporation plays on technology as well as our cost competitiveness. Particularly when it comes to the products that we are exporting to the American countries, there the Indian or other countries except for China have further penetration and further acceptability. There, of course, more of the Indian players or people from these countries have a larger advantage, whether it comes from the technology as well as from the pricing perspective.
We are engaged with all sorts of customers. In the quarter one as well, we have shared that we won orders across segments, particularly wiring harness and diecasting in the last few quarters.
Yeah. Thank you so much, sir.
Thank you.
Thank you. Before we take the next question, a reminder to all, you may press star and one to ask a question. The next question is from the line of Sanket Balla from Ampersand Capital. Please go ahead.
Hello, sir. Am I audible?
Yes, you are.
Yeah. So sir, just wanted to understand what is your R&D expense as a percentage of sales for Q2? That's my first question.
Yeah. I'll ask Ajay to answer. Yeah.
See, overall, year on year, the company has been spending anywhere between 3.5%-4%. Last year, it was around 4.5%. This quarter, right now, we do not have the number, but we expect the number to be around 3.5%.
Okay, sir. My second question is, can you just give me a guidance on your margin and what will lead to the margin expansion going ahead?
If you look at in our investors', sorry, our vision 2030, we have kept five pillars of growth. We have given a target of greater than 12.5% as EBITDA margin across our business verticals. Whether it is premiumization, whether it is export, whether it is new product, new customer, whether it is EV focus, whether it is Flash, whether it is new business, all put together will help us to achieve the guided number of 12.5% or greater.
Okay. Thank you, sir. Thank you so much. That's all from my side.
Thank you. The next question is from the line of [Janice Chera] from Cammon Family Office. Please go ahead.
Good evening, sir. And congrats on a good set of numbers. Sir, my question is to do with the new products that are coming up. As I can see, most of the products are towards the passenger vehicle segment. Going forward, how much of the revenue do you expect from the PV side once these products are up and running?
See, Genesis, if you look at in our, again, vision 2030. Today, revenue of 15% comes from passenger vehicles. We have guided that by 2030, we want to take this revenue share of 15% - 25%. Whether it is wiring harness, whether it is TFT cluster, whether it is switches, whether it is sunroof, and various other products which we intend to launch, those will help us to take the whole revenue share from passenger vehicle to the tune of 25%.
Right. So sir, is it fair to assume that our PV products will have a higher margin compared to our two-wheeler products, especially in case of wiring harness?
It will be blended. Like I said, our aim is to achieve greater than 12.5% EBITDA margin. Whether it is two-wheeler, whether it is three-wheeler, whether it is passenger vehicle, everything will contribute to achieve that objective.
Understood. Thank you so much, sir.
Thank you. Ladies and gentlemen, you may press star and one to ask a question. The next question is from the line of Raghunandhan NL from Nuvama Research . Please go ahead.
Thank you, sir, for the opportunity again. Sir, in sunroofs, earlier you had indicated investment of INR 63 crore for a capacity of around 81,000 units. Just trying to understand, what would be the general gross asset turnover, what would be the revenue potential on this investment, and would you expect optimal utilization by FY 2028?
Raghu, the investment is going to be in the similar lines. Secondly, the first line that we are setting up will not have 100% utilization, but more so towards 60% utilization. Yes, and that should be by FY 2028. Of course, now in parallel, we continue to look for other customers as well. Of course, once we have the first project set up, this gives confidence to other customers and opens the doorway for a lot of things. As we move along, we will see how we can increase our further business. Secondly, we are also in advanced discussions for the other product lines that are offered by the joint venture.
Got it, sir. Wishing all the best on that. Sir, with the view of increasing the presence in PV. Another question there. In cluster space, historically, we had strong presence in three-wheeler, CV, tractors, even in two-wheeler. How is our presence in clusters for the PV space? What would be our current market share? Also, if you can talk a bit about the PV order win, which you have announced this quarter.
Raghu, we have our passenger vehicle market share in single digits. Number two, we have won multiple orders across passenger vehicle, commercial vehicle, three-wheeler, and two-wheeler segments. For the TFT, and more importantly, they are platform products and not model specific. They range from 3 in to even 12.3 in clusters. The SOPs are varied across the next quarters and years. Yeah, in passenger vehicle also, we have won very significant platform. Large TFT business as a platform product as an instrument cluster.
Got it, sir. Heartening to hear even the wins on the 12.3 in clusters. Sir, one last question. In Flash, margin performance has been impressive at 16.1%. Last year, full year, it was 14.5%. Are these margins sustainable? If you can talk about what has led to this expansion?
I think, again, they're also product mix. The other angle which has led to a better performance is EV contribution. Also, from certain projects which the company has been running, whether it is employee cost, whether it is EBITDA margin improvement, those have resulted into a better margin. We have reasons to believe that the margin is sustainable and will continue to fetch a similar EBITDA margin going forward.
Got it, sir. Thank you. Sir, one basic question. In terms of two-wheeler, three-wheeler, for the traction motors, Flash has been able to offset the supply issues instead of using heavy rare earths, the usage of light rare earths. In future, Flash also has plans for getting into four-wheeler and commercial vehicle motors. For these motors, would heavy rare earths be required, or can it be managed through light rare earths or magnetless motors?
Raghu, yes, Flash and Minda Corporation together are going to move forward for all segments of powertrain-related products, particularly from the EV perspective. This is why we have come together where we create the complete system from a power electronics perspective and powertrain perspective. Number two, yes, the Poland Technical Center, as well as a couple of other partnerships, are working together for making ferrite motors, which are low-grade magnet motors, as well as magnetless motors across segments. Two-wheelers, three-wheelers, as well as passenger vehicles, is what we have already developed.
Got it, sir. Thank you so much for the explanation.
Thank you.
Thank you. The next question is from the line of Jay Kale from Elara Capital. Please go ahead.
Yeah. Am I audible? Just one question. On your instrument clusters business, historically, we had mentioned that. To compete in this space, we will require strong technological partnerships or even consolidation of the market by inorganic growth. As we stand today, we've been able to win a lot of new orders organically as well. What is our view currently? Do we think that our capabilities are good enough to go solo, or are we still open for partnerships or inorganic expansion within the space as the space is offering huge growth potential as we move forward?
Yes, Jay, this space offers a lot of growth opportunities, and Minda Corporation is very well positioned through our technical center as well as other collaborations. To cater to all these segments of stand-alone clusters and cockpits. With this quarter, we have also shared the order wins across segments. I have already shared with you what products those are, particularly in the TFT space. Going forward, through our technical center, as well as making a complete system solution offering, we are working with global partners in order to complete our system solution offering, as well as look at localization on various aspects. We are focusing and developing ourselves more and more stronger with further investments into capacity, into the.
Buildings, as we have shown in our investment slides, as well as our strengthening of our R&D center, which all of you have visited recently and seen the complete product portfolio on what we are doing from the instrument cluster and driver cockpit and cockpit electronics perspective.
Okay. Thank you.
Thank you.
Thank you. The next question is from the line of Hayman Sony, an individual investor. Please go ahead.
Thank you for providing me with the opportunity. Sir, we have a very strong vision for till, I mean, FY 2030. So, I mean, can you break it up? I mean, what can be the revenue guidance for FY 2026 and FY 2027?
We have already shared this, right? Our CAGR and year-on-year growth is expected to be somewhere between 20%-25%. That has to be our year-on-year CAGR to achieve our targets. We are well in position to achieve those with the order wins and the plans that we are setting up in place.
Sir, 20%-25% year-on-year growth, right?
Correct. Between that, 20%-25%.
Okay, sir. Thanks so much.
Thank you. Ladies and gentlemen, this is the last question for today. I now hand the conference over to the management for closing comments.
Once again, thank you, everybody. I would like to thank everyone for joining the call. We at Minda Corporation are and remain highly confident in our growth trajectory, both in the near term and long term, driven by strategic investment and an unwavering commitment to advancing our production technologies. We are committed to creating value for all of our stakeholders and shareholders. We are investing deeply in our capabilities in terms of people, capacities, technologies, and competencies across the field. I hope we have been able to respond to most of your queries. For any further information, we request you to please get in touch with our IR team. Thank you very much, and wishing all of you a great day.
Thank you very much, sir. On behalf of ICICI Securities Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.