1. Minda VAST consolidation - Minda VAST Access Systems (50:50 JV) consolidated effective April 1, 2026, adding \~₹500 cr FY26 revenue and lifting passenger vehicle share from 15% to 19% of total. Q1 FY27 grew 22% YoY with margin up to 8.4% from 6.5%, and kit value of ₹8,000-13,000 is expected to rise with new products from the JV partner.
2. Flash Electronics scale-up - The 49% associate grew 42% YoY to ₹533 cr revenue in Q1 FY27, with EV revenue \~30% of total and +90% YoY. Management targets 20-24% growth for the year with long-term margins of 16-17%, and die-casting cross-selling to Flash started August 2026 with mass production in the next two quarters.
3. Turntide JV motor controllers - Motor controller SOPs are expected October and November 2026, with orders already secured and production lines being tested. This brings axial flux motor technology not available in Flash, targeting 2W, 3W and LCV customers as EV penetration rises.
4. Sunroof and power tailgate - First sunroof order secured from a leading OEM, with SOP on track for Q2 FY27 and customer trials approved in the first attempt. Lifetime order of \~₹350 cr with FY28 as the first full revenue year, targeting 10-15% market share by FY2030/31.
5. High-voltage EV wiring harness - An order from one of India's largest EV passenger vehicle manufacturers is new business, with high-voltage harnesses and cables currently imported. The division grew >30% YoY in Q1 FY27, and the Yamuna Expressway facility under construction adds capacity.
6. TFT instrument clusters - Multiple TFT cluster orders won (3-inch to 15-inch) across PV, CV, 2W domestic and export, with SOPs coming in current and next quarters. The division grew >35% YoY in Q1 FY27, and the second plant under commissioning adds advanced electronics capacity.
7. Export expansion to ₹1,500 cr - Management targets tripling exports from India, Indonesia and Vietnam from \~₹500 cr to ₹1,500 cr by FY2030, with die casting, wiring harness and instrument clusters as focus areas. Export order book is \~20% of the ₹10,000 cr lifetime order book, with Europe and U.S. picking up across divisions.
8. Die casting export plant - The fifth Pune plant, \~18 months from commissioning, is majorly export-focused with larger equipment for high-EV and 4-wheeler components. Export orders received drove this brownfield expansion, and FY27 sees maximum product launches in die casting for exports.