- **lead** - Uno Minda is fundamentally a systems architect for vehicles - it designs and builds the parts a driver touches, sees, and increasingly relies on for safety and connectivity, from the steering wheel switches to the headlamps and the seat beneath them. Founded in 1958 as a traditional component supplier, it has spent over six decades evolving into a diversified technology partner with an engine-agnostic portfolio where more than 95% of its products are powertrain agnostic, enabling sustained relevance across evolving mobility technologies. The recurring approach that explains everything else is a dual strategy: it deepens its hold on core businesses through higher value and market share, while using the cash those generate to build new technology platforms - EV powertrains, sunroofs, advanced driver-assistance systems - often by partnering with global specialists and then steadily taking control. # Business segments Five engines at different stages - a hydrocarbon-agnostic cash cow, two consumer-facing platforms at national scale, and a green-energy bet under construction - each built with the cash flows of the one before. ## 1. Switch Systems: the nerve centre of every vehicle **The division that started it all now makes the controls a driver uses most - indicator stalks, window switches, cruise-control toggles - and it supplies nearly every major vehicle maker in India.** - **The largest piece of the pie** - contributing roughly a quarter of consolidated turnover, this division makes switching systems and handlebar assemblies for two-wheelers and three-wheelers from plants across India, Indonesia, and Vietnam. - **Premiumisation fills the cabin with more switches** - as cars add infotainment screens, sunroofs, power windows, and cruise control, the number of switches per vehicle rises, and the division has responded with advanced CAN-based switches that carry built-in diagnostics and can be exported to marquee American motorcycle brands. - **Two-wheeler exports are accelerating** - the two-wheeler switching business grew more than 26% year-on-year in the last quarter of FY26, driven by exports and the shift to more expensive, feature-rich switches. ## 2. Lighting Systems: the face and signature of the vehicle **India’s foremost automotive lamp maker has turned a basic safety part into a branding canvas, with animated welcome sequences and pixelated tail lamps that car buyers now expect.** - **A self-reliance model built over four decades** - the company started making lights in 1980 and now operates plants across India and Germany, supplying headlamps and tail lamps to everyone from Royal Enfield and Bajaj to Maruti, Tata, and Volkswagen. - **LED penetration is the growth lever** - the company claims more than 25% domestic market share in two-wheeler lighting with high LED adoption, and it recently won a new order for unserved two-wheeler models worth roughly ₹450 crores in annual peak value, equivalent to about a quarter of its current two-wheeler lighting revenue. - **German engineering feeds Indian scale** - a dedicated R&D centre in Germany works directly with Audi, Porsche, and Volkswagen on pre-development for high-end platforms, while a new R&D centre in the Czech Republic focuses on cutting-edge lighting technologies. - **Consolidation is the current chapter** - after a threefold expansion of the four-wheeler lighting business over five years, the company is now merging two-wheeler plants into a single larger facility at Kharkhoda to eliminate inefficiency, with operations starting by late FY27. ## 3. Casting Business: the metal beneath the style **India’s largest maker of four-wheeler alloy wheels is riding a structural shift - alloy wheel penetration in passenger vehicles has tripled since it entered the market - while simultaneously building a new die-casting base for electric vehicles.** - **Alloy wheels are a penetration story** - when the company entered, roughly 15% of passenger cars wore alloy wheels; that figure has reached about 45%, and the division’s four-wheeler alloy wheel plants at Bawal and Gujarat were running at nearly full capacity of 390,000 wheels per month before a new greenfield plant at Kharkhoda began adding 120,000 wheels per month in phases. - **Die-casting is the bridge to EVs** - a new greenfield aluminium die-casting plant at Sambhaji Nagar is being built with a planned investment of roughly ₹1,210 crore, designed to supply casting components to the company’s own forthcoming four-wheeler EV powertrain plant as well as to electric two-wheeler and four-wheeler customers. - **A Korean partnership unlocks a key customer** - technology from Dayou Global of South Korea enables the company to produce low-pressure die-cast wheels for a leading Korean OEM, complementing its existing gravity die-casting capability. ## 4. Seating Systems: the platform the driver lives on **The number-one seat supplier for India’s commercial vehicles, buses, and two-wheelers has turned a commodity into an export story, winning orders from American and European truck makers.** - **Born from a merger, dominant from day one** - the seating division came into existence in April 2021 when Harita Seating Systems was merged into Uno Minda, instantly making it the top supplier for commercial vehicles, buses, and two-wheelers in India across 10 manufacturing units. - **Exports are the new growth frontier** - the division secured new export orders with an expected annual peak value of roughly ₹390 crores from three new customers in Europe and North America in the commercial-vehicle segment, with supplies starting in FY28, adding to an existing export base that already reached about ₹200 crores in FY24. - **Suspended seats move from export-only to domestic** - the company won its first domestic order for mechanical and pneumatic suspended seats from an Indian commercial-vehicle maker, a product it had previously supplied only to export markets. - **A Japanese joint venture opens the passenger-car door** - a partnership with Tachi-S of Tokyo, in which Uno Minda holds 51%, manufactures seat recliners for four-wheeler passenger vehicles, extending the division’s reach beyond commercial vehicles and two-wheelers. ## 5. Green Mobility: the bet on what comes after the engine **A newly carved-out division that bundles everything electric and alternative-fuel - from CNG kits to e-scooter chargers to high-voltage car powertrains - and is building two dedicated plants before it has even filled the first one.** - **CNG is the here-and-now bridge** - the alternate-fuel business, operated through a subsidiary in which Uno Minda raised its stake to 76%, recorded ₹592 crores in FY26 as CNG penetration in Indian passenger vehicles jumped from 10% to 22% in three years. - **Two-wheeler and three-wheeler EV kits are scaling fast** - the low-voltage EV systems business recorded ₹501 crores in FY26 with 31% year-on-year growth, driven by chargers, and the company has taken full ownership of its two key EV joint ventures - buying out FRIWO and Buehler - to secure intellectual and operational control. - **A second EV plant was approved before the first is complete** - a further ₹550 crore plant at Chhatrapati Sambhajinagar will assemble electric drive units and dedicated hybrid transmission systems, commissioning by Q2 FY28, with technology from Inovance Automotive, and Uno Minda holds a 70% majority stake in the JV company (Uno Minda Auto Innovations Pvt. Ltd.). # Group structure and partners **A web of 17 joint ventures and technical agreements with Japanese, European, and Korean specialists - and a decade-long habit of merging them in once the technology is absorbed.** - **The playbook is partner, learn, consolidate** - the company repeatedly enters a joint venture or technical licence, then steadily increases its stake or merges the entity entirely: it bought out FRIWO in its EV business in FY25 and Buehler in FY26, raised its Westport stake to 76%, and amalgamated three Kosei alloy-wheel joint ventures into itself in December 2024. - **European acquisitions provide design capability and global customers** - wholly owned subsidiaries in Germany (Delvis for lighting, CREAT for engineering) and Spain (Clarton Horn, the world’s second-largest horn maker, and Rinder for two-wheeler lighting) give the company R&D centres that work directly with German premium OEMs and manufacturing footprints in Mexico and Morocco. - **A subsidiary in Indonesia opens the ASEAN market** - PT Minda Asean has commissioned a new facility for advanced long tail lamps for global passenger-car OEMs, extending the lighting division’s reach beyond India.