Auto Ancillary Stock Jumps 4% After Signing JV with a UK Firm for EV Components

Synopsis: With the stock giving a compounded return of 34 percent in the last three years, its subsidiary signed a joint venture with a UK firm to develop and manufacture advanced EV powertrain components in India.

A small-cap stock engaged in manufacturing automotive components and EV solutions is in focus after announcing a joint venture with a UK-based firm. The partnership will expand the company’s EV product range by adding advanced motor controllers, axial flux motors, and thermal management systems for the rapidly growing electric vehicle market.

With a market cap of about Rs 12,200 Cr, Minda Corporation Ltd saw its stock hit an intraday high of Rs 521, which is 5 percent higher than the previous close of Rs 497. The company stock has given a compounded return of 34 percent in the last three years.

News

Spark Minda Green Mobility Systems, a wholly owned subsidiary of Minda Corporation, has signed a joint venture agreement with UK-based Turntide Drives to develop and manufacture advanced EV powertrain components in India. The venture will focus on motor controllers, axial flux motors, thermal pumps, and other customized controllers aimed at supporting India’s rapidly growing electric vehicle market with localized technology and manufacturing capabilities.

Under the agreement, Turntide will hold a 51 percent stake while Spark Minda will own 49 percent in the joint venture. The board will consist of five directors, three from Turntide and two from Spark Minda, and Turntide will provide proprietary technology and technical expertise. 

Minda Corporation’s product line

Minda Corporation’s current EV product portfolio encompasses a comprehensive range of solutions for two-wheelers, three-wheelers, and commercial vehicles. Their offerings for EVs include battery charger, DC-DC converters, telematics, and vehicle control units. Additionally, they have been producing essential hardware like wiring harnesses, specialized sensors, connectors, and primary gears.

Through their new joint venture with Turntide Technologies, the company will now produce advanced high- and low-voltage motor controllers, high-performance axial flux motors, and specialized pumps for thermal management applications.

Management Commentary

The Chairman and CEO of Minda Corporation emphasized that the partnership leverages Turntide’s technology and Minda’s local expertise to provide cost-competitive EV powertrains, supporting “Make in India” and domestic supply chain resilience. 

Additionally, the CEO of Turntide highlighted that this venture will bring high-performance, localized powertrain solutions to India’s evolving mobility ecosystem market.

Business & Financial Overview

Minda Corporation Ltd., the flagship company of Spark Minda, is a leading Indian automotive component manufacturer. Established in 1985, it specializes in mechatronics, electrical distribution systems, plastics, and interior components. 

Serving major global OEMs, the company is increasingly focused on innovation, particularly in electric vehicle solutions, connected mobility, and electronics. The customer base includes major automotive companies including Suzuki, YAMAHA, Honda, TATA motors, Audi, Skoda, and Bosch.

In the latest quarter the company saw a YoY revenue growth of 25 percent, going from Rs 1,253 Cr in Q3FY25 to Rs 1,560 Cr in Q3FY26, while the QoQ went up by 2 percent from Rs 1,535 Cr in Q2FY26. The YoY net profits growth is at 29 percent, going from Rs 65 Cr in Q3FY25 to Rs 84 Cr in Q3FY26, while the QoQ growth fell by 1 percent from Rs 85 Cr in Q2FY26.

The company has a 3-year sales CAGR of 19 percent, while the TTM is at 17 percent. The company’s 3-year profit CAGR is at 15 percent, while the TTM number is at 6 percent. The company also has a ROCE of 13 percent and a ROE of 12 percent.

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