Slide 1: Exchange filing cover letter for investor meet presentation
September 23, 2025 The Officer-In-Charge (Listing) Head - Listing Operations, BSE Listing Department Limited, National Stock Exchange of India Ltd., P.J. Towers, Dalal Street, Fort, Exchange Plaza, Bandra Kurla Complex, Mumbai – 400 001 Bandra (East), Scrip Code: 538962 Mumbai - 400 051 Scrip Code:
Slide 2: Minda Corporation Investor Meet 23rd September 2025
Minda Corporation Investor Meet | 23rd September 2025 www.sparkminda.com
Slide 3: Safe harbour statement
Safe harbour statement Statements in this presentation describing the Company’s performance may be “forward looking statements” within the meaning of applicable securities laws and regulations. Actual results may differ materially from those directly or indirectly expressed, inferred or implied. Imp
Slide 4: Agenda
Agenda 1 2 Industry Overview Company Overview 3 4 About – Flash Electronics Financial Performance 5 6 Vision & Future Roadmap Investment Rationale
Slide 5: Industry Overview
www.sparkminda.com INDUSTRY OVERVIEW
Slide 6: Global & Indian Automotive Industry with Strong Recovery and Growth Tailwinds
Global & Indian Automotive Industry with 8.8% CAGR 276 Strong Recovery and 129 Growth Tailwinds Indian Automotive ($ Bn) 2025 2034 6.77% CAGR India’s auto sector logged 9% production volume growth in FY25, led by 2W (+11.3%) and PV (+3.3%) hitting record volumes (PV : 5.06M, 2W: 23.9M units) Global
Slide 7: Global & Indian EV Automobile Industry
Global & Indian EV Automobile Industry 10% 1614 The global EV industry is expected to grow at a CAGR CAGR of 10% to $1614.1 bn by 2032 731 Global EV Globally, the demand for electric vehicles is increasing Automobile due to rise in fuel prices, government incentives, and ($ Bn) strict regulations on
Slide 8: Electric Vehicles to Drive a Significant Increase in Content per Vehicle
Electric Vehicles to Drive a Significant Increase in Content per Vehicle Domestic Indian E2-Wheeler Sales (in ‘000) EVs are expected to drive a min. 20-30% increase in content per vehicle 6,240 ~17-20% 6.2mn. 24.0% ~1 mn. E2W Estimated unit EPV Estimated unit sales FY29F sales FY29F 990 5.1% 4.5% 2.
Slide 9: Indian Automotive Components Industry is Poised to Grow
Indian Automotive Components Industry is Poised to Grow Indian Auto Component Industry clocks highest-ever turnover of $74.1 Bn, grows ~10% in FY 2024-25 Shifting global trade and a cost advantage position India's auto Indian auto components market ($bn) component industry for healthy export growth.
Slide 10: Key Growth Drivers
Key Growth Drivers Expanding Indian Middle Government Push for EVs & Global Shift to Electrification & Class & Urbanization Domestic Manufacturing Sustainability • India’s middle class to hit 500M+ • GST rates reduced from 28% to • Automakers investing $500B+ in by 2030, driving vehicle 18% making c
Slide 11: Company Overview: Minda Corp.
COMPANY - OVERVIEW Minda Corp. www.sparkminda.com
Slide 12: Schematic Representation of Minda Corporation
Schematic Representation of Minda Corporation Subsidiaries Minda Instruments Ltd. 35.2% Spark Minda Green Mobility Public & Other Shareholding Minda Vietnam PT Minda Indonesia MINDA India JVs CORPORATION LTD Minda Vast 50.0% Flash Electronics 49.0% Minda Furukawa 17.5% 64.8% Minda Infac Pvt Ltd. 51.
Slide 13: Minda Corporation at a Glance
Minda Corporation at a Glance A significant player in the global automotive industry for over six decades Vision ₹ 7,472 Cr ₹ 5,056 Cr 32 18,000+ Be a Dynamic, Innovative and Profitable global FY25 Group Revenue* FY25 Consol Revenue Global Manufacturing Workforce automotive organization to emerge as
Slide 14: Well Diversified Product Range
Well Diversified Product Range Expanding Core Verticals to Fuel Future Growth Driver 2W Information Vehicle System Access ADAS 4W iRAS Vehicle Sensor Access Starter Motor & Smart Alternator Electronics Sunroof & EV Mobility Power Lift ITS Gate 2W / 3W / 4W Fuel EV Motor EV Wiring Pump Housing Harnes
Slide 15: Strong Relationship With Marquee Customers Across Segments
Strong Relationship With Marquee Customers Across Segments Commercial & Off 2-3-Wheeler Passenger Vehicles Other Market Highway vehicles
Slide 16: Strategic Partnerships
Strategic Partnerships 10 Strong Partnering with domestic and global clients to drive the automotive transition Motor, Motor Controller Advanced Switches Sunroof, Power Tail Gate Electrical Distribution Antenna System INDIA INDIA JAPAN TAIWAN CHINA KOREA INDIA Mechanical Keys Vehicle Access EV Charg
Slide 17: Board of Directors
Board of Directors Guiding The Way Forward Mr. Ashok Minda Mr. Aakash Minda Chairman & GCEO Executive Director ED of Group; an honours graduate from Cox Over 38 years in the automotive component School of Business and ISB; has over eight sector has forged global collaborations and years of experienc
Slide 18: Leadership Team
Leadership Team Driving Growth Ashok Minda Aakash Minda Chairman & GCEO Executive Director Over 38 yrs of expertise in the Responsible for Group Marketing, automotive component sector Strategy, and Finance functions N.K. Modi D. Suresh Ajay Agarwal ED & CEO BV5 Group CTO President Finance & Strategy
Slide 19: Company Overview: Flash Electronics
COMPANY - OVERVIEW Flash Electronics www.sparkminda.com
Slide 20: Accelerating Leadership as the Fastest-Growing EV Platform
Accelerating Leadership as the Fastest-Growing EV Platform Acquired 49% stake in leading manufacturer of Powertrain & EV Components Financial & Other Highlight (FY25) Revenue EBITDA EBITDA % EV Revenue Rs. 1,537 Crs Rs. 223 Crs 14.5% 23% Business Verticals Manufacturing Facilities 6 Manufacturing fa
Slide 21: Business Overview – Flash Electronics
Business Overview – Flash Electronics New Delhi, India 8 2 HEADQUARTERED IN MANUFACTURING FACILITIES Business Verticals 36 years of strong 3,500+ 3 Countries Electrical & Electronics Domestic and Global EMPLOYEES INDIA, GERMANY, HUNGARY TRANSMISSIONS & GEARS customer relationship with more than 20 %
Slide 22: The Journey So Far
The Journey So Far New Product Launch Acquisition Technical Collaboration 1989 – 2007 2007 – 2015 2015 – 2024 2025 1989 START 2015 100% equity in Bing 2016 • New EV Plant started in March 2025. AC Flasher Power Systems Commenced production at Gears plant • Debottlenecking metallic process capacity f
Slide 23: The Journey So Far
The Journey So Far 2018 EV INITIATIVE Demonstrated a concept two-wheeler in Auto Expo to showcase the capabilities in emerging electric vehicle technologies Traction Motor & Controller Display Battery Controller Specifications Controller Specifications 2021 Rated Voltage Rated Power 48V 4.0 Kw Rated
Slide 24: The Journey So Far
The Journey So Far 2022~2025 48/72V Inverter 6kW E-Fuse DC-DC Convertor BLDC Motor with Fan Assy E Gas Handle Gear Primary Driven 2W Electric DEVELOPMENT & SOP OF OTHER EV PARTS Output Shaft Primary VCU cum Telematic IDU Mid In Production 2W Electric Gear BCM Control Unit Drive Motor 2024~2026 DEVEL
Slide 25: EV Product Portfolio
EV Product Portfolio Motor Controller EV Busbar Unit Busbar EV HV Wiring Harness HV Wiring Harness EV Traction Connection System Electric Motor Vehicle Charging Supply Gun Equipment DC-DC Converter Telematic Control unit DC-DC TFT Instrument Converter EV HV Cluster & Off Board Connection Chargers Sy
Slide 26: Financial Performance
FINANCIAL PERFORMANCE Minda Corporation www.sparkminda.com
Slide 27: Financial Performance over the last 5 Years
Financial Performance over the last 5 Years Revenue >2X CAPEX (₹ cr) (₹ cr) Strengthened quality Culture FY 21 FY 22 FY 23 FY 24 FY 25 FY 21 FY 22 FY 23 FY 24 FY 25 Investment in Advanced EBITDA Margins Profit After Tax > 2.5x technology Products (₹ cr) 11.4% (₹ cr) 11.1% 10.7% 9.9% 9.2% Increase th
Slide 28: Balance Sheet Management
Balance Sheet Management Value Drivers FY 20-25 Actions FY 2030 Priorities Net debt stood at Deleveraging Debt reduction to 0.3x Rs. 1,247 Cr Growth funded via internal Raising Equity Need Based accruals + equity Working capital Reduced WC days from Management 53 in FY22 to 31 in FY25 Release Cash ~
Slide 29: Revenue Break-Up - By End Market
Revenue Break-Up - By End Market FY 2025 FY2030 After Market, After Market, 11% 10% 2-3 Passenger Wheelers, Vehicles, 14% 2-3 Passenger 40% Wheelers, Vehicles, 25% 47% Commercial Vehicle , Commercial 28% Vehicle , 25% Note:- *Includes off highway and tractors
Slide 30: Vision & Future Roadmap
VISION & FUTURE ROADMAP www.sparkminda.com
Slide 31: Vision 2030
Vision 2030 Revenue EBITDA Margin Debt Equity High ROCE FY25 FY25 FY25 FY25 Rs. 5,056 Cr. 11.4% 0.6x 20% FY30 FY30 FY30 FY30 3.5X 25% to 13% >12.5% 0.3x 0.3x > 25% Revenue 28% Rs. 17,500 Cr+ Rs. 2,100 Cr+ Near Debt-Free Value Creation
Slide 32: Strategic Priorities To Deliver Strong Growth
Strategic Priorities To Deliver Strong Growth Investment in existing Business New Market Premiumization Investment in New Product Export Focus of Existing Products R&D Launch
Slide 33: We continue to focus and invest in capabilities to attain leadership position in Adjacent Businesses
We continue to focus and invest in capabilities to attain leadership position in Adjacent Businesses Continuously expanding manufacturing facilities Diecasting Pune - 5th Plant Planned capital expenditure of approximately Rs. 2,000 crore over the next 5 years Setting up two new greenfield facilities
Slide 34: Strategic Priorities To Deliver Strong Growth
Strategic Priorities To Deliver Strong Growth New Market Export Focus Investment in Premiumization Investment in New Product existing Business of Existing Products R&D Launch
Slide 35: Accelerating Export Growth to Capture Global Markets
Accelerating Export Growth to Capture Global Markets Shifting global trade and a cost advantage position India's auto component industry for healthy export growth. Auto components exports, $ billion 15 7.0-7.5% p.a 23 28-32% p.a. 70-100 8% 9% FY21 FY25 FY30 CAGR- CAGR- Rs. 220 Cr 18% Rs. 420 Cr 37%
Slide 36: Strategic Priorities To Deliver Strong Growth
Strategic Priorities To Deliver Strong Growth Premiumization of Existing Products Investment in New Market Investment in New Product existing Business Export Focus R&D Launch
Slide 37: Premiumization of Existing Products
Premiumization of Existing Products Vehicle Wiring Harness & Clusters, ADAS Light Weight Die Casting EV Power Access Connectors & Sensors & Interior Plastic Electronics Intelligent & Electrical Distribution Connected & Light Weight & Connected & Smart Systems Safe Mobility Plastic Solutions Safe Mob
Slide 38: Strategic Priorities To Deliver Strong Growth
Strategic Priorities To Deliver Strong Growth New Product Launch Premiumization New Market Investment in Investment in Of Existing Export Focus existing Business R&D Products
Slide 39: Driving Growth: Entry into New-Age Product Categories
Driving Growth: Entry into New-Age Product Categories 800 01 Sunroof & PLG 02 Switches EV Product Sunroof Switches 700 • Signed a Joint Venture Agreement with HCMF Taiwan • Entered into a Joint Venture agreement with Toyodenso, 650 • Target 15% Indian Market Share Japan. • Expected Revenue by 2030 i
Slide 40: Strategic Priorities To Deliver Strong Growth
Strategic Priorities To Deliver Strong Growth Investment in R&D Premiumization New Market Investment in New Product Of Existing Export Focus existing Business Launch Products
Slide 41: Innovation & Engineering for New Age Solutions
Innovation & Engineering for New Age Solutions R&D Expenditure (% of Revenue) R&D Process 4.3% • Transforming from mechatronics to advance technology provider 3.1% • Focused towards innovating new technology and developing advance automotive products • State of art technology centre in India 1.3% 1.
Slide 42: Mobility trends outlook……AI / VR is entering in a big way
Mobility trends outlook……AI / VR is entering in a big way Autonomous Driving Premiumization • Sensor Technology • Sunroof, PLG & FLG • Artificial Intelligence • Mood Lights, Interior lights, Smart surfaces • Software defined Vehicles • Advance Cockpits & HUD’s • Advanced seating systems Connectivity
Slide 43: Sustainable and Safe Mobility : Regulatory framework
Sustainable and Safe Mobility : Regulatory framework Emission Norms 2023-2025 2026-2027 2028-2030 European Norms E20 BS6.3, ASEAN BS6.2 + RDE, E20 CAFÉ 3 Euro 7 CAFÉ 2 Diesel TREM 5 Region CAFÉ 4 BS 7 , TREM 7 E85 TREM 4 Safety Norms DMS ESC ABS in BNCAP2 ADAS/ +AEB ESC +AEB Onboard DMS. ESC +AEB AS
Slide 44: Intelligent & Smart Solutions Provider : Minda Corporation
Intelligent & Smart Solutions Provider : Minda Corporation HC : 1200 Intelligent , Smart & HC : Head count No. of In Plan Sustainable solutions engg Group wide patents High Performance Computer Systems SMIT, SMIT, SMIT, HC : Hinjewadi Bangalore ASEAN 900 AI Systems solution provider ADAS Zonal Contr
Slide 45: Investment Rationale
INVESTMENT RATIONALE www.sparkminda.com
Slide 46: Minda: Investment Proposition
Minda: Investment Proposition Diversified Automotive Technology Supplier + Strong Financial Delivery + Looking Ahead – Growth & Capital Allocation Superior Quality of Assets: Growth Trajectory 21%+ 6 40 65+ CAGR in Reveue 28% Business World-Class years of over 5years o Revenue – 3.5x Verticals Plant
Slide 47: People: Our Biggest Asset
People: Our Biggest Asset FY25-26 18,000+ 80% 83% 751 310044 350+ Total Great Place to Work Amber – Employee DEI –Average Person with Total Nurturing Talent Workforce Age Learning Hours Promotions, IJP, Transfers, Certified Experience Platform Disabilities (Employee Experience Score) Associate to St
Slide 48: Purpose beyond Profit
Purpose beyond Profit 28K+ 1300+ Persons with Employed Disabilities empowered in the Spark Minda Factories National Award presented by Hon’ble President of India, Smt. Droupadi Murmu
Slide 49: Disclaimer
Disclaimer This presentation contains statements that contain “forward looking statements” including, but without limitation, statements relating to the implementation of strategic initiatives, and other statements relating to Minda Corporation Limited (“Minda Corp” or the Company) future business d