Minda (NSE:MINDACORP) Q1 2027 Earnings Call

0:00 Ladies and gentlemen, good day, and welcome to Minda Corporation Limited Q1 FY 'twenty seven Earnings Conference Call hosted by Anandwati Shares and Stock Brokers Limited. As a reminder, all participant lines will be in listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Please note that this conference is being recorded. I now hand the conference over to Mr. Mumukshman Vesha from Anirati Shares and Stock Brokers Limited. Thank you, and over to you, sir. Yep. Thank you, Nirav.

0:46 Good evening, everyone. On behalf of Anunati Shares and Stock Brokers, I would like to welcome the management team of Minda Corporation and thank them for this opportunity. Today, we have with us mister Akash Minda, executive director mister Ajay Agrawal, group CFO and president of finance and strategy and mister Nitesh Jain, lead investor relation. I shall now hand over the call to the management team for the opening remarks, post which we'll open the floor for the Q and A. Over to you, sir. Thank you, Momoksh and Anand Rathi for hosting this call. Good afternoon, everybody, and welcome to the quarter one FY 'twenty seven earnings conference call of Minda Corporation Limited.

1:34 I hope all of you are doing well. It is a pleasure to connect with you today to discuss the company's performance for the quarter ended 06/30/2026, and share the key developments across our businesses. The global economy continues to navigate an evolving environment marked by geopolitical developments, changing trade dynamics and persistent uncertainty across several regions. Despite these challenges, India remains one of the fastest growing major economies supported by strong domestic demand, improving infrastructure activity and continued policy support for manufacturing. Turning to the automotive industry. The sector delivered a strong performance for the quarter, recorded its highest ever first quarter production volumes.

2:27 Overall, industry production grew by around 22% on a year on year basis, driven by positive demand conditions, improving exports and resilient consumption across both rural and urban markets. The two wheeler segment grew by approximately 23%, driven by strong scooter demand and exports momentum. Electric two wheeler adoption also continued to accelerate with registrations crossing five lakh units for the first time in a single quarter. Passenger vehicles grew by approximately 17%, led by strong demand for utility vehicles and premiumization and exports. Key industry trends such as electrification, premiumization and increasing preference for SUVs continue to gain momentum.

3:17 Three wheelers recorded growth of approximately 39% and commercial vehicles and tractors grew by approximately 15% each during the quarter. Overall, the demand conditions remain positive across major vehicle segments. On electric vehicle penetration in the two wheeler segment, it's reached to about 10.6% and the passenger vehicle penetration reached to about 7.5%. While vehicle demand remained very good, the quarter remained challenging from input cost perspective. Higher prices of key raw materials, supply chain and logistic related disruptions, manpower related disruptions and wage increase impacted the automotive component industry and put pressures on margins.

4:06 Now coming to Minda Corporation. During the quarter one FY 'twenty seven, the company surpassed consensus estimates, delivering its highest ever quarterly revenue of $18.46 crores, a growth of 33.2% on year on year basis. The company reported EBITDA of INR $2.12 crores with a growth of 35.4% on a year on year basis. EBITDA margin stood at 11.5%. That reached to INR $20.06 crores with a growth of 216% on a year on year basis. On the associate company, Flash Electronics, Flash Electronics has continued to deliver strong performance during the quarter with revenues reaching $5.33 crores in quarter one, with an EBITDA of INR 82 crores and EBITDA margin of 15.4%.

5:10 During the quarter, the company further strengthened its growth initiatives through an investment of INR 63 crores in its group companies, including Sparkwinder Green Mobility Solutions, Sparkwinder HCMF for sunroofs and Sparkwinder Toyota and so joint venture for switches to support its future growth and expansion. These new businesses and investments are on track as per their plan. On the EV penetration, at MINDACORP, EV percentage as revenue is close to 10%, which has grown by 40% on a year on year basis. At Flash Electronics, the EV revenue constitutes to about 30% with a year on year growth of about 90%.

5:58 At MINDACORP group level, it is close to about 14%. The company also started consolidation of Minda Vast into Minda Corporation from this year onwards, which will further strengthen its presence in the passenger vehicle segment. Minda Vast joint venture brings an extensive portfolio of vehicle access solutions and includes products like inside and outside door handles, lock sets, steering column locks, latches, e mobilizers, passive entry solutions, power access solutions, etcetera. The integration will combine the company's established presence in India with our joint venture partner, Vite, with their global technology to further enhance Minda Corporation's vehicle access systems portfolio.

6:51 The company's performance continues to be guided by the following key pillars of growth, which are growth in organic business by increasing share of business and existing customers second, by adding new customers third, exports fourth, premiumization of existing products fifth, new product launches by way of joint ventures and technical agreements last, not the least, but most important, investment into R and D and technology of our Spark Minna technical center. Looking ahead, the company remains committed to executing its strategic priorities with focus on enhancing its system solutions offering, strengthening customer relationships and investing in new technologies.

7:37 The company's key priorities remain on disciplined capital allocation, expanding its presence in high growth segments and advancing its R and D capabilities that will drive the long term value creation for all its stakeholders. With that, I would now like to invite Mr. Ajay Agarwal, Group CFO and President, Finance and Strategy, who will take you through our detailed financial performance and key highlights for the quarter. Over to you, Ajay. Thank you. Thank you, Akash. Very good afternoon to all of you. I'm on Slide two. Slide two gives you a reference with respect to our history of Minda Corporation Limited.

8:22 In financial year '26, our revenue stood at about INR 9,000 odd crore and accounting consolidated revenue stood at INR 6,185 crore. Our manufacturing footprint includes 42 plants with over 23,000 employees across our various plants and offices across the globe. Minda Corporation's focus on r and d and innovation remains very strong. With that being focused, we have filed so far 335 patents, out of which 150 patents have already been granted. Moving to Slide three.

9:09 Slide three talks about the overall automotive industry. The Indian automotive industry, as we all know, entered quarter one with extremely strong momentum, delivering one of its best quarterly performance in the recent years. The production volume reached at lower than 10,000,000 units, registering a growth of 22% year on year. This strong performance was supported by healthy domestic demand, improving exports and a resilient consumption across both the rural and urban markets. The two wheeler segment delivered our strongest performance with production reaching close to about 7,250,000 units, marking a 23% year on year growth, led scooter led this momentum growing with 32% and motorcycles recorded a healthy 18% growth.

10:09 We are equally encouraged to see acceleration in electric mobility. EV two wheeler registration crossed five lakh mark for the first time in a single quarter, signaling that mass adoption of EVs in the two wheeler segment is steadily moving from aspiration to reality. Quarter on quarter, industry wide saw growth flattish about 0.3%. Speaking about Minda Corporation's performance in quarter one, I'm on Slide number four. We registered our highest ever quarterly revenue of INR $18.46 crores, reflecting 32... 33.2% year on year growth.

10:54 We also registered highest ever quarterly EBITDA, and for the first time, we crossed INR 200 plus crores EBITDA in a single quarter with a margin of 11.5%, registering a 19 bps improvement year on year basis. Also, we added lifetime order book of approximately INR 2,500 crore during the quarter. Like I said, we have all we in this quarter, we filed seven patents, taking our total filing to INR $3.35 plus. Moving to Slide five. We recorded the revenue of $18.46 crores increased from INR $13.86 crores in quarter one last year, representing a growth of 33% year on year and on a sequential basis, 8% growth over the previous quarter.

11:53 Delivered highest ever EBITDA of INR $2.12 crores, reflecting a growth of 35% year on year with a margin of 11.5% with an improvement of 20 basis points. This strong performance in EBITDA as well as in revenue clearly reflects our disciplined cost management and continued improvement in operational efficiency. We also noticed that the margin was partially impacted due to higher commodity prices, rise in labor costs as well as increase in freight expenses. And importantly, a large portion of these headwinds, thankfully, was offset by operational efficiency and our operating leverages.

12:45 Most of you know we unveiled our Vision 2030 in September 2025. We remain firmly committed to our vision and are confident of achieving our targeted revenue and EBITDA margin as we continue to execute on our strategy and discipline consistently. From a PAT perspective, we reported a PAT increase of 206% year on year from INR 65 crore to INR $20.06 crore in this quarter. I would like to highlight that increase in PAT includes an exceptional gain of INR 106 crores due to consolidation of Minda Vast with the Minda Corporation Limited. Moving to Slide six, speaking about the business vertical performance, mechatronics and aftermarket, the segment delivered the strongest year on year growth of 33%, supported by robust domestic demand in two wheeler and as well as passenger vehicle segments.

13:49 The growth was further aided by the premiumization of our existing product portfolio, enabling us to strengthen both revenue as well as value contribution in our businesses. Information and Connected Systems, this segment delivered an impressive 34 year on year growth, led by strong performance in Wiring Hardness and Instrument Cluster business. All in all, the growth was driven by increased share of business with our existing customers, along with expansion of our customer base through new customer acquisition, premiumization as well as exports. Moving to Slide seven, the product wise, the revenue wise mix is led by Wiring Harness division contributing to 32%, Vehicle Access contributed 25%, Die casting, 15% and cluster business contributed 16% and rest of the other contributed about 12%.

14:54 Mobility wise split two wheeler and three wheeler contributed 46% of our supply. Commercial vehicle contributed 27%, passenger vehicle contributed 19%, and aftermarket contributed 8% during this quarter. While Akash, you know, spoke briefly on flash, Flash also did quite well from quarter one perspective. It delivered a revenue of INR $5.33 crores, registering a growth of 42% year on year basis. The EBITDA margin stood at 15.4% and FAT margin stood at 6.6%. You will notice that there was a marginal dip in the EBITDA vis a vis last quarter.

15:44 The margin was primarily impacted by higher commodity prices and higher labor costs. Suffice to say that the company has a back to back pass through arrangement with its customer, which provides a mechanism to mitigate the impact of these costs pressure over time, plus it has plans to see how they can recover the higher costs, both from a commodity as well as on the labor side from its customer. Slide number ten and eleven represents our consolidated profit and loss and historical financial statement, and rest of the slides speak about several of our recognition what we have received from various bodies, and I'll not go over through that.

16:34 So looking ahead, as we continue to invest in our growth through new product categories, strategic partnerships and R and D, our focus remains on expanding our footprint in high growth areas like electric vehicle, strengthening our customer relationships and building on our leadership in key technology driven segments. Thank you, and I'll now hand it over to the operator for Q and A session. Thank you very much. We now begin the question and answer session. Participants are requested to use handsets while asking a question.

17:23 Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants, you may press star and one to ask the question. The first question is from the line of Arunandan Anil from NuvaRMA Research. Please go ahead. Congratulations to the entire team and especially to Ajay sir on delivering strong margins in challenging times. Firstly, in clusters and wiring harness, Over a period of time, the company has been indicating order wins, both in two wheeler and four wheeler segments.

18:11 Can you indicate how you see the major ramp up or execution of orders supporting the sales performance in FY 'twenty seven and 'twenty eight? Yes. Thank you, Rahul. So again, I would be happy to share that our Wiring Harness division has grown more than 30% on year on year basis for the quarter one as well as our Instrument Cluster division has grown more than 35% on year on year basis in quarter one. So this is the same momentum which is expected to continue over the upcoming quarters going into FY 'twenty eight as well. As you know that we have won orders in the past few years across vehicle segments and across product portfolios as well as across in domestic as well as exports.

19:14 So now we are seeing those products coming into the new launches as well as some of the new order wins from new customers and existing share of business that we have benefited. Thank you for that, sir. And if you can also highlight the order wins during the current quarter, which categories or segments do they relate to mainly? So they are again split across our divisions and products, all in vehicle access, castings, wiring harnesses, instrument clusters as well as new energy and electronics segments as well. So it's spread all across and again in ICE and EV and passenger vehicle, two wheelers, commercial vehicles, domestic and export. So there's an evenly split all across for a continued equal momentum across the organization.

20:15 Good to hear that, sir. Secondly, the share of passenger vehicles has reached almost 20% of revenue, also supported by Minda Vast. For Minda Vast, can you indicate approximately how much was the revenue and EBITDA in Q1? And how do you see the growth prospects for chip segments, both in revenue and margin going forward? Yes. So for the financial, I will ask Ajay to share. And on the business side, I will come back. Yes. So, you know, Minda was has also done quite well in the quarter. It has grown by 22% during the quarter, and it's largely, you know, a passenger vehicle or a four wheeler company.

21:05 And with its consolidation, our overall revenue has grown from 15% to 19%. And if I look at from a contribution of margin perspective, in quarter one previous year, it had delivered a margin of 6.5%, and this quarter, it had delivered a margin of 8.4%. So overall, I think we are very happy with the performance of Minda Vaas, and we are continuously working to see how we can bring it at par with overall Minda operations margin level for Minda Vaas too. The Coming business front, particularly on the Minda Vaas per se, Currently, we are offering as a fit value band to the tune of about 8,000 to about 12,013 thousand in a fit value.

21:59 However, with the products that are being underdeveloped and already being offered to the customers from coming from our joint venture partner as well as our internal R and D systems, this would very well go to X in the upcoming years. So that is where we are working on. And of course, this is not dependent on one single particular customer. This is, again, spread across the passenger vehicle segments from all the OEMs in India as well as if you're exporting to Europe as well on various product lines that come into this, particularly in the areas of, as I mentioned earlier, locking systems, latches, door handles and smart vehicle access. Noted, sir. Thanks for sharing the kit value details and the 2x jump expected in future.

22:55 On Flash, Ajay, sir, thanks for highlighting the margin drivers for future and the impacts in the quarter. Can you indicate how do you see the growth prospects ahead? Earlier, we were looking at 20% kind of a growth in this business. But given the sharp EV acceptance, do you think growth prospects can be much stronger? Would you look at a 30% growth for full year? Yes. See, we have to build capacity as well. There is a strong demand. There is a strong momentum as we see in the industry from a EV perspective. But I think the company is destined to deliver a strong double digit growth in the range of 22, 24%. That's what we are targeting insofar as Flash is concerned.

23:48 We are not only, you know, happy with the performance insofar as growth is concerned, but we are equally tracking how we maintain a profitable growth business. You would have noticed that the margin has margin delivery for flat this quarter has dipped a little bit. And in my statement, I did mention that it is largely on account of high labor cost as well as inflationary trend of commodity. And we are very confident that on a longer term basis, the company should maintain a margin anywhere between 16% to 17% on a longer term basis. Got it, sir. Thank you so much. Very useful. I'll fall back to the queue. Thank you.

24:36 Participants, you may press star and one to ask the question. Next question is from the line of Jyoti Singh from Haitong Securities. Please go ahead. Thank you, sir, for the opportunity. So two questions from my side. One is on the CapEx in FY 'twenty six for the highest ever. So what's the... For '27 CapEx guidance? And what... And also if you can drive on the detail side allocation to EV specific capacity versus core business. And another on the turn tight motor controller, what kind of SOPs and the Pony die casting plant that is coming? And what is the expected capacity utilization trajectory we are seeing from this business?

25:21 And third question from earlier participant side that you mentioned very well that we have seen dip in margin in flash because of the high commodity cost and labor cost. So some of player and you can say peer is going to list in the coming weeks. And they are maintaining EBITDA margin well above because of lower employee costs, and they are keeping on a contract basis. So can we keep this kind of, you know, clause and hire the employee on a contract basis to help to gain margin? So ma'am, I think we'll go one by one.

26:11 First, starting from the bottom when it comes to flash. See, we understand the business on how the customers and how the suppliers and the entire ecosystem is working. We are doing across our divisions, verticals, plants, taking all the measures for bringing in more variability and bringing in more cost competitiveness as well as the best efficiencies in our operations, whether you call automation, whether you call localization or whether you call managing the commodity inflation. So these are all time lag effects, which in the next quarter, as we mentioned, we're going to come back when the indexation continues to be aligned with our customers. Second, you asked us about the turntide.

26:58 On the turntide, we have already won businesses, and the SOPs are expected to happen from the month of October and November. So that is already in line. The production is already set up. The facilities are there in place. Now the lines are being all tested. On the capacity utilization across the group, it is depending on casting or wiring harness, etcetera. We continue to increase capacities while the next few quarters look to be very, very good as well as our long term basis. So on an average, you can say, typically, our group is capacity is at about 77% to about 80% depending on a particular plant or depending on a particular product line. On the CapEx front, I'll ask Mr. Ajay to share with you some numbers.

27:46 Yes. So, you know, we have given a guidance that during this fiscal year, we intend to spend about 400 odd crore in CapEx across various businesses. We have not allocated, like, you know, money specifically towards EV or ICE, but it is fairly, you know, spread across our business vertical as well as the divisions. Okay. Thank you, sir. Just missing one point here On the employee cost side, like if we see consolidated basis also, our employee cost is higher, employee cost. So just if you can comment on that front. First, I think, you know, if you look at each and every line item, you would find a very divergent view across each of these parameters.

28:36 But, you know, from a margin delivery point of view, which can actually consolidate your employee cost, your raw material cost, your many other costs leading to EBITDA delivery. I think we are falling in the quartile one of our industry. And I think, you know, from a margin perspective, we have already given a longer term target to deliver 12.5% margin by 2030. Today, last year, we delivered about 11.7. This quarter, we are trending at 11.5%. And we are seeing that during the rest of the year, if we can maintain a margin anywhere between 11.5 to 12%, we'll be good. Okay. Great, sir. Thank you.

29:27 Thank you. Next question is from the line of Rupul Kumar from Nandonga Financial Aid Services. Please go ahead. Hi. Congratulations for the great set of numbers. My question was regarding the phase submission clause, which company has already discussed in the September onwards. So the company was targeting 3x revenue by FY 'twenty, supported by assuming 8% industry growth, PMIDation, new product launches and export initiative. However, based on our calculation, this lever still leave a revenue shortfall of around INR 3,000 to INR 3,500 crore by FY 'thirty. So what is the additional growth lever or initiative do you see to contribute in this business gap and achieve the revenue target by FY 'thirteen?

30:28 So, Mipul, I'm not sure where your numbers are coming from. However, what we have shared is that we are going to reach our 17,500 crore on the five or six pillars, which is on account of the growth of existing businesses in terms of the current volume that is that the industry is growing. Number two is on the premiumization of the products. Number three is exports. Fourth is new product launches and other opportunities to the tune of about INR 4,600 crores. So we are well in line where we are working organically on how we are growing by the tune of about 30%, right? And then continues to be inorganic opportunities that we work on in the industry as and when the opportunity comes. So we set ourselves a target, and I think we are very well aligned by the order book, by the new partnerships that we are putting in place, which are coming into start up production and continue to work for the inorganic opportunities.

31:32 Next question is from the line of Sailajian from Ashiv India Holdings. Sir, may I request to unmute your line and proceed with your question? Sir, sorry. Your voice is breaking terribly. Can I request you to come in a better reception area? We lost the participant. The next question is from the line of Devesh Kahal from Boring AMC. Please go ahead. Yes. Hi. If you can just share the split of flash revenue into domestic and exports or international, there's 42% sorry, revenue split? And then how both have grown, domestic and international both?

32:31 So about 10% of the revenue comes from their international business, which is the footprint that they have in Europe. And again, 90% of this is from the manufacturing footprints in India. However, the exports from India is continuing to grow on quarter on quarter and year on year basis with the businesses that they are booking, particularly in the areas of forging business or metallics business. The exports would be how much? Because so international would be 10% from the Germany and Hungary plant and exports will be how much? So the exports would be somewhere about 12% to 15%. Understood. And overall, or at a company level, our exports order book has shaped up?

33:25 It's about 8% to 10%. 8% to 10% of total order book? Yes. That's it from my side. Thank you. Thank you. Next question is from the line of Sanjay from Ampersand Capital. Please go ahead. Yes, sir. Sir, can you just tell me, I mean, how much incremental revenue growth you had because of the merger of Minda Vast? About INR 125 crores. $1.25 crores? Yes. And it...

34:10 I had a positive impact on top line, but overall margin went down a bit because of this merger. Is that correct or understanding? Yes. But the other way to look at, in last year's first quarter, it delivered a margin of 6.5%. But in this quarter, it delivered a margin of 8.5%. Therefore, in my opening statement also, I made a mention that improvement in EBITDA is one of our key priorities to see if we can bring Minda Waas performance at par with overall Minda operations performance from EBITDA delivery standpoint. Sir, is it possible for you to share the same margin number for quarter four FY 'twenty six for Minda was? Quarter four, it would also be in the range of same 6.5%, 7%.

35:03 Understood. Understood. And if you can just help us lastly, that is the cost inflation related issue more or less kind of handled and with your customers than you've agreement, etcetera. And going forward, it will be more of operating leverage and all those benefits will trickle down to margin? Yes. Like I said, you know, most of our index commodity has a back to back arrangement with our customers. It could have some bit of lag for a quarter or two, but we do have arrangements with the customer. And there will be pressure, but, you know, given that these are all exceptional times, we have to support customers, customers will also support us.

35:52 Understood, Anshul. Thank you so much, sir. Thank you. Next question is from the line of Shivam Bhatra from Ambit Asset Management. Please go ahead. Hi, sir. Thanks for taking my question and congratulations on a very strong set of numbers. Largely, I had a couple of questions. Firstly, on the share of profit from associates and JVs that we report. Last quarter, we reported around 31 crores, and this quarter, have reported around 18 crores. If I adjust for the flash share in this, roughly last quarter, we moved around 7.5 crores of PAT, and this this quarter, it has fallen down to 70 odd lakhs. So could you... I believe some element of this would be because of vast consolidation, but what other reasons would be driving this PAT margin compression?

36:47 It's largely because of excess depreciation in case of Flash. So last year, in quarter four, Flash's contribution impact was about 25 watt per hour. And in this quarter, the contribution is about 18, 19 watt per hour. Plus That's right. Correct. Correct. So that's right. So I am excluding that. So 29 crores and 18 crores if I exclude. Then last quarter, the share of profit or loss from GB apart from flash would have been around 7.5 crores. And this quarter, that has come only 70 lakhs. So the difference is significant. So what is the reason for this? The other difference is Furukawa as well. So last year, sorry, in quarter four, Furukawa had contributed 5 crore to our packed line item, whereas in this quarter, it had contributed only 80 lakh.

37:42 So all in all, you know, that's why you would see a dip on overall basis. From 31.5 crore, it gone down to 18 crores. And, sir, this is a temporary one quarter clip or the Purukawa business should now continue clocking 80 lakhs a quarter? In my view, it's a temporary, again, you know, because of commodity, because of labor cost, and several other escalations. I think largely, we need to see the two important companies, one being Flash, the other being Purukawa. In Purukawa, we hold only 17.5%, whereas the business size is also quite small. Flash, we hold 49%. We believe that Flash will be back on track in the next one or two quarters.

38:27 Got it, sir. Got it. So secondly, we were supposed to have SOP of the Sun Group business starting in q q two, if I'm not wrong. Is that on track? Yeah. The product customer trials have already been done. They have been approved in the first go itself. So, yes, that is completely on track. Got it, sir. Thank you. That's all from my side. Thank you. Participants, you may press star and one to ask a question. Next question is from the line of Neil Mehta from Doctor. Chokshi. And, sir, please go ahead. Hello, sir. Congratulations on a great set of numbers. So last quarter, you had said that for passenger vehicles, EV side, Flash had already developed a motor and was in active discussion.

39:15 So what are the updates there? And how do you see this specific segment panning out? And how can you shed some light on the industry as well? Okay. So first of all, on the industry per se, passenger vehicle, we believe there is going to be coexistence of all powertrains, whether it is ICE, CNG, gasoline, EV, hybrid, etcetera, plug in hybrid, all those things are going to be having coexistence. Number two is the EV penetration, as I mentioned, is somewhere in the passenger vehicle is somewhere about 7% to 8%, which is consistently growing quarter on quarter and year on year. So that's a great sign for the complete industry at large. However, if I look at the global markets, that comes to a plateau after a certain penetration of the passenger vehicles.

40:08 But in the India market, that is continuously growing and at least expected to grow until FY 2030 because we are very, very behind compared to the global benchmark of the penetration. On the electrical powertrain per se, there are a couple of initiatives that we have done as flash electronics. We have already developed our motors across segments, which are magnetless motors. Some of them are also under testing with customers as well as now for the passenger vehicle, we are working with one of the customers in order to explore how we can work together and while the engagements are ongoing for the testing front. There are two, three other partnerships that also we are looking forward to complete our portfolio for the electric vehicle mobility for the passenger vehicle side. So once those happens, we will, of course, come back to you.

41:03 Thank you. And also, we've seen a passenger vehicle share in the revenue has increased much faster than the other end markets. So down the line, two, three years down the line, do we see passenger vehicles at par with two and three wheelers or the current split will be the par? So we are working on organically, number one, in order to increase our passenger vehicle penetration into our overall portfolio. The recent order wins that we have done in the past few quarters as well as currently and ongoing And the joint ventures that we are doing are all leading up to the higher segment of passenger vehicle. So overall, at a group level, the products such as high voltage wiring harnesses, the die casting products in the EV four wheeler side, exports as well as now the Minda vast, the sunroof and the power tailgates, the instrument cluster that are already going into the or under development as well for the passenger vehicle side. So these are some of the products which are definitely taking shape. And recently, there have been a couple of order books in our electronics, such as shaft and antenna and other areas, which are leading up to the increase organically for our passenger vehicle penetration.

42:22 Thank you, sir, and all the best. Thank you. Thank you. Next follow-up question is from the line of Raghunandan Anil from Nomura Research. Please go ahead. Thank you, sir, for the opportunity again. On the switches side, the order of INR 1,000 crores, how do you see the ramp up happening in FY 'twenty seven and 'twenty '8? And by when can we see annual revenue of INR 150 crores, 200 crores? You think FY 'twenty eight or FY 'twenty nine, we can reach that kind of an execution?

43:16 So, Raghu, the lifetime order book is higher than 1,000 crores, which is a lifetime order book. The SOPs are underway. The SOP is expected to happen in quarter four, FY 'twenty six of quarter one, FY 'twenty seven sorry, FY 'twenty eight. So the first year, which is FY 'twenty eight next year, we expect it to be somewhere again about INR 150 crores. And at the peak of the current order that we have should be in the next year, which is FY 'twenty nine. These are again all the orders that we have currently with our anchor customer. And we are then going to start working towards further expansion into various other customers and other initiatives that we're looking at in place.

44:06 Noted, sir. In terms of cross selling to Flash, can there be INR 50 crores, 70 crores of revenue from Minda cross selling to Flash this year? And if you can also talk about how the ramp up can happen over the next few years? So yes, the ramping up is happening. Of course, as you know that these are technical products, so they need approval from the end customer. And there are, again, two, three major product lines. So one is, again, castings, which has already started, in fact, from this month. So number two are, again, the wiring harnesses, which are undergoing some of the testings.

44:51 And then, of course, there are other synergies, particularly from the system solutions offering to our customers. So while there are some of the confidential projects that are ongoing, there is a lot of engagement with the customers jointly that both the companies are coming forward and under development. Noted, sir. Continuing on Flash, the revenue growth Y o Y for EV is at 90%, as you indicated in the opening remarks. And this is much higher than the growth seen in the underlying industry. Can you talk about whether the content has increased or whether new customers have been added, which product on the traction motor side, has there been any new addition which has led to this kind of a growth?

45:45 Yes. So it's primarily because of the new products that have been launched. Number two is the other segments that have been entered into. So outside of two wheelers now, it's three wheelers as well as now moving into the other segments. And of course, the kit value is continuously increasing by way of consolidation of the more products like you see two in one, three in one, etcetera. So these are some of the factors on way and the reasons why Flash is increasing and further penetration to the existing customers. Very helpful, sir. Thank you so much. Thank you. As there are no further questions, I'll now hand the conference over to the management for closing comments.

46:45 Thank you very much. And I would like to really thank Anand Rathi for organizing this call and thank everyone for joining today. We remain highly confident of our growth trajectory industry at large, both in near term and long term, driven by strategic investments and unwavering commitments to advancing our products and technologies. We are committed to creating value for our shareholders and stakeholders, and we are totally in line to achieving our Vision 2030 by way of localization, backward integration, and investment into technology and into our customers. We are investing deeply in our capabilities, capacities and competencies across divisions and across platforms. I hope we've been able to respond to most of the queries today. For further information, we request you to please get in touch with our IR team. Thank you, and have a great day.

47:35 Thank you very much. On behalf of Ann Ratti Shares and Stockbrokers Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.