Spark Minda sees significant growth potential via new products meant for the electric vehicle (EV) segment, such as battery management systems, amongst others.
Aakash Minda, executive director of Minda Corporation, said the company is developing new products, such as battery management systems (BMS), motor controllers, and vehicle control units, among others, to service the needs of the fast-growing EV segment.
“We will continue to focus on growing our legacy portfolio while targeting new business through aggressive investment in R&D for future technologies. We are aggressively moving ahead to leverage the fast-emerging opportunities in the EV sector,” Minda said.
“Nearly 95% of our revenues come from products that are ICE-to-EV agnostic, thereby giving us significant headroom to quickly scale up the EV segment. Now we are focusing on products that specifically cater to the EV segment, such as battery chargers and DC-DC converters,” he said.
At present, Spark Minda is seeing growth from its existing EV product portfolio, which includes DC converters, battery chargers, and motor controllers.
According to Minda, the company’s EV order book has increased seven-fold in three years.
In FY22, it acquired a 26% stake in charging solutions start-up EVQ Point Solutions for manufacturing partnerships for battery chargers and EV supply equipment.
On the overall industry scenario, he said that Spark Minda expects domestic demand to remain strong, based on improved consumer sentiments, product premiumisation for urban centres, and new vehicle launches.
“We are also keeping a close watch on how the export market unfolds. Moreover, stabilisation of commodity prices is expected to aid improvement in underlying margins,” he said.
Recently, Spark Minda’s flagship company, Minda Corp, secured orders worth more than Rs 10,000 crore with EVs constituting over 30% of the orders.