Minda Instruments Limited wins approval for India TFT assembly

Minda Instruments Limited received government approval to manufacture display module sub-assemblies in India under the Electronics Components Manufacturing Scheme, while its parent disclosed TFT display orders exceeding Rs 1,000 crore with SOP planned in FY28. The approval covers a component that the presentation says India has largely imported and accompanies a planned greenfield assembly facility.

What approval did Minda Instruments receive for TFT modules?

Minda Instruments received government approval to manufacture display module sub-assemblies under the Electronics Components Manufacturing Scheme, or ECMS. The clearance was included in a batch of 31 new proposals considered by the Ministry of Electronics and Information Technology. The presentation identifies the sub-assemblies as a display component that India has largely imported until now.

Minda Instruments is a wholly owned subsidiary of Minda Corporation, according to the November 3, 2026 investor presentation. The disclosed approval is for manufacturing display module sub-assemblies, rather than a stated financial incentive, capacity allocation or capital-spending amount. The material does not disclose a facility location, construction schedule, annual output or investment figure.

The approval is specifically linked to TFT display-module assembly. It does not state that Minda Instruments will manufacture TFT panels, nor does it detail the origin of inputs used in module assembly. Those distinctions matter because the disclosed project is an assembly and backward-integration plan, not a fully specified display-component supply chain.

How large are Minda Instruments’ TFT display orders?

Minda Instruments’ parent disclosed multiple TFT display orders with lifetime value exceeding Rs 1,000 crore, covering products from 5 inches to 12 inches. SOP for these programmes is planned in FY28. The presentation does not provide a customer-wise breakdown, annual revenue profile or order value by display size.

The disclosed orders are not reported as FY27 revenue. Minda Corporation reported Information & Connected Systems revenue of Rs 1,205 crore in Q2 FY27, up 46% from Rs 823 crore in Q2 FY26, but it did not assign any part of that reported revenue to the new TFT programmes. The FY28 SOP timing places the disclosed order launches after the Q2 FY27 reporting period.

For H1 FY27, Information & Connected Systems revenue rose 40% to Rs 2,189 crore from Rs 1,559 crore in H1 FY26. Management said the wiring-harness and instrument-cluster divisions increased share of business with existing customers and added new customers, while the cluster division secured multiple high-value orders. It did not state whether every TFT order will be assembled at the proposed greenfield facility.

What is Minda Instruments’ backward-integration plan?

Minda Instruments plans to set up a greenfield facility to assemble TFT display modules in-house instead of importing the display component. This is the backward-integration mechanism identified in the presentation: the new operation is intended to add domestic assembly of display module sub-assemblies to its manufacturing process.

The presentation connects the facility plan with the ECMS clearance and the Rs 1,000 crore-plus TFT order pipeline, but it does not quantify the project’s economics. There is no disclosed localisation percentage, component sourcing structure, supplier arrangement, expected cost effect or planned capacity. As a result, the presentation establishes the assembly objective but not its financial contribution.

Minda Corporation reported 42 manufacturing plants, seven engineering centres and more than 1,000 engineering personnel at the FY26 group level. It also reported more than 340 patents and research and development spending of 3% to 4%. These are group-level figures and do not represent capacity, staffing or research expenditure specifically for Minda Instruments or the proposed TFT site.

How does the project fit Minda Corporation’s current performance?

The TFT project is being planned while Minda Corporation reports record Q2 FY27 revenue of Rs 2,189 crore and earnings before interest, tax, depreciation and amortisation, or EBITDA, of Rs 257 crore. Revenue increased 43% year on year from Rs 1,535 crore in Q2 FY26 and 19% sequentially from Rs 1,846 crore in Q1 FY27. EBITDA margin was 11.8%, compared with 11.6% a year earlier and 11.5% in Q1 FY27.

For H1 FY27, Minda Corporation’s revenue grew 38% to Rs 4,036 crore from Rs 2,921 crore in H1 FY26, while EBITDA increased 40% to Rs 469 crore from Rs 334 crore. Profit after tax, or PAT, excluding the stated exceptional gain, rose 62% to Rs 243 crore from Rs 150 crore. These results predate the planned FY28 TFT SOP and therefore do not show financial delivery from the display orders.

The company also reported EV product revenue growth of 113% year on year in Q2 FY27, with EV products contributing 10% of Minda Corporation revenue and 35% of order-book value. Separately, it won a 3.5 kilowatt charger order from a leading three-wheeler original equipment manufacturer with lifetime value exceeding Rs 400 crore and SOP planned for Q1 of the next year. That charger order is distinct from the TFT display order pipeline.

Conclusion

The disclosed ECMS approval gives Minda Instruments a route to manufacture display module sub-assemblies in India through a planned greenfield TFT assembly facility. Combined with TFT orders exceeding Rs 1,000 crore and the 46% Q2 FY27 increase in Information & Connected Systems revenue, the disclosures show an effort to pair an expanded display order pipeline with in-house assembly rather than imported display components.

The next stated milestone is SOP for the TFT orders in FY28. What to watch is whether Minda Instruments discloses the facility’s location, capital expenditure, capacity, commissioning timing, localisation level and customer or programme allocation, none of which was provided in the November 3, 2026 presentation.