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MINDACORP - Minda Corp

📊 NSE: MINDACORP 🏢 Auto Ancillaries 📅 Last Updated: 12/14/2025 9:51

📢 Recent Corporate Announcements

Minda Corp Signs JV with UK's Turntide for EV Powertrain Solutions; 49:51 Shareholding

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 09 Mar 2026, 08:30 PM

Minda Corporation's subsidiary has entered into a Joint Venture (JV) with UK-based Turntide Drives to manufacture advanced EV components in India. The JV will be 49% owned by Minda and 51% by Turntide, focusing on high and low-voltage motor controllers, axial flux motors, and thermal pumps. This strategic partnership aims to localize global technology for India's growing EV market, specifically targeting the 2W, 3W, and PV segments. The agreement includes a three-year lock-in period for shareholding and a board structure of five directors.

Formation of a 49:51 Joint Venture between Spark Minda Green Mobility and Turntide Drives Limited
Focus on manufacturing advanced motor controllers, axial flux motors, and thermal application pumps for the EV segment
Turntide to provide proprietary technology and technical know-how for localized production in India
A mandatory three-year lock-in period for share transfers from the execution date
Board of the new JV entity will consist of 5 directors, with 2 nominated by Minda and 3 by Turntide

💡 Investors should view this as a positive long-term strategic move that enhances Minda Corp's technological capabilities in the high-growth EV powertrain segment. Monitor the JV's progress in securing OEM contracts and the timeline for production commencement.

Minda Corp Partners with UK's Turntide for EV Powertrain JV; Subsidiary to Hold 49% Stake

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 09 Mar 2026, 08:23 PM

Minda Corporation's subsidiary, Spark Minda Green Mobility Systems, has signed a Joint Venture agreement with UK-based Turntide Drives Limited to manufacture advanced EV powertrain solutions. The JV will focus on high-growth components including axial flux motors, motor controllers, and thermal pumps for the Indian EV market. Minda Corp will hold a 49% stake in the new entity, while Turntide will hold 51% and provide proprietary technical know-how. This partnership significantly strengthens Minda Corp's technological capabilities in the electric vehicle ecosystem.

Joint Venture shareholding structure set at 49% for Minda Corp's subsidiary and 51% for Turntide Drives UK.
Focus on manufacturing advanced motor controllers, axial flux motors, and thermal pumps for the Indian EV segment.
Turntide to provide proprietary technology and technical know-how for localized production in India.
A 3-year lock-in period has been established for shareholding transfers from the execution date.
The JV board will consist of 5 directors, with 2 nominated by Minda Corp's subsidiary and 3 by Turntide.

💡 Investors should view this as a strategic move to capture the high-margin EV component market. Monitor the JV's ability to secure orders from major Indian OEMs and the timeline for setting up manufacturing facilities.

Minda Corp Seeks Approval for ESOP 2025; Transfers 32.18 Lakh Unallocated Shares

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 12 Feb 2026, 01:00 PM

Minda Corporation has issued a postal ballot notice to seek shareholder approval for the new 'Minda – Employee Stock Option Scheme 2025'. The company proposes to transfer 32,18,517 unallocated equity shares from the existing 2017 ESOP pool to the new 2025 scheme. Importantly, this transition involves no fresh issuance of shares, as the options will be sourced from existing shares already held by the ESOP Trust. The voting period for these special resolutions is scheduled from February 14 to March 15, 2026.

Reduction of ESOP 2017 pool from 53,41,840 to 21,23,323 options
Establishment of ESOP 2025 with a pool of 32,18,517 options
No fresh equity issuance required as shares are sourced from existing unallocated Trust holdings
Scheme coverage extended to employees of subsidiaries and group/associate companies
E-voting period for shareholders ends on March 15, 2026

💡 Investors should note that this is a routine administrative update to employee compensation that does not result in equity dilution. No immediate action is required other than participating in the postal ballot if desired.

Minda Corp Q3 FY26: Record Revenue of ₹1,560 Cr, 25% YoY Growth & Interim Dividend

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 11 Feb 2026, 03:33 PM

Minda Corporation reported its highest-ever quarterly revenue of INR 1,560 crores for Q3 FY26, marking a 25% YoY increase. EBITDA rose 28% to INR 184 crores with margins expanding to 11.8%, while PAT grew 36% to INR 84 crores. The company secured a lifetime order book of INR 2,000 crores during the quarter and announced an interim dividend of INR 0.60 per share. Management also appointed Ajay Agarwal as Group CFO and approved a new ESOP scheme for 2025.

Achieved record quarterly revenue of INR 1,560 crores, up 25% YoY, outperforming industry growth.
EBITDA margins expanded by 30 bps YoY to 11.8%, with PAT increasing 36% to INR 84 crores.
Secured new lifetime orders worth INR 2,000 crores in Q3, bringing the 9M FY26 total to INR 7,000 crores.
Associate company Flash Electronics delivered strong performance with 18.4% EBITDA margins on INR 488 crores revenue.
Board recommended an interim dividend of 30% (INR 0.60 per share) and approved ESOP Scheme 2025.

💡 Investors should view the record revenue and strong order book as indicators of robust market positioning and future growth visibility. Monitor the execution of the INR 400 crore capex plan and the ramp-up of new product lines like sunroofs and EV switches.

Minda Corp Utilizes ₹105.19 Cr from Warrant Issue for Debt Repayment; No Deviations Reported

🟢 POSITIVE ⭐ 6/10

REGULATORY 📅 05 Feb 2026, 09:08 PM

Minda Corporation has released its Monitoring Agency Report for the quarter ended December 31, 2025, regarding its ₹420.75 crore preferential warrant issue. The company has raised ₹105.19 crore so far, representing the initial 25% subscription amount, and has fully utilized these proceeds for debt repayment. The monitoring agency, Acuité Ratings, confirmed that there are no deviations from the objects of the issue. No additional warrant subscriptions or fund utilizations were recorded during the third quarter of FY2025-26.

Total preferential issue size of share warrants is ₹420.75 crores, initiated in June 2025.
₹105.19 crores (25% of the total issue price) has been raised and fully deployed towards debt repayment.
Monitoring agency Acuité Ratings reported zero deviation from the objects specified in the offer document.
The company maintains a clear track record of fund utilization with no idle funds reported as of Dec 31, 2025.

💡 Investors should note the company's disciplined approach to using capital for deleveraging, which strengthens the balance sheet. Monitor the conversion of the remaining 75% of warrants in future quarters as a source of further liquidity or debt reduction.

Minda Corp Utilizes ₹105.19 Cr from Warrant Issue for Debt Repayment; No Deviations Reported

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 05 Feb 2026, 06:19 PM

Minda Corporation has released its Monitoring Agency Report for the quarter ended December 31, 2025, regarding the utilization of funds from its ₹420.75 crore share warrant issue. As of the reporting date, the company has raised ₹105.19 crore, representing 25% of the total warrant issue price. The monitoring agency, Acuité Ratings, confirmed that the entire amount raised so far has been utilized for the intended purpose of debt repayment. No deviations from the objects stated in the offer document were observed during the period.

Total issue size for share warrants on a preferential basis is ₹420.75 Crores.
Company has received ₹105.19 Crores (25% of warrant price) as of June 2025.
Entire ₹105.19 Crores raised has been utilized specifically for debt repayment.
Monitoring agency Acuité Ratings reported zero deviation from the original objects of the issue.
No additional warrant subscriptions were received during the quarter ended December 31, 2025.

💡 Investors should view this as a routine positive confirmation that the company is following through on its deleveraging plan. No immediate action is required as fund utilization remains transparent and aligned with previous disclosures.

Minda Corp Q3 Results: Declares 30% Interim Dividend, Appoints Ajay Agarwal as Group CFO

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 04:39 PM

Minda Corporation has approved its financial results for the quarter and nine months ended December 31, 2025. The Board declared an interim dividend of Rs. 0.60 per share (30% of face value), with the record date fixed for February 13, 2026. In a significant leadership update, Mr. Ajay Agarwal has been elevated to the role of Group Chief Financial Officer and Group Chief Risk Officer. Furthermore, the company is introducing a new 'Employee Stock Option Scheme 2025' to enhance employee retention across its subsidiaries and group companies.

Declared an interim dividend of Rs. 0.60 per equity share (30% on face value of Rs. 2) for FY2025-26.
Fixed February 13, 2026, as the Record Date for dividend eligibility, with payment scheduled by March 06, 2026.
Appointed Mr. Ajay Agarwal as Group CFO and Group Chief Risk Officer effective February 05, 2026.
Approved the launch of 'Minda Employee Stock Option Scheme 2025' and the transfer of unutilized shares from the 2017 scheme.
The Board meeting concluded at 2:15 p.m. following the approval of standalone and consolidated financial results.

💡 Investors should note the dividend record date of February 13 to ensure eligibility for the Rs. 0.60 per share payout. The internal promotion of the Group CFO indicates management stability and continuity in financial strategy.

Minda Corp Declares 30% Interim Dividend (Rs 0.60/Share); Record Date Feb 13, 2026

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 05 Feb 2026, 03:58 PM

Minda Corporation Limited has declared an interim dividend of Rs. 0.60 per equity share for the financial year 2025-26, which represents a 30% payout on its face value of Rs. 2. The company has fixed February 13, 2026, as the record date to identify eligible shareholders for this payout. The total dividend will be distributed across 239,079,428 equity shares. Shareholders can expect the payment to be processed on or before March 06, 2026.

Interim dividend of Rs. 0.60 per equity share (30% of face value) declared.
Record date for eligibility set as Friday, February 13, 2026.
Dividend payment to be completed on or before March 06, 2026.
Payout applies to a total base of 239,079,428 equity shares of Rs. 2 each.

💡 Investors interested in the dividend should ensure they hold the stock before the ex-dividend date, which is typically one working day prior to the record date. This announcement reflects a steady return of capital to shareholders.

Minda Corp Q3 FY26: Revenue Up 25% YoY to ₹1,560 Cr, Interim Dividend of ₹0.60 Declared

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 03:46 PM

Minda Corporation reported a strong performance for Q3 FY26 with its highest-ever quarterly revenue of ₹1,560 crore, a 25% YoY increase. EBITDA margins expanded by 30 bps to 11.8%, while Profit After Tax (PAT) grew by 36% YoY to ₹88 crore. The company announced an interim dividend of ₹0.60 per share and highlighted a robust lifetime order book exceeding ₹7,000 crore. Furthermore, a massive ₹2,000 crore capex plan over the next five years signals aggressive expansion in the automotive component space.

Highest ever quarterly revenue of ₹1,560 crore, representing 25% YoY growth.
EBITDA increased by 27.8% YoY to ₹184 crore with margins improving to 11.8%.
Lifetime order book stands at over ₹7,000 crore, with ₹2,000 crore in new orders during 9M FY26.
Board recommended an interim dividend of 30% (₹0.60 per equity share).
Planned capital expenditure of ₹2,000 crore over the next 5 years for greenfield facilities in Die Casting and Instrument Clusters.

💡 Investors should take note of the consistent margin expansion and the strong order book which provides high revenue visibility. The aggressive capex plan and entry into high-growth segments like sunroofs and EV components make it a strong candidate for long-term portfolios.

Minda Corp Q3 FY26: Highest Ever Revenue of ₹1,560 Cr, PAT Jumps 30% YoY

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 03:37 PM

Minda Corporation reported its highest-ever quarterly revenue of ₹1,560 crore for Q3 FY26, marking a robust 24.6% YoY growth driven by product premiumisation and strong demand in 2W and CV segments. EBITDA grew by 27.8% YoY to ₹184 crore, with margins expanding by 30 bps to 11.8%. The company's Reported PAT saw a significant increase of 30.1% YoY to ₹84 crore. Additionally, the board has recommended an interim dividend of ₹0.60 per share and appointed Ajay Agarwal as the Group CFO.

Highest ever quarterly revenue of ₹1,560 crore, up 24.6% YoY and 1.6% QoQ
EBITDA increased 27.8% YoY to ₹184 crore with an improved margin of 11.8%
Reported PAT grew 30.1% YoY to ₹84 crore, though slightly down 0.4% sequentially
Interim dividend of 30% (₹0.60 per equity share) declared for shareholders
9M FY26 revenue reached ₹4,482 crore, a 20% growth over the corresponding period last year

💡 Investors should take note of the company's consistent top-line growth and margin expansion despite a dynamic market. The focus on premiumisation and a strong order book across vehicle categories makes it a solid pick in the auto-ancillary space.

Minda Corp Declares Rs 0.60 Interim Dividend and Appoints New Group CFO

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 05 Feb 2026, 02:43 PM

Minda Corporation has announced an interim dividend of 30%, which translates to Rs. 0.60 per equity share for the financial year 2025-26. The company has fixed February 13, 2026, as the record date for determining shareholder eligibility for this payout. In a significant leadership move, Mr. Ajay Agarwal has been appointed as the Group Chief Financial Officer and Group Chief Risk Officer. Furthermore, the board has approved a new Employee Stock Option Scheme (ESOP 2025) to incentivize employees across its subsidiaries and group companies.

Declaration of interim dividend at 30% or Rs. 0.60 per equity share on 23,90,79,428 shares.
Record date for dividend payment fixed as February 13, 2026, with payment by March 06, 2026.
Appointment of Mr. Ajay Agarwal as Group CFO and Group Chief Risk Officer effective February 05, 2026.
Approval of 'Minda Employee Stock Option Scheme 2025' and amendment to the existing ESOP 2017 scheme.
Board approval of un-audited standalone and consolidated financial results for Q3 and nine months ended Dec 31, 2025.

💡 Investors interested in the dividend should ensure they hold shares before the record date of February 13, 2026. The appointment of a seasoned professional as GCFO and the new ESOP scheme are positive indicators of corporate governance and long-term talent strategy.

Minda Corp Declares ₹0.60 Interim Dividend and Appoints Ajay Agarwal as Group CFO

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 05 Feb 2026, 02:31 PM

Minda Corporation has declared an interim dividend of ₹0.60 per equity share (30% of face value) for the financial year 2025-26. The company has fixed February 13, 2026, as the record date for determining shareholder eligibility, with payments to be completed by March 06, 2026. In a significant leadership move, Mr. Ajay Agarwal has been appointed as the Group Chief Financial Officer and Group Chief Risk Officer. Additionally, the board approved a new 'Employee Stock Option Scheme 2025' to align employee interests with long-term growth.

Interim dividend of ₹0.60 per share declared on 23,90,79,428 equity shares of ₹2 each
Record date for dividend eligibility set for February 13, 2026
Mr. Ajay Agarwal appointed as Group CFO and Group Chief Risk Officer effective February 05, 2026
Introduction of 'Minda Employee Stock Option Scheme 2025' for group and subsidiary employees
Dividend payment to be processed on or before March 06, 2026

💡 Investors interested in the dividend should ensure they hold the stock before the February 13 record date. The internal promotion of the CFO suggests management stability and continuity in financial strategy.

Minda Corp to Participate in Nuvama India Conference on February 9, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Feb 2026, 05:14 PM

Minda Corporation Limited has announced its participation in the Nuvama India Conference 2026 scheduled for February 9, 2026, in Mumbai. The management will engage in both group and one-on-one meetings with institutional investors and analysts from 10:00 to 18:00 IST. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during these interactions. This is a routine engagement aimed at maintaining transparency with the investment community.

Investor meeting scheduled for February 9, 2026, in Mumbai.
Participation in the Nuvama India Conference 2026 organized by Nuvama Institutional Equities.
Engagement includes both group and one-on-one meeting formats.
Interaction window set between 10:00 hours and 18:00 hours IST.
Company confirms no UPSI will be discussed during the sessions.

💡 No immediate action is required as this is a routine investor relations activity. Investors may look for any subsequent investor presentations or transcripts released by the company for insights into their long-term outlook.

Minda Corp Reschedules Q3FY26 Earnings Call to 4:30 PM on Feb 5, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 02 Feb 2026, 06:24 PM

Minda Corporation Limited has announced a minor rescheduling of its earnings conference call for the third quarter and nine months ended December 31, 2025. The call, originally slated for 04:00 PM IST on February 5, 2026, will now commence at 04:30 PM IST on the same day. The management team, including the Executive Director and President of Finance, will be present to discuss the financial results. This is a routine administrative update regarding the timing of investor communications.

Earnings conference call for Q3FY26 rescheduled from 04:00 PM to 04:30 PM IST on February 5, 2026.
Management participants include Mr. Aakash Minda (Executive Director) and Mr. Ajay Agarwal (President Finance & Strategy).
The call will address financial performance for the quarter and nine-month period ending December 31, 2025.
Universal dial-in numbers provided are +91 22 6280 1146 and +91 22 7115 8047.

💡 Investors and analysts planning to attend the call should update their schedules for the 30-minute delay. No further action is required as this is a routine timing adjustment.

Minda Corp Schedules Q3FY26 Earnings Conference Call for February 5, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 22 Jan 2026, 05:57 PM

Minda Corporation Limited has scheduled its earnings conference call to discuss the financial results for the quarter and nine months ended December 31, 2025. The call is slated for Thursday, February 5, 2026, at 04:00 PM IST. Senior management, including Executive Director Aakash Minda and President Finance & Strategy Ajay Agarwal, will be present to interact with analysts and investors. This is a standard regulatory procedure following the conclusion of the third quarter of the fiscal year.

Conference call scheduled for February 5, 2026, at 04:00 PM IST.
Focus on financial performance for Q3 and 9M ended December 31, 2025.
Management representation includes Executive Director and President of Finance & Strategy.
Hosted by Elara Securities (India) Private Limited with global dial-in options.

💡 Investors should mark the date to listen to management's commentary on margin performance and the demand outlook in the automotive sector. No immediate trading action is required based on this scheduling announcement.

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💰 Financial Performance

Revenue Growth by Segment

In Q2 FY26, the Information and Connected Systems segment (including wiring harness and instrument clusters) grew by 26% YoY, while the Mechatronics and Aftermarket segment grew by 12% YoY despite export headwinds. Total consolidated revenue for Q2 FY26 reached INR 1,535 Cr, a 19% increase from INR 1,290 Cr in Q2 FY25.

Geographic Revenue Split

The company derives approximately 85-87% of its revenue from the Indian domestic market. The remaining 13-15% is sourced from international exports to regions including South-East Asia (ASEAN), Europe, and North America.

Profitability Margins

Gross Profit Margin for FY25 stood at 37.8%, up from 37.1% in FY24. PAT Margin for Q2 FY26 was 5.5%, a slight decline of 25 bps from 5.8% in Q2 FY25, primarily due to higher finance costs which rose to INR 31 Cr from INR 11 Cr YoY.

EBITDA Margin

EBITDA margin for Q2 FY26 improved to 11.6% (INR 178 Cr) from 11.4% (INR 147 Cr) in Q2 FY25, a 22 bps expansion. The company has set a long-term target under Vision 2030 to achieve EBITDA margins of 12.5% or greater across all business verticals.

Capital Expenditure

The company invested INR 220 Cr in H1 FY26. It has a massive planned capital expenditure of INR 2,000 Cr over the next 4.5 to 5 years to support its Vision 2030 growth pillars, including new product launches like sunroofs and high-voltage EV components.

Credit Rating & Borrowing

The company holds a 'CRISIL AA-/Positive' rating (revised from Stable) and an 'India Ratings AA/Stable' rating. Net debt stands at INR 1,165 Cr with a net debt-to-equity ratio of 0.5. Interest coverage remains strong at over 8 times for FY25.

⚙️ Operational Drivers

Raw Materials

Specific raw material names and their individual percentage of total cost are not disclosed in the available documents; however, raw material costs totaled INR 956 Cr in Q2 FY26, representing approximately 62.3% of revenue.

Capacity Expansion

The company operates 32 manufacturing plants as of FY25. Planned expansion includes setting up new plants to support a 20-25% YoY growth target and specific new product lines like sunroofs (SOP Q1 FY27) and switches via the Toyodenso JV (SOP Q4 FY27).

Raw Material Costs

Raw material costs for H1 FY26 were INR 1,818 Cr compared to INR 1,559 Cr in H1 FY25, an increase of 16.6%. The company remains vulnerable to volatility in raw material prices and pricing pressure from OEMs, which can squeeze operating margins.

Manufacturing Efficiency

Operational excellence and a favorable product mix contributed to a 14% YoY growth in the Mechatronics division's performance. The company utilizes 32 plants and a workforce of over 18,000 to maintain scale.

📈 Strategic Growth

Expected Growth Rate

20-25%

Growth Strategy

Growth will be driven by five pillars: investment in existing businesses, export focus, premiumization (e.g., TFT clusters, smart keys), new product launches (sunroofs, high-voltage EV wiring), and deep R&D investment. The Flash Electronics collaboration specifically targets the high-growth EV power electronics and traction motor segments.

Products & Services

Key products include wiring harnesses, locksets, door handles, instrumentation clusters, sensors, die casting components, smart key systems, and EV components like traction motors and controllers.

Brand Portfolio

Spark Minda

New Products/Services

New launches include Sunroofs (SOP Q1 FY27), high-voltage EV wiring harnesses, and advanced switches through the Toyodenso JV (SOP Q4 FY27).

Market Expansion

The company is expanding its presence in the EV market and premium segments. It is also focusing on increasing its export footprint beyond the current 13-15% contribution.

Market Share & Ranking

The company is a market leader in India for two-wheeler security systems (lock and key sets) and a leading player in the wiring harness segment for 2W, 3W, and commercial vehicles.

Strategic Alliances

Key alliances include the Toyodenso JV for switches and a strategic collaboration with Flash Electronics for EV components (reported Q2 FY26 revenue of INR 446 Cr with 16.1% EBITDA margin).

🌍 External Factors

Industry Trends

The industry is shifting toward Electric Vehicles (EV penetration reached 7.8% in FY2025) and premiumization. Minda is positioning itself by launching TFT clusters and EV-specific power electronics to capture this shift.

Competitive Landscape

The company competes in the auto-component space against both domestic and global players, maintaining its edge through technological innovation and 9 engineering centers.

Competitive Moat

The moat is built on 315 patent filings (143 granted), 60+ years of promoter experience, and long-standing relationships with major OEMs. These are sustainable due to high switching costs in the wiring harness and security system segments.

Macro Economic Sensitivity

The company is highly sensitive to Indian rural demand, which drives the 2-wheeler segment, and macro-economic factors like GST rate reductions that enhance vehicle affordability.

Consumer Behavior

Rising consumer expectations for connected and secure vehicle access are driving demand for Minda's smart key systems and premium mechatronic products.

Geopolitical Risks

Trade barriers or economic slowdowns in Europe and ASEAN markets pose risks to the export business, which saw a setback in Q2 FY26.

⚖️ Regulatory & Governance

Industry Regulations

The company must comply with evolving automotive safety and emission standards. Recent GST rate reductions in the auto sector have positively impacted demand by improving affordability.

Taxation Policy Impact

The effective tax rate for H1 FY26 was approximately 26.8% (INR 44 Cr tax on INR 164 Cr PBT).

Legal Contingencies

The company is in the process of transferring unclaimed dividends and related equity shares from FY 2018-19 to the Investor Education and Protection Fund (IEPF) if not encashed by March 8, 2026.

⚠️ Risk Analysis

Key Uncertainties

Key risks include the volatility of raw material prices and the pace of EV adoption, which could disrupt traditional mechatronics product lines if the company does not transition fast enough.

Geographic Concentration Risk

High geographic concentration in India (85-87% of revenue), making the company vulnerable to domestic economic cycles.

Third Party Dependencies

Dependency on top 3 customers for 30-35% of revenue creates a risk if any major OEM shifts its sourcing strategy.

Technology Obsolescence Risk

The shift from mechanical locks to smart keys and from internal combustion engines to EVs presents a technology risk, which the company is mitigating through its 4% R&D investment.

Credit & Counterparty Risk

Receivables quality is generally high as the primary customers are major established OEMs, though specific credit exposure figures were not disclosed.