IAC India looks to diversify into CV supplies, widen PV customer base

IAC India reported revenue of ₹1,218 crore in FY25 and is targeting 20 per cent YoY growth in the ongoing fiscal year.

“>

Interior systems supplier International Automotive Components (IAC) India is in early-stage discussions with multiple original equipment manufacturers (OEMs), including JSW Motors and VinFast India, to onboard new clients for the supply of interior systems and engineering support services.“We are engaged with them… it is a very early phase,” Sunil Koparkar, Managing Director, IAC India, told the media on the sidelines of a media event in Chakan, Pune.

Sunil Koparkar, Managing Director, IAC India

“>

Lumax Auto Technologies fully consolidated IAC India last year after acquiring the remaining 25 per cent stake. The subsidiary currently derives around 79 per cent of its revenue from Mahindra & Mahindra. Its other clients include Maruti Suzuki, Volkswagen and Volvo Eicher Commercial Vehicles.

Diversifying client portfolio

While Mahindra & Mahindra will remain its primary customer, IAC is focused on diversifying its client portfolio and expanding its footprint beyond its largest account.The company is also looking to expand in the commercial vehicle (CV) segment. “From a product perspective, it presents an opportunity because the CV market is increasingly looking for more comfortable interiors similar to passenger vehicles. The inclusion of airbags, air-conditioners and other features will drive changes in the CV interior market,” Koparkar said.IAC India reported revenue of ₹1,218 crore in FY25 and is targeting 20 per cent YoY growth in the ongoing fiscal year.

“We won’t necessarily dilute our Mahindra portfolio, but with the opportunities we are seeing in the CV space and with other customers, we continue to stay at our original target of 20 per cent YoY growth,” he explained.

The company manufactures vehicle headliners, instrument panels, centre consoles and related modules. It operates six plants in India, including dedicated facilities for Mahindra & Mahindra and Maruti Suzuki.Currently, internal combustion engine (ICE) vehicles account for around 80 per cent of IAC India’s production, though it also supplies to electric vehicle programmes such as Mahindra’s XEV 9e and BE 6.

Premiumisation to shape demand

According to the company, premiumisation and greater electronics integration are emerging as key trends in the interior systems market.

“Customers are moving away from basic plastic interiors towards more premium finishes and higher integration of electronics. Lightweighting is another major focus area, especially to meet upcoming CAFE norms. Over time, sustainability will also become important, but right now the push is more towards premiumisation and electronification,” Koparkar said.While sustainability and recycled materials are gaining attention, IAC sees adoption being limited due to the absence of a well-established circular ecosystem and relatively low customer demand for recycled interior products.