Skip to content
Minda Corporation logo

Minda Corporation

MINDACORP NSE
₹678.55 −6.05 (−0.88%)
P/E
32.39
View as Markdown
MCP
Close 4 Nov 2026 ₹678.55 +105.20 +18.3% 1Y
Start ₹573.35

Key Fundamentals

SmallcapAuto ComponentsConsumer Discretionary

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
12.70%
Debt to Equity
0.56
EPS (TTM)
₹20.95
Book Value
₹110.40
Market Cap
—
P/E (TTM)
32.39
P/B
6.15
ROE
14.70%
Dividend Yield
0.20%
EBITDA
₹736 Cr
52W High
₹769.00
52W Low
₹468.50
Day Range
₹641.60 – ₹684.20
Volume
8,09,719

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

57 Good

Data confidence 100/100

Category scores

Quality
60
Good
Returns, margins, earnings quality 22% weight
Valuation
51
Average
Cheap vs sector & own history 24% weight
Growth
84
Strong
Sales & profit trajectory 9% weight
Financial Health
48
Average
Solvency, leverage, coverage 9% weight
Momentum
69
Strong
Trend strength, vol-adjusted 12% weight
Ownership
53
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

No strengths listed

Weaknesses

3
  • Stock is trading at 5.87 times its book value
  • Company has a low return on equity of 13.3% over last 3 years.
  • Dividend payout has been low at 12.4% of profits over last 3 years

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish3412
OscillatorsBullish243
Moving AveragesStrong Bullish109

Key readings

RSI (14)
58.45
Neutral
MACD (12,26,9)
−2.73
Bullish
SMA (50)
669.46
Bullish
SMA (200)
615.62
Bullish

As of

Analyst Rating

Based on 6 analysts
BUY100%

6 of 6 analysts rate Buy, 0 Hold, 0 Sell.

As of

BUY
6
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+9.77%
5Y+21.17%
3Y+12.88%
1Y+22.33%
TTM+26.57%

Net profit

Net profit growth by window
10Y+12.53%
5Y+46.53%
3Y+8.02%
1Y+40.39%
TTM+94.92%

Operating cash flow

Operating cash flow growth by window
10Y+11.58%
5Y+51.04%
3Y+20.43%
1Y+24.26%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+2.27 pp
5Y+2.38 pp
3Y+0.90 pp
1Y+0.28 pp
TTM+0.26 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹2,060 Cr
Mar 2018₹2,594 Cr
Mar 2019₹3,092 Cr
Mar 2020₹2,813 Cr
Mar 2021₹2,368 Cr
Mar 2022₹2,976 Cr
Mar 2023₹4,300 Cr
Mar 2024₹4,651 Cr
Mar 2025₹5,056 Cr
Mar 2026₹6,185 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹102 Cr
Mar 2018₹143 Cr
Mar 2019₹169 Cr
Mar 2020−₹200 Cr
Mar 2021₹53.00 Cr
Mar 2022₹192 Cr
Mar 2023₹284 Cr
Mar 2024₹227 Cr
Mar 2025₹255 Cr
Mar 2026₹358 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹880 Cr +19.6% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk medium

Minda Corporation Ltd trades at ₹658.9 as of 2026-11-02 with a market cap of ₹15,478 Cr. The company has delivered strong TTM sales growth of 27% and TTM profit growth of 57%, but trades at a price-to-book of 5.97 and a PE of 31.45, while maintaining a modest ROE of 10.43% and a dividend yield of just 0.22%.

Bull Case 8
  • TTM profit growth of 57% signals a sharp acceleration in earnings compared to the 3-year compounded profit growth of 8%
  • TTM sales growth of 27% indicates robust top-line momentum, well above the 10-year compounded sales growth of 10%
  • 5-year compounded sales growth of 21% and profit growth of 31% reflect a sustained medium-term expansion trajectory
  • Stock has delivered a 5-year CAGR of 37%, significantly outperforming its own 10-year CAGR of 20%
  • Debt-to-equity ratio of 0.56 is manageable, suggesting the balance sheet is not overleveraged
  • ROCE of 15.09% indicates reasonable efficiency in deploying total capital across the business
  • 10-year compounded sales growth of 10% and profit growth of 14% point to a track record of steady long-term expansion
  • Last year ROE of 15% shows improvement over the 3-year average ROE of 13%, suggesting rising profitability
Bear Case 8
  • Price-to-book ratio of 5.97 is elevated, meaning investors pay nearly 6 times book value for each share
  • PE of 31.45 is rich for an auto-components company, requiring sustained high earnings growth to justify the valuation
  • 3-year compounded profit growth of only 8% is modest relative to the premium valuation, raising questions about consistency
  • Dividend payout has been low at 12.4% of profits over the last 3 years, limiting direct cash returns to shareholders
  • Dividend yield of 0.22% is negligible and offers minimal income cushion during any price correction
  • 3-year average ROE of 13% is below what the high price-to-book multiple would typically demand
  • Current ROE of 10.43% has dipped below the 3-year and 5-year averages of 13% and 14% respectively, suggesting near-term return on equity pressure
  • Stock is about 14.3% below its 52-week high of ₹769, indicating the recent trend has been one of correction from peak levels

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Minda Corporation is making small strategic moves — a minor stake in a renewable energy entity to cut power costs and a ₹18 crore infusion into its existing subsidiary for growth capex. Neither transaction is material enough to move the needle significantly. The renewable energy push signals cost-efficiency focus, but the negligible financials of Agganga Energy warrant monitoring as the acquisition progresses over the next six months.

Positives 2
  • Solar/wind energy cost reduction Oct 14

    Minda Corporation is acquiring a 26% stake in Agganga Energy for up to ₹112.20 lakh, aiming to reduce power costs through solar and wind energy adoption with a six-month completion timeline.

  • ₹18Cr investment in subsidiary Oct 6

    Minda Corporation invested ₹18 crore in Spark Minda-Toyodenso India via rights issue on October 5, 2026, maintaining its 60% ownership. Funds earmarked for operational and capital expenditure needs.

Neutral 1
  • Agganga Energy has nil turnover Oct 14

    Agganga Energy, the acquisition target, reported nil turnover and just ₹0.03 lakh PAT as of March 31, 2026, indicating it is an early-stage or shell entity.

Quarterly Results

₹ Cr
MINDACORP quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
1,075
1,196
1,166
1,215
1,192
1,290
1,253
1,321
1,386
1,535
1,560
1,704
1,846
2,189
Expenses
960
1,065
1,036
1,076
1,061
1,143
1,109
1,168
1,230
1,357
1,377
1,500
1,635
1,932
Operating Profit
115
131
130
139
132
147
144
153
156
178
184
203
212
257
OPM %
11%
11%
11%
11%
11%
11%
11%
12%
11%
12%
12%
12%
11%
12%
Other Income
2
2
2
10
8
12
9
3
3
3
−1
8
126
—
Interest
14
15
14
12
10
11
12
34
33
31
29
30
31
35
Depreciation
39
41
42
44
46
51
50
57
56
57
58
59
69
68
PBT
63
77
76
92
84
96
90
65
71
93
97
123
237
—
Tax %
27%
24%
33%
25%
26%
26%
29%
36%
26%
27%
33%
25%
20%
—
Net Profit
45
59
52
71
64
74
65
52
65
85
84
124
206
143
EPS (₹)
1.89
2.46
2.2
2.96
2.69
3.11
2.71
2.18
2.73
3.54
3.58
5.21
8.62
—

Sep 2026: from the results filed on 3 Nov 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
MINDACORP profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,965
2,435
2,060
2,594
3,092
2,813
2,368
2,976
4,300
4,651
5,056
6,185
6,646
Expenses
1,778
2,206
1,868
2,316
2,797
2,558
2,148
2,680
3,837
4,134
4,480
5,463
5,869
Operating Profit
188
229
192
278
295
256
220
296
463
517
576
722
776
OPM %
10%
9%
9%
11%
10%
9%
9%
10%
11%
11%
11%
12%
12%
Other Income
23
29
27
27
80
−238
−8
56
16
15
32
14
136
Interest
39
37
30
40
51
54
39
32
42
57
69
123
121
Depreciation
60
74
58
74
88
118
94
112
138
166
204
230
242
PBT
111
147
131
191
236
−154
80
208
298
308
336
384
550
Tax %
24%
25%
22%
25%
28%
29%
39%
12%
1%
27%
29%
28%
—
Net Profit
88
110
102
143
169
−200
53
192
284
227
255
358
499
EPS (₹)
4.28
5.12
4.88
6.82
7.45
−8.79
2.21
8.03
11.9
9.5
10.68
15.07
20.95
Div. Payout %
9%
10%
10%
9%
9%
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
29%
12%
10%
15%
13%
9%
—

Balance Sheet

₹ Cr
MINDACORP balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
41
42
42
42
45
45
48
48
48
48
48
48
Reserves
406
507
580
694
1,145
925
1,094
1,278
1,538
1,928
2,150
2,591
Borrowings
521
562
549
728
685
625
532
511
718
540
1,614
1,476
Other Liabilities
453
660
377
587
566
732
654
731
905
911
1,062
1,372
Total Liabilities
1,422
1,771
1,548
2,051
2,442
2,327
2,328
2,567
3,209
3,427
4,874
5,487
Fixed Assets
571
719
530
711
732
570
613
887
1,026
1,207
1,507
1,602
CWIP
15
13
74
16
21
28
18
32
85
63
85
158
Investments
29
5
126
139
165
176
180
64
451
348
1,476
1,558
Other Assets
807
1,034
818
1,184
1,524
1,552
1,517
1,583
1,647
1,809
1,806
2,169
Total Assets
1,422
1,771
1,548
2,051
2,442
2,327
2,328
2,567
3,209
3,427
4,874
5,487

Cash Flow

₹ Cr
MINDACORP cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
304
226
48
70
209
450
86
167
387
287
544
676
Investing
−53
−158
−158
−200
−402
−137
−192
12
−425
116
−1,409
−381
Financing
−238
−29
67
122
203
−249
65
−161
74
−358
788
−267
Net Cash Flow
13
39
−43
−8
11
64
−42
18
37
44
−76
27
Free Cash Flow
223
134
−90
−124
91
304
−45
59
139
36
202
311
CFO/OP
175
116
41
41
91
197
48
73
91
75
111
110

Ratios

MINDACORP financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
59
65
66
80
64
51
68
70
54
63
60
59
Inventory Days
70
78
91
105
86
85
97
93
75
66
67
66
Days Payable
94
104
79
103
79
109
124
110
95
89
96
107
Cash Conversion Cycle
36
40
79
82
71
26
41
53
34
40
31
18
Working Capital Days
4
−7
6
14
3
−15
−6
25
13
31
−28
−16
ROCE %
16%
16%
12%
18%
16%
11%
10%
12%
16%
15%
13%
13%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Minda Corporation insights

64 extracted metrics across FY09–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 64.84%
  • DIIs 17.91%
  • FIIs 9.37%
  • Public 6.32%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Minda Corporation

What does Minda Corporation Ltd do?
Minda Corporation Ltd is one of the leading automotive component manufacturing companies in India with a pan-India presence and international footprint. It is the flagship company of Spark Minda, which was part of the erstwhile Minda Group.
Where is Minda Corporation Ltd (MINDACORP) listed?
Minda Corporation Ltd trades as MINDACORP on the NSE and under code 538962 on the BSE.
Which sector does Minda Corporation Ltd belong to?
Minda Corporation Ltd is classified under the Automobiles sector, in the Auto Components industry.
What is the PE ratio of Minda Corporation Ltd?
Minda Corporation Ltd trades at a PE ratio of 32.39 as of 4 Nov 2026, on earnings per share of ₹20.95, against a book value of ₹110.4 per share.
What is the 52-week high and low of Minda Corporation Ltd?
Over the last 52 weeks Minda Corporation Ltd has traded between ₹468.5 and ₹769 as of 4 Nov 2026.
Does Minda Corporation Ltd pay dividends?
Minda Corporation Ltd has a dividend yield of 0.20%.
What is the Return on Equity (ROE) of Minda Corporation Ltd?
Minda Corporation Ltd reported a return on equity of 14.70%. Its debt-to-equity ratio is 0.56.

Company Information

Minda Corporation Ltd is one of the leading automotive component manufacturing companies in India with a pan-India presence and international footprint. It is the flagship company of Spark Minda, which was part of the erstwhile Minda Group. The company was formed after a split between the businesses of the Minda brothers in 2012. Presently, NK Minda owns and operates Minda Industries Ltd and Ashok Minda is the owner of Minda Corporation Ltd. Both the companies are listed on the exchanges.

Website minda.co.in
CEO Mr. Ashok Minda
Employees 3,387
Listed 16 Oct 2014
Face Value ₹2

For AI agents and developers

Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/MINDACORP.md for Minda Corporation Ltd: dated key facts, then this page's sections in order: latest price, key fundamentals, peer comparison, the Tapetide Score, technical indicators, analyst ratings, growth rates, analyst forecasts, the AI analysis and news digest (labelled as AI-generated), financial statements, shareholding pattern, documents and the FAQ.

Append .md to any Tapetide URL for the same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live, structured queries instead of documents, use our Indian stock market MCP server.

Explore More

More Auto Components stocks → FII DII DataStock ScreenerNifty 50 HeatmapF&O Ban ListFII and DII flows, month by monthHow Tapetide Scores changed, month by monthStocks mutual funds are buying, month by month