Minda Corporation logo

Minda Corporation

MINDACORP NSE

Key Fundamentals

SmallcapAuto ComponentsAutomobiles
Market Cap
₹16,667 Cr
Volatility
Moderate
P/E Ratio
33.67
EBITDA
₹736 Cr
Return on Equity
10.43%
Debt to Equity
0.56
Book Value
₹110.4
EPS
₹10.3
52W High
₹769
52W Low
₹468.5

Tapetide Score

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

Key Insights

Weaknesses

3
  • Stock is trading at 6.39 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

Growth Rate

Revenue Growth
21.85% higher than 3Y
Net Income Growth
15.89% higher than 3Y
Cash Flow Change
24.1% lower than 3Y
ROE
-3.96% lower than 3Y
ROCE
9.43% higher than 3Y
EBITDA Margin (Avg.)
-0.5% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Minda Corporation Ltd, with a market cap of ₹16,667 Cr, is an auto-components player showing strong TTM sales growth of 27% and TTM profit growth of 57%, while trading at a P/E of 33.7x and P/B of 6.37x. Return on equity has improved to 15% in the last year from a 3-year average of 13%, though dividend payout remains low at 12.4% of profits.

Bull Case 7
  • TTM revenue growth of 27% significantly outpaces the 10-year compounded sales CAGR of 10%, indicating accelerating top-line momentum
  • TTM profit growth of 57% far exceeds sales growth of 27%, suggesting meaningful operating leverage and margin expansion
  • 5-year compounded profit CAGR of 31% substantially outpaces the 5-year sales CAGR of 21%, reflecting sustained improvement in profitability
  • ROE has improved to 15% in the last year compared to 13% over the 3-year and 10-year periods, showing an upward trajectory in capital efficiency
  • Stock has delivered a 1-year return of 39% and a 5-year CAGR of 41%, reflecting strong market confidence in the growth story
  • 10-year stock CAGR of 20% demonstrates consistent long-term wealth creation for shareholders
  • 3-year sales CAGR of 13% alongside a 5-year CAGR of 21% shows the company has sustained double-digit revenue growth across market cycles
Bear Case 8
  • P/B ratio of 6.37x is elevated, meaning the stock trades at over six times its book value, leaving limited margin of safety
  • P/E of 33.7x is a premium valuation that prices in significant future growth and leaves the stock vulnerable to any earnings disappointment
  • 3-year ROE of only 13% is modest for a company commanding a 6.37x P/B multiple, indicating a potential valuation-fundamental mismatch
  • Dividend payout of just 12.4% of profits over the last 3 years offers minimal income return, with dividend yield at only 0.2%
  • 3-year compounded profit CAGR of only 8% is significantly weaker than the 5-year CAGR of 31%, suggesting earnings growth was uneven or concentrated in recent quarters
  • 10-year compounded sales CAGR of 10% indicates the underlying long-term business growth rate is moderate, and current TTM growth of 27% may not be sustainable
  • The sharp gap between 1-year stock return of 39% and 3-year profit CAGR of 8% suggests recent stock price appreciation has outrun fundamental earnings growth
  • 52-week high and low data are unavailable (reported as 0), limiting visibility into recent price range and volatility assessment

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Positives 2
  • Strong FY26 revenue up 22.3% Aug 21

    Consolidated revenue hit ₹6,185 crore, up 22.3% YoY, with EBITDA rising 25% to ₹721 crore, approved at the 41st AGM on August 21, 2026.

  • ECMS approval for display modules Aug 18

    Minda Instruments secured government clearance under the Electronics Components Manufacturing Scheme to manufacture display module sub-assemblies, advancing backward integration.

Neutral 3
  • ₹200 crore CP redemption dates set Aug 31

    Record dates announced for redemption of two commercial paper tranches worth ₹100 crore each, maturing in September 2026.

  • Elara India Dialogue participation Aug 31

    Minda Corp will participate in the Elara ASHWAMEDH conference on September 3, 2026 in Mumbai, with one-to-one and group meetings.

  • Company Secretary resignation accepted Aug 21

    Pardeep Mann's resignation as Company Secretary and Compliance Officer was accepted effective August 21, 2026, citing personal reasons.

TL;DR: Minda Corporation is on a strong growth trajectory with FY26 revenue up 22.3% to ₹6,185 crore and EBITDA expanding even faster at 25%. The ECMS approval for display modules signals continued vertical integration into electronics. No material headwinds emerged in the recent news cycle, though the Company Secretary departure leaves a compliance role to fill. The trend is positive, and investor engagement at upcoming conferences suggests management confidence heading into FY27.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
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
Operating Profit
115
131
130
139
132
147
144
153
156
178
184
203
212
OPM %
11%
11%
11%
11%
11%
11%
11%
12%
11%
12%
12%
12%
11%
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
Depreciation
39
41
42
44
46
51
50
57
56
57
58
59
69
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
EPS in Rs
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
Figures in ₹ Crores

Profit & Loss

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 in Rs
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%
-4%
29%
12%
10%
15%
13%
9%
—
Figures in ₹ Crores

Balance Sheet

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
Figures in ₹ Crores

Cash Flow

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
Figures in ₹ Crores

Ratios

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

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Shareholding Pattern

Others3.50%Promot.64.84%Public4.48%FIIs9.30%DIIs17.87%As ofJun 2026

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.[1] The company was formed after a split between the bus...
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 market capitalisation of Minda Corporation Ltd?
Minda Corporation Ltd has a market capitalisation of ₹16,667 Cr, which places it in the Mid Cap band.
What is the PE ratio of Minda Corporation Ltd?
Minda Corporation Ltd trades at a PE ratio of 33.67, on earnings per share of ₹10.3, 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.
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 10.43%. 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.[1] 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. [2] Both the companies are listed on the exchanges.

Website minda.co.in
CEO Mr. Ashok Minda
Employees 3,387
Listed 2014-10-16
Face Value ₹ 2
Issued Size 23,90,79,428

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