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Minda Corporation

MINDACORP NSE

Key Fundamentals

SmallcapAuto ComponentsAutomobiles
Market Cap
₹16,422 Cr
Volatility
Moderate
P/E Ratio
31.85
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 6.05 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

5d ago
AI opinion · based on fundamentals
Risk medium

Minda Corporation is an auto components maker with a market capitalisation of about ₹16,286 crore. It trades at a P/E of 32.6x and a P/B of 6.16x. Over the trailing twelve months, sales grew 27% and profit grew 57%, well above its 3-year compounded rates of 13% and 8%. Return on equity has stayed in a modest 13-15% range across 3, 5 and 10-year periods, and the dividend yield is low at 0.21%.

Bull Case 7
  • TTM sales growth of 27% is about twice the 3-year compounded sales growth of 13%, which suggests revenue momentum has picked up recently.
  • TTM profit growth of 57% is well ahead of TTM sales growth of 27%. This points to operating leverage or margin expansion.
  • 5-year compounded profit growth of 31% and sales growth of 21% show strong medium-term growth, well above the 10-year rates of 14% and 10%.
  • Last-year ROE of 15% is higher than the 3-year average of 13%, which may mean capital efficiency is improving.
  • The stock has compounded 40% a year over 5 years and 27% a year over 3 years. Over the long run, the market has rewarded the company's execution.
  • A P/E of 32.6x is modest next to 57% TTM profit growth. On a PEG-style comparison using recent growth, it works out to below 1x.
  • 10-year stock CAGR of 21% alongside 10-year profit CAGR of 14% shows long-term value creation that has held up through several auto cycles.
Bear Case 7
  • A P/B of 6.16x is expensive for a business earning an ROE of about 13-15%. The price assumes returns will improve a lot from here.
  • 3-year compounded profit growth of only 8% trails 3-year sales growth of 13%. The 57% TTM jump may come from a low base or a cyclical rebound rather than lasting improvement.
  • ROE has stayed between 13% and 15% across 3, 5 and 10-year periods. This points to a structural limit on returns, possibly because the business is capital-intensive.
  • A P/E of 32.6x prices in continued high growth. If earnings slip back toward the 3-year profit CAGR of 8%, the valuation multiple could fall sharply.
  • Dividend payout has averaged just 12.4% of profits over 3 years, and the dividend yield is 0.21%. That gives income-focused investors little support.
  • 1-year stock return of 19% is well below the 5-year CAGR of 40%. Returns are slowing as the valuation already reflects much of the growth.
  • The auto sector is cyclical. The 10-year sales CAGR of only 10% shows that growth can slow a lot during downturns, which would put the current 27% TTM growth at risk.

This is AI-generated analysis, not financial advice. Do your own due diligence. ROE is shown as last year's value (15%) from the growth metrics because the current ROE was not provided. Debt-to-equity was not available and is left as null.

AI News Digest

21h ago
Neutral 3
  • ₹200 crore CP issued, rates rising Sep 29

    Minda Corp issued ₹100 crore of commercial paper on Sep 11 at a 6.4% discount rate, redeemable Dec 9, 2026, with ₹5 lakh face value and NSE listing. It issued another ₹100 crore on Sep 29 at 6.6%, maturing in December 2026, so its short-term funding cost rose 20 bps in under three weeks.

  • Board to approve NCD issuance Sep 21

    Minda Corp set a board meeting for Sep 24, 2026 to approve raising funds through Non-Convertible Debentures and closed the trading window for designated persons. Neither the size nor the purpose of the issue has been disclosed.

  • Mumbai investor meet on Sep 25 Sep 21

    Minda Corp held in-person investor meetings in Mumbai on Sep 25, 2026 from 9:00 am to 4:00 pm, disclosed under SEBI Regulation 30. This is routine engagement with institutional investors.

TL;DR: All recent Minda Corp news is about funding: ₹200 crore of short-term commercial paper in September and a planned NCD issue, with no updates on operations, orders or earnings. Steady access to debt markets at 6.4-6.6% shows good credit standing, but the 20 bps rise between the two CP issues and the extra debt-raising point to growing reliance on borrowing and slightly higher funding costs. The trend looks stable, not clearly improving or worsening. Next, watch the NCD size and what the money is for (capex, acquisitions or refinancing), plus Q2 FY27 results, to see whether the new debt supports growth.

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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64 extracted metrics + investor summaries across FY09–FY27.

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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 ₹16,422 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 31.85, 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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