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Minda Corporation Ltd

MINDACORP NSE

Key Fundamentals

SmallcapAuto ComponentsAutomobiles
Market Cap
₹18,212 Cr
Volatility
Moderate
P/E Ratio
35.57
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

Insights

Beta

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

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54 extracted metrics + investor summaries across FY12–FY26.

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Tapetide Score

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

Technical Indicators

Key Insights

Weaknesses

3
  • Stock is trading at 6.57 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% ↗
Net Income Growth
15.89% ↘
Cash Flow Change
24.10% ↗
ROE
-3.96% ↘
ROCE
9.43% ↘
EBITDA Margin (Avg.)
-0.50% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk high

Minda Corporation Ltd is a mid-cap auto components company with a market cap of ₹17,621 Cr, trading at a PE of 49.2x and 6.68x book value. The company has delivered strong TTM sales growth of 22% and profit growth of 42%, though its 3-year ROE of 13% remains modest relative to its valuation multiples.

Bull Case 7
  • TTM profit growth of 42% indicates significant earnings acceleration compared to the 3-year CAGR of 8%
  • TTM sales growth of 22% demonstrates robust revenue momentum, well above the 10-year compounded sales CAGR of 10%
  • 5-year compounded profit CAGR of 31% reflects sustained long-term earnings growth
  • 5-year compounded sales CAGR of 21% shows consistent top-line expansion over a meaningful period
  • Last year ROE of 15% marks an improvement over the 3-year average of 13% and 10-year average of 13%, suggesting improving capital efficiency
  • Stock CAGR of 50% over 1 year and 35% over 3 years reflects strong market confidence and price momentum
  • 5-year stock CAGR of 41% significantly outpaces the 5-year sales CAGR of 21%, indicating market re-rating of the business
Bear Case 8
  • PE of 49.2x is significantly elevated for an auto components company, leaving limited margin of safety if growth slows
  • Price-to-book of 6.68x is high, especially against a 3-year ROE of only 13%, implying expensive valuation relative to returns generated
  • 3-year ROE of 13% is modest and does not justify the premium valuation multiple the market assigns
  • Dividend payout of only 12.4% of profits over 3 years offers negligible income to shareholders at a yield of just 0.19%
  • 3-year compounded profit CAGR of only 8% contrasts sharply with the recent TTM surge of 42%, raising questions about sustainability
  • 10-year compounded sales CAGR of 10% suggests the underlying business growth rate is moderate when viewed over a full cycle
  • 10-year stock CAGR of 21% versus 10-year profit CAGR of 14% indicates cumulative valuation expansion that may not be sustainable indefinitely
  • At 49.2x PE, any earnings miss or slowdown in the auto cycle could trigger sharp de-rating given the premium priced in

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

AI News Digest

Anthropic anthropic claude-opus-4.6 19h ago
Positives 2
  • Record revenue & margins in FY26 Jul 29

    Minda Corporation delivered record consolidated revenue of ₹61,853 million in FY2026, up 22.3% YoY, with EBITDA margin at 11.7% and PAT of ₹3,583 million.

  • ₹25 Cr green mobility investment Jul 20

    Minda Corp acquired 2.5 Cr shares in Spark Minda Green Mobility for ₹25 Cr to maintain 100% ownership and fund EV-related growth.

Neutral 2
  • Q1FY27 earnings call on Aug 13 Aug 7

    Minda Corporation will host its Q1FY27 earnings conference call on August 13, 2026, to discuss results for the quarter ended June 30, 2026.

  • AGM scheduled, ₹0.80 dividend Jul 28

    41st AGM set for Aug 21, 2026, with recommended dividend of ₹0.80 per share. Shareholders must update KYC by Aug 10 to avoid IEPF transfer of FY18-19 unclaimed funds.

TL;DR: Minda Corporation is executing well with record FY26 revenue growth of 22.3% YoY and expanding EBITDA margins at 11.7%. The company is actively investing in green mobility to position for EV tailwinds. No visible headwinds in recent news flow. The upcoming Q1FY27 results on Aug 13 will be key to confirming whether the growth momentum is sustaining into the new fiscal year.

Quarterly Results

  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

  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

  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

  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

  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%

Shareholding Pattern

As of Jun 2026
Promoters 64.84%
DIIs 17.87%
FIIs 9.30%
Public 4.48%
Others 3.50%
Total 99.99%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
64.73%
64.73%
64.73%
64.73%
64.73%
64.73%
65.84%
64.73%
64.73%
64.73%
64.84%
64.84%
64.84%
64.84%
64.84%
64.84%
64.84%
64.84%
64.84%
64.84%
64.84%
64.84%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
5.67%
0.00%
0.00%
5.08%
6.07%
7.62%
7.99%
8.33%
8.83%
8.73%
9.09%
8.80%
9.30%
DIIs
5.59%
7.89%
7.53%
8.01%
8.43%
8.27%
7.75%
13.85%
11.83%
6.91%
13.19%
16.66%
20.60%
20.63%
18.86%
18.42%
18.48%
18.17%
18.52%
18.43%
18.83%
17.87%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
13.38%
12.08%
12.74%
12.34%
12.40%
12.78%
13.36%
12.98%
12.46%
11.82%
11.41%
10.30%
5.54%
4.69%
4.87%
5.03%
4.72%
4.69%
4.51%
4.29%
4.18%
4.48%
Others
16.30%
15.30%
15.00%
14.92%
14.44%
14.22%
13.06%
8.44%
10.98%
10.88%
10.56%
8.19%
3.94%
3.76%
3.81%
3.72%
3.62%
3.46%
3.41%
3.34%
3.35%
3.50%
No. of Shareholders
0
0
49,201
50,767
64,509
75,060
83,653
96,666
95,263
92,320
96,387
98,238
1,00,689
89,459
93,906
96,701
92,138
93,526
96,349
92,368
89,480
98,747

Documents

1
Concall - Mar 2017 Mar 2017
2
Concall - May 2017 May 2017
3
Concall - Feb 2018 Feb 2018
4
Concall - Mar 2018 Mar 2018
5
Concall - Feb 2019 Feb 2019

Frequently Asked Questions about Minda Corporation Ltd

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 is listed on the Indian stock exchanges. It is listed on NSE: MINDACORP and BSE: 538962. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Minda Corporation Ltd belong to?
Minda Corporation Ltd operates in the Automobiles sector within the Auto Components industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Minda Corporation Ltd?
Minda Corporation Ltd has a market capitalisation of approximately ₹18211.88 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Minda Corporation Ltd?
The Price-to-Earnings (PE) ratio of Minda Corporation Ltd is 35.57. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Minda Corporation Ltd?
Over the past 52 weeks, Minda Corporation Ltd has traded between a low of ₹468.5 and a high of ₹769. This range helps investors understand the stock's price volatility and recent trading levels.
Does Minda Corporation Ltd pay dividends?
Yes, Minda Corporation Ltd has a dividend yield of 0.19%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Minda Corporation Ltd?
Minda Corporation Ltd has a Return on Equity (ROE) of 10.43%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Minda Corporation Ltd on Tapetide?
On Tapetide, you can view Minda Corporation Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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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