Minda Corporation Ltd logo

Minda Corporation Ltd

MINDACORP NSE

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.

AI Verdict: BUY Confidence: 7%

Minda Corporation demonstrates strong revenue growth at 22% TTM with accelerating profit growth at 43% TTM, supported by unanimous analyst consensus (7/7 Buy). However, the premium valuation at 43.5x PE and 5.89x PB demands sustained execution, making this a high-conviction but not risk-free pick.

Key Fundamentals

SmallcapAuto ComponentsAutomobiles
Market Cap
₹16,465 Cr
Volatility
Moderate
P/E Ratio
44.52
EBITDA
₹720 Cr
Return on Equity
11.37%
Debt to Equity
0.51
Book Value
₹110.57
EPS
₹10.3
52W High
₹679.85
52W Low
₹445.05

Technical Indicators

Key Insights

Weaknesses

3
  • Stock is trading at 6.05 times its book value
  • Company has a low return on equity of 13.4% over last 3 years.
  • Dividend payout has been low at 12.4% of profits over last 3 years

Growth Rate

Revenue Growth
21.55% ↗
Net Income Growth
13.75% ↘
Cash Flow Change
89.82% ↗
ROE
-4.49% ↘
ROCE
-11.55% ↘
EBITDA Margin (Avg.)
-2.68% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
BUY
Risk medium

Minda Corporation demonstrates strong revenue growth at 22% TTM with accelerating profit growth at 43% TTM, supported by unanimous analyst consensus (7/7 Buy). However, the premium valuation at 43.5x PE and 5.89x PB demands sustained execution, making this a high-conviction but not risk-free pick.

Bull Case 8
  • Unanimous analyst consensus with 100% Buy ratings from all 7 analysts covering the stock
  • Exceptional TTM profit growth of 43% signals strong operating leverage and margin expansion
  • Consistent stock CAGR of 37% over 5 years and 32% over 3 years reflects sustained wealth creation
  • TTM sales growth of 22% indicates robust demand momentum in the auto components space
  • ROE improving from 13% (3-year average) to 15% last year, showing improving capital efficiency
  • 5-year compounded profit growth of 31% significantly outpaces 5-year sales growth of 21%, indicating margin expansion
  • Market cap of Rs 15,581 crore provides adequate liquidity and institutional interest
  • 10-year compounded profit growth of 14% demonstrates long-term earnings compounding ability
Bear Case 8
  • Stock trades at 5.89x price-to-book value, significantly above sector averages for auto ancillaries
  • PE ratio of 43.5x is expensive and leaves little room for earnings disappointment
  • 3-year ROE of only 13% is below the 15% threshold typically expected for quality compounders
  • Dividend payout of just 12.4% over last 3 years offers negligible income return at 0.09% yield
  • 3-year compounded profit growth of only 8% contrasts sharply with TTM 43%, raising sustainability concerns
  • 10-year sales CAGR of just 10% suggests cyclicality in the underlying business growth
  • 52-week high/low data unavailable, limiting technical risk assessment for entry timing
  • Debt-to-equity ratio unavailable, creating uncertainty around balance sheet leverage

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

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Headwinds 1
  • Fire at Noida plant May 31

    A fire broke out at Minda Corporation's Noida facility on May 30, 2026. No casualties reported and operations are insured, but potential short-term production disruption remains a risk.

Neutral 2
  • Rs 200 Cr CP redemption Jun 22

    Minda Corporation redeemed Commercial Papers worth Rs 200 Crores on June 22, 2026, originally issued on May 6, 2026. Routine short-term debt management with no material balance sheet impact.

  • Noida fire — no casualties May 31

    The Noida plant fire on May 30 resulted in zero casualties and the facility is insured, limiting financial exposure from the incident.

TL;DR: Limited news flow for Minda Corporation in recent weeks. The Noida fire is a minor operational headwind but insurance coverage and zero casualties reduce the downside. CP redemption reflects normal treasury activity. With no major positive catalysts visible, the near-term outlook hinges on broader auto sector demand and any updates on plant restoration timelines.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
1,075
1,075
1,196
1,166
1,215
1,192
1,290
1,253
1,321
1,386
1,535
1,560
1,704
Expenses
958
960
1,065
1,036
1,076
1,061
1,143
1,109
1,168
1,230
1,357
1,377
1,500
Operating Profit
117
115
131
130
139
132
147
144
153
156
178
184
203
OPM %
11%
11%
11%
11%
11%
11%
11%
11%
12%
11%
12%
12%
12%
Other Income
2
2
2
2
10
8
12
9
3
3
3
-1
8
Interest
12
14
15
14
12
10
11
12
34
33
31
29
30
Depreciation
39
39
41
42
44
46
51
50
57
56
57
58
59
PBT
69
63
77
76
92
84
96
90
65
71
93
97
123
Tax %
-80%
27%
24%
33%
25%
26%
26%
29%
36%
26%
27%
33%
25%
Net Profit
122
45
59
52
71
64
74
65
52
65
85
84
124
EPS in Rs
5.1
1.89
2.46
2.2
2.96
2.69
3.11
2.71
2.18
2.73
3.54
3.58
5.21
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
Expenses
1,778
2,206
1,868
2,316
2,797
2,558
2,148
2,680
3,837
4,134
4,480
5,464
Operating Profit
188
229
192
278
295
256
220
296
463
517
576
721
OPM %
10%
9%
9%
11%
10%
9%
9%
10%
11%
11%
11%
12%
Other Income
23
29
27
27
80
-238
-8
56
16
15
32
14
Interest
39
37
30
40
51
54
39
32
42
57
69
122
Depreciation
60
74
58
74
88
118
94
112
138
166
204
230
PBT
111
147
131
191
236
-154
80
208
298
308
336
383
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
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
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
2,596
Borrowings
521
562
549
728
685
625
532
511
718
540
1,614
1,471
Other Liabilities
453
660
377
587
566
732
654
731
905
911
1,062
1,380
Total Liabilities
1,422
1,771
1,548
2,051
2,442
2,327
2,328
2,567
3,209
3,427
4,874
5,495
Fixed Assets
571
719
530
711
732
570
613
887
1,026
1,207
1,507
1,630
CWIP
15
13
74
16
21
28
18
32
85
63
85
129
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
2,178
Total Assets
1,422
1,771
1,548
2,051
2,442
2,327
2,328
2,567
3,209
3,427
4,874
5,495
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
-383
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
25
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 Mar 2026
Promoters 64.84%
DIIs 18.83%
FIIs 8.80%
Public 4.18%
Others 3.35%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 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%
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%
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%
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%
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%
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%
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

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 Consumer Discretionary 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 ₹16465.40 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 44.52. 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 ₹445.05 and a high of ₹679.85. 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 0.09%. 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 11.37%. 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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