Minda Corporation Ltd
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.
- Market Cap ₹ 12,498 Cr.
- Current Price ₹ 523
- High / Low ₹ 653 / 400
- Stock P/E 60.7
- Book Value ₹ 79.9
- Dividend Yield 0.27 %
- ROCE 11.9 %
- ROE 11.3 %
- Face Value ₹ 2.00
Pros
Cons
- Stock is trading at 6.54 times its book value
- Dividend payout has been low at 9.89% of profits over last 3 years
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
617 | 649 | 704 | 772 | 1,955 | 2,371 | 2,130 | 2,289 | 2,735 | 3,492 | 3,844 | 4,144 | |
556 | 577 | 618 | 693 | 1,748 | 2,090 | 1,888 | 2,077 | 2,468 | 3,133 | 3,405 | 3,667 | |
Operating Profit | 61 | 72 | 86 | 79 | 207 | 281 | 243 | 212 | 267 | 359 | 440 | 477 |
OPM % | 10% | 11% | 12% | 10% | 11% | 12% | 11% | 9% | 10% | 10% | 11% | 12% |
4 | 3 | 2 | 16 | 14 | 44 | -320 | 30 | 45 | 16 | 12 | 38 | |
Interest | 12 | 8 | 4 | 9 | 25 | 36 | 41 | 39 | 31 | 40 | 56 | 67 |
Depreciation | 22 | 17 | 18 | 20 | 49 | 62 | 82 | 90 | 103 | 110 | 136 | 171 |
Profit before tax | 31 | 49 | 65 | 67 | 148 | 228 | -201 | 114 | 178 | 225 | 260 | 277 |
Tax % | 30% | 29% | 29% | 18% | 31% | 30% | 20% | 26% | 10% | -7% | 28% | 26% |
22 | 35 | 46 | 55 | 103 | 161 | -241 | 84 | 160 | 241 | 188 | 206 | |
EPS in Rs | 1.04 | 1.67 | 2.22 | 2.61 | 4.90 | 7.07 | -10.61 | 3.50 | 6.70 | 10.06 | 7.88 | 8.61 |
Dividend Payout % | 19% | 24% | 18% | 19% | 12% | 10% | -3% | 19% | 15% | 12% | 18% | 0% |
Compounded Sales Growth | |
---|---|
10 Years: | 20% |
5 Years: | 14% |
3 Years: | 15% |
TTM: | 8% |
Compounded Profit Growth | |
---|---|
10 Years: | 19% |
5 Years: | 3% |
3 Years: | 9% |
TTM: | 9% |
Stock Price CAGR | |
---|---|
10 Years: | 19% |
5 Years: | 54% |
3 Years: | 35% |
1 Year: | 23% |
Return on Equity | |
---|---|
10 Years: | 15% |
5 Years: | 14% |
3 Years: | 14% |
Last Year: | 11% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
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Equity Capital | 20 | 42 | 42 | 42 | 42 | 45 | 45 | 48 | 48 | 48 | 48 | 48 |
Reserves | 267 | 271 | 305 | 372 | 642 | 1,087 | 816 | 974 | 1,120 | 1,332 | 1,686 | 1,863 |
111 | 78 | 85 | 160 | 417 | 399 | 393 | 532 | 492 | 729 | 538 | 1,621 | |
130 | 101 | 130 | 148 | 399 | 451 | 612 | 646 | 579 | 736 | 735 | 845 | |
Total Liabilities | 529 | 492 | 561 | 722 | 1,500 | 1,982 | 1,866 | 2,201 | 2,239 | 2,844 | 3,006 | 4,376 |
139 | 124 | 129 | 160 | 414 | 445 | 532 | 575 | 646 | 786 | 949 | 1,231 | |
CWIP | 4 | 4 | 7 | 21 | 11 | 15 | 28 | 18 | 18 | 71 | 31 | 48 |
Investments | 176 | 185 | 200 | 293 | 310 | 352 | 150 | 150 | 327 | 704 | 598 | 1,725 |
210 | 178 | 224 | 249 | 764 | 1,170 | 1,157 | 1,458 | 1,248 | 1,283 | 1,428 | 1,373 | |
Total Assets | 529 | 492 | 561 | 722 | 1,500 | 1,982 | 1,866 | 2,201 | 2,239 | 2,844 | 3,006 | 4,376 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
117 | 50 | 88 | 34 | 43 | 191 | 296 | 85 | 140 | 375 | 242 | 467 | |
-95 | 5 | -44 | -150 | -128 | -432 | -149 | -259 | 27 | -452 | 144 | -1,368 | |
-25 | -51 | -8 | 73 | 84 | 238 | -134 | 172 | -160 | 108 | -354 | 822 | |
Net Cash Flow | -3 | 5 | 37 | -43 | -0 | -3 | 12 | -1 | 7 | 31 | 31 | -78 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 72 | 59 | 58 | 68 | 79 | 69 | 56 | 68 | 60 | 50 | 58 | 55 |
Inventory Days | 38 | 31 | 33 | 33 | 58 | 63 | 91 | 94 | 83 | 75 | 64 | 65 |
Days Payable | 74 | 56 | 69 | 69 | 89 | 84 | 120 | 124 | 93 | 93 | 85 | 94 |
Cash Conversion Cycle | 35 | 35 | 23 | 32 | 48 | 48 | 28 | 39 | 50 | 32 | 37 | 26 |
Working Capital Days | 29 | 37 | 20 | 24 | 54 | 50 | 14 | 52 | 58 | 45 | 49 | 39 |
ROCE % | 12% | 15% | 18% | 15% | 21% | 20% | 15% | 11% | 13% | 15% | 15% | 12% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
10h - Minda Corp reports record FY25 revenue INR 5,056 Cr, acquires 49% Flash Electronics, EV orders 25% of INR 8,000 Cr book.
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Corporate Action-Board approves Dividend
1d - Final dividend of Rs.0.90/share declared; record date Aug 14, 2025; payment by Sep 20, 2025.
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Record Date For Payment Of Final Dividend For The Year 2024-25
1d - Final dividend of Rs.0.90/share declared; record date Aug 14, 2025; payment by Sep 20, 2025.
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Filing Of Clippings Of Notice Published In The Newspapers For Fixation Of Record Date For The Payment Of Final Dividend For The Year 2024-25
2d - Record date fixed as August 14, 2025 for final dividend payment for FY 2024-25 by Minda Corporation.
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Filing Of Clippings Of The Audited Standalone And Consolidated Financial Results For The Quarter And Year Ended On March 31, 2025 Published In The Newspapers Under Regulation 47 Of SEBI (LODR) Regulations, 2015
2d - Filed newspaper clippings of audited financial results for quarter and year ended March 31, 2025.
Annual reports
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Financial Year 2010
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Concalls
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May 2025Transcript PPT
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Feb 2025Transcript PPT REC
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Jan 2025TranscriptNotesPPT
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Nov 2023TranscriptNotesPPT REC
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Nov 2020TranscriptPPT
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Nov 2019Transcript PPT
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Nov 2018Transcript PPT
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May 2018Transcript PPT
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Mar 2018TranscriptNotesPPT
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Nov 2017Transcript PPT
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May 2016Transcript PPT
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Feb 2016TranscriptPPT
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Nov 2015Transcript PPT
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Aug 2015TranscriptNotesPPT
Market Position
The company commands a market share of ~40% in 2W lock sets, and wiring harness for 2W, 3W, tractors, and CVs. [1]