Minda Corporation Ltd

Minda Corporation Ltd

₹ 457 1.48%
14 Jun - close price
About

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.

Key Points

Sustained Market Position
MCL is among the market leaders and commands a strong market share of around 40% in 2W lock sets, and wiring harness for 2W, 3W, tractors, and CVs. [1]

  • Market Cap 10,918 Cr.
  • Current Price 457
  • High / Low 470 / 277
  • Stock P/E 48.0
  • Book Value 82.8
  • Dividend Yield 0.26 %
  • ROCE 15.1 %
  • ROE 12.7 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Company has been maintaining a healthy dividend payout of 18.9%

Cons

  • Stock is trading at 5.51 times its book value

* 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.

Peer comparison

Sector: Auto Ancillaries Industry: Auto Ancillaries

Loading peers table ...

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
794 559 731 738 948 1,010 1,147 1,068 1,075 1,075 1,196 1,166 1,215
747 528 654 660 840 904 1,023 954 958 960 1,065 1,036 1,076
Operating Profit 47 31 77 79 108 107 124 114 117 115 131 130 139
OPM % 6% 6% 11% 11% 11% 11% 11% 11% 11% 11% 11% 11% 11%
7 10 8 37 5 4 4 5 2 2 2 2 10
Interest 8 7 8 8 7 8 10 11 12 14 15 14 12
Depreciation 24 25 27 27 33 32 34 34 39 39 41 42 44
Profit before tax 23 8 50 80 72 71 85 74 69 63 77 76 92
Tax % 68% 16% 27% 16% -5% 26% 25% 26% -80% 27% 24% 33% 25%
13 7 39 70 76 52 58 52 122 45 59 52 71
EPS in Rs 0.54 0.30 1.63 2.92 3.17 2.20 2.42 2.19 5.10 1.89 2.46 2.20 2.96
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
2,167 1,590 1,965 2,435 2,060 2,594 3,092 2,223 2,368 2,976 4,300 4,651
2,058 1,463 1,778 2,206 1,868 2,316 2,797 2,309 2,148 2,680 3,837 4,137
Operating Profit 109 127 188 229 192 278 295 -86 220 296 463 514
OPM % 5% 8% 10% 9% 9% 11% 10% -4% 9% 10% 11% 11%
33 44 23 29 27 27 80 54 -8 56 16 16
Interest 42 28 39 37 30 40 51 41 39 32 42 56
Depreciation 77 48 60 74 58 74 88 87 94 112 138 166
Profit before tax 22 96 111 147 131 191 236 -160 80 208 298 308
Tax % 78% 18% 24% 25% 22% 25% 28% -25% 39% 12% 1% 27%
5 79 88 110 102 143 169 -200 53 192 284 227
EPS in Rs 0.29 3.79 4.28 5.12 4.88 6.82 7.45 -8.79 2.21 8.03 11.90 9.50
Dividend Payout % 68% 5% 9% 10% 10% 9% 9% -4% 29% 12% 10% 34%
Compounded Sales Growth
10 Years: 11%
5 Years: 9%
3 Years: 25%
TTM: 8%
Compounded Profit Growth
10 Years: 13%
5 Years: 8%
3 Years: 34%
TTM: -20%
Stock Price CAGR
10 Years: %
5 Years: 34%
3 Years: 53%
1 Year: 57%
Return on Equity
10 Years: 12%
5 Years: 9%
3 Years: 15%
Last Year: 13%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 20 20 41 42 42 42 45 45 48 48 48 48
Reserves 307 350 406 507 580 694 1,145 925 1,094 1,278 1,538 1,933
Preference Capital 19 19 19 19 0 5 5 5 5 5 5
532 552 502 543 549 723 681 620 528 506 713 535
414 390 472 680 377 592 571 736 658 736 910 923
Total Liabilities 1,273 1,312 1,422 1,771 1,548 2,051 2,442 2,327 2,328 2,567 3,209 3,439
466 527 571 719 530 711 732 570 613 887 1,026 1,212
CWIP 68 15 15 13 74 16 21 28 18 32 85 58
Investments 0 25 29 5 126 139 165 176 180 64 451 348
739 746 807 1,034 818 1,184 1,524 1,552 1,517 1,583 1,647 1,821
Total Assets 1,273 1,312 1,422 1,771 1,548 2,051 2,442 2,327 2,328 2,567 3,209 3,439

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
31 -18 304 226 48 70 209 450 86 167 387 287
-60 -136 -53 -158 -158 -200 -402 -137 -192 12 -425 117
11 133 -238 -29 67 122 203 -249 65 -161 74 -359
Net Cash Flow -18 -20 13 39 -43 -8 11 64 -42 18 37 45

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 51 67 59 65 66 80 64 64 68 70 54 63
Inventory Days 71 70 70 78 91 105 86 108 97 93 75 66
Days Payable 68 93 94 104 79 103 79 139 124 110 95 89
Cash Conversion Cycle 54 44 36 40 79 82 71 33 41 53 34 40
Working Capital Days 39 61 53 41 57 58 49 41 56 65 47 73
ROCE % 8% 12% 16% 16% 12% 18% 16% -7% 10% 12% 16%

Shareholding Pattern

Numbers in percentages

2 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
64.73% 64.73% 64.73% 64.73% 64.73% 64.72% 64.72% 64.72% 64.72% 64.84% 64.84% 64.84%
5.61% 4.99% 5.14% 4.49% 3.69% 4.39% 3.61% 5.06% 5.74% 5.53% 3.73% 5.07%
12.86% 12.52% 13.01% 13.39% 13.96% 13.58% 13.84% 11.83% 11.88% 13.20% 16.81% 20.60%
14.96% 15.95% 15.36% 15.63% 15.90% 15.61% 16.14% 16.68% 15.99% 14.78% 12.99% 7.90%
1.85% 1.80% 1.77% 1.76% 1.72% 1.68% 1.68% 1.68% 1.65% 1.65% 1.62% 1.59%
No. of Shareholders 50,76764,50975,06083,65396,66695,26398,93490,24292,32096,38798,2381,00,689

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

Documents

Concalls