Minda Corporation Ltd

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Minda Corp Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents
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Minda Corporation Ltd

₹ 728 -2.08%
21 Aug - close price
minda.co.in BSE: 538962 NSE: MINDACORP
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

Business Segments
1. Electrical Distribution Systems (Wiring Harness & Connectors)[1][2]
This segment focuses on low- and high-voltage wiring harnesses, smart junction boxes, and EV high-voltage connection systems. It's key products include EV HV wiring harnesses (with a strategic order from a leading PV OEM), connectors, busbars, CCS wires, and EV PDUs/BDUs, supported by localization via a SANCO China tie-up.

Website BSE NSE
  • Market Cap ₹ 17,401 Cr.
  • Current Price ₹ 728
  • High / Low ₹ 769 / 468
  • Stock P/E 43.2
  • Book Value ₹ 110
  • Dividend Yield 0.19 %
  • ROCE 12.7 %
  • ROE 14.7 %
  • Face Value ₹ 2.00
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Pros

Cons

  • Stock is trading at 6.59 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

* 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

Consumer Discretionary Automobile and Auto Components Auto Components Auto Components & Equipments

Part of Nifty 500 BSE 400 MidSmallCap Index Nifty EV & New Age Automotive Nifty500 Equal Weight Nifty500 LargeMidSmall Equal-Cap Weighted

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
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
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%
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
Profit before tax 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%
45 59 52 71 64 74 65 52 65 85 84 124 206
EPS in Rs 1.89 2.46 2.20 2.96 2.69 3.11 2.71 2.18 2.73 3.54 3.58 5.21 8.62
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
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
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%
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
Profit before tax 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%
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 11.90 9.50 10.68 15.07 20.95
Dividend Payout % 9% 10% 10% 9% 9% -4% 29% 12% 10% 15% 13% 9%
Compounded Sales Growth
10 Years: 10%
5 Years: 21%
3 Years: 13%
TTM: 27%
Compounded Profit Growth
10 Years: 14%
5 Years: 31%
3 Years: 8%
TTM: 57%
Stock Price CAGR
10 Years: 20%
5 Years: 44%
3 Years: 32%
1 Year: 43%
Return on Equity
10 Years: 13%
5 Years: 14%
3 Years: 13%
Last Year: 15%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 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
521 562 549 728 685 625 532 511 718 540 1,614 1,476
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
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
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

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
304 226 48 70 209 450 86 167 387 287 544 676
-53 -158 -158 -200 -402 -137 -192 12 -425 116 -1,409 -381
-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%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 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

In beta
Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Number of Manufacturing Plants
Count

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R&D Expenditure as % of Revenue
% of Revenue
Lifetime Order Book Wins
INR Crore
Revenue Mix - 2-3 Wheelers (% of Revenue)
% of Revenue
Total Patents Filed (Cumulative)
Count
Workforce
Count
Revenue Mix - Wiring Harness (% of Revenue)
% of Revenue
Engineering Headcount
Count
R&D Expenditure (Percentage of Turnover)
% ・Standalone data

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
64.84% 64.84% 64.84% 64.84% 64.84% 64.84% 64.84% 64.84% 64.84% 64.84% 64.84% 64.84%
5.53% 3.73% 5.07% 6.07% 7.62% 7.98% 8.33% 8.83% 8.72% 9.09% 8.80% 9.30%
13.20% 16.81% 20.60% 20.63% 18.87% 18.42% 18.48% 18.17% 18.52% 18.43% 18.82% 17.87%
14.78% 12.99% 7.90% 6.86% 7.07% 7.16% 6.77% 6.58% 6.35% 6.08% 5.97% 6.43%
1.65% 1.62% 1.59% 1.59% 1.59% 1.59% 1.57% 1.57% 1.56% 1.56% 1.56% 1.56%
No. of Shareholders 96,38798,2381,00,68989,45993,90696,70192,13893,52696,34992,36889,48098,747

* 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.

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