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Minda Corporation Ltd (MINDACORP)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 538962 NSE: MINDACORP Auto Ancillary | Small Cap | Minda Corporation Share Price

₹646.55 13.20 (2.08%)

As on 09-Jun'26 16:59

Minda Corporation Ltd (MINDACORP)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 538962 NSE: MINDACORP Auto Ancillary | Small Cap | Minda Corporation Share Price

₹646.55 13.20 (2.08%)

As on 09-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹15,458 Cr.
Current Price
₹646.6
52-Week Low / High
₹445 / 662
TTM EPS
₹15.1
TTM Sales
₹6,185 Cr.
Book Value per Share
₹110.6
P/E Ratio
42.91
Higher than its 5-year historical median
Industry PE
43
Price to Book (P/B)
5.85
Higher than its 5-year historical median
Price to Sales (P/S)
2.50
Higher than its 5-year historical median
EV/EBITDA
22.44
Higher than its 5-year historical median
Dividend Yield
0.26%
Profitability Efficiency
Return on Equity (ROE)
11.45%
In line with industry median
Return on Capital Employed (ROCE)
13.76%
In line with industry median
Return on Assets (ROA)
5.76%
Operating Profit Margin
11.4%
Net Profit Margin
4.73%
Gross Profit Margin
10.5%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
8.71%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
11.75%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
6.22%
Asset Quality
Promoter Holding
64.84%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹2,596 Cr.
Equity
₹47.8 Cr.
Face Value
₹2
All Time Low / High
₹52.60 / 662.00

Minda Corporation stock performance

Key Ratios
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Check Before You Invest

Quality

Very Good
Check detailed performance

Valuation

Overvalued

Check Valuation charts

Price Trend

Strong
Check Price chart
Q.1 Is Minda Corporation Ltd a good quality company?
Minda Corporation Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

View More

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

View More
How does Minda Corporation Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Minda Corporation Ltd vs industry peers?
Minda Corporation Ltd revenue CAGR is 17.87%, compared to the industry median CAGR of 11.89%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Minda Corporation Ltd?
Promoters hold 64.84% of the Minda Corporation Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Minda Corporation Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 17.1% based on the current price.
View More

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Minda Corporation Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation ⓘ

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % ⓘ17.7%14.1%17.6%17.2%12.8%10.2%14.4%17.6%16.4%13.8%-
Value Creation
Index ⓘ		0.30.00.30.2-0.1-0.30.00.30.20.0-

Growth Parameters ⓘ
Sales ⓘ2,4462,0602,5943,0922,2232,3682,9764,3004,6515,0566,185
Sales YoY Gr.--15.8%25.9%19.2%-28.1%6.5%25.7%44.5%8.2%8.7%-
Adj EPS ⓘ4.94.4775.83.97.1129.510.615.1
YoY Gr.--10.5%57.5%0.4%-16.6%-32.8%80.4%70%-20.8%11.2%-
BVPS (₹) ⓘ26.329.935.552.642.947.955.566.482.892.1110.6
Adj Net
Profit ⓘ		10391.914515813293.6169287228253360
Cash Flow from Ops. ⓘ22648.469.920945085.5167387287544-
Debt/CF from Ops. ⓘ2.411.410.43.31.25.72.41.41.22.5-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ8.4%17.9%19.3%8.7%
Adj EPS ⓘ8.8%12.7%14.4%11.2%
BVPSⓘ14.9%16.5%18.4%11.2%
Share Price 19% 36.2% 33.6% 12.6%

Key Financial Parameters ⓘ

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity % ⓘ		19.915.521.316.312.28.813.719.712.812.114.9
Op. Profit
Mgn % ⓘ		9.69.310.79.611.29.31010.911.111.411.7
Net Profit
Mgn % ⓘ		4.34.55.65.163.85.46.94.94.75.8
Debt to
Equity ⓘ		10.910.60.60.40.30.40.20.60.2
Working Cap
Days ⓘ		11714313513818515913611311911754
Cash Conv.
Cycle ⓘ		29506263663841333737-4

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales2,4462,0602,5943,0922,2232,3682,9764,3004,6515,056
Operating Expenses ⓘ + 2,2181,8682,3182,7981,9752,1482,6803,8374,1364,480
Manufacturing Costs128120152182148149182230259282
Material Costs1,4991,2271,5591,9031,3391,4931,8762,7772,9243,147
Employee Cost 416371441509357383474626729783
Other Costs ⓘ 175150166204131124148205224269
Operating Profit ⓘ 227192276294248220296463516576
Operating Profit Margin (%) 9.3%9.3%10.6%9.5%11.1%9.3%9.9%10.8%11.1%11.4%
Other Income ⓘ + 17411636433324161632
Exceptional Items ⓘ 1400180033000
Interest ⓘ 37304051413932425769
Depreciation ⓘ 745874888794112138166204
Profit Before Tax ⓘ 147131191236175121209299308336
Tax ⓘ 3729496739312448396
Profit After Tax 11010214316913690185294225239
PAT Margin (%) 4.5%5.0%5.5%5.5%6.1%3.8%6.2%6.9%4.8%4.7%
Adjusted EPS (₹)5.24.96.97.5-8.82.28.011.99.510.7
Dividend Payout Ratio (%)9.70%10.20%8.80%9.40%-4%29.40%12.50%10.10%14.70%13.10%

Valuation of Minda Corporation - Consolidated

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

mw4me loader

Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 5676227391,1919731,1441,3271,5861,9792,201
Share Capital ⓘ 61424245454848484848
Reserves ⓘ 5075806971,1469281,0961,2801,5381,9312,153
Debt +4594695905334274003464892821,237
Long Term Debt1421842801461159385172137421
Short Term Debt317285309387312307262318145816
Minority Interest64000000000
Trade Payables426264441410509507568726664829
Others Liabilities ⓘ 255193282308417277326401503607
Total Liabilities ⓘ 1,7711,5482,0512,4422,3272,3282,5673,2023,4274,874

Fixed Assets

Net Fixed Assets ⓘ +7195307117325706138871,0261,2071,507
Gross Block1,3525918449528159401,3861,6511,9482,433
Accumulated Depreciation63461133220245328499625741925
CWIP ⓘ 13741621281833856385
Investments ⓘ 5126139165176181644513481,476
Inventories321306448446395396479573527581
Trade Receivables435374571546390442569641804828
Cash Equivalents 88332635347249933316219297
Others Assets ⓘ 189104140179295180202264286301
Total Assets ⓘ 1,7711,5482,0512,4422,3272,3282,5673,2023,4274,874

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity ⓘ + 226487020945086167387287544
PBT ⓘ 147131191236-15484183289310352
Adjustment ⓘ 107759876426131123178209232
Changes in Working Capital ⓘ 13-126-175-42231-108-91-44-13155
Tax Paid ⓘ -41-31-45-61-52-21-49-35-102-94
Cash Flow From Investing Activity ⓘ + -160-170-200-402-137-174-7-428117-1,409
Capex -91-138-194-118-146-131-108-249-251-342
Net Investments -60-1-292-41-6879-194360-1,073
Others ⓘ -62-32-585025211587
Cash Flow From Financing Activity ⓘ + -2967122203-24965-16174-358789
Net Proceeds from Shares ⓘ 0003060820000
Net Proceeds from Borrowing ⓘ -13681670-8110-47105-32326
Interest Paid ⓘ -33-25-36-40-40-32-25-26-44-48
Dividend Paid ⓘ -10-12-15-18-20-7-15-26-31-33
Others ⓘ 28376-45-10712-7322-253544
Net Cash Flow ⓘ 37-54-81164-24-13445-76

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)22.1217.4620.9817.5312.538.4614.9320.2112.6311.45
ROCE (%)17.6714.1317.5517.1812.7910.1814.3517.6416.3513.76
Asset Turnover Ratio1.671.331.461.380.931.031.241.531.431.25
PAT to CFO Conversion(x)2.050.470.491.243.310.960.91.321.282.28
Working Capital Days
Receivable Days51.7066.8065.4065.9076.9063.2060.6050.2055.6057.60
Inventory Days37.9051.8052.2052.8069.1060.1052.4043.6042.3039.10
Payable Days88.50101.9082.2081.60125.40124.20104.508586.7086.60

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Minda Corporation Ltd FAQs

The current trading price of Minda Corporation on 09-Jun-2026 16:59 is ₹646.5.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 08-Jun-2026 the market cap of Minda Corporation stood at ₹15,457.7 Cr

The latest P/E ratio of Minda Corporation as of 08-Jun-2026 is 63.99.

The latest P/B ratio of Minda Corporation as of 08-Jun-2026 is 6.95.

The 52-week high of Minda Corporation is ₹662.0 and the 52-week low is ₹445.2.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Minda Corporation is ₹5,017 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Minda Corporation Ltd is a good quality company.

The key valuation ratios of Minda Corporation Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Minda Corporation Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

About Minda Corporation Ltd

Minda Corporation, flagship company of Spark Minda, which was part of the erstwhile Minda Group, is one of the leading automotive component manufacturing companies in India with a pan-India presence and significant international footprint. Spark Minda is a significant player in the global automotive industry and it is one of the prominent manufacturers of automotive components for the OEMs and Tier-I suppliers.

The company has a strong global and domestic footprint. Its strategic approach is further strengthened by a team of engineers, strategic partnerships, and a strong R&D-centric framework driving innovation and long-term value creation. This foundation enables Minda Corporation to consistently pursue excellence, uphold ethical standards, and drive long-term value creation for all stakeholders.

At the core of Minda’s strategic roadmap lies a strong emphasis on Research and Development (R&D) as a pillar for innovation, premiumisation, and long-term competitiveness. Minda’s technological leadership is validated by its rapidly growing patent portfolio. The company’s focus areas encompass advanced telematics, security safety systems, integrated driver information displays, and intelligent connector systems, High voltage connectors and a growing suite of electronics and EV components tailored for nextgeneration mobility solutions. These innovations are tailored to support the automotive industry’s shift toward connected, electronic, and electrified mobility. 

Complementing its in-house R&D efforts, Minda Corporation has established a robust ecosystem of strategic alliances to accelerate its technology roadmap and broaden product offerings. The strategic partnership with Flash Electronics is the market leaders for motor, motor controllers, vehicle control units, etc. enables Minda to jointly develop and scale EV powertrain solutions such as motors, motor controllers, vehicle control units, battery chargers, and DC-DC converters. This alliance creates one of India’s fastest-growing EV platforms, offering a synergised product portfolio across 2W, 3W, and PV segments.

The company’s flagship Spark Minda Technical Centre (SMIT) serve as hubs of technological advancement, equipped with cutting-edge tools and staffed by a team of highly skilled engineers and researchers.

Business area of the company

Minda Corporation is one of the leading automotive component manufacturing companies in India with a pan-India presence and significant international footprint. The company has a diversified product portfolio that encompasses Mechatronics, Information and Connected Systems and Plastic and Interior for auto OEMs. Minda Corporation is the flagship company of Spark Minda, which was part of the erstwhile Minda Group. 

Business Verticals

  • Mechatronics
  • Information and connected systems
  • Plastics and interiors
  • Advanced technologies
  • Electric vehicles and electronics
  • After market

Awards and achievements:

  • ACMA for Excellence in Technology (2010 - Gold).
  • BAJAJ (Gold Award) 2011.
  • BAJAJ ( Platinum Award) 2012.
  • Yamaha Gold Award (in category of Development) 2012.
  • BAJAJ (TPM Excellence Award) 2013.
  • Yamaha (Silver Award) for Quality - 2013.
  • ACMA for Excellence in Technology (2013-Bronze).
  • Yamaha (Bronze Award) for Cost - 2014.
  • HMSI Excellent Performance for Delivery Targets 2014 - 15.
  • BAL “Q” Award (in category of Outstanding Quality Performance 2014.
  • Quality Circle Forum of India - Gold Award 2014.
  • Yamaha Global Award Excellence in Cost Innovation 2015.
  • ACMA for Certification of Membership 2015 - 16.
  • Suzuki Motors Vendor Performance Award for Special Cost Reduction support 2015-16.
  • Suzuki Motors Vendor Performance Award for New Development 2015-16.
  • CSR Impact Award at India CSR Summit 2017
  • Silver Award for Best in class Performance in Business Alignment; Supplier Summit 2017
  • Minda Corporation Limited has been recognized with the most prestigious award ‘Golden Peacock Award for Excellence in Corporate Governance 2018’ in ‘Special Commendation’ category.
  • MINDA SAI LTD received the most prestigious appreciation award for delivery 2018 from Yamaha Motor.
  • Minda Stoneridge bags Silver Award in HSE Excellence in the ACMA Technology Summit & Awards 2019.
  • National CSR Award 2019-20
  • The Company was the 1st Runner Up for the category ‘Best Employer for PWDs’ at the ASSOCHAM’s Diversity and Inclusion Awards 2021.
  • ACI Awards 2021 Winner for components shop floor management of the year
  • Minda Stoneridge Instruments Limited wins GOLD AWARD in Energy Conservation 2021 organized by QCFI.
  • Security Systems Division of MCL Pune wins GOLD AWARD at Energy Conservation Competition 2021 organized by QCFI.
  • 42nd CII Kaizen Competition PLATINUM AWARD in Maintenance/ Quality- 2022
  • 16th Bava Kaizen Competition, 1st Runner UP in Quality- 2022
  • 4 Gold and 4 Silver Awards in CCQC Pune
  • Gold Award by QCFI to WHD Pune
  • Gold Awards by QCFI in CCQC- 2022 Pune Chapter
  • Quality Circle 18 nos awards by QCFI
  • EcoEdge Award by Skoda VW
  • Platinum Award by CII to MCL Pantnagar
  • TPM Strong Commitment by CII TPM Club
  • President’s National Award for the Empowerment of Persons with Disabilities 2024 (Best Employer for Persons with Disabilities)

Milestones

  • 1958: Foundation of Group by late S.L. Minda
  • 1988: MCL, Noida (formerly known as Minda Switch Auto Ltd.)
  • 1995: Established Minda Wirelinks
  • 1995: Minda Huf JV
  • 2003: Formed Minda SAI Ltd. (through merger of Sylea Automotive India Ltd. & Minda Wire links)
  • 2003: Acquired Sylea Automotive India Ltd.
  • 2004: Minda Stoneridge JV.
  • 2005: Setup PTMA, Indonesia.
  • 2006: The company has terminated the Joint Venture Agreement with Huf Hulsbeck & Furst GmbH & Co. KG, Germany with effect from October 28, 2006.
  • 2007: Setup Japan Engg. Office.
  • 2007: Acquired KTSN in Germany.
  • 2007: Minda Furukawa JV.
  • 2007: Minda Valeo JV.
  • 2007: Minda Silca JV.
  • 2007: The name of the company has been changed to Minda Corporation Limited with effect from March 28, 2007.
  • 2008: Acquired Schenk Plastic Solutions in Germany.
  • 2008: Acquired Schenk Plastic Solutions in Czech.
  • 2009: Setup Minda Vietnam Co. Ltd.
  • 2009: Setup Minda Automotive Solutions in Uzbekistan.
  • 2009: Acquired ALU Automotive in Germany.
  • 2010: UzMinda LLC JV.
  • 2010: Acquired Aksys, Plant Koengen in Germany.
  • 2010: Acquired Tectro in Poland.
  • 2011: New Group logo and brand identity ‘Spark Minda’
  • 2012: Setup representative office of Minda Stoneridge Instruments Limited in Russian Federation.
  • 2012: PT Minda Automotive Indonesia starts their operations.
  • 2012: Minda Vietnam Automotive Company Limited starts their operations.
  • 2012: Minda Automotive Solutions limited starts their operations.
  • 2013: Group Corporate office -Minda Management Service Ltd. set up in Gurgaon.
  • 2014: Listing of Company on NSE and BSE.
  • 2014: CSR integrated automotive component manufacturing unit set up at Tihar Jail.
  • 2015: Wiring Harness Assembly Unit inaugurated under Business Integrated CSR at Yerwada Central Prison, Pune.
  • 2015: Spark Minda, & Vehicle Access Systems Technology LLC (VAST), USA enter into a joint venture – Minda VAST.
  • 2015: Minda KTSN Plastic Solutions starts a Greenfield Project in Czech Republic.
  • 2016: Spark Minda initiates CSR integrated lock body assembly manufacturing unit set up at Aurangabad Central Prison.
  • 2016: Spark Minda Technical Centre set up in Pune.
  • 2016: MKTSN Plastic Solutions starts a new plant – Minda KTSN Plastic Solutions Mexico, S. de R.L. de C.V. in Mexico.
  • 2016: MKTSN Plastic Solutions sings JV with Shandong Beiqi Hai Hua Automobile Co (a BAIC Group Subsidiary) and begins operations in China. Minda China Plastic Solutions Ltd.
  • 2017: Spark Minda acquires EI labs to enhance Group’s expertise in connected mobility and IoT solutions.
  • 2017: MKTSN Plastic Solutions inaugurates new plant in Mexico.
  • 2018: Spark Minda sets up manufacturing unit at Yerwada Jail, Women cell for Lock Body Assembly Unit.
  • 2018: Spark Minda sets up manufacturing unit for Nagpur Central Jail for Wiring Harness.
  • 2018: Inaugaration of Minda Corporation, Die casting new plant at Pune.
  • 2018: Spark Minda inaugurates Spark Minda Technical Centre at Pune.
  • 2019: Merger of domestic group companies with Minda Crop.
  • 2019: Technical assistant agreement signed with Korean Company INFAC for Antenna System.
  • 2020: Establishment of Electronics manufacturing excellence, Pune.
  • 2020: TLA with Israel based company Ride vision for two-wheeler ADAS.
  • 2022: Foray into B2C segment- launch of Spark Minda helmets.
  • 2022: Minda Stoneridge 100% subsidiary.
  • 2022: TLA with Daesung Eltec and LocoNav.
  • 2022: Inauguration of 28th manufacturing facility in Chakan, Pune.
  • 2023: Launch of wiring harness division plants in Pune and Hosur.
  • 2024: Achieves 1 million Smart Keyless System milestone for India & Global markets.
  • 2024: Signed joint venture agreement with HCMF for automatic sunroof and closure system.
  • 2024: Signed technology licensing agreement with Sanco to offer electrical distribution systems solutions for EV market.
  • 2025: MCL acquire stake in Flash Electronics, India, a leading manufacturing of Powertrain & EV components.
  • 2025: Spark Minda forms JV with Toyo Denso, Japan, for automotive switches.

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