Is Minda Corporation Ltd (MINDACORP) a good quality company?

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

Is Minda Corporation Ltd (MINDACORP) undervalued or overvalued?

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

What is Minda Corporation Ltd (MINDACORP) share price return in the past 10 years?

Minda Corporation Ltd share price has appreciated 16.3% annually (CAGR) over the past ten years.

Is Minda Corporation Ltd (MINDACORP) a good buy now?

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

What is the share price of Minda Corporation Ltd (MINDACORP)?

Company share prices are keep on changing according to the market conditions. The current trading price of Minda Corporation Ltd (MINDACORP) on 17-Apr-2026 16:59:59 at 16:59 is 532.75.

What is the P/E ratio of Minda Corporation?

The latest standalone P/E ratio of Minda Corporation as of 17-Apr-2026 is 59.73.

What is the P/B ratio of Minda Corporation Ltd (MINDACORP)?

The latest standalone P/B ratio of Minda Corporation Ltd (MINDACORP) as of 17-Apr-2026 is 5.58.

What is the 52-week high and low of Minda Corporation Ltd (MINDACORP)?

The 52-week high of Minda Corporation Ltd (MINDACORP) is Rs. 644.35 and the 52-week low is Rs. 445.25.

Minda Corporation Ltd (MINDACORP) Share Analysis – Cycle Position, Quality & Valuation Zone & DeciZen Rating

Name: Minda Corporation Ltd (MINDACORP)
Brand: Minda Corporation

Key Metrics

Market Cap

₹12,065 Cr.

P/E Ratio

41.94

Price to Book (P/B)

4.82

Price to Sales (P/S)

2.08

EV/EBITDA

19.36

Return on Capital Employed (ROCE)

13.76%

Current Price

₹532.8

Return on Equity (ROE)

11.45%

Return on Assets (ROA)

5.76%

Operating Profit Margin

11.4%

Net Profit Margin

4.73%

Gross Profit Margin

10.5%

Book Value per Share

₹104.8

Sales Growth (YoY)

8.71%

Sales Growth (3 Years)

19.33%

Operating Profit Growth (1 Year)

11.75%

Operating Profit Growth (3 Years)

24.92%

Net Profit Growth (1 Year)

6.22%

52-Week Low / High

₹445 / 644

Net Profit Growth (3 Years)

9.04%

Dividend Yield

0.26%

Promoter Holding

64.84%

Pledged shares (%)
of Promoter's holding (%)

0.00%

Check Before You Invest

Q.1 Revenue growth of Minda Corporation Ltd?

Minda Corporation Ltd revenue growth is 8.7% for FY-2025 , which is below its 5 year CAGR of 17.9% , indicating slower growth.

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 Revenue growth of Minda Corporation Ltd vs industry peers?

Minda Corporation Ltd revenue CAGR is 17.87% , compared to the industry median CAGR of 11.82% , indicating faster growth and gaining its market share.

Q.1 Which industry/sub-sector does Minda Corporation Ltd belong to?

Minda Corporation Ltd belongs to the Automobiles sector, operating specifically within the Auto Ancillary segment.

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 16.3% based on the current price.

DeciZen - make an informed investing decision on Minda Corporation

Based on:

Data

Overall Rating ⓘ
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1. Quality

2. Valuation

3. Price Trend

Minda Corporation stock performance

Key Ratios

Is Minda Corporation Ltd an attractive stock to invest in?

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record

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

Value Creation ⓘ

Value Creation Index Colour Code Guide ⓘ

	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
ROCE % ⓘ	17.7%	14.1%	17.6%	17.2%	12.8%	10.2%	14.4%	17.6%	16.4%	13.8%	-
Value Creation Index ⓘ	0.3	0.0	0.3	0.2	-0.1	-0.3	0.0	0.3	0.2	0.0	-
Growth Parameters ⓘ Growth Parameters Colour Code Guide ⓘ
Sales ⓘ	2,446	2,060	2,594	3,092	2,223	2,368	2,976	4,300	4,651	5,056	5,803
Sales YoY Gr.	-	-15.8%	25.9%	19.2%	-28.1%	6.5%	25.7%	44.5%	8.2%	8.7%	-
Adj EPS ⓘ	4.9	4.4	7	7	5.8	3.9	7.1	12	9.5	10.6	12
YoY Gr.	-	-10.5%	57.5%	0.4%	-16.6%	-32.8%	80.4%	70%	-20.8%	11.2%	-
BVPS (₹) ⓘ	26.3	29.9	35.5	52.6	42.9	47.9	55.5	66.4	82.8	92.1	104.8
Adj Net Profit ⓘ	103	91.9	145	158	132	93.6	169	287	228	253	288
Cash Flow from Ops. ⓘ	226	48.4	69.9	209	450	85.5	167	387	287	544	-
Debt/CF from Ops. ⓘ	2.4	11.4	10.4	3.3	1.2	5.7	2.4	1.4	1.2	2.5	-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

	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	16.3%	40.8%	26.4%	4.4%

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
Return on Equity % ⓘ	19.9	15.5	21.3	16.3	12.2	8.8	13.7	19.7	12.8	12.1	12.2
Op. Profit Mgn % ⓘ	9.6	9.3	10.7	9.6	11.2	9.3	10	10.9	11.1	11.4	11.6
Net Profit Mgn % ⓘ	4.3	4.5	5.6	5.1	6	3.8	5.4	6.9	4.9	4.7	5
Debt to Equity ⓘ	1	0.9	1	0.6	0.6	0.4	0.3	0.4	0.2	0.6	-
Working Cap Days ⓘ	117	143	135	138	185	159	136	113	119	117	56
Cash Conv. Cycle ⓘ	29	50	62	63	66	38	41	33	37	37	-7

Recent Performance Summary

Latest Financials

	Standalone	Consolidated
TTM EPS (₹)	8.5	12
TTM Sales (₹ Cr.)	4,730	5,803
BVPS (₹) ⓘ	90.5	104.8
Reserves (₹ Cr.) ⓘ	2,116	2,457
P/BV ⓘ	5.58	4.82
PE ⓘ	59.73	41.94

From the Market
52 Week Low / High (₹)	445.25 / 644.35
All Time Low / High (₹)	52.60 / 652.90
Market Cap (₹ Cr.)	12,065
Equity (₹ Cr.)	47.8
Face Value (₹)	2
Industry PE ⓘ	43.7

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged ^*

0.00

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

Valuation of Minda Corporation - Consolidated Basis

YTD 1Y 3Y 5Y 10Y Max

Analyst's Notes

No data found!

Key Ratios

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Sales	2,446	2,060	2,594	3,092	2,223	2,368	2,976	4,300	4,651	5,056
Operating Expenses ⓘ +	2,218	1,868	2,318	2,798	1,975	2,148	2,680	3,837	4,136	4,480
Manufacturing Costs	128	120	152	182	148	149	182	230	259	282
Material Costs	1,499	1,227	1,559	1,903	1,339	1,493	1,876	2,777	2,924	3,147
Employee Cost	416	371	441	509	357	383	474	626	729	783
Other Costs ⓘ	175	150	166	204	131	124	148	205	224	269
Operating Profit ⓘ	227	192	276	294	248	220	296	463	516	576
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 ⓘ +	17	41	16	36	43	33	24	16	16	32
Exceptional Items ⓘ	14	0	0	18	0	0	33	0	0	0
Interest ⓘ	37	30	40	51	41	39	32	42	57	69
Depreciation ⓘ	74	58	74	88	87	94	112	138	166	204
Profit Before Tax ⓘ	147	131	191	236	175	121	209	299	308	336
Tax ⓘ	37	29	49	67	39	31	24	4	83	96
Profit After Tax	110	102	143	169	136	90	185	294	225	239
PAT Margin (%)	4.5%	5.0%	5.5%	5.5%	6.1%	3.8%	6.2%	6.9%	4.8%	4.7%
Adjusted EPS (₹)	5.2	4.9	6.9	7.5	-8.8	2.2	8.0	11.9	9.5	10.7
Dividend Payout Ratio (%)	10%	10%	9%	9%	-4%	29%	12%	10%	15%	13%

Balance Sheet

(All Figures are in Crores.)

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Equity and Liabilities
Shareholders Fund +	567	622	739	1,191	973	1,144	1,327	1,586	1,979	2,201
Share Capital ⓘ	61	42	42	45	45	48	48	48	48	48
Reserves ⓘ	507	580	697	1,146	928	1,096	1,280	1,538	1,931	2,153
Debt +	459	469	590	533	427	400	346	489	282	1,237
Long Term Debt	142	184	280	146	115	93	85	172	137	421
Short Term Debt	317	285	309	387	312	307	262	318	145	816
Minority Interest	64	0	0	0	0	0	0	0	0	0
Trade Payables	426	264	441	410	509	507	568	726	664	829
Others Liabilities ⓘ	255	193	282	308	417	277	326	401	503	607
Total Liabilities ⓘ	1,771	1,548	2,051	2,442	2,327	2,328	2,567	3,202	3,427	4,874
Fixed Assets
Net Fixed Assets ⓘ +	719	530	711	732	570	613	887	1,026	1,207	1,507
Gross Block	1,352	591	844	952	815	940	1,386	1,651	1,948	2,433
Accumulated Depreciation	634	61	133	220	245	328	499	625	741	925
CWIP ⓘ	13	74	16	21	28	18	33	85	63	85
Investments ⓘ	5	126	139	165	176	181	64	451	348	1,476
Inventories	321	306	448	446	395	396	479	573	527	581
Trade Receivables	435	374	571	546	390	442	569	641	804	828
Cash Equivalents	88	33	26	353	472	499	333	162	192	97
Others Assets ⓘ	189	104	140	179	295	180	202	264	286	301
Total Assets ⓘ	1,771	1,548	2,051	2,442	2,327	2,328	2,567	3,202	3,427	4,874

Cash Flow

(All Figures are in Crores.)

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Cash Flow From Operating Activity ⓘ +	226	48	70	209	450	86	167	387	287	544
PBT ⓘ	147	131	191	236	-154	84	183	289	310	352
Adjustment ⓘ	107	75	98	76	426	131	123	178	209	232
Changes in Working Capital ⓘ	13	-126	-175	-42	231	-108	-91	-44	-131	55
Tax Paid ⓘ	-41	-31	-45	-61	-52	-21	-49	-35	-102	-94
Cash Flow From Investing Activity ⓘ +	-160	-170	-200	-402	-137	-174	-7	-428	117	-1,409
Capex	-91	-138	-194	-118	-146	-131	-108	-249	-251	-342
Net Investments	-6	0	-1	-292	-41	-68	79	-194	360	-1,073
Others ⓘ	-62	-32	-5	8	50	25	21	15	8	7
Cash Flow From Financing Activity ⓘ +	-29	67	122	203	-249	65	-161	74	-358	789
Net Proceeds from Shares ⓘ	0	0	0	306	0	82	0	0	0	0
Net Proceeds from Borrowing ⓘ	-13	68	167	0	-81	10	-47	105	-32	326
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 ⓘ	28	37	6	-45	-107	12	-73	22	-253	544
Net Cash Flow ⓘ	37	-54	-8	11	64	-24	-1	34	45	-76

Finance Ratio

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Ratios
ROE (%)	22.12	17.46	20.98	17.53	12.53	8.46	14.93	20.21	12.63	11.45
ROCE (%)	17.67	14.13	17.55	17.18	12.79	10.18	14.35	17.64	16.35	13.76
Asset Turnover Ratio	1.67	1.33	1.46	1.38	0.93	1.03	1.24	1.53	1.43	1.25
PAT to CFO Conversion(x)	2.05	0.47	0.49	1.24	3.31	0.96	0.9	1.32	1.28	2.28
Working Capital Days
Receivable Days	52	67	65	66	77	63	61	50	56	58
Inventory Days	38	52	52	53	69	60	52	44	42	39
Payable Days	89	102	82	82	125	124	104	85	87	87

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Announcements

Minda Corporation Ltd FAQs

The current trading price of Minda Corporation on 17-Apr-2026 16:59 is ₹532.8.

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 16-Apr-2026 the market cap of Minda Corporation stood at ₹12,065.1 Cr

The latest P/E ratio of Minda Corporation as of 16-Apr-2026 is 59.73.

The latest P/B ratio of Minda Corporation as of 16-Apr-2026 is 5.58.

The 52-week high of Minda Corporation is ₹644.4 and the 52-week low is ₹445.2.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Minda Corporation is ₹4,730 ( Cr.) .

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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Minda Corporation Ltd (MINDACORP) Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating

Minda Corporation Share Price