NSE: MINDACORP · BSE: 538962
MINDA CORPORATION LTD
Manufactures automotive components across four product families — wiring harness, vehicle access systems, instrument clusters, and die-cast parts — sold mainly to Indian vehicle makers. The wiring harness business contributes 31% of revenue, vehicle access 22%, instrument clusters 17%, and die casting 15%. End-market exposure is split two/three-wheelers 48%, commercial vehicles 28%, passenger vehicles 14% and aftermarket 10%. New launches in sunroofs, TPMS, TFT clusters, and JVs covering EV axial flux motors (Turntide) and switches (Toyodenso) are ramping. Associate Flash Electronics contributes ₹1,803 crore in revenue; Minda VAST consolidation from FY27 aims to lift passenger-vehicle revenue share toward 25%. Raw materials are the biggest cost at 61.4% of revenue (employees 15.1%, other opex 10.2%); 30–40% commodity inflation in copper, zinc and aluminium in FY26 was largely passed through to customers. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Wiring harness (31%), Vehicle access systems (22%), Instrument clusters (17%), Die casting (15%). Asset-heavy auto components manufacturer serving multiple mobility segments, with growing premium-content and EV exposure
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,976 | 4,300 | 4,651 | 5,056 | 6,185 |
| EBITDA (ex other income) | 327 | 461 | 514 | 575 | 720 |
| margin % | 11.0 | 10.7 | 11.1 | 11.4 | 11.6 |
| Owners' profit | 0 | 285 | 227 | 255 | 360 |
| EPS, as reported (₹) | 8.16 | 12.09 | 9.65 | 10.85 | 15.31 |
| ROE % · ROCE % | 14.4 · 15.3 | 17.9 · 17.3 | 11.5 · 15.6 | 11.6 · 13.8 | 13.5 · 15.1 |
| Debt / equity (x) | 0.38 | 0.35 | 0.18 | 0.61 | 0.46 |
| Cash from operations | 167 | 598 | 287 | 544 | 676 |
| Capex | (109) | (251) | (252) | (350) | (394) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,290 | 1,253 | 1,321 | 1,386 | 1,535 | 1,560 | 1,704 | 1,846 |
| Profit before tax | 96 | 90 | 65 | 71 | 93 | 97 | 123 | 237 |
| Net profit | 74 | 65 | 52 | 65 | 85 | 84 | 124 | 206 |
| EPS (₹) | 3.16 | 2.75 | 2.21 | 2.78 | 3.60 | 3.64 | 5.29 | 8.75 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SAMVRDHNA MTHRSN INTL LTD | 1,69,176 | 38.6 | 3.87 | 15.1 | 9.4 | 8.2 | 17.1 | 9.0 |
| BOSCH LIMITED | 1,39,756 | 59.1 | 9.41 | 34.3 | 18.7 | 24.1 | 15.6 | 17.9 |
| BHARAT FORGE LTD | 83,937 | 118.9 | 8.78 | 30.3 | 11.4 | 13.2 | 21.6 | 8.8 |
| UNO MINDA LIMITED | 63,520 | 52.8 | 8.75 | 29.1 | 17.7 | 15.7 | 25.3 | 10.4 |
| SCHAEFFLER INDIA LIMITED | 56,735 | 45.3 | 9.23 | — | 10.4 | 14.1 | — | 19.4 |
| SONA BLW PRECISION FRGS L | 54,705 | 78.5 | 8.92 | 47.5 | 10.3 | 12.9 | — | 25.1 |
| TUBE INVEST OF INDIA LTD | 41,237 | 67.9 | 2.90 | 15.9 | 7.9 | 12.4 | 30.3 | 10.6 |
| ENDURANCE TECHNO. LTD. | 32,484 | 33.5 | 4.75 | 15.9 | 13.9 | 15.6 | 17.4 | 13.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 29.6 | 25.3 | 68 of 119 | 43% |
| P/B | 5.7 | 3.2 | 91 of 117 | 22% |
| ROCE | 11.4 | 12.6 | 71 of 125 | 44% |
| ROE | 13.5 | 11.7 | 51 of 117 | 57% |
| Debt / Equity | 0.5 | 0.3 | 71 of 117 | 40% |
| EBITDA margin | 18.3 | 12.2 | 25 of 118 | 80% |
| Revenue growth | 33.2 | 20.2 | 22 of 113 | 81% |
| Profit growth | 215.8 | 24.4 | 9 of 115 | 93% |
| Market cap | 15048 | 1460 | 20 of 126 | 85% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Minda Corporation schedules conference call for Q2 and H1 FY27 results | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Board to review September 2026 quarter and half-year results | compliance | minimal | — | — |
| 14 Oct 2026 · Minda Corp acquires 26% stake in solar energy firm Agganga for Rs 112.2L | fund raising | medium | — | — |
| 12 Oct 2026 · Minda Corp discloses material issue, details awaited | regulatory legal | high | — | — |
| 7 Oct 2026 · Routine filing: No physical share certificates received for demat in Sep 2026 quarter | compliance | minimal | — | — |
| 5 Oct 2026 · Minda Corp infuses Rs 18 cr into Spark Minda-Toyodenso subsidiary | strategic transactions | medium | — | — |
| 29 Sept 2026 · Minda Corporation issues INR 100 cr commercial papers | fund raising | medium | — | — |
| 25 Sept 2026 · Trading Window Closure for Q2 FY26 Results | compliance | minimal | — | — |
| 24 Sept 2026 · Board approves Rs 500cr NCD issue, China WOS, new CS and CPO | management changes | high | — | — |
| 24 Sept 2026 · Board approves Rs 500 cr NCDs, China WOS, key appointments | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.