Minda Corporation Ltd.
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ABOUT
AI Sector View
AI GENERATEDAutomobile and Auto Components
Domestic auto demand remains strong across categories, with total vehicles registered up 27% YoY (2026-07), passenger vehicle sales up 14% YoY (2026-06), 2-wheelers up 23% YoY (2026-06), and tractor sales up 18% YoY (2026-07). Core demand is reinforced by vehicle sales of 395199 units (Jul/26) and car registrations of 457810 units (Jul/26), outweighing FPI outflows of INR -11826 crore over 3 months to 2026-08-31. The stance stays positive because fundamentals are stronger than positioning.
PROS
- Company has delivered good profit growth of 25.3% CAGR over last 5 years
- Company has consistently been profitable over the last 5 years
- Latest quarter profit grew 215.8% YoY, showing strong momentum
- Company has delivered good sales growth of 21.2% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.03x)
CONS
- Growth is decelerating - 3Y profit CAGR (-2.0%) trails the 5Y trend (25.3%)
- Though reporting repeated profits, the company pays out little dividend (9.3%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MOTHERSON | 164.00 | 39.52 | 173092.86 | 0.37 | 1075.66 | 77.48 | 35243.77 | 17.70 | 13.63 | 8.86 |
| BOSCHLTD | 48602.60 | 60.66 | 143358.71 | 0.56 | 706.10 | -36.74 | 5841.90 | 22.00 | 25.60 | 14.08 |
| UNOMINDA | 1223.50 | 58.77 | 70653.11 | 0.22 | 315.51 | 2.10 | 5556.85 | 23.79 | 20.74 | 11.14 |
| TIINDIA | 2650.00 | 84.58 | 51296.66 | 0.13 | 293.96 | -3.04 | 6215.33 | 20.20 | 27.33 | 8.81 |
| SONACOMS | 803.10 | 72.02 | 50123.75 | 0.42 | 178.51 | 46.67 | 1301.20 | 52.38 | 14.75 | 22.55 |
| ENDURANCE | 2716.60 | 39.40 | 38212.47 | 0.42 | 244.52 | 8.03 | 4314.89 | 30.01 | 18.33 | 12.42 |
| CRAFTSMAN | 11852.65 | 66.68 | 30999.93 | 0.09 | 150.55 | 116.31 | 2431.58 | 36.30 | 14.65 | 15.81 |
| ZFCVINDIA | 2528.05 | 57.63 | 28770.60 | 0.03 | 1044.78 | 753.75 | 10661.76 | 992.89 | 20.23 | 12.93 |
| SANSERA | 4107.40 | 73.56 | 25631.64 | 0.10 | 87.36 | 38.71 | 1021.26 | 33.27 | 14.29 | 19.18 |
| MSUMI | 36.32 | 38.39 | 24086.20 | 1.60 | 1453.20 | 915.51 | 34072.60 | 1273.43 | 43.72 | 7.58 |
| GABRIEL | 1340.50 | 79.82 | 23757.68 | 0.37 | 1081.26 | 925.35 | 14256.83 | 1055.00 | 26.37 | 11.71 |
| MINDACORP | 703.05 | 33.55 | 16808.48 | 0.20 | 206.25 | 215.80 | 1846.31 | 33.22 | 13.69 | 12.43 |
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 | 1,735 | |
| Operating Profit | 115 | 131 | 130 | 139 | 132 | 147 | 144 | 153 | 156 | 178 | 184 | 203 | 111 |
| OPM % | 10.67% | 10.98% | 11.14% | 11.40% | 11.05% | 11.36% | 11.46% | 11.57% | 11.28% | 11.59% | 11.76% | 11.94% | 6.03% |
| 2 | 2 | 2 | 10 | 8 | 12 | 9 | 3 | 3 | 3 | -1 | 8 | -122 | |
| 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 | 255 |
| Tax % | 26.56% | 24.31% | 32.99% | 24.55% | 26.17% | 26.23% | 28.80% | 35.70% | 26.24% | 27.24% | 32.73% | 25.03% | 19.07% |
| Net Profit | 0 | 0 | 0 | 0 | 64 | 74 | 65 | 52 | 65 | 85 | 84 | 124 | 206 |
| 1.92 | 2.50 | 2.23 | 3.01 | 2.73 | 3.16 | 2.75 | 2.21 | 2.78 | 3.60 | 3.64 | 5.29 | 8.75 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,060 | 2,594 | 3,092 | 2,223 | 2,368 | 2,976 | 4,300 | 4,651 | 5,056 | 6,185 | 6,646 | |
| 1,868 | 2,318 | 2,798 | 1,975 | 2,148 | 2,680 | 3,837 | 4,136 | 4,480 | 5,463 | 5,970 | |
| Operating Profit | 192 | 276 | 294 | 248 | 220 | 296 | 463 | 516 | 576 | 722 | 676 |
| OPM % | 9.32% | 10.63% | 9.51% | 11.15% | 9.29% | 9.93% | 10.77% | 11.09% | 11.40% | 11.68% | 10.17% |
| 40 | 16 | 53 | 43 | 33 | 57 | 16 | 16 | 32 | 14 | -112 | |
| Interest | 30 | 40 | 51 | 41 | 39 | 32 | 42 | 57 | 69 | 123 | 121 |
| Depreciation | 58 | 74 | 88 | 87 | 94 | 112 | 138 | 166 | 204 | 230 | 242 |
| Profit before Tax | 131 | 191 | 236 | 175 | 121 | 208 | 298 | 308 | 336 | 384 | 568 |
| Tax % | 22.00% | 25.44% | 28.34% | 22.51% | 25.83% | 11.51% | 1.37% | 26.98% | 28.72% | 27.72% | 24.02% |
| Net Profit | 102 | 143 | 169 | 136 | 90 | 184 | 294 | 225 | 239 | 277 | 431 |
| EPS | 4.82 | 6.81 | 7.52 | -8.98 | 2.25 | 8.01 | 11.89 | 9.51 | 10.69 | 15.08 | — |
| Dividend Payout % | 10.19% | 8.75% | 9.37% | -3.98% | 29.42% | 12.45% | 10.08% | 14.73% | 13.10% | 9.29% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 10%
- 5 Years:
- 21%
- 3 Years:
- 13%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 13%
- 5 Years:
- 47%
- 3 Years:
- 8%
STOCK PRICE CAGR
- 10 Years:
- 20%
- 5 Years:
- 42%
- 3 Years:
- 28%
- 1 Year:
- 39%
RETURN ON EQUITY
- 10 Years:
- 15%
- 5 Years:
- 14%
- 3 Years:
- 12%
- Last Year:
- 12%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 42 | 42 | 45 | 45 | 48 | 48 | 48 | 48 | 48 | 48 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15 |
| 580 | 697 | 1,146 | 928 | 1,096 | 1,280 | 1,538 | 1,931 | 2,153 | 2,489 | |
| 477 | 705 | 674 | 572 | 474 | 492 | 692 | 443 | 1,468 | 1,293 | |
| Trade Payables | 264 | 441 | 410 | 509 | 506 | 568 | 726 | 664 | 829 | 1,144 |
| 185 | 167 | 167 | 272 | 203 | 180 | 199 | 342 | 376 | 496 | |
| Total Liabilities | 1,548 | 2,051 | 2,442 | 2,327 | 2,328 | 2,567 | 3,202 | 3,427 | 4,874 | 5,485 |
| 530 | 711 | 732 | 570 | 613 | 887 | 1,026 | 1,207 | 1,507 | 1,602 | |
| Capital Work in Progress | 73 | 16 | 21 | 28 | 18 | 32 | 85 | 58 | 65 | 129 |
| 126 | 139 | 165 | 176 | 180 | 64 | 451 | 348 | 1,476 | 1,558 | |
| 306 | 448 | 446 | 395 | 396 | 479 | 573 | 527 | 581 | 710 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 804 | 828 | 995 | |
| Cash & Bank | 33 | 26 | 353 | 472 | 499 | 333 | 162 | 192 | 97 | 147 |
| 479 | 710 | 725 | 685 | 622 | 771 | 904 | 291 | 321 | 344 | |
| Total Assets | 1,548 | 2,051 | 2,442 | 2,327 | 2,328 | 2,567 | 3,202 | 3,427 | 4,874 | 5,485 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 80 | 115 | 270 | 502 | 107 | 216 | 422 | 287 | 544 | 676 | |
| Cash from Investing | -170 | -200 | -402 | -137 | -174 | -7 | -428 | 117 | -1,409 | -383 |
| Cash from Financing | 67 | 122 | 203 | -249 | 65 | -161 | 74 | -358 | 788 | -267 |
| -54 | -8 | 11 | 64 | -24 | -1 | 34 | 45 | -76 | 25 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-31 - Minda Corporation Limited has informed the Exchange about participation in Elara Conference, themed ASHWAMEDH - ELARA INDIA DIALOGUE 2026 on 3rd September, 2026 in Mumbai.
2026-08-21 - Minda Corporation Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on July 27, 2023. Further, the company has informed the Exchange regarding voting results.
2026-08-21 - Minda Corporation Limited has informed the Exchange about Resignation of Director/KMP/SMP
2026-08-21 - Minda Corporation Limited has informed the Exchange regarding Resignation of Mr. Pardeep Mann as Company Secretary & Compliance Officer of the company w.e.f. August 21, 2026.
2026-08-21 - Minda Corporation Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on July 27, 2023
2026-08-19 - Minda Corporation Limited has informed the Exchange about Transcript
2026-08-18 - Minda Corporation Limited has informed the Exchange regarding 'Press Release dated 18th August 2026 wrt Minda Instruments Limited a wholly owned subsidiary of the Company'.
2026-08-14 - Minda Corporation Limited has informed the Exchange about Copy of Newspaper Publication of Quarterly result ended on June 30, 2026
2026-08-13 - Minda Corporation Limited has informed the Exchange about Link of Recording
News
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Minda Corporation Ltd.
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