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 23.6% CAGR over last 5 years
- Latest quarter profit grew 46.1% YoY, showing strong momentum
- Company has delivered good sales growth of 17.0% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.04x)
- Company generates healthy free cash flow
- Company has a consistent dividend-paying track record
CONS
- Stock is trading at 5.7x its book value
- Growth is decelerating - 3Y profit CAGR (0.1%) trails the 5Y trend (23.6%)
- Though reporting repeated profits, the company pays out little dividend (13.9%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MOTHERSON | 163.80 | 39.47 | 172881.77 | 0.37 | 1075.66 | 77.48 | 35243.77 | 17.70 | 13.63 | 8.86 |
| BOSCHLTD | 48900.00 | 61.03 | 144235.93 | 0.55 | 706.10 | -36.74 | 5841.90 | 22.00 | 25.60 | 14.08 |
| UNOMINDA | 1230.45 | 59.10 | 71054.45 | 0.22 | 315.51 | 2.10 | 5556.85 | 23.79 | 20.74 | 11.14 |
| TIINDIA | 2685.25 | 85.70 | 51979.01 | 0.13 | 293.96 | -3.04 | 6215.33 | 20.20 | 27.33 | 8.81 |
| SONACOMS | 800.45 | 71.79 | 49958.36 | 0.42 | 178.51 | 46.67 | 1301.20 | 52.38 | 14.75 | 22.55 |
| ENDURANCE | 2754.35 | 39.95 | 38743.47 | 0.42 | 244.52 | 8.03 | 4314.89 | 30.01 | 18.33 | 12.42 |
| CRAFTSMAN | 11855.90 | 66.69 | 31008.43 | 0.09 | 150.55 | 116.31 | 2431.58 | 36.30 | 14.65 | 15.81 |
| ZFCVINDIA | 2471.00 | 56.33 | 28121.34 | 0.03 | 1044.78 | 753.75 | 10661.76 | 992.89 | 20.23 | 12.93 |
| SANSERA | 4133.05 | 74.02 | 25791.71 | 0.10 | 87.36 | 38.71 | 1021.26 | 33.27 | 14.29 | 19.18 |
| MSUMI | 36.71 | 38.80 | 24344.83 | 1.58 | 1453.20 | 915.51 | 34072.60 | 1273.43 | 43.72 | 7.58 |
| GABRIEL | 1361.00 | 81.04 | 24121.01 | 0.37 | 1081.26 | 925.35 | 14256.83 | 1055.00 | 26.37 | 11.71 |
| MINDACORP | 700.85 | 33.45 | 16755.88 | 0.20 | 206.25 | 215.80 | 1846.31 | 33.22 | 13.69 | 12.43 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 880 | 990 | 969 | 1,005 | 967 | 1,058 | 1,037 | 1,083 | 1,135 | 1,249 | 1,263 | 1,370 | 1,401 | |
| 789 | 879 | 856 | 883 | 859 | 934 | 914 | 961 | 1,011 | 1,111 | 1,116 | 1,200 | 1,320 | |
| Operating Profit | 91 | 111 | 113 | 122 | 108 | 124 | 123 | 122 | 124 | 137 | 148 | 170 | 80 |
| OPM % | 10.34% | 11.22% | 11.65% | 12.13% | 11.21% | 11.69% | 11.83% | 11.30% | 10.93% | 11.01% | 11.69% | 12.41% | 5.74% |
| 2 | 2 | 2 | 9 | 9 | 13 | 10 | 6 | 10 | 4 | 26 | 8 | 2 | |
| Interest | 14 | 15 | 14 | 12 | 10 | 11 | 12 | 34 | 33 | 31 | 29 | 30 | 31 |
| Depreciation | 32 | 34 | 34 | 36 | 38 | 42 | 42 | 48 | 47 | 48 | 48 | 49 | 50 |
| Profit before Tax | 47 | 64 | 67 | 83 | 70 | 83 | 79 | 46 | 54 | 63 | 97 | 100 | 82 |
| Tax % | 25.52% | 25.62% | 33.55% | 25.48% | 25.79% | 24.76% | 26.62% | 26.12% | 22.57% | 25.39% | 18.51% | 26.38% | 25.80% |
| Net Profit | 35 | 48 | 44 | 62 | 52 | 63 | 58 | 34 | 42 | 47 | 79 | 73 | 61 |
| 1.46 | 2.00 | 1.85 | 2.57 | 2.16 | 2.62 | 2.42 | 1.41 | 1.75 | 1.97 | 3.32 | 3.07 | 2.56 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 772 | 1,955 | 2,371 | 2,130 | 2,289 | 2,735 | 3,492 | 3,844 | 4,144 | 5,017 | 5,283 | |
| 693 | 1,750 | 2,091 | 1,889 | 2,077 | 2,469 | 3,134 | 3,407 | 3,666 | 4,437 | 4,747 | |
| Operating Profit | 79 | 205 | 280 | 241 | 212 | 266 | 358 | 438 | 478 | 580 | 536 |
| OPM % | 10.28% | 10.50% | 11.81% | 11.33% | 9.24% | 9.72% | 10.26% | 11.39% | 11.54% | 11.56% | 10.14% |
| 16 | 16 | 45 | -319 | 30 | 46 | 17 | 14 | 38 | 49 | 41 | |
| Interest | 9 | 25 | 36 | 41 | 39 | 31 | 40 | 56 | 68 | 123 | 121 |
| Depreciation | 20 | 49 | 62 | 82 | 90 | 103 | 110 | 136 | 171 | 191 | 194 |
| Profit before Tax | 67 | 148 | 228 | -201 | 114 | 178 | 225 | 260 | 277 | 314 | 342 |
| Tax % | 18.11% | 30.68% | 29.59% | -20.07% | 26.26% | 10.00% | -6.93% | 27.58% | 25.78% | 23.09% | 23.82% |
| Net Profit | 55 | 103 | 161 | -241 | 84 | 160 | 241 | 188 | 206 | 242 | 261 |
| EPS | 2.58 | 4.90 | 7.15 | -10.61 | 3.62 | 6.70 | 10.06 | 7.89 | 8.62 | 10.10 | — |
| Dividend Payout % | 19.15% | 12.25% | 9.89% | -3.30% | 18.56% | 14.92% | 11.92% | 17.75% | 16.25% | 13.86% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 22%
- 5 Years:
- 17%
- 3 Years:
- 13%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 18%
- 5 Years:
- 24%
- 3 Years:
- 0%
STOCK PRICE CAGR
- 10 Years:
- 20%
- 5 Years:
- 41%
- 3 Years:
- 26%
- 1 Year:
- 38%
RETURN ON EQUITY
- 10 Years:
- 10%
- 5 Years:
- 14%
- 3 Years:
- 12%
- Last Year:
- 12%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 372 | 644 | 1,088 | 819 | 976 | 1,122 | 1,331 | 1,689 | 1,861 | 2,070 | |
| 136 | 412 | 397 | 374 | 474 | 475 | 705 | 443 | 1,482 | 1,310 | |
| Trade Payables | 90 | 297 | 338 | 422 | 493 | 440 | 567 | 510 | 647 | 827 |
| 164 | 105 | 114 | 205 | 210 | 152 | 177 | 312 | 335 | 443 | |
| Total Liabilities | 804 | 1,500 | 1,982 | 1,866 | 2,201 | 2,238 | 2,827 | 3,002 | 4,373 | 4,698 |
| 160 | 414 | 445 | 532 | 575 | 646 | 786 | 949 | 1,210 | 1,274 | |
| Capital Work in Progress | 21 | 11 | 15 | 28 | 18 | 18 | 71 | 26 | 48 | 84 |
| 293 | 310 | 352 | 150 | 150 | 327 | 704 | 598 | 1,725 | 1,762 | |
| 43 | 194 | 253 | 323 | 375 | 393 | 457 | 416 | 448 | 520 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 613 | 629 | 712 | |
| Cash & Bank | 1 | 10 | 322 | 395 | 462 | 216 | 85 | 116 | 18 | 31 |
| 286 | 561 | 595 | 439 | 621 | 637 | 725 | 284 | 296 | 314 | |
| Total Assets | 804 | 1,500 | 1,982 | 1,866 | 2,201 | 2,238 | 2,827 | 3,002 | 4,373 | 4,698 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 43 | 83 | 250 | 344 | 105 | 182 | 386 | 242 | 468 | 588 | |
| Cash from Investing | -150 | -128 | -432 | -149 | -259 | 27 | -452 | 144 | -1,368 | -306 |
| Cash from Financing | 73 | 84 | 238 | -134 | 172 | -160 | 108 | -354 | 822 | -271 |
| -43 | -0 | -3 | 12 | -1 | 7 | 31 | 31 | -78 | 11 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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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