Minda Corporation Ltd is one of the leading automotive component manufacturing companies in India with a pan-India presence and international footprint.It is the flagship company of Spark Minda, which was part of the erstwhile Minda Group.[1]The company was formed after a split between the businesses of the Minda brothers in 2012. Presently, NK Minda owns and operates Minda Industries Ltd and Ashok Minda is the owner of Minda Corporation Ltd.[2]Both the companies are listed on the exchanges.
Business Segments1. Electrical Distribution Systems (Wiring Harness & Connectors)[1][2]This segment focuses on low- and high-voltage wiring harnesses, smart junction boxes, and EV high-voltage connection systems. It's key products include EV HV wiring harnesses (with a strategic order from a leading PV OEM), connectors, busbars, CCS wires, and EV PDUs/BDUs, supported by localization via a SANCO China tie-up.
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Samvardh. Mothe. | 119.10 | 37.54 | 125734.63 | 0.47 | 845.63 | -3.25 | 30172.97 | 8.49 | 13.66 | 117367.72 | 8.86 | 3348.88 | 851.18 | 3.38 | 4.60 | 0.53 |
| 2. | Bosch | 39145.00 | 50.82 | 115447.07 | 1.31 | 554.20 | 10.82 | 4794.80 | 9.11 | 21.11 | 18959.70 | 13.11 | 2271.53 | 554.20 | 8.23 | 10.70 | 0.01 |
| 3. | Uno Minda | 1321.50 | 69.76 | 76289.13 | 0.17 | 322.79 | 27.14 | 4814.03 | 13.41 | 18.83 | 18015.43 | 11.54 | 1093.46 | 303.99 | 12.24 | 9.36 | 0.46 |
| 4. | Bharat Forge | 1484.60 | 65.69 | 71013.15 | 0.57 | 299.28 | 22.83 | 4031.93 | 9.31 | 12.18 | 15268.83 | 17.66 | 1080.93 | 299.20 | 7.59 | 4.72 | 0.71 |
| 5. | Schaeffler India | 3790.05 | 53.09 | 59332.33 | 0.74 | 306.65 | 24.08 | 2360.14 | 13.86 | 25.67 | 8834.57 | 18.98 | 1117.62 | 306.65 | 10.76 | 14.85 | 0.01 |
| 6. | Tube Investments | 2526.40 | 78.01 | 48896.91 | 0.14 | 302.05 | -9.73 | 5522.64 | 12.15 | 21.80 | 20793.88 | 9.22 | 626.78 | 186.66 | 6.50 | 7.33 | 0.09 |
| 7. | Endurance Tech. | 2593.00 | 41.75 | 36476.72 | 0.38 | 227.27 | 11.97 | 3582.82 | 23.01 | 17.26 | 12724.36 | 13.48 | 873.65 | 227.27 | 5.83 | 9.21 | 0.20 |
| 8. | Minda Corp | 594.85 | 78.74 | 14208.57 | 0.23 | 46.99 | -25.02 | 1248.71 | 18.07 | 11.78 | 4503.01 | 11.25 | 180.45 | 46.99 | 6.83 | 5.51 | 0.75 |
| – | Median: 126 Co. | 467.27 | 29.68 | 1299.63 | 0.37 | 12.47 | 10.0 | 212.47 | 11.11 | 14.73 | 825.68 | 12.04 | 38.48 | 10.76 | 3.12 | 6.48 | 0.39 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 869 | 969 | 1,037 | 880 | 967 | 1,135 | 885 | 1,005 | 1,083 | 908 | 990 | 1,058 | 1,249 |
Expenses | 779 | 856 | 914 | 789 | 859 | 1,011 | 795 | 883 | 961 | 815 | 879 | 934 | 1,111 |
Operating Profit | 90 | 113 | 123 | 91 | 108 | 124 | 89 | 122 | 122 | 94 | 111 | 124 | 137 |
Other Income | 3 | 2 | 10 | 2 | 9 | 10 | 4 | 9 | 6 | 6 | 2 | 13 | 4 |
Profit before tax | 56 | 67 | 79 | 47 | 70 | 54 | 51 | 83 | 46 | 64 | 64 | 83 | 63 |
Tax % | 27% | 34% | 27% | 26% | 26% | 23% | -119% | 25% | 26% | 24% | 26% | 25% | 25% |
Net Profit | 41 | 44 | 58 | 35 | 52 | 42 | 111 | 62 | 34 | 48 | 48 | 63 | 47 |
EPS in Rs | 1.71 | 1.85 | 2.42 | 1.46 | 2.16 | 1.75 | 4.63 | 2.57 | 1.41 | 2.03 | 2.00 | 2.62 | 1.97 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 617 | 649 | 704 | 772 | 1,955 | 2,371 | 2,130 | 2,289 | 2,735 | 3,492 | 3,844 | 4,144 | 4,503 |
Expenses | 556 | 577 | 618 | 693 | 1,748 | 2,090 | 1,888 | 2,077 | 2,468 | 3,133 | 3,406 | 3,666 | 3,997 |
Operating Profit | 61 | 72 | 86 | 79 | 207 | 281 | 243 | 212 | 267 | 359 | 439 | 478 | 506 |
Other Income | 4 | 3 | 2 | 16 | 14 | 44 | -320 | 30 | 45 | 16 | 13 | 38 | 30 |
Interest | 12 | 8 | 4 | 9 | 25 | 36 | 41 | 39 | 31 | 40 | 56 | 68 | 110 |
Depreciation | 22 | 17 | 18 | 20 | 49 | 62 | 82 | 90 | 103 | 110 | 136 | 171 | 185 |
Profit before tax | 31 | 49 | 65 | 67 | 148 | 228 | -201 | 114 | 178 | 225 | 260 | 277 | 242 |
Net Profit | 22 | 35 | 46 | 55 | 103 | 161 | -241 | 84 | 160 | 241 | 188 | 206 | 180 |
EPS in Rs | 1.04 | 1.67 | 2.22 | 2.61 | 4.90 | 7.07 | -10.61 | 3.50 | 6.70 | 10.06 | 7.88 | 8.61 | 7.55 |
Dividend Payout % | 19% | 24% | 18% | 19% | 12% | 10% | -3% | 19% | 15% | 12% | 18% | 16% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 20 | 42 | 42 | 42 | 42 | 45 | 45 | 48 | 48 | 48 | 48 | 48 | 48 |
Reserves | 267 | 271 | 305 | 372 | 642 | 1,087 | 816 | 974 | 1,120 | 1,332 | 1,686 | 1,858 | 2,036 |
Borrowings | 111 | 78 | 85 | 160 | 417 | 399 | 393 | 532 | 492 | 729 | 538 | 1,625 | 1,563 |
Other Liabilities | 130 | 101 | 130 | 148 | 399 | 451 | 612 | 646 | 579 | 736 | 735 | 845 | 908 |
Total Liabilities | 529 | 492 | 561 | 722 | 1,500 | 1,982 | 1,866 | 2,201 | 2,239 | 2,844 | 3,006 | 4,376 | 4,555 |
Fixed Assets | 139 | 124 | 129 | 160 | 414 | 445 | 532 | 575 | 646 | 786 | 949 | 1,210 | 1,243 |
Gross Block | 234 | 216 | 233 | 178 | 499 | 588 | 753 | 876 | 1,031 | 1,269 | 1,523 | 1,941 | – |
Accumulated Depreciation | 96 | 92 | 104 | 19 | 85 | 143 | 220 | 302 | 385 | 483 | 574 | 731 | – |
CWIP | 4 | 4 | 7 | 21 | 11 | 15 | 28 | 18 | 18 | 71 | 31 | 68 | 69 |
Investments | 176 | 185 | 200 | 293 | 310 | 352 | 150 | 150 | 327 | 704 | 598 | 1,725 | 1,736 |
Other Assets | 210 | 178 | 224 | 249 | 764 | 1,170 | 1,157 | 1,458 | 1,248 | 1,283 | 1,428 | 1,373 | 1,507 |
Total Assets | 529 | 492 | 561 | 722 | 1,500 | 1,982 | 1,866 | 2,201 | 2,239 | 2,844 | 3,006 | 4,376 | 4,555 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 117 | 50 | 88 | 34 | 43 | 191 | 296 | 85 | 140 | 375 | 242 | 468 |
Cash from Investing Activity | -95 | 5 | -44 | -150 | -128 | -432 | -149 | -259 | 27 | -452 | 144 | -1,368 |
Cash from Financing Activity | -25 | -51 | -8 | 73 | 84 | 238 | -134 | 172 | -160 | 108 | -354 | 822 |
Net Cash Flow | -3 | 5 | 37 | -43 | -0 | -3 | 12 | -1 | 7 | 31 | 31 | -78 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 72 | 59 | 58 | 68 | 79 | 69 | 56 | 68 | 60 | 50 | 58 | 55 |
Inventory Days | 38 | 31 | 33 | 33 | 58 | 63 | 91 | 94 | 83 | 75 | 64 | 65 |
Days Payable | 74 | 56 | 69 | 69 | 89 | 84 | 120 | 119 | 93 | 93 | 79 | 94 |
Cash Conversion Cycle | 35 | 35 | 23 | 32 | 48 | 48 | 28 | 44 | 50 | 32 | 44 | 26 |
Working Capital Days | -12 | 11 | 8 | -5 | 8 | 12 | -17 | -12 | 15 | -0 | 24 | -52 |
ROCE % | 12% | 15% | 18% | 15% | 21% | 20% | 15% | 11% | 13% | 15% | 14% | 12% |
Direct from BSE filings, auto-summarised
External media mentions & references
Editorial & research coverage
Nov 2025
Sep 2025
Aug 2025
May 2025
Feb 2025
Jan 2025
Nov 2024
Aug 2024
May 2024
Feb 2024
Nov 2023
Aug 2023
May 2023
Feb 2023
Nov 2022
Aug 2022
May 2022
May 2022
Mar 2022
Feb 2022
Nov 2021
Aug 2021
May 2021
May 2021
May 2021
Mar 2021
Feb 2021
Nov 2020
Aug 2020
Jul 2020
Jul 2020
Feb 2020
Nov 2019
Aug 2019
May 2019
Feb 2019
Feb 2019
Nov 2018
Aug 2018
May 2018
Mar 2018
Feb 2018
Nov 2017
Sep 2017
May 2017
May 2017
Mar 2017
Feb 2017
Nov 2016
Aug 2016
May 2016
Feb 2016
Nov 2015
Aug 2015
Stock Analysis
Minda Corporation Ltd is a leading Indian automotive component manufacturer with a global presence. It is the flagship company of Spark Minda, specializing in electrical distribution systems, including wiring harnesses and connectors.
Currently no data available for Key Growth Triggers.
Currently no data available for Order Book.
- Minda Instruments Limited, a material subsidiary, received a GST demand and penalty order of ₹17.26 Crores (including ₹1.80 Crores penalty) from the Deputy Commissioner of State Tax, Pune.
- The demand pertains to FY 2021-22, concerning issues with classification of goods and excess input tax credit (ITC) claimed.
- Order dated 30.12.2025 received by the material subsidiary on 31.12.2025.
Corporate Announcements