MINDACORP

Minda share price & financials

Price
₹652.95
Market cap
₹17.7k Cr
Sector
Automobile and Auto Components
Calls analysed
6
Latest concall · Q1 FY27 · call held 13 Aug 2026

Minda Corp Q1 FY27

Revenue ₹1,846 cr +33%EBITDA ₹212 cr +35%EBITDA Margin 11.5% PAT ₹206 cr +216%

What went well

  • Revenue of INR 1,846 crores, up 33.2% YoY, marking highest ever quarterly revenue.
  • EBITDA of INR 212 crores, up 35.4% YoY, with EBITDA margin at 11.5%, improving 19 bps.
  • PAT reached INR 206 crores, a significant 216% YoY growth, aided by an exceptional gain.

What to watch

  • Overall margins were partially impacted by higher commodity prices, rise in labor costs, and increased freight expenses.
  • Flash Electronics experienced a marginal dip in EBITDA margin compared to the previous quarter due to cost pressures.
Read the full call →

What Minda Corp does

Minda Corporation (Spark Minda) is an automotive systems supplier that designs and manufactures components across five verticals: vehicle access (smart keys, locksets), wiring harness and electrical distribution systems, instrument clusters/ADAS sensors, die-casting and interior plastics, and EV power electronics (motors, motor controllers, chargers). It sells to two-wheeler, three-wheeler, passenger vehicle, commercial vehicle and tractor OEMs in India and overseas, and also runs an aftermarket parts business. Growth is being pursued through joint ventures and associates in EV and switch technology alongside its own plants.

Segments

  • Vehicle Access
  • Wiring Harness & Connectors (Electrical Distribution Systems)
  • Clusters, ADAS & Sensors (Connected & Safe Mobility)
  • Die Casting & Interior Plastic (Light Weight & Sustainable)
  • EV Power Electronics (EV Drive Train Solutions)
  • Aftermarket & Others
Manufacturing plants
42
Group workforce
23,000+
Engineering headcount
950+
Patents filed (cumulative)
330+
R&D / engineering centres
7 Engineering Centres and 2 Advanced Engineering Centres
Geographic footprint
Plants and offices across India, ASEAN, Japan and Europe
Founded 1985Headquarters A-15, Ashok Vihar, Phase-I, Delhi-110052, India Company website

Guidance record · Q1 FY27

what the last two calls moved 20 tracked 1 delivered 4 missed 15 open
  • Net Debt to Equity Ratio went quiet said Q4 FY25 Promised: bring down the 0.5x debt to equity to about 0.2x in the next 2 to 3 years Q1 FY27: No specific update on Net Debt to Equity ratio was provided for the third consecutive quarter.
  • Sunroof Business Start of Production (SOP) on track said Q4 FY25 Promised: revenues will be starting from FY27 Q1 FY27: Management confirmed the project is 'completely on track' for the delayed Q2 FY27 SOP, with customer trials approved.
  • FY26 Capex delivered said Q1 FY26 Promised: In FY26, we expect a Capex of about Rs. 350 - 375 crores. Q4 FY26: Achieved. Full year FY26 capex was INR 413 crores, in line with the revised guidance of ~INR 400 crores.

All 20 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 23.4%, net profit up 45.2% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,058 1,037 1,083 1,135 1,249 +18%1,263 +22%1,370 +27%1,401 +23%
EBITDA124 123 122 124 137 +10%148 +20%170 +39%161 +30%
Net profit63 58 34 42 47 −25%79 +36%73 +115%61 +45%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +38.4% 1Y

₹500₹600₹700Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 6 Nov 2025Q3 FY26 — 11 Feb 2026Q4 FY26 — 22 May 2026Q1 FY27 — 13 Aug 2026

1Y: ₹509.9 on 10 Sept 2025 → ₹705.45. High ₹745.25 (18 Aug 2026), low ₹480.85 (13 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−3.3%
13 Aug
Q4 FY26
+7.0%
22 May
Q3 FY26
+1.4%
11 Feb
Q2 FY26
−3.1%
6 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 6.9% a year over 3 years, FY23 to FY26. Operating margin widened to 11.5%.

Year endingFY23FY24FY25FY26
Revenue₹4.1k Cr₹3.8k Cr₹4.1k Cr₹5.0k Cr
Operating profit₹434 Cr₹437 Cr₹477 Cr₹579 Cr
Operating margin10.6%11.4%11.5%11.5%
Interest₹41 Cr₹55 Cr₹67 Cr₹123 Cr
Depreciation₹131 Cr₹136 Cr₹170 Cr₹192 Cr
Net profit₹273 Cr₹189 Cr₹207 Cr₹241 Cr
Net margin6.6%4.9%5.0%4.8%
Cash from operations₹375 Cr₹242 Cr₹468 Cr₹588 Cr
Free cash flow₹146 Cr₹42 Cr₹166 Cr₹295 Cr
ROCE15.0%14.0%12.0%12.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹48 Cr₹48 Cr₹48 Cr₹48 Cr₹48 Cr₹48 Cr
Reserves₹974 Cr₹1.1k Cr₹1.3k Cr₹1.7k Cr₹2.4k Cr₹2.2k Cr
Borrowings₹532 Cr₹492 Cr₹729 Cr₹538 Cr₹1.5k Cr₹1.5k Cr
Other liabilities₹646 Cr₹579 Cr₹736 Cr₹735 Cr₹1.2k Cr₹991 Cr
Total liabilities₹2.2k Cr₹2.2k Cr₹2.8k Cr₹3.0k Cr₹5.2k Cr₹4.7k Cr
Fixed assets₹575 Cr₹646 Cr₹786 Cr₹949 Cr₹1.5k Cr₹1.3k Cr
Capital work in progress₹18 Cr₹18 Cr₹71 Cr₹31 Cr₹90 Cr₹112 Cr
Investments₹150 Cr₹327 Cr₹704 Cr₹598 Cr₹1.5k Cr₹1.8k Cr
Other assets₹1.5k Cr₹1.2k Cr₹1.3k Cr₹1.4k Cr₹2.0k Cr₹1.6k Cr
Total assets₹2.2k Cr₹2.2k Cr₹2.8k Cr₹3.0k Cr₹5.2k Cr₹4.7k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs added +0.47 pp while DIIs trimmed −0.30 pp. The shareholder count grew 6% to 98,747.

Promoters
64.8%
FIIs
9.3%
DIIs
17.9%
Public
6.4%
Others
1.6%

Since Jun 2025

  • FIIs +0.47 pp
  • DIIs −0.30 pp
  • Public −0.15 pp

How it drifted, 12 quarters

Over this window the public fell from 14.8% to 6.4% — −8.3 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 64.8%, FIIs 5.5%, DIIs 13.2%, Public 14.8%, Others 1.6%.Dec '23: Promoters 64.8%, FIIs 3.7%, DIIs 16.8%, Public 13.0%, Others 1.6%.Mar '24: Promoters 64.8%, FIIs 5.1%, DIIs 20.6%, Public 7.9%, Others 1.6%.Jun '24: Promoters 64.8%, FIIs 6.1%, DIIs 20.6%, Public 6.9%, Others 1.6%.Sep '24: Promoters 64.8%, FIIs 7.6%, DIIs 18.9%, Public 7.1%, Others 1.6%.Dec '24: Promoters 64.8%, FIIs 8.0%, DIIs 18.4%, Public 7.2%, Others 1.6%.Mar '25: Promoters 64.8%, FIIs 8.3%, DIIs 18.5%, Public 6.8%, Others 1.6%.Jun '25: Promoters 64.8%, FIIs 8.8%, DIIs 18.2%, Public 6.6%, Others 1.6%.Sep '25: Promoters 64.8%, FIIs 8.7%, DIIs 18.5%, Public 6.3%, Others 1.6%.Dec '25: Promoters 64.8%, FIIs 9.1%, DIIs 18.4%, Public 6.1%, Others 1.6%.Mar '26: Promoters 64.8%, FIIs 8.8%, DIIs 18.8%, Public 6.0%, Others 1.6%.Jun '26: Promoters 64.8%, FIIs 9.3%, DIIs 17.9%, Public 6.4%, Others 1.6%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Minda Corp above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Ashok Minda 34.19%unchanged
Minda Capital Private Limited 16.14%unchanged
Sarika Minda 13.97%unchanged
Whiteline Barter Limited 0.55%unchanged
Aakash Minda 0.00%unchanged
Minda Finance Limited 0.00%unchanged
Bimla Devi Agarwal 0.00%unchanged
Minda International Limited 0.00%unchanged
Rekha Bansal 0.00%unchanged
Bar Investments & Finance Pvt. Ltd. 0.00%unchanged
Minda Mindpro Limited 0.00%unchanged
Minda Spectrum Advisory Limited 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in MINDACORP

Filings to Aug 2026

0 new, 4 added, 1 trimmed, 0 sold out — net +0.02 L shares (+0.1%).

Held by funds
₹129 Cr
6 schemes
Biggest holder
SBI Automotive Opportunities Fund
₹114 Cr · 1.8% of that fund
SchemeHoldingLast month
SBI Automotive Opportunities Fund SBI Mutual Fund₹114 Crheld
Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund₹9 Cr+0.02 L
SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund₹5 Cr+0.01 L
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund₹1 Cr+0.00 L
SBI Nifty 500 Index Fund SBI Mutual Fund₹0 Cr−0.00 L
SBI Nifty Small Cap 250 ETF SBI Mutual Fund₹0 Cr+0.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

4 added, 1 trimmed — net +2,298 shares (+0.1%)

Funds are sitting on
+18%
vs est. average cost
Held by funds
₹129 Cr
6 schemes · ≈ 0.67% of the company
Biggest holder
SBI Automotive Opportunities Fund
₹114 Cr · 1.8% of that fund
Longest holder
Nippon India Nifty Smallcap 250 Index Fund
3y · since Sep '23

Shares held by these funds +2656%

Sep '23 18.10 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹705, this stock must grow earnings at 38% every year for 7 years. Our analysis caps realistic growth at ~-7%. At that growth it is worth ₹68 — downside of 90%.

Growth the price implies
38.0% a year
for 7 years, fading to 4%
It has actually compounded at
-6.9% a year
net profit, FY23–FY26 · EPS -6.9%
The gap
0.4 pp
-90% downside if it only repeats history
Price today ₹705.45 Value at the reference growth ₹68.23

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Minda Corp

Guides on how to read this kind of business and the numbers that matter.