Minda Corporation Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹15,315 Cr
- P/E
- 38.00
- ROE
- 14.71%
- PEG
- 4.92
- Price to sales
- 2.32
- Debt to equity
- 0.56
- 52W high / low
- ₹745 / ₹481
- Sales growth (5Y)
- 21.17%
- EBITDA margin
- 11.68%
- Net profit margin
- 5.72%
- Promoter holding
- 64.84%
- Sales (last year)
- ₹6,646 Cr
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]
Guidance scorecard · Q1 FY27 call
What Minda Corporation Ltd's management guided
and where it ranks in Auto Components
Auto Components
RevenueQ1 FY27 call
20–40%- Flash Electronics expects strong double-digit growth of 20%-24% annually, supported by EV market momentum.
- Wiring harness and instrument cluster divisions have shown robust YoY growth (~30%-35%), expected to continue through FY27 and FY28.
- Switches business lifetime order books exceed INR 1,000 crore, with SOP beginning Q1 FY28; revenue expected to reach INR 150 crores in FY28 and peak in FY29.
2 more points from Minda Corporation Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Minda Corporation Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Minda Corporation plans to spend about INR 400 crore on capex during FY27 across various businesses, without specific allocation exclusively to EV or ICE segments.
- The company is investing deeply in capabilities, capacities, and competencies across divisions and platforms to achieve Vision 2030, focusing on localization, backward integration, technology, and customer investment.
- Strategic investments include new product launches, joint ventures (e.g., Mindavast, Flash Electronics), and expanding system solutions offerings to strengthen customer relationships and expand footprint in high-growth segments like electric vehicles.
2 more points from Minda Corporation Ltd's call on capex
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FundraisingQ1 FY27 call
See what Minda Corporation Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- Minda Corporation added a lifetime order book of approximately INR 2,500 crore during the quarter.
- The switches segment has a lifetime order book exceeding INR 1,000 crore, with SOP expected in Q1 FY26 or Q1 FY28 (likely FY28), expected to generate around INR 150 crore revenue in first year and peak orders in FY29.
- Order wins are spread across vehicle access, castings, wiring harnesses, instrument clusters, and new energy/electronic segments, covering ICE, EV, two-wheelers, commercial vehicles, passenger vehicles, domestic, and export markets.
- Continued momentum with existing business growth, new product launches, customer acquisitions, exports, and premiumization drive order pipeline and revenue growth.
Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Auto Components
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Auto Components companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹3,020 Cr | 47.8 | |
| 2 | 40%+ | Flat | ₹1,998 Cr | 63.5 | |
| 3 | 40%+ | Flat | ₹428 Cr | 17.5 | |
| 4 | 20–40% | Up 2%+ | ₹25,721 Cr | 73.8 | |
| 5 | 20–40% | Up 2%+ | ₹13,417 Cr | 40.5 | |
| 6 | 20–40% | Up 0–2% | ₹23,344 Cr | 37.6 |
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Pro shows every company guiding 40%+ revenue growth →Full Auto Components rankingMinda Corporation Ltd announcements
All announcements →- Fundraise / allotmentNotableMinda Corporation approves NCD issue, China subsidiary, investment sale, and appointments
- Fundraise / allotmentNotableMinda Corporation Limited approves fund raise, new subsidiary, appointments, and sale
- Fundraise / allotmentNotableMinda Corporation approves Rs. 500 Cr NCD issuance, new China subsidiary, key appointments
Financials of Minda Corporation Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Minda Corporation Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,075 | 1,075 | 1,196 | 1,166 | 1,215 | 1,192 | 1,290 | 1,253 | 1,321 | 1,386 | 1,535 | 1,560 | 1,704 |
| Expenses + | 958 | 960 | 1,065 | 1,036 | 1,076 | 1,061 | 1,143 | 1,109 | 1,168 | 1,230 | 1,357 | 1,377 | 1,500 |
| Operating Profit | 117 | 115 | 131 | 130 | 139 | 132 | 147 | 144 | 153 | 156 | 178 | 184 | 203 |
| OPM % | 11% | 11% | 11% | 11% | 11% | 11% | 11% | 11% | 12% | 11% | 12% | 12% | 12% |
| Other Income + | 2 | 2 | 2 | 2 | 10 | 8 | 12 | 9 | 3 | 3 | 3 | -1 | 8 |
| Interest | 12 | 14 | 15 | 14 | 12 | 10 | 11 | 12 | 34 | 33 | 31 | 29 | 30 |
| Depreciation | 39 | 39 | 41 | 42 | 44 | 46 | 51 | 50 | 57 | 56 | 57 | 58 | 59 |
| Profit before tax | 69 | 63 | 77 | 76 | 92 | 84 | 96 | 90 | 65 | 71 | 93 | 97 | 123 |
| Tax % | -80% | 27% | 24% | 33% | 25% | 26% | 26% | 29% | 36% | 26% | 27% | 33% | 25% |
| Net Profit + | 122 | 45 | 59 | 52 | 71 | 64 | 74 | 65 | 52 | 65 | 85 | 84 | 124 |
| EPS in Rs | 5.10 | 1.89 | 2.46 | 2.20 | 2.96 | 2.69 | 3.11 | 2.71 | 2.18 | 2.73 | 3.54 | 3.58 | 5.21 |
Financials of Minda Corporation Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,965 | 2,435 | 2,060 | 2,594 | 3,092 | 2,813 | 2,368 | 2,976 | 4,300 | 4,651 | 5,056 | 6,185 |
| Expenses + | 1,778 | 2,206 | 1,868 | 2,316 | 2,797 | 2,558 | 2,148 | 2,680 | 3,837 | 4,134 | 4,480 | 5,464 |
| Operating Profit | 188 | 229 | 192 | 278 | 295 | 256 | 220 | 296 | 463 | 517 | 576 | 721 |
| OPM % | 10% | 9% | 9% | 11% | 10% | 9% | 9% | 10% | 11% | 11% | 11% | 12% |
| Other Income + | 23 | 29 | 27 | 27 | 80 | -238 | -8 | 56 | 16 | 15 | 32 | 14 |
| Interest | 39 | 37 | 30 | 40 | 51 | 54 | 39 | 32 | 42 | 57 | 69 | 122 |
| Depreciation | 60 | 74 | 58 | 74 | 88 | 118 | 94 | 112 | 138 | 166 | 204 | 230 |
| Profit before tax | 111 | 147 | 131 | 191 | 236 | -154 | 80 | 208 | 298 | 308 | 336 | 383 |
| Tax % | 24% | 25% | 22% | 25% | 28% | 29% | 39% | 12% | 1% | 27% | 29% | 28% |
| Net Profit + | 88 | 110 | 102 | 143 | 169 | -200 | 53 | 192 | 284 | 227 | 255 | 358 |
| EPS in Rs | 4.28 | 5.12 | 4.88 | 6.82 | 7.45 | -8.79 | 2.21 | 8.03 | 11.90 | 9.50 | 10.68 | 15.07 |
| Dividend Payout % | 9% | 10% | 10% | 9% | 9% | -4% | 29% | 12% | 10% | 15% | 13% | 0% |
Financials of Minda Corporation Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 41 | 42 | 42 | 42 | 45 | 45 | 48 | 48 | 48 | 48 | 48 | 48 |
| Reserves | 406 | 507 | 580 | 694 | 1,145 | 925 | 1,094 | 1,278 | 1,538 | 1,928 | 2,150 | 2,596 |
| Borrowings + | 521 | 562 | 549 | 728 | 685 | 625 | 532 | 511 | 718 | 540 | 1,614 | 1,471 |
| Other Liabilities + | 453 | 660 | 377 | 587 | 566 | 732 | 654 | 731 | 905 | 911 | 1,062 | 1,380 |
| Total Liabilities | 1,422 | 1,771 | 1,548 | 2,051 | 2,442 | 2,327 | 2,328 | 2,567 | 3,209 | 3,427 | 4,874 | 5,495 |
| Fixed Assets + | 571 | 719 | 530 | 711 | 732 | 570 | 613 | 887 | 1,026 | 1,207 | 1,507 | 1,630 |
| CWIP | 15 | 13 | 74 | 16 | 21 | 28 | 18 | 32 | 85 | 63 | 85 | 129 |
| Investments | 29 | 5 | 126 | 139 | 165 | 176 | 180 | 64 | 451 | 348 | 1,476 | 1,558 |
| Other Assets + | 807 | 1,034 | 818 | 1,184 | 1,524 | 1,552 | 1,517 | 1,583 | 1,647 | 1,809 | 1,806 | 2,178 |
| Total Assets | 1,422 | 1,771 | 1,548 | 2,051 | 2,442 | 2,327 | 2,328 | 2,567 | 3,209 | 3,427 | 4,874 | 5,495 |
Financials of Minda Corporation Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 304 | 226 | 48 | 70 | 209 | 450 | 86 | 167 | 387 | 287 | 544 | 676 |
| Cash from Investing Activity + | -53 | -158 | -158 | -200 | -402 | -137 | -192 | 12 | -425 | 116 | -1,409 | -383 |
| Cash from Financing Activity + | -238 | -29 | 67 | 122 | 203 | -249 | 65 | -161 | 74 | -358 | 788 | -267 |
| Net Cash Flow | 13 | 39 | -43 | -8 | 11 | 64 | -42 | 18 | 37 | 44 | -76 | 25 |
| Free Cash Flow | 223 | 134 | -90 | -124 | 91 | 304 | -45 | 59 | 139 | 36 | 202 | 311 |
| CFO/OP | 175% | 116% | 41% | 41% | 91% | 197% | 48% | 73% | 91% | 75% | 111% | 110% |
Financials of Minda Corporation Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 59 | 65 | 66 | 80 | 64 | 51 | 68 | 70 | 54 | 63 | 60 | 59 |
| Inventory Days | 70 | 78 | 91 | 105 | 86 | 85 | 97 | 93 | 75 | 66 | 67 | 66 |
| Days Payable | 94 | 104 | 79 | 103 | 79 | 109 | 124 | 110 | 95 | 89 | 96 | 107 |
| Cash Conversion Cycle | 36 | 40 | 79 | 82 | 71 | 26 | 41 | 53 | 34 | 40 | 31 | 18 |
| Working Capital Days | 4 | -7 | 6 | 14 | 3 | -15 | -6 | 25 | 13 | 31 | -28 | -16 |
| ROCE % | 16% | 16% | 12% | 18% | 16% | 11% | 10% | 12% | 16% | 15% | 13% | 13% |
Guidance history
How Minda Corporation Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | Planned | — | Rising |
| Q4 FY26 call → | 20–40% | Flat | Planned | — | Rising |
| Q3 FY26 call → | 20–40% | Flat | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
67 out of 100 — Steady
Over the past year its share price has moved roughly in the middle of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +11.4% | 69% |
| Last 6 months | +23.2% | 76% |
| Last 3 months | −9.4% | 42% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Minda Corporation Ltd: 0.4 × 69 + 0.4 × 76 + 0.2 × 42 = 67.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Minda Corporation Ltd's management said in earlier quarters
- Q1 FY27 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q3 FY25 earnings call analysis →
- Q4 FY25 earnings call analysis →
- Q2 FY26 earnings call →
- Q1 FY26 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
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