Any current/future capex/capital investment/strategic investment?

Minda Corporation has acquired 24 acres of land in Uttar Pradesh for future expansion. They are investing in setting up new manufacturing facilities, including two new die-casting plants in West and North India for expanding into aluminium cast business and catering to EV and 4-wheeler segment demand. A new plant for Sunroof Closure Systems in Pune is on track for commissioning in Q1 FY26, with possible slight delay of one or two months. Ongoing investments are focused on building capabilities, competencies, and capacities across various segments to deliver on existing order wins. The

Future growth expectations in sales/revenue/volumes?

The company is confident of achieving double-digit sales growth in the mid to long term, aiming beyond the current ~8% growth rate. Domestic revenue has grown ahead of the industry despite challenges in export and commercial vehicle segments. Order book indicates future peak revenues starting 18-24 months from order wins, with new business comprising about 60% of this. Expansion in new product lines like power tailgate, flush door handles, charging connectors, Sanco products, die casting for EVs, and electronics vertical indicates diversified growth avenues. Localization and backward integrati

Future growth expectations in earnings/operating earnings/profits/EPS?

Minda Corporation is focused on quality of earnings, aiming for economically more value-accretive growth. The company has consistently grown EBITDA both in absolute terms and margin percentage (around 11.4% in Q2), with a target to reach about 12% EBITDA margin. Management is confident about achieving double-digit sales growth. The focus is on sustainable and consistent EBITDA growth outpacing revenue growth. ROCE is a key financial metric, with targets around 20-25%, ensuring disciplined capital allocation without diluting returns. Margin improvement is driven by localization, cost optimizati

Current/ Expected Orderbook/ Pending Orders?

Minda Corporation's total lifetime order book as of H1 FY25 is approximately INR 4,750 crores. In Q2 FY25 alone, lifetime order wins were over INR 2,400 crores, with electric vehicle platforms constituting about 25% of these wins. Annual peak revenues from the order book are estimated by dividing the total order book by 4 or 5. Start of production typically begins 12 to 18 months after winning business, with peak value expected around 2.5 years from the order win. The order book segment mix aligns with current revenues: ~40% 2-wheeler and 3-wheeler, ~20% 4-wheeler, and the remainder in commerc

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Minda Corporation LtdQ3 FY24Auto Components

Minda Corporation Ltd Q3 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹675P/E: 43.3Market Cap: ₹12.6K CrSector: Auto Components

Management growth scorecard

Revenue

Category 4

Margin

Category 2

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 4

→The company is confident of achieving double-digit sales growth in the mid to long term, aiming beyond the current ~8% growth rate.
→Domestic revenue has grown ahead of the industry despite challenges in export and commercial vehicle segments.
→Order book indicates future peak revenues starting 18-24 months from order wins, with new business comprising about 60% of this.
→Expansion in new product lines like power tailgate, flush door handles, charging connectors, Sanco products, die casting for EVs, and electronics vertical indicates diversified growth avenues.
→Localization and backward integration efforts are expected to boost competitiveness and reduce import dependence.
→Export revenue growth target is mid to long term 10-15%, up from current ~7%.
→Commercial vehicle segment expected to improve with government infrastructure spend and policy support.
→New facilities planned, including sunroof and closure systems plant expected by Q1 FY26, supporting growth.

Margin guidance

Category 2

→Minda Corporation is focused on quality of earnings, aiming for economically more value-accretive growth.
→The company has consistently grown EBITDA both in absolute terms and margin percentage (around 11.4% in Q2), with a target to reach about 12% EBITDA margin.
→Management is confident about achieving double-digit sales growth.
→The focus is on sustainable and consistent EBITDA growth outpacing revenue growth.
→ROCE is a key financial metric, with targets around 20-25%, ensuring disciplined capital allocation without diluting returns.
→Margin improvement is driven by localization, cost optimization, and premiumization of products.
→Management expects the quality of product mix and sustained customers to drive better profitability.
→Expansion into new product lines and sectors (e.g., EV components, wiring harness, die casting) supports future earnings growth.
→Overall, the company projects strong, sustainable growth in profits and EPS aligned with an improving revenue base and operational leverage.

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Fundraise plans

- Minda Corporation currently maintains a net-zero debt position when considering the value of investments. - Over the next 2-3 years, the company plans to undertake capital expenditure (capex) of about INR 300-350 crores per annum. - This planned capex is expected to be largely funded through internal accruals and cash flow generation. - There is no mention of any immediate or planned fundraising through debt or equity in the earnings call transcript. - The company emphasizes maintaining strong financial metrics, including a focus on ROCE above 20%, indicating prudent capital allocation. - Any inorganic acquisitions or capital allocation will be done without diluting ROCE, underscoring financial discipline. In summary, Minda Corporation does not indicate any current or near-term plans for fundraising through debt or equity, relying mainly on internal accruals for funding growth.

Order book

→Minda Corporation's total lifetime order book as of H1 FY25 is approximately INR 4,750 crores.
→In Q2 FY25 alone, lifetime order wins were over INR 2,400 crores, with electric vehicle platforms constituting about 25% of these wins.
→Annual peak revenues from the order book are estimated by dividing the total order book by 4 or 5.
→Start of production typically begins 12 to 18 months after winning business, with peak value expected around 2.5 years from the order win.
→The order book segment mix aligns with current revenues: ~40% 2-wheeler and 3-wheeler, ~20% 4-wheeler, and the remainder in commercial vehicles and off-road.
→Some orders include segments like sunroof and closure systems, with a facility being set up for these products, expected for commissioning around Q1 FY26.
→Replacement business typically forms around 40% of the order book, with new business constituting 60%.

Capex plans

Yes

→Minda Corporation has acquired 24 acres of land in Uttar Pradesh for future expansion.
→They are investing in setting up new manufacturing facilities, including two new die-casting plants in West and North India for expanding into aluminium cast business and catering to EV and 4-wheeler segment demand.
→A new plant for Sunroof Closure Systems in Pune is on track for commissioning in Q1 FY26, with possible slight delay of one or two months.
→Ongoing investments are focused on building capabilities, competencies, and capacities across various segments to deliver on existing order wins.
→The company is investing strategically in localization and backward integration to reduce import costs and enhance competitiveness, especially in electronics, connectors, and components.
→Capex over the next 2-3 years is expected to be financed largely through internal accruals, maintaining a net-zero debt position when considering investments.
→They continue to explore inorganic partnerships as part of growth strategy, adhering to financial metrics like ROCE above 20%.

How does Minda Corporation Ltd rank vs peers in Auto Components?

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