Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,299.70 last close on 23 Oct 2026 −1.16%
Research updated
Minda Corporation Ltd.
NSE: MINDACORPConsumer CyclicalAuto Parts
- Last close
- ₹600.65
- Day change
- −₹12.30 (−2.01%)vs
- Market cap
- ₹15,467 crIndian rupees
- Research updated
- 1 report
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About Minda Corporation
Minda Corporation Ltd. is a prominent player in the automotive industry, providing a diverse range of components and solutions. This company is an integral part of the Spark Minda Group, which is renowned for its extensive expertise in automotive parts manufacturing. Primarily, Minda Corporation focuses on designing and producing auto parts such as electronic and mechanical security systems, driver information and telematics systems, interior systems, and die-casting parts. These products are crucial for enhancing vehicle functionality and safety. The company caters to a broad spectrum of automotive markets, including two-wheelers, three-wheelers, passenger vehicles, commercial vehicles, and after-market automotive industries. Minda Corporation holds a significant position in the market due to its commitment to innovation and quality, which is underscored by its robust research and development initiatives. In the financial markets, Minda Corporation Ltd. is vital due to its role in supporting the global automotive supply chain. Its strong focus on quality assurance and customer satisfaction, alongside its growing network of domestic and international clients, solidifies its reputation as a reliable partner to leading automotive companies worldwide.
- Sector
- Consumer Cyclical
- Industry
- Auto Parts
- Listing
- NSE: MINDACORP
- Chief executive
- Mr. Ashok Minda
- Employees
- 3,405
- Headquarters
- Noida, India
- ISIN
- INE842C01021
- Website
- sparkminda.com
Public research · Report of
Business model & financial foundation
Minda Corp (NSE: MINDACORP), Auto components: vehicle access, die-casting, wiring harness, clusters, sensors, EV electronics: revenue of ₹6,185 crore in FY26 (+22.3% on FY25), an EBITDA margin of 11.7%, net profit of ₹360.3 crore and net debt of ₹1,065 crore.
- Revenue, FY26 (₹ crore)
- 6,185
- consolidated
- Revenue growth, FY26
- +22.3%
- on FY25
- EBITDA margin, FY26
- 11.7%
- EBITDA excluding other income / revenue
- Net profit, FY26 (₹ crore)
- 360.3
- to owners
- Return on equity, FY26
- 14.8%
- on average equity
- Net debt, FY26 (₹ crore)
- 1,065
- Liquidity-adjusted net debt excluding leases
- Market capitalisation (₹ crore)
- 15,806
- at the close of 14 Oct 2026
Company profile
Minda Corporation is the flagship of the Spark Minda group, supplying OEMs across two-wheelers, passenger vehicles, commercial and off-road vehicles. Management groups it into Mechatronics & Aftermarket (vehicle access systems, die-casting, aftermarket) and Information & Connected Systems (wiring harness, instrument clusters, sensors, telematics). FY26 consolidated revenue was INR 6,185 crore, and it holds a 49% stake in Flash Electronics (2W starter motors/EV motors).
| Item | Value |
|---|---|
| Legal name | Minda Corporation Limited |
| Exchange and ticker | NSE: MINDACORP; BSE: 538962 |
| ISIN | INE842C01021 |
| CIN | L74899DL1985PLC020401 |
| Sector | Automobile and Auto Components |
| Industry | Auto components: vehicle access, die-casting, wiring harness, clusters, sensors, EV electronics |
| Headquarters | Noida, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S.R. Batliboi & Co. LLP |
| Market capitalisation | ₹15,806 crore (14 Oct 2026) |
| Shares outstanding | 23.91 crore shares (FY26) |
| Price | ₹651.2 (close, 14 Oct 2026) |
| 52-week range | ₹468.5 - ₹769.0 (to 14 Oct 2026) |
| Website | https://www.sparkminda.com |
Corporate structure and shareholding
Parent: Promoter group led by Ashok Minda (Minda Capital); promoter holding 64.84% at 30 Jun 2026.
| Entity | Holding | Business |
|---|---|---|
| Minda Instruments Ltd | 100% | Instrument clusters, sensors, displays |
| Spark Minda Green Mobility Systems Pvt Ltd | 100% | EV components and chargers |
| PT Minda Automotive Indonesia / Minda Vietnam | 100% | Overseas manufacturing of locks and access products |
| Spark Minda Toyodenso India Pvt Ltd | 60% | Switches JV with Toyo Denso (SOP targeted FY28) |
| Minda VAST Access Systems Pvt Ltd | 50% | PV vehicle access systems; consolidated as subsidiary from 1 Apr 2026 via amended shareholder agreement |
| Flash Electronics India Pvt Ltd | 49% | Associate: 2W starter motors, alternators, EV motors and controllers |
| Minda Infac / Minda-HCMF / Furukawa Minda | n.d. | JVs/associates: auto parts, sunroofs (HCMF 50%), wiring harness components (Furukawa 17.54%) |
Holdings per FY26 annual report; Minda Infac 51% joint control, Minda-HCMF 50%, EVQ Point 29.5%.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 64.84% | 64.84% | 64.84% | 64.84% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 8.73% | 9.09% | 8.80% | 9.30% |
| Domestic institutions | 18.52% | 18.43% | 18.83% | 17.87% |
| of which mutual funds | 14.58% | 14.56% | 15.15% | 14.74% |
| Retail | 4.47% | 4.25% | 4.14% | 4.44% |
| Other | 3.44% | 3.39% | 3.39% | 3.55% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Minda Corporation (Spark Minda; NSE: MINDACORP) is a tier-1 auto-component maker selling mostly to Indian OEMs across two-wheelers/three-wheelers (46% of Q1FY27 revenue), commercial vehicles (27%), passenger vehicles (19%) and aftermarket (8%). It reports one statutory segment but manages two verticals: Mechatronics & Aftermarket (vehicle access/locks, die-casting, aftermarket; 2,843 cr FY26) and Information & Connected Systems (wiring harness, instrument clusters, sensors, telematics; 3,342 cr FY26). VAST (50% JV, vehicle access for PVs) was consolidated from 1 Apr 2026; Flash Electronics (49%, EV electronics, bought for 1,396 cr in Jan 2025) is equity-accounted. It controls design and content per vehicle; it does not control OEM volumes or commodity prices (aluminium, copper), which pass through with a 1-2 quarter lag.
| Segment | revenue, FY26 (₹ crore) | Share |
|---|---|---|
| Mechatronics, Aftermarket and Others (management vertical) | 2,843 | 46.0% |
| Information & Connected Systems (management vertical) | 3,342 | 54.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Uno Minda (UNOMINDA) | Closest Indian multi-product auto electricals/switches/lighting supplier with 2W and PV OEM exposure |
| Sona BLW Precision Forgings (SONACOMS) | EV-exposed drivetrain/motor supplier; competes for traction-motor and electronics content |
| Varroc Engineering (VARROC) | 2W-heavy electrical/electronics and lighting supplier, similar customer base |
| Endurance Technologies (ENDURANCE) | 2W-centric die-casting and components supplier; aluminium die-casting overlap |
| Samvardhana Motherson International (MOTHERSON) | Wiring harness leader in India; benchmark for harness economics |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 2,927 | 4,228 | 4,651 | 5,056 | 6,185 |
| Cost of revenue (vendor classification) * | 1,962 | 2,879 | 3,048 | 3,276 | 4,058 |
| Other operating costs (vendor classification) * | 239.2 | 320.8 | 351.7 | 414.9 | 466.7 |
| EBITDA (vendor classification) * | 317.0 | 474.4 | 529.9 | 580.8 | 725.1 |
| Operating EBIT excluding other income | 236.7 | 335.7 | 348.6 | 370.4 | 491.6 |
| Finance costs | 28.2 | 37.2 | 55.9 | 67.2 | 121.9 |
| PBT before net-of-tax associate/JV share | 208.5 | 298.5 | 308.4 | 335.6 | 383.5 |
| Total tax expense | 24.0 | 4.10 | 83.2 | 96.4 | 106.3 |
| PAT before share of associates and joint ventures | 191.9 | 284.5 | 225.2 | 239.2 | 277.2 |
| Diluted EPS (₹) | 8.01 | 11.89 | 9.49 | 10.68 | 15.07 |
| Materials, traded purchases and inventory change | 2,924 | 3,147 | 3,900 | ||
| Employee benefits expense | 728.5 | 782.5 | 933.5 | ||
| Other expenses | 484.4 | 552.5 | 631.2 | ||
| EBITDA excluding other income | 514.4 | 574.7 | 721.1 | ||
| Other income | 15.7 | 32.4 | 15.2 | ||
| Depreciation and amortization | 165.8 | 204.3 | 229.5 | ||
| Exceptional items, signed gain/(loss) | 0.00 | 0.00 | -1.40 | ||
| Profit/(loss) attributable to non-controlling interests | 0.00 | 0.00 | -2.00 | ||
| Share of associates/JV profit net of taxes | 2.00 | 16.2 | 81.1 | ||
| Profit attributable to owners of parent | 227.2 | 255.4 | 360.3 | ||
| Cost of materials consumed | 2,786 | 3,056 | 3,801 | ||
| Purchases of stock-in-trade | 108.5 | 95.0 | 147.5 | ||
| Signed change in FG/WIP/traded goods inventories | 29.6 | -4.30 | -48.5 | ||
| Total consolidated PAT incl associates/JVs and NCI | 227.2 | 255.4 | 358.3 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total consolidated equity including NCI | 1,330 | 1,591 | 1,981 | 2,202 | 2,659 |
| Borrowings excluding leases | 506.0 | 713.1 | 348.2 | 1,345 | 1,212 |
| Cash and cash equivalents | 70.8 | 107.9 | 152.1 | 75.9 | 102.8 |
| Net trade receivables | 568.8 | 640.9 | 804.4 | 827.5 | 995.0 |
| Inventories | 478.9 | 573.3 | 527.0 | 580.8 | 709.9 |
| Trade payables including MSME | 567.5 | 725.6 | 663.6 | 829.0 | 1,144 |
| Net PPE including right-of-use assets | 720.4 | 864.5 | 1,050 | 1,347 | 1,447 |
| Capital work-in-progress excluding advances | 32.5 | 85.2 | 57.6 | 64.8 | 129.1 |
| Total assets | 2,572 | 3,224 | 3,439 | 4,883 | 5,495 |
| Liquidity-adjusted net debt excluding leases | -134.6 | 1,248 | 1,065 | ||
| Total investments current and noncurrent | 347.7 | 1,476 | 1,558 | ||
| Deposits over3 and below12 months | 39.9 | 20.8 | 44.3 | ||
| Current liquid mutual funds | 290.8 | 0.00 | 0.00 | ||
| Current plus noncurrent lease liabilities | 187.0 | 264.8 | 259.3 | ||
| Equity attributable to owners | 1,981 | 2,202 | 2,644 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operations after tax | 135.8 | 112.0 | 286.8 | 544.4 | 675.6 |
| Free cash flow (vendor definition) * | 58.3 | 136.7 | 34.8 | 194.3 | 281.4 |
| Cash dividends paid, positive outflow | -15.3 | -26.3 | 30.5 | 33.0 | 35.5 |
| Cash purchase of PPE, intangibles and CWIP, positive outflow | -107.7 | -248.8 | 252.0 | 350.1 | 394.2 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued year-end shares, equal to diluted EPS denominator | 23.52 | 23.51 | 23.91 | 23.91 | 23.91 |
| Basic weighted-average excluding treasury (crore shares) | 23.53 | 23.53 | 23.54 | ||
| Reported diluted weighted-average shares | 23.91 | 23.91 | 23.91 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,290 | 1,253 | 1,321 | 1,386 | 1,535 | 1,560 | 1,704 | 1,846 |
| Cost of revenue (vendor classification) * | 812.2 | 771.4 | 815.7 | 862.1 | 980.2 | 1,101 | 1,180 | |
| Other operating costs (vendor classification) * | 138.5 | 137.7 | 150.6 | 140.7 | 155.1 | 168.7 | 175.7 | |
| EBITDA (vendor classification) * | 158.2 | 152.7 | 156.2 | 159.6 | 186.9 | 209.0 | 213.3 | |
| EBIT * | 107.0 | 102.3 | 99.4 | 103.5 | 125.1 | 153.0 | 268.4 | |
| Finance costs | 11.1 | 11.9 | 34.5 | 32.8 | 31.0 | 28.6 | 29.5 | 31.5 |
| PBT after exceptional items, before associates/JVs | 95.9 | 90.4 | 64.9 | 70.7 | 92.8 | 96.5 | 123.4 | 237.0 |
| Tax expense including current, deferred and prior-year adjustments | 25.2 | 26.0 | 23.2 | 18.6 | 25.3 | 31.6 | 30.9 | 48.6 |
| PAT before share of associates and joint ventures | 70.8 | 64.4 | 41.7 | 52.2 | 67.5 | 64.9 | 92.5 | 188.4 |
| Reported diluted EPS, INR per share, not annualised | 3.11 | 2.71 | 2.18 | 2.73 | 3.54 | 3.58 | 5.21 | 8.62 |
| Materials, traded purchases and inventory change | 812.2 | 771.4 | 815.7 | 862.1 | 955.9 | 980.2 | 1,101 | 1,180 |
| Employee benefits expense | 192.7 | 199.9 | 202.1 | 226.8 | 234.8 | 241.6 | 230.4 | 278.6 |
| Other operating expenses | 138.5 | 137.7 | 150.6 | 140.7 | 166.7 | 155.1 | 168.7 | 175.7 |
| EBITDA excluding other income and exceptional items | 146.6 | 143.6 | 152.9 | 156.3 | 177.9 | 183.5 | 203.4 | 211.6 |
| Other income | 11.7 | 9.09 | 3.33 | 3.29 | 2.95 | 3.37 | 5.62 | 1.62 |
| Depreciation and amortisation expense | 51.2 | 50.4 | 56.8 | 56.1 | 57.1 | 57.7 | 58.7 | 68.8 |
| Exceptional items: signed gain positive, charge negative | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -4.10 | 2.68 | 124.0 |
| Share of associates/JVs profit or loss, net of tax, signed | 3.57 | 0.44 | 10.3 | 13.1 | 17.1 | 19.3 | 31.5 | 17.9 |
| Non-controlling share of PAT, signed profit positive | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -1.43 | -0.61 | 0.22 |
| Total consolidated PAT including associates before NCI | 74.3 | 64.8 | 52.0 | 65.3 | 84.6 | 84.3 | 124.0 | 206.3 |
| PAT attributable to owners of parent | 74.3 | 64.8 | 52.0 | 65.3 | 84.6 | 85.7 | 124.6 | 206.0 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 27.2% | 44.5% | 10.0% | 8.7% | 22.3% |
| EBITDA margin | 11.1% | 11.4% | 11.7% | ||
| Net margin | 4.9% | 5.1% | 5.8% | ||
| Return on equity | 12.7% | 12.2% | 14.8% | ||
| Return on capital employed | 13.5% | 16.2% | 15.0% | 12.6% | 13.3% |
| Return on assets | 6.8% | 6.1% | 6.9% | ||
| Net debt (₹ crore) | -134.6 | 1,248 | 1,065 | ||
| Net debt / EBITDA | -0.26x | 2.17x | 1.48x | ||
| Interest cover | 8.39x | 9.02x | 6.24x | 5.51x | 4.03x |
| Asset turnover | 1.19x | 1.46x | 1.40x | 1.22x | 1.19x |
| Receivable days | 71 | 55 | 63 | 60 | 59 |
| Inventory days (on revenue) | 60 | 49 | 41 | 42 | 42 |
| Payable days (on revenue) | 71 | 63 | 52 | 60 | 67 |
| Cash conversion | 1.26x | 2.13x | 1.88x | ||
| Capex intensity | 3.7% | 5.9% | 5.4% | 6.9% | 6.4% |
| Free cash flow (₹ crore) | 28.1 | -136.8 | 34.8 | 194.3 | 281.4 |
| Dividend payout | 13.4% | 12.9% | 9.9% | ||
| EPS, diluted (₹) | 8.01 | 11.89 | 9.49 | 10.68 | 15.07 |
| Book value per share (₹) | 56.55 | 67.68 | 82.84 | 92.11 | 111.2 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Liquidity-adjusted net debt excluding leases; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA excluding other income.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Minda Corporation includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Minda Corporation
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 14 Oct 2026; page updated 25 Oct 2026.
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