Minda Corporation Limited (MINDACORP)
₹649.85 +1.71% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Minda's revenue was ₹1,401 Cr (+1.1% year on year, -17.8% on the previous quarter), and net profit ₹61.1 Cr (-6.4% year on year); the operating margin was 11.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,401 | +1.1% | -17.8% |
| Operating profit | ₹161 | +3.1% | -20.6% |
| Net profit | ₹61.1 | -6.4% | -50.7% |
| EPS (₹) | 2.56 | -7.9% | -50.9% |
| Operating margin | 11.5% | — | — |
MINDACORP delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 62.33% of the MINDACORP shares traded on NSE were taken to delivery, against the stock's own 20-session average of 52.92%. The price rose 1.71% on that unusually high delivery, the pattern the delivery dashboard labels accumulation.
Delivery in the last 5 sessions: 58.2% · 42.2% · 61.3% · 55.4% · 62.3%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Minda Corporation has executed a Share Subscription Agreement to acquire a 26% equity stake in Agganga Energy Private Limited for an investment of up to ₹112.20 lacs (₹1.12 crore). Agganga Energy operates in the renewable energy sector, focusing on solar photovoltaic power plant projects, and reported zero turnover and PAT of ₹0.03 lacs for FY26. The objective of this captive power acquisition is to lower power costs and transition towards green energy. The transaction is a cash consideration expected to complete in approximately 6 months.
- Acquisition of 26% equity stake in Agganga Energy Private Limited
- Total cash consideration of up to ₹112.20 lacs (₹1.12 crore)
- Target entity reported zero turnover and PAT of ₹0.03 lacs for FY26
- Transaction expected to be completed within approximately 6 months
Minda Corporation has executed a Share Subscription Agreement to acquire a 26% equity stake in Sunsure Solarpark Sixteen Private Limited. The acquisition involves an all-cash consideration of up to Rs 57.75 lakh, aimed at sourcing renewable solar/wind power to reduce operational energy costs. Target entity Sunsure Solarpark reported a turnover of Rs 963.75 lakh and a net loss of Rs 8.88 lakh for FY26. The investment is immaterial relative to Minda Corp's annual revenue of Rs 5,617 crore and market cap of Rs 15,515 crore.
- Acquiring 26% equity stake in Sunsure Solarpark Sixteen Private Limited
- Total cash consideration capped at up to Rs 57.75 lakh
- Target entity reported FY26 turnover of Rs 963.75 lakh and net loss of Rs 8.88 lakh
- Transaction expected to close within approximately 6 months
Minda Corporation Limited has infused Rs 18 crore into its subsidiary, Spark Minda-Toyodenso India Private Limited, by subscribing to 1.8 crore equity shares at Rs 10 each via a rights issue on October 05, 2026. The target company is a 60:40 joint venture with Toyo Denso Co., Japan, engaged in manufacturing advanced automotive switches. The transaction maintains Minda Corp's shareholding at 60%. The capital infusion supports operational and capex requirements, though the Rs 18 crore size is small relative to Minda Corp's annual net worth of Rs 2,224 crore (~0.8%).
- Acquired 1,80,00,000 equity shares of Spark Minda-Toyodenso at Rs 10 each, totaling Rs 18 crore in cash
- Shareholding in the subsidiary remains unchanged at 60%
- Capital deployed to support growing operational and capex needs for advanced automotive switches
- Target entity reported total income of Rs 83 lakhs for FY 2025-26 (incorporated August 21, 2025)
Minda Corporation's Board has approved raising up to ₹500 crore via Non-Convertible Debentures (NCDs) on a private placement basis, which represents ~33.7% of its existing debt of ₹1,484 crore. The Board also approved incorporating a wholly owned subsidiary in China with an investment of up to USD 1 million and cleared the divestment of its 29.5% associate stake in EVQ Point Solutions. In leadership updates, Geetika Mishra has been appointed Chief Procurement Officer and Meenal Bansal as Company Secretary & Compliance Officer. Additionally, a minor ₹2,000 fine paid to BSE for a one-day delay in filing shareholding pattern was noted.
- Approved raising up to ₹500 crore via private placement of 50,000 NCDs (face value ₹1,00,000 each)
- Proposed incorporation of a 100% subsidiary in China with an investment of up to USD 1 million
- Divestment approved for 29.5% stake in associate EVQ Point Solutions (FY26 share of profit was ₹3,95,197)
- Appointed Geetika Mishra as Chief Procurement Officer and Meenal Bansal as Company Secretary & Compliance Officer effective September 24, 2026
- Noted payment of ₹2,000 penalty to BSE for a 1-day delay in June 2026 shareholding pattern filing
Minda Corporation's Board has approved raising up to ₹500 crore via Non-Convertible Debentures (NCDs) on a private placement basis, which represents ~33.7% of its existing debt of ₹1,484 crore. The Board also approved incorporating a wholly owned subsidiary in China with an investment of up to USD 1 million and cleared the divestment of its 29.5% associate stake in EVQ Point Solutions. In leadership updates, Geetika Mishra has been appointed Chief Procurement Officer and Meenal Bansal as Company Secretary & Compliance Officer. Additionally, a minor ₹2,000 fine paid to BSE for a one-day delay in filing shareholding pattern was noted.
- Approved raising up to ₹500 crore via private placement of 50,000 NCDs (face value ₹1,00,000 each)
- Proposed incorporation of a 100% subsidiary in China with an investment of up to USD 1 million
- Divestment approved for 29.5% stake in associate EVQ Point Solutions (FY26 share of profit was ₹3,95,197)
- Appointed Geetika Mishra as Chief Procurement Officer and Meenal Bansal as Company Secretary & Compliance Officer effective September 24, 2026
- Noted payment of ₹2,000 penalty to BSE for a 1-day delay in June 2026 shareholding pattern filing
Minda Corporation's Board has approved raising up to ₹500 crore via Non-Convertible Debentures (NCDs) on a private placement basis, which represents ~33.7% of its existing debt of ₹1,484 crore. The Board also approved incorporating a wholly owned subsidiary in China with an investment of up to USD 1 million and cleared the divestment of its 29.5% associate stake in EVQ Point Solutions. In leadership updates, Geetika Mishra has been appointed Chief Procurement Officer and Meenal Bansal as Company Secretary & Compliance Officer. Additionally, a minor ₹2,000 fine paid to BSE for a one-day delay in filing shareholding pattern was noted.
- Approved raising up to ₹500 crore via private placement of 50,000 NCDs (face value ₹1,00,000 each)
- Proposed incorporation of a 100% subsidiary in China with an investment of up to USD 1 million
- Divestment approved for 29.5% stake in associate EVQ Point Solutions (FY26 share of profit was ₹3,95,197)
- Appointed Geetika Mishra as Chief Procurement Officer and Meenal Bansal as Company Secretary & Compliance Officer effective September 24, 2026
- Noted payment of ₹2,000 penalty to BSE for a 1-day delay in June 2026 shareholding pattern filing
Minda Corporation's Board approved raising up to ₹500 crore via private placement of Non-Convertible Debentures (NCDs), representing ~33.7% of existing debt (₹1,484 crore). The Board also approved incorporating a wholly owned subsidiary in China with an investment of up to USD 1 million to explore automotive business opportunities and partnerships. Additionally, the company will divest its 29.5% stake in step-down associate EVQ Point Solutions Private Limited, with consideration to be disclosed later. Key managerial appointments were also confirmed, including a new Company Secretary & Compliance Officer and a Chief Procurement Officer.
- Board approved issuance of 50,000 NCDs of face value ₹1,00,000 each aggregating up to ₹500 crore
- Proposed incorporation of a 100% Wholly Owned Subsidiary in China with an investment of up to USD 1 million
- Approval to divest 29.5% stake in step-down associate EVQ Point Solutions Pvt Ltd (contributed ₹3,95,197 to FY26 profits)
- Payment of ₹2,000 penalty to BSE for a one-day procedural delay in filing the Q1 FY27 shareholding pattern
Minda Corporation's Board approved raising up to ₹500 crore via private placement of Non-Convertible Debentures (NCDs), representing ~33.7% of existing debt (₹1,484 crore). The Board also approved incorporating a wholly owned subsidiary in China with an investment of up to USD 1 million to explore automotive business opportunities and partnerships. Additionally, the company will divest its 29.5% stake in step-down associate EVQ Point Solutions Private Limited, with consideration to be disclosed later. Key managerial appointments were also confirmed, including a new Company Secretary & Compliance Officer and a Chief Procurement Officer.
- Board approved issuance of 50,000 NCDs of face value ₹1,00,000 each aggregating up to ₹500 crore
- Proposed incorporation of a 100% Wholly Owned Subsidiary in China with an investment of up to USD 1 million
- Approval to divest 29.5% stake in step-down associate EVQ Point Solutions Pvt Ltd (contributed ₹3,95,197 to FY26 profits)
- Payment of ₹2,000 penalty to BSE for a one-day procedural delay in filing the Q1 FY27 shareholding pattern
Minda Corporation Limited informed the stock exchanges that Niche Ninety Nine Capability and Certifications (OPC) Private Limited assigned an ESG rating of 66 to the company. The rating was communicated via email on September 15, 2026. Minda Corp clarified that it did not engage Niche for this rating, which was conducted independently based on publicly available domain data. This unsolicited update has no operational or financial impact on the company's performance.
- Assigned an ESG rating of 66 by Niche Ninety Nine Capability and Certifications (OPC) Private Limited
- Company received the rating communication on September 15, 2026
- Management clarified that the rating was entirely unsolicited and not commissioned by Minda Corp
Minda Corporation Limited has informed the exchanges regarding its scheduled participation in the Elara Conference, themed 'ASHWAMEDH - ELARA INDIA DIALOGUE 2026', on September 3, 2026, in Mumbai. The interaction will be an in-person event involving both one-on-one and group meetings with institutional investors. The company confirmed that no unpublished price sensitive information (UPSI) will be shared during these sessions.
- Participation scheduled for Elara Conference on September 3, 2026, in Mumbai
- Format includes both one-to-one and group meetings in person
- Company confirmed no unpublished price sensitive information (UPSI) will be shared
Minda Corporation Limited announced the scrutinizer report and voting results for its 41st Annual General Meeting held on August 21, 2026. All five ordinary resolutions were approved by shareholders with overwhelming majorities. Key approvals included the adoption of FY26 audited financial statements (100% assent), confirmation of interim dividend and declaration of final dividend (100% assent), and the re-appointment of Director Ashok Minda (98.52% assent). Additionally, M/s S.R. Batliboi & Co. LLP was re-appointed as statutory auditors until the conclusion of the 46th AGM with 99.9976% votes in favour.
- Adoption of FY26 financial statements approved with 100.0000% assent (21,41,73,194 votes in favour)
- Payment of interim dividend and final dividend approved with 100.0000% assent (21,41,76,904 votes)
- Re-appointment of Mr. Ashok Minda as Director approved with 98.5178% assent (21,10,02,425 votes in favour)
- Re-appointment of Statutory Auditors S.R. Batliboi & Co. LLP from 41st to 46th AGM approved with 99.9976% assent
Minda Corporation Limited announced the resignation of Mr. Pardeep Mann from the position of Company Secretary and Compliance Officer (Key Managerial Personnel) due to personal reasons. His resignation has been accepted and is effective from the close of business hours on August 21, 2026. The company, which reported TTM revenue of ₹5,617 crore and a market cap of ₹17,365 crore, will need to appoint a successor to manage secretarial and statutory compliances.
- Mr. Pardeep Mann resigned as Company Secretary & Compliance Officer (KMP) on August 21, 2026
- Cessation is effective from the close of business hours on August 21, 2026
- Reason cited for the resignation is personal reasons
- Company to announce a new CS and Compliance Officer in due course
Minda Corporation Limited conducted its 41st Annual General Meeting on August 21, 2026, where shareholders considered the adoption of FY26 financial statements, re-appointment of directors/auditors, and a final dividend of ₹0.80 per share (40% face value). In the accompanying AGM presentation, management reiterated FY26 consolidated revenue of ₹6,185 crore (up 22.3% YoY) and EBITDA of ₹721 crore (11.7% margin). The company highlighted securing lifetime orders worth over ₹10,000 crore during FY26 across its 42 manufacturing plants globally. Voting results along with the Scrutinizer's Report will be submitted separately.
- Secured lifetime orders worth more than ₹10,000 crore during FY26
- Consolidated revenue stood at ₹6,185 crore for FY26, up 22.3% YoY
- Generated highest-ever EBITDA of ₹721 crore with an EBITDA margin of 11.7%
- Recommended final dividend of ₹0.80 per equity share (40% on face value)
- Total of 357 members attended the AGM via Video Conferencing
Minda Corporation released the transcript of its Q1 FY27 earnings conference call, highlighting a record quarterly consolidated revenue of ₹1,846 crore (up 33.2% YoY) and EBITDA of ₹212 crore (up 35.4% YoY with an 11.5% margin). Profit after tax stood at ₹206 crore, reflecting a 216% YoY growth. Associate company Flash Electronics contributed ₹533 crore in revenue with a 15.4% EBITDA margin and 90% YoY growth in its EV business. Management also highlighted a lifetime order book exceeding ₹1,000 crore for its switches business, with SOP starting in FY28.
- Q1 FY27 revenue reached a record ₹1,846 crore (+33.2% YoY), with EBITDA of ₹212 crore (11.5% margin) and PAT of ₹206 crore (+216% YoY)
- Lifetime order book for the switches business exceeds ₹1,000 crore, with FY28 expected revenue of ~₹150 crore and peak in FY29
- Invested ₹63 crore across group ventures including Spark Minda Green Mobility Solutions, Sunroofs JV (HCMF), and Toyo Denso
- Flash Electronics recorded Q1 revenue of ₹533 crore with EBITDA of ₹82 crore (15.4% margin) and 90% YoY growth in EV revenue
Minda Corporation's wholly owned subsidiary, Minda Instruments Limited, has received Government of India approval under the Electronics Components Manufacturing Scheme (ECMS) to manufacture Display Module Sub-Assemblies. The company will set up a greenfield facility for TFT display module assembly, enabling in-house production of previously imported dashboard display components. Minda is one of only two companies nationwide approved for this component, which was cleared in an ECMS tranche totaling ₹7,877 crore across 31 proposals.
- Government clearance received under ECMS to manufacture Display Module Sub-Assemblies via a greenfield facility
- Minda Instruments is one of only 2 companies approved nationwide for this component category
- Part of a fresh 31-proposal tranche approved on August 17, 2026, totaling ₹7,877 crore in projected sector investment
- Aims to replace imported TFT display modules with domestic production for automotive instrument clusters
Financial Performance
Revenue Growth by Segment
In Q2 FY26, the Information and Connected Systems segment (including wiring harness and instrument clusters) grew by 26% YoY, while the Mechatronics and Aftermarket segment grew by 12% YoY despite export headwinds. Total consolidated revenue for Q2 FY26 reached INR 1,535 Cr, a 19% increase from INR 1,290 Cr in Q2 FY25.
Geographic Revenue Split
The company derives approximately 85-87% of its revenue from the Indian domestic market. The remaining 13-15% is sourced from international exports to regions including South-East Asia (ASEAN), Europe, and North America.
Profitability Margins
Gross Profit Margin for FY25 stood at 37.8%, up from 37.1% in FY24. PAT Margin for Q2 FY26 was 5.5%, a slight decline of 25 bps from 5.8% in Q2 FY25, primarily due to higher finance costs which rose to INR 31 Cr from INR 11 Cr YoY.
EBITDA Margin
EBITDA margin for Q2 FY26 improved to 11.6% (INR 178 Cr) from 11.4% (INR 147 Cr) in Q2 FY25, a 22 bps expansion. The company has set a long-term target under Vision 2030 to achieve EBITDA margins of 12.5% or greater across all business verticals.
Capital Expenditure
The company invested INR 220 Cr in H1 FY26. It has a massive planned capital expenditure of INR 2,000 Cr over the next 4.5 to 5 years to support its Vision 2030 growth pillars, including new product launches like sunroofs and high-voltage EV components.
Credit Rating & Borrowing
The company holds a 'CRISIL AA-/Positive' rating (revised from Stable) and an 'India Ratings AA/Stable' rating. Net debt stands at INR 1,165 Cr with a net debt-to-equity ratio of 0.5. Interest coverage remains strong at over 8 times for FY25.
Operational Drivers
Raw Materials
Specific raw material names and their individual percentage of total cost are not disclosed in the available documents; however, raw material costs totaled INR 956 Cr in Q2 FY26, representing approximately 62.3% of revenue.
Capacity Expansion
The company operates 32 manufacturing plants as of FY25. Planned expansion includes setting up new plants to support a 20-25% YoY growth target and specific new product lines like sunroofs (SOP Q1 FY27) and switches via the Toyodenso JV (SOP Q4 FY27).
Raw Material Costs
Raw material costs for H1 FY26 were INR 1,818 Cr compared to INR 1,559 Cr in H1 FY25, an increase of 16.6%. The company remains vulnerable to volatility in raw material prices and pricing pressure from OEMs, which can squeeze operating margins.
Manufacturing Efficiency
Operational excellence and a favorable product mix contributed to a 14% YoY growth in the Mechatronics division's performance. The company utilizes 32 plants and a workforce of over 18,000 to maintain scale.
Strategic Growth
Expected Growth Rate
20-25%
Growth Strategy
Growth will be driven by five pillars: investment in existing businesses, export focus, premiumization (e.g., TFT clusters, smart keys), new product launches (sunroofs, high-voltage EV wiring), and deep R&D investment. The Flash Electronics collaboration specifically targets the high-growth EV power electronics and traction motor segments.
Products & Services
Key products include wiring harnesses, locksets, door handles, instrumentation clusters, sensors, die casting components, smart key systems, and EV components like traction motors and controllers.
Brand Portfolio
Spark Minda
New Products/Services
New launches include Sunroofs (SOP Q1 FY27), high-voltage EV wiring harnesses, and advanced switches through the Toyodenso JV (SOP Q4 FY27).
Market Expansion
The company is expanding its presence in the EV market and premium segments. It is also focusing on increasing its export footprint beyond the current 13-15% contribution.
Market Share & Ranking
The company is a market leader in India for two-wheeler security systems (lock and key sets) and a leading player in the wiring harness segment for 2W, 3W, and commercial vehicles.
Strategic Alliances
Key alliances include the Toyodenso JV for switches and a strategic collaboration with Flash Electronics for EV components (reported Q2 FY26 revenue of INR 446 Cr with 16.1% EBITDA margin).
External Factors
Industry Trends
The industry is shifting toward Electric Vehicles (EV penetration reached 7.8% in FY2025) and premiumization. Minda is positioning itself by launching TFT clusters and EV-specific power electronics to capture this shift.
Competitive Landscape
The company competes in the auto-component space against both domestic and global players, maintaining its edge through technological innovation and 9 engineering centers.
Competitive Moat
The moat is built on 315 patent filings (143 granted), 60+ years of promoter experience, and long-standing relationships with major OEMs. These are sustainable due to high switching costs in the wiring harness and security system segments.
Macro Economic Sensitivity
The company is highly sensitive to Indian rural demand, which drives the 2-wheeler segment, and macro-economic factors like GST rate reductions that enhance vehicle affordability.
Consumer Behavior
Rising consumer expectations for connected and secure vehicle access are driving demand for Minda's smart key systems and premium mechatronic products.
Geopolitical Risks
Trade barriers or economic slowdowns in Europe and ASEAN markets pose risks to the export business, which saw a setback in Q2 FY26.
Regulatory & Governance
Industry Regulations
The company must comply with evolving automotive safety and emission standards. Recent GST rate reductions in the auto sector have positively impacted demand by improving affordability.
Taxation Policy Impact
The effective tax rate for H1 FY26 was approximately 26.8% (INR 44 Cr tax on INR 164 Cr PBT).
Legal Contingencies
The company is in the process of transferring unclaimed dividends and related equity shares from FY 2018-19 to the Investor Education and Protection Fund (IEPF) if not encashed by March 8, 2026.
Risk Analysis
Key Uncertainties
Key risks include the volatility of raw material prices and the pace of EV adoption, which could disrupt traditional mechatronics product lines if the company does not transition fast enough.
Geographic Concentration Risk
High geographic concentration in India (85-87% of revenue), making the company vulnerable to domestic economic cycles.
Third Party Dependencies
Dependency on top 3 customers for 30-35% of revenue creates a risk if any major OEM shifts its sourcing strategy.
Technology Obsolescence Risk
The shift from mechanical locks to smart keys and from internal combustion engines to EVs presents a technology risk, which the company is mitigating through its 4% R&D investment.
Credit & Counterparty Risk
Receivables quality is generally high as the primary customers are major established OEMs, though specific credit exposure figures were not disclosed.
