Announcement
Announcement under Regulation 30 (LODR)-Allotment 5 Oct
Source: Bse
Minda Corporation Limited (MINDACORP)
Large CapAuto stocks · Large cap · NSE
A significant player in the global automotive industry for over six decades. Offers complete automotive system solutions across Electrical Distribution, EV Systems & Electronics, Light Weighting & Plastics, Driver Information, Vehicle Access, and Powertrain Solutions. Operates 42 manufacturing plants globally with 1,000+ engineering headcount.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result13 Aug, 01:31 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Auto P/E 25.7 (n=127)
Technical timing lens
Trend score and candlestick chart
45NeutralSMA20 -5.8% / mo · MACD −
Stock trend: 43
Sector RS: 49
Sector 3M: -6.3% vs Nifty 500 -5.6%
Auto FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
MINDACORPD candles · FIT view+20.1%Latest close ₹633.70 on 2026-10-19
Bar
-1.8%
RSI
38
MACD hist
-0.68
52W pos
55%
2026-10-19O ₹645.25H ₹648.05L ₹630.20C ₹633.70Vol 1.3L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
MINDACORPNifty AutoNifty 500
- MINDACORP
- -6.3%
- Nifty 500
- -5.6%
- Nifty Auto
- -5.4%
- Vs Nifty 500
- -0.7 pp
Chart stats
19 Oct 2026- From 52W high
- -17.6%
- 52W range position
- 55%
- ATR (14)
- 3.1%
- Volume vs 20D
- 0.64x
- Avg traded value
- ₹14 Cr
- 20D price channel
- ₹629 - ₹698.2
₹769
₹468.5 - ₹769
₹19.6
Latest completed session
20-session average
30.5% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST44
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent77
Revenue +33.2% · PAT +216.9% YoY
Technical
Neutral45
Price trend and sector-relative-strength timing.
Valuation
Legacy model+21.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence79
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 77/100Rev +33% YoY · PAT +217% YoY · +8% QoQ · operating leverage · margin compression
Filed 13 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,846 Cr | +33.2% | +8.3% |
| EBITDA | ₹212 Cr | +35.9% | +4.4% |
| Operating margin | 11.0% | +0 bps | -100 bps |
| PAT | ₹206 Cr | +216.9% | +66.1% |
| PAT margin | 11.2% | +647 bps | +388 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 39.20
- P/B
- 6.00
- EV/EBITDA
- 16.97
- Market Cap
- 15799.00Cr
Profitability
- ROE
- 14.70%
- ROCE
- 12.70%
- ROA
- 9.09%
- Dividend Y
- 0.21%
Growth (CAGR)
- Revenue 5Y
- 21.00%
- EPS 5Y
- 31.00%
- Revenue 3Y
- 13.00%
- EPS 3Y
- 8.00%
Balance Sheet
- Debt/Equity
- 0.56
- Interest Coverage
- 6.41×
- Altman Z
- 5.84
- Book Value
- 110.00
Cash Flow
- FCF Yield
- 1.87%
- FCF Positive Y
- 6/5
- OCF
- 676.00 Cr
- EPS TTM
- 20.95
Shareholding
- Promoter Hold
- 64.84%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 64%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 1,846+8.3% vs prev
Net Profit
₹ CrLatest: 206+66.1% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 38.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~6.1% over last month) — short-term momentum negative.
- RSI(14) at 38 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 18% off 52W high · 35% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
78
RS percentile
Stage 1 Base / Transition
1M return
-8.4%
3M return
-6.3%
6M return
+17.0%
1Y return
+11.8%
RS 1D
-2
RS 20D
+4
Sector rank
#10
Industry rank
#14
Stage evidence
- Price is within 0.4% of the 30-week proxy.
- The 30-week proxy changed +2.9% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price above
Sector
neutral
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 114.3-1.47%
RS vs Nifty 500114
Valuation & peers
U-Score 44 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 44 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation4/30
Growth15/25
Quality7/20
Balance Sheet8/15
Cash Flow5/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
44
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
44/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 21.5%.
- Growth contributes 15/25 to the score.
Main drags
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Quality is weaker at 7/20; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
39.2
PB
6.0
EV/EBITDA
17.0
ROE
14.7%
ROCE
12.7%
FCF Yield
1.9%
Debt/Equity
0.6
MoS
+21.5%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
44
Previous: 44
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+21.5%
Previous: +21.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
44
44
44
44
44
44
44
44
44
44
44
44
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹227.71
-178.3% MoS
Growth-justified P/E
38.5
Growth-justified Value
₹807.62
+21.5% MoS
PEG
1.80
Comparable companies
Peers
Business-comparable peers in Auto — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
RKFORGE
Large
Ramkrishna Forgings Limited
Auto Components
match 141
29
112.0
2.5%
-202%
OVERVALUED
CEATLTD
Large
CEAT Limited
Auto Components
match 138
48
23.3
16.1%
+17%
FAIR VALUE
JKTYRE
Large
JK Tyre & Industries Limited
Auto Components
match 137
77
13.5
16.0%
+63%
DEEP VALUE
HAPPYFORGE
Small
Happy Forgings Limited
Auto Components
match 136
43
58.0
15.0%
-40%
WATCHLIST
APOLLOTYRE
Large
Apollo Tyres Limited
Auto Components
match 135
67
12.4
13.1%
+60%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-13T08:15:06.739Z
Management commentary snapshot
Minda Corp reported highest-ever Q1 FY27 revenue of Rs. 1,846 crores (up 33% YoY) and EBITDA of Rs. 212 crores (up 35% YoY), with EBITDA margin expanding by 19 bps YoY to 11.5%. PAT grew 216% YoY to Rs. 206 crores, including an exceptional gain from Minda Vast consolidation.
Minda Corp delivered robust Q1 FY27 results, driven by strong demand across vehicle segments and strategic consolidation. Record revenue and EBITDA, coupled with significant new order wins, including a substantial EV component, indicate positive momentum. The integration of Minda Vast strengthens the PV segment, while R&D focus on advanced tech positions the company for future growth.
Current business mix
Revenue by Product (Q1 FY27)
Latest issuer-disclosed distribution across 5 reported categories.
WH32.0%
Vehicle Access25.0%
Die Casting15.0%
Clusters16.0%
Others12.0%
Growth engines
EV Systems & Electronics
EVs recorded 57% YoY growth in Q1 FY27 registrations, reflecting accelerating adoption.
Premiumization Trends
Strong demand in domestic 2W and PV segments coupled with premiumization of existing products.
New Customer Acquisitions
Wiring Harness & Instrument Cluster Division expanded customer base through new acquisitions.
Utility Vehicle-led Demand
PVs recorded highest-ever Q1 volumes, backed by strong utility vehicle-led demand.
Capacity and execution
Advanced Tech Centres
Operates 2 Advanced Tech Centres and 7 Engineering Centers.
Flash Electronics Manufacturing
Flash Electronics has 6 manufacturing facilities in India + 2 in Germany and Hungary.
Tailwinds
Strong Scooter Demand
2Ws achieved record Q1 FY27 volumes, driven by strong scooter demand.
Improving Urban Economic Activity
3Ws delivered record volumes, supported by robust demand and improving urban economic activity.
Healthy Rural Demand
Tractors witnessed strong momentum, supported by healthy rural demand and favorable farm sentiment.
Record Exports
Record exports across key international markets for 2Ws, 3Ws, PVs, and CVs.
Risk radar
General Market & Macro-economic Trends
Risks include general market, macro-economic, governmental and regulatory trends.
Competitive Pressures
Competitive pressures could cause actual developments and results to differ materially.
Technological Developments
Technological developments are a factor that could affect business and financial performance.
Currency Exchange & Interest Rates
Movements in currency exchange and interest rates are identified as risks.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The company operates in the automotive sector, which often experiences seasonal demand patterns. Year-over-year comparison provides a clearer picture of underlying growth trends, market share changes, and the impact of strategic initiatives, normalizing for seasonality.
Sector KPIs management disclosed
Revenue from Operations
Rs. 1,846 crores in Q1 FY27, up 33.2% YoY.
EBITDA Margin
11.5% in Q1 FY27, expanded by 19 bps YoY.
New Lifetime Order-book
Rs. 2,500 crores in Q1 FY27, with EV constituting over 15%.
EV Revenue (Flash Electronics)
21% of Flash Electronics' FY26 revenue.
Management forward view
Strengthening PV Segment
Minda Vast consolidated with Minda Corporation to strengthen the PV segment.
Focus on Advanced Technology
Transforming from mechatronics to advanced technology provider, focused on innovating new tech.
Complete Automotive System Solutions
Mission to be a complete automotive system solutions provider.
Sustainable Mobility Transformation
Initiated Greenlink programme with suppliers for Sustainable Supply Chain.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EV Order Book Contribution | Over 15% of Q1 FY27 new lifetime order-book from EV. | Sustained growth in EV order wins and revenue contribution. |
| EBITDA Margin | 11.5% in Q1 FY27, expanded 19 bps YoY. | Continued margin expansion through operational efficiencies and product mix. |
| R&D Spend | 3.2% of revenue in FY26. | Consistent R&D investment to drive new product development and technology leadership. |
| Share of Business (SOB) | Wiring Harness & Instrument Cluster Division delivered significant growth, driving notable increase in SOB. | Further increase in SOB with existing customers and new customer acquisitions. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
79Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 88th percentile of the scored universe and 76th percentile within Auto. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
158 docs text-extracted · 52 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
88th percentile
overall median 67 · Auto: 76th pctile, median 74 · Large: 74th pctile, median 73
Evidence depth
Financial-only
158 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 64.8%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.9%.
- ▸6 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Minda Corporation Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Issue of Securities 29 Sep - Minda Corporation issued and listed 100 crore commercial paper on 29-Sep-2026, redeemable on 28-Dec-2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Diversification / Disinvestment 24 Sep - Board approved up to Rs 500 crore NCDs, China WOS for USD 1 million, investment sale, and two appointments.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Raising of Funds 24 Sep - Board approved up to Rs 500 crore NCDs, China WOS, EVQ investment sale, and new CS/CPO appointments.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Change in Management 24 Sep - Board approved Rs 500 crore NCD issuance, China WOS, EVQ investment sale, and new senior appointments.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.