A leading automotive component manufacturer in India incorporated in 1985, that boasts a pan-India presence and a notable international footprint, making it a company to watch.
We are talking about Minda Corporation Limited, the flagship company of Spark Minda, which was part of the erstwhile Minda Group. The company has a diversified product portfolio that encompasses mechatronics, information and connected systems and plastic and interior for auto OEMs.
In this article, we’ll take a closer look at the company’s financial performance, company overview, management guidance, future outlook, product portfolio, and other key aspects.
With a market cap of Rs. 13,938 crores, shares of Minda Corporation Limited surged around 10 percent to Rs. 588.35 on Wednesday, as against its previous closing of Rs. 534.15 on BSE. The stock has delivered negative returns of around 3 percent in the last one year, but has gained by over 13 percent in the last one month.
Management Guidance
Looking ahead, Minda Corporation Limited aims to achieve substantial growth in revenue and profitability, supported by its position as a system solution provider, strong promoter shareholding, debt reduction, product premiumization, an expanding EV portfolio, and a growing global footprint.
The company targets FY30 revenue of over Rs. 17,500 crore, a 3.5x increase from FY25 levels of Rs. 5,056 crore, along with an EBITDA margin above 12.5 percent (up from 11.4 percent in FY25), translating to an EBITDA of over Rs. 2,100 crore. The company plans to reduce its debt-equity ratio from 0.6x in FY25 to near debt-free by FY30, while achieving a high ROCE of over 25 percent, compared with 20 percent in FY25.
Over the next five years, Minda Corp plans a capex of around Rs. 2,000 crore to support growth and capacity expansion, including the setup of two new greenfield die-casting facilities and one greenfield facility for instrument clusters. The company has also acquired additional land to strengthen its regional footprint and support future expansion.
In FY25, revenue contributions were nearly 47 percent from 2-3 wheelers, 28 percent from commercial vehicles, 14 percent from passenger vehicles, and 11 percent from the aftermarket. By FY30, the company expects this mix to shift to 40 percent from 2-3 wheelers, 25 percent from commercial vehicles, 25 percent from passenger vehicles, and 10 percent from the aftermarket.
Product Portfolio & Marquee Customers
Minda Corporation Limited has a diversified product portfolio spanning Mechatronics, Information and Connected Systems, and Plastics & Interior components for automotive OEMs. Its offerings cater to 2- and 3-wheelers, passenger vehicles, commercial vehicles, off-roaders, and the aftermarket, serving both Indian and global original equipment manufacturers as well as Tier-1 customers.
The company’s product range includes Mechatronics solutions such as vehicle access systems, starter motors and alternators, sunroofs, and power lift gates; die-cast components including fuel pumps, EV motor housings, handle assemblies, and turbochargers; interior plastics (IPD); aftermarket products (AMD); electrical distribution systems like EV wiring harnesses, EV powertrains, and EV charging busbar connectors; and advanced electronics including driver information systems, ADAS iRAS sensors, smart electronics, and EV mobility ITS.
For the EV segment, the portfolio includes EV busbars, high-voltage wiring harness connection systems, DC-DC converters, TFT instrument clusters, battery chargers, charging guns, cell contact systems, PDUs, and connectors.
The company serves a wide range of marquee customers across segments. In 2- and 3-wheelers, clients include Harley Davidson, Bajaj, Royal Enfield, Triumph, Yamaha, and TVS. Commercial and off-highway vehicle customers include Ashok Leyland, Mahindra, Eicher, Tata Motors, Escorts, and Kubota. Passenger vehicle clients include Maruti Suzuki, Volkswagen, Skoda, and Force Motors. Other notable customers include Bosch, Phinia, Linamar, and Lear Corporation, reflecting the company’s broad market reach and diversified client base.
Financial Highlights
In Q1 FY26, Minda Corp reported a consolidated revenue from operations of Rs. 1,386 crores, a marginal growth of around 5 percent QoQ and 16 percent YoY. Similarly, the company’s net profit for the quarter stood at Rs. 65 crores, representing an increase of nearly 25 percent QoQ and 2 percent YoY.
In terms of financial ratios, Minda Corp has reported a RoE of 12.1 percent and ROCE of 12.7 percent, with a debt-to-equity ratio of 0.73. Further, the stock is currently trading at a P/E of 50.1, compared to the industry average of 29.7.
As of June 2025, the company’s order book exceeds Rs. 1,300 crore, with more than 30 percent of new orders coming from the new energy vehicles segment. This reflects the company’s growing presence and traction in the NEV space, which remains a key strategic focus area.
Written by Shivani SinghAuto
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