MINDACORP
Large CapMinda Corporation Limited
Auto
Minda Corporation is a global automotive industry player for over six decades, offering vehicle access, electrical distribution, EV systems, lightweighting, and driver information systems. It has 42 manufacturing plants, 7 engineering centers, and 950+ engineers, with FY26 consolidated revenue of INR 6,185 Cr.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 77/100Rev +29% YoY · PAT +138% YoY · +9% QoQ · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,704 Cr | +29.0% | +9.2% |
| EBITDA | ₹203 Cr | +32.7% | +10.3% |
| Operating margin | 12.0% | +0 bps | +0 bps |
| PAT | ₹124 Cr | +138.5% | +47.6% |
| PAT margin | 7.3% | +334 bps | +190 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Minda Corp reported record Q4 FY26 revenue of INR 1,704 Cr, up 29% YoY, with EBITDA margin at 11.9% (+37 Bps YoY). FY26 consolidated revenue grew 22.3% YoY to INR 6,185 Cr, and PAT surged 40.3% YoY to INR 358 Cr, driven by strong domestic demand across segments.
Minda Corp demonstrated robust financial performance in Q4 and FY26, driven by strong domestic auto industry growth and strategic partnerships in EV and advanced switch technologies. The company's focus on R&D and new order wins supports continued growth, though increased debt levels warrant monitoring.
Revenue by Product (FY26)
Latest issuer-disclosed distribution across 5 reported categories.
Strategic Partnerships for EV Ecosystem
Joint Venture with Turntide Drives Ltd. (49% Minda Corp) formed in March 2026 to deliver premium, localized solutions for the EV Ecosystem, combining Turntide's technology with Minda's localization expertise.
Advanced Switch Technology JV
Joint Venture with Toyodenso (60% Minda Corp) for automotive switches, securing a significant large order from a leading two-wheeler OEM. Total available market size in India for switches is Rs 10,000-12,000 crore for FY25.
Strong Domestic Auto Demand
FY26 volumes achieved record highs in 2Ws, double-digit growth in 3Ws, sustained growth in PVs, and strong demand in CVs and Tractors, driven by favorable macros and EV adoption.
Information & Connected Systems
This vertical saw 29% YoY revenue growth in FY26, driven by robust demand in wiring harness and instrument cluster businesses, and premiumization of existing products.
Turntide Drives JV Manufacturing
The joint venture with Turntide Drives will enable local manufacturing of EV motors, motor controllers, and electric water pumps, supporting the 'Make in India' vision.
Toyodenso JV Manufacturing Investment
The joint venture with Toyodenso will involve an initial investment of around Rs. 150 Crores for local manufacturing of advanced automotive switches for the Indian market.
Indian Automotive Industry Growth
The Indian auto industry marked strong growth in FY26, led by policy reforms, improved consumer sentiment, and macro support, with continued momentum expected.
Rising EV Adoption
2Ws, 3Ws, and PVs sustained growth momentum in FY26, driven partly by rising EV adoption and penetration.
Infrastructure Spending & Economic Activity
CV demand remained strong in FY26, supported by economic activity, infrastructure spending, and improved fleet utilization.
Subdued Export Demand
The Mechatronics and Aftermarket segment experienced subdued export demand in the European market during Q4 FY26.
Geopolitical and Commodity Risks
The auto industry expects continued momentum despite geopolitical and commodity risks.
Increased Finance Cost
Finance cost increased significantly to INR 122 Cr in FY26 from INR 67 Cr in FY25.
Higher Net Debt
Net Debt increased to INR 1,065 Cr in FY26 from INR 156 Cr in FY24, though it decreased from INR 1,247 Cr in FY25.
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.
YoY comparison is crucial for assessing annual growth and overcoming seasonality inherent in the auto sector. QoQ comparison is relevant for tracking sequential momentum, especially in Q4, and the impact of recent strategic initiatives and order execution.
Consolidated Revenue Growth (YoY)
Q4 FY26 Revenue from Operations was INR 1,704 Cr, up 29.0% YoY. FY26 Revenue from Operations was INR 6,185 Cr, up 22.3% YoY.
EBITDA Margin
Q4 FY26 EBITDA margin stood at 11.9% (+37 Bps YoY). FY26 EBITDA margin was 11.7% (+29 Bps YoY).
PAT Growth (YoY)
Q4 FY26 Profit after Tax was INR 124 Cr, up 138.3% YoY. FY26 Profit after Tax was INR 358 Cr, up 40.3% YoY.
Return on Capital Employed (ROCE)
ROCE improved to 23.1% in FY26 from 20.0% in FY25.
Vision for Global Automotive Solutions
Management aims to be a dynamic, innovative, and profitable global automotive organization, emerging as a preferred supplier and employer, and a complete automotive system solutions provider.
Focus on Advanced Technology & Innovation
The company is transforming from a mechatronics to an advanced technology provider, focused on innovating new technology and developing advanced automotive products.
Commitment to 'Make in India'
Strategic partnerships like the Turntide JV strengthen the domestic supply chain and support the 'Make in India' vision by localizing production of EV components.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net Debt / EBITDA | 1.2x (FY26) | Sustained reduction in leverage ratio, especially with ongoing investments and partnerships. |
| R&D Spend (% of Revenue) | 3.2% (FY26) | Maintenance or increase in R&D intensity to drive innovation and new product development, especially in EV and advanced electronics. |
| Lifetime Order Book Conversion | Exceeded INR 10,000 Crores | Timely execution and revenue realization from the substantial order book, particularly from new platform-specific orders and JV wins. |
| Performance of New JVs | Turntide JV (March 2026), Toyodenso JV (secured large order) | Ramp-up of production, successful integration, and contribution to consolidated financials from the new joint ventures. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
57NeutralSMA20 +2.2% / mo · near 52W high
Technical chart
MINDACORPdaily · 3Y+8.3%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 74. Wait for confirmation.
- SMA20 rising (~10.0% over last month) — short-term momentum positive.
- RSI(14) at 74 — overbought zone; risk of mean reversion.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 3% of 52-week high — testing resistance.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 15/25 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -30.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 90th percentile of the scored universe and 80th percentile within Auto. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 64.8%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Auto: 80th pctile, median 71 · Large: 74th pctile, median 74
174 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
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.
Intrinsic value
Fundamentals
Valuation
- P/E
- 41.90
- P/B
- 5.71
- EV/EBITDA
- 17.48
- Market Cap
- 15148.00Cr
Profitability
- ROE
- 14.90%
- ROCE
- 12.80%
- ROA
- 6.52%
- Dividend Y
- 0.22%
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
- 5.91×
- Altman Z
- 5.58
- Book Value
- 111.00
Cash Flow
- FCF Yield
- 1.93%
- FCF Positive Y
- 6/5
- OCF
- 676.00 Cr
- EPS TTM
- 15.07
Shareholding
- Promoter Hold
- 64.84%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 87%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.