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Indian auto-components maker of wiring harnesses, locks/security systems and instrument clusters (Spark Minda Group).
Indian auto-components maker of wiring harnesses, locks/security systems and instrument clusters (Spark Minda Group).
Supplies parts under programmes awarded years before a vehicle launches, then ships them for each vehicle built, so volumes follow its customers' two-wheeler and car production. It is a separate listed company from its better-known group sibling UNO Minda, which also supplies the auto industry.
Moat: narrow (customer qualification, process know-how). OEM-qualified across several component lines, but competes with larger group sibling UNO Minda and Motherson.
Headquarters: Noida, India · Founded: 1958 · Employees: 23,000
Size Minda (MINDACORP.NS) is an India Consumer Discretionary company (Auto Parts: OEM) with a market value of $1.80B, the 394th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹712.65 on 6 Nov 2026.
Performance Over six months the shares gained 32.8%, against -22.4% for the median peer and 0.0% for the India market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 32.8% over the last twelve months (peer median +9.5%); the operating margin is 8.2% (peer median 5.3%).
Valuation It trades at 37.6× forward earnings against a peer median of 15.6× (3rd most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 32% a year for seven years (Req g). Recent delivered growth is +21%, so the hurdle is +11 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.4 points below its cost of capital (12.7% WACC).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹73.0B | ₹61.4B | ₹50.3B | ₹46.4B | ₹42.7B |
| Revenue growth | — | +22% | +8% | +9% | — |
| Gross profit | ₹13.0B | ₹7.63B | ₹6.31B | ₹5.74B | ₹5.13B |
| EBITDA | ₹8.56B | ₹6.89B | ₹5.55B | ₹5.08B | ₹4.43B |
| Net income | ₹5.59B | ₹3.60B | ₹2.55B | ₹2.27B | ₹2.85B |
| Free cash flow | n/a | ₹1.85B | ₹1.54B | ₹28.0M | ₹1.25B |
| Capital expenditure | n/a | ₹3.94B | ₹3.50B | ₹2.52B | ₹2.51B |
| Total debt | ₹17.1B | ₹14.7B | ₹16.1B | ₹5.35B | ₹7.13B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Minda MINDACORP.NS | $1.80B | +33% | +33% | 8% | 37.6× | 32.0% |
| UNO Minda UNOMINDA.NS | $8.11B | +16% | +19% | 8% | 53.6× | 46.9% |
| Samvardhana Motherson International MOTHERSON.NS | $17.9B | +22% | +14% | 6% | 30.2× | 30.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MINDACORP.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.4% | -4.8% | 4th highest of 21 |
| 6-month return | +32.8% | -22.4% | 2nd highest of 21 |
| Distance from 52-week high | -7.3% | -39.4% | 2nd highest of 21 |
| Revenue growth (TTM) | +32.8% | +9.5% | 2nd highest of 21 |
| Operating margin | 8.2% | 5.3% | 8th highest of 21 |
| Forward P/E | 37.6× | 15.6× | 3rd most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 32.0% | 9.2% | 4th most demanding of 18 |
| Growth delivered (Del g) | +21.3% | +8.8% | 6th highest of 18 |
| Hurdle (Req g minus delivered) | +10.7 pp | -2.8 pp | 5th most demanding of 18 |
| ROIC minus cost of capital | -3.4 pp | +0.2 pp | 3rd lowest of 21 |
| EV / EBITDA | 21.9× | 4.6× | most expensive of 12 |
| Net debt / EBITDA | 1.9× | -0.0× | 2nd most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Minda MINDACORP.NS | India | $1.80B | +33% | +33% | 8% | 37.6× | 32.0% | +21.3% |
| Shuanglin 300100.SZ | China | $1.80B | -27% | -11% | 4% | 32.6× | 25.5% | +8.9% |
| Tenneco Clean Air India TENNIND.NS | India | $1.81B | -35% | +22% | 14% | 24.9× | 14.4% | +3.8% |
| Shanghai Aerospace Automobile Electromechanical 600151.SS | China | $1.83B | -41% | -19% | -10% | n/a | 34.7% | -9.9% |
| Gestamp Automocion GEST.MC | Spain | $1.77B | -13% | -3% | 5% | 7.3× | -5.7% | +8.8% |
| Foryou 002906.SZ | China | $1.87B | -25% | +28% | 5% | 13.9× | n/a | n/a |
| Visteon VC | United States | $1.87B | -34% | +2% | 5% | 8.0× | 5.3% | +8.1% |
| Ningbo Zhongda Leader Intelligent Transmission 002896.SZ | China | $1.69B | -18% | +22% | 4% | 132.1× | n/a | n/a |
| Lumax Auto Technologies LUMAXTECH.NS | India | $1.68B | +36% | +33% | 10% | 37.2× | 34.9% | +34.5% |
| Forvia FRVIA.PA | France | $1.93B | -20% | -32% | 5% | n/a | -8.3% | +8.1% |
| Ningbo Xusheng 603305.SS | China | $1.98B | -26% | +12% | 7% | 27.5× | 9.2% | +22.1% |
| Jiangnan Mould & Plastic Technology 000700.SZ | China | $2.05B | +24% | -3% | 5% | 23.6× | 11.9% | +3.1% |
| Tokai Rika 6995.T | Japan | $1.57B | 0% | +5% | 5% | 9.9× | -4.6% | +7.9% |
| Ningbo Hengshuai 300969.SZ | China | $2.07B | -4% | +16% | 15% | 75.9× | 43.2% | +22.7% |
| Johnson Electric 0179.HK | Hong Kong | $1.56B | -53% | 0% | 8% | 10.8× | -16.4% | +3.1% |
| Gentherm THRM | United States | $1.55B | -7% | +9% | 5% | 9.8× | 21.7% | +10.4% |
| SPR Auto Technologies SHRIPISTON.NS | India | $2.10B | +19% | +47% | 14% | 30.5× | 31.3% | +22.9% |
| Slcorp 005850.KS | South Korea | $1.54B | -25% | +10% | 8% | 5.7× | -19.7% | +15.9% |
| Ningbo Jifeng Auto Parts 603997.SS | China | $2.13B | -8% | +21% | 4% | 17.3× | n/a | n/a |
| Autel Intelligent Technology 688208.SS | China | $2.14B | -37% | +14% | 19% | 13.2× | 5.0% | +25.2% |
| OPmobility OPM.PA | France | $1.51B | -42% | -3% | 4% | 8.2× | -8.1% | +7.6% |