# Minda Corporation share price today (Minda Corporation Ltd, NSE: MINDACORP)

> Minda Corporation share price today: ₹684.60 at the NSE close on 3 November 2026, up 21.4% in a year. Minda Corporation (NSE: MINDACORP) is worth ₹16,379 crore, trades at a P/E of 40.6 and has closed between ₹480.85 and ₹727.85 over the past 52 weeks. > Minda Corporation Ltd's earnings have grown faster than its share price. Earnings per share grew +41.1% in a year while the price moved +21.4%. MINDACORP · Auto Ancillaries - Diversified · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/minda-corporation-ltd

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## Key numbers

- Business trend: Getting better, from the last 12 quarters
- Price: ₹684.60 (+21.4% in a year)
- P/E: 40.6× (higher than 71% of the last 11 years)
- Revenue (Jun 2026): ₹1,846 Cr (+33.2% on a year ago)
- Profit (Jun 2026): ₹206 Cr (+216.9% on a year ago)
- Operating margin: 11.0% (flat on a year ago)
- ROCE: 13%, FY26
- ROIC: 10.6%, against a 12.0% cost of capital: −1.4 points

Biggest thing to watch: margins are the best this company has ever reported. Every ratio looks better at a record, so the story depends on margins staying high. ## What is the Minda Corporation share price today? Minda Corporation Ltd's share price was ₹684.60 at the close on 3 November 2026. It has been rising for 21 weeks. That is 8.7% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹481 and ₹728, and at that close it sat 82% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 1 week in a row. Over the last 11 years the share price moved +614% while the NIFTY 500 moved +251%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Minda Corporation this quarter? Three changes stood out: revenue up on a year earlier for 11 quarters in a row (every quarter we can compare), highest quarterly profit in 15 quarters and profit up on a year earlier for 5 quarters in a row. 1. Revenue up on a year earlier for 11 quarters in a row (every quarter we can compare) In the June 2026 quarter revenue was ₹1,846 crore, +33.2% on a year earlier. Why: Sales rose because several businesses grew, led by wiring harness and instrument cluster sales. Next results: check whether the new Turntide, sunroof and switch programs start production on time. From the earnings call on 13 Aug 2026. 2. Highest quarterly profit in 15 quarters Profit of ₹206 crore in the June 2026 quarter is the highest of the last 15 quarters. Why: Reported profit was boosted by a one time gain of Rs 106 crore. Next results: check whether the operating profit margin stays at least at the June quarter level and below 12%. From the earnings call on 13 Aug 2026. 3. Profit up on a year earlier for 5 quarters in a row In the June 2026 quarter profit was ₹206 crore, +216.9% on a year earlier. ## What are Minda Corporation's latest quarterly results? For April to June 2026 (the quarter ended 30 June 2026), Minda Corporation reported revenue of ₹1,846 crore, up 33.2% from ₹1,386 crore a year earlier, and a profit of ₹206 crore, up 216.9% from ₹65.0 crore. ### Minda Corporation results: April to June 2026 against a year earlier

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹1,846 crore | ₹1,386 crore | +33.2% |
| Profit | ₹206 crore | ₹65.0 crore | +216.9% |
| Earnings per share | ₹8.62 | ₹2.73 | +215.8% |
| Operating margin | 11.0% | 11.0% | 0.0 points |

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Minda Corporation's management discussed these results on a call held on 13 August 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.)

## What is the Minda Corporation share price history? Minda Corporation closed at ₹684.60 on 3 November 2026, up 21.4% from ₹563.70 a year earlier (31 October 2025) and up 290.4% over five years. Its highest weekly close since March 2016 was ₹727.85 on 21 August 2026. ### Minda Corporation share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹600.65 | +14.0% |
| 1 month ago · 1 Oct 2026 | ₹667.35 | +2.6% |
| 6 months ago · 30 Apr 2026 | ₹520.10 | +31.6% |
| 1 year ago · 31 Oct 2025 | ₹563.70 | +21.4% |
| 3 years ago · 3 Nov 2023 | ₹341.70 | +100.4% |
| 5 years ago · 4 Nov 2021 | ₹175.35 | +290.4% |
| 10 years ago · 4 Nov 2016 | ₹106.95 | +540.1% |
| Earliest weekly close in our records · 11 Mar 2016 | ₹95.85 | +614.2% |
| Highest weekly close since March 2016, also the 52-week high · 21 Aug 2026 | ₹727.85 | −5.9% |
| Lowest weekly close since March 2016 · 3 Apr 2020 | ₹53.45 | +1,180.8% |
| 52-week low (weekly close) · 13 Mar 2026 | ₹480.85 | +42.4% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (562 weekly closes from 11 March 2016 to 3 November 2026.)

## What is the latest news on Minda Corporation? 3 Nov 2026: Minda Corporation closed at ₹684.60, up 14.0% on the week and up 2.6% on the month. Our read, 22 Aug 2026: The latest quarter delivered revenue growth while reported profit was lifted by a non-operating exceptional gain.,Product content, Minda VAST consolidation and scheduled programme launches extend the revenue runway.,The central underwriting issue is whether current margins persist as commodity and labour costs pass through with a lag. ### Earlier

- 14 Aug 2026: ex-date for a dividend of ₹0.80 a share. - 13 Aug 2026: Minda Corporation held its results call for April to June 2026. Management guided: FY27 capital spending about ₹400 crore across business verticals, without an EV-versus-ICE allocation. - Results for April to June 2026: Revenue up 33.2% and profit up 216.9% on a year earlier. - 13 Feb 2026: ex-date for an interim dividend of ₹0.60 a share. ### Our read of the business

The latest quarter delivered revenue growth while reported profit was lifted by a non-operating exceptional gain.,Product content, Minda VAST consolidation and scheduled programme launches extend the revenue runway.,The central underwriting issue is whether current margins persist as commodity and labour costs pass through with a lag. Latest quarter: Revenue broadens, reported profit is distorted by exceptional income. (Our read after the latest results, written 22 August 2026.)

## What dividend does Minda Corporation pay? Minda Corporation paid ₹1.40 a share in regular dividends in the 12 months to 4 November 2026 (2 payments), a yield of 0.20% at the ₹684.60 close on 3 November 2026. The last was a dividend of ₹0.80 a share, ex-date 14 August 2026. ### Minda Corporation dividends since 1 April 2021

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 14 Aug 2026 | ₹0.80 | Dividend | same day |
| 13 Feb 2026 | ₹0.60 | Interim | same day |
| 14 Aug 2025 | ₹0.90 | Dividend | same day |
| 12 Feb 2025 | ₹0.50 | Interim | same day |
| 7 Aug 2024 | ₹0.90 | Dividend | n/a |
| 14 Feb 2024 | ₹0.50 | Interim | same day |
| 21 Jul 2023 | ₹0.80 | Dividend | n/a |
| 17 Feb 2023 | ₹0.40 | Interim | 18 Feb 2023 |
| 21 Jul 2022 | ₹0.70 | Dividend | n/a |
| 15 Feb 2022 | ₹0.30 | Interim | 16 Feb 2022 |
| 1 Jul 2021 | ₹0.35 | Dividend | n/a |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. Minda Corporation Ltd paid out 9% of its profit as dividends in FY26, and it paid a dividend in 12 of its last 13 reported years. One of those years shows a negative figure because profit itself was negative. (From the NSE corporate-actions record, read 4 November 2026.)

## What did Minda Corporation management say on the latest results call? On the call for April to June 2026, held on 13 August 2026, Minda Corporation's management guided: FY27 capital spending about ₹400 crore across business verticals, without an EV-versus-ICE allocation. > “We are very confident that, on a longer-term basis, the company should maintain a margin anywhere between 16-17%.”
> Ajay Agarwal, on the call for April to June 2026

### What management guided

- FY27 remaining-period consolidated operating margin to stay at least at the current-quarter level and below 12%; Vision 2030 goal is 12.5% by FY30. - Flash FY27 revenue growth planned at 20-24%; longer-term operating margin expected at 16-17%. - Minda VAST kit value could reach 2X current levels in upcoming years as products under development and internal R&D scale. - Turntide SOPs expected in October-November 2026; sunroof SOP on track for July to September 2026; switches expected in January to March 2027 or April to June 2027, with about ₹150 crore FY28 revenue and peak in FY29. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijorifinance.com/insight/india/5886/Conference Call/CC-Aug26.pdf). (From the call for April to June 2026, 13 August 2026.)

## What is the future of Minda Corporation? What is changing in the business? What is changing at Minda Corporation, from the latest results and calls: content expansion in electronics and access systems, ev and flash electronics growth and new programme commercialisation. - Content expansion in electronics and access systems. Harnesses, clusters and vehicle-access products are increasing content per vehicle. ⚠ estimate
- EV and Flash Electronics growth. Flash revenue and EV content are expanding, with pass-through intended to repair cost pressure. ⚠ estimate
- New programme commercialisation. Turntide, sunroof and switch programmes have defined production windows. ⚠ estimate
- Cash-funded capacity build. Operating cash is funding a large reinvestment programme while working-capital days have improved. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Our read after the latest results, written 22 August 2026.)

## What is Minda Corporation's order book? The latest call described exports as 8-10% of overall company order book. ✓ fact

(Our read after the latest results, written 22 August 2026.)

## What could change the Minda Corporation story? What are the risks? The thesis breaks if operating margin falls below the current guided band while Turntide, sunroof or switch commercialisation slips beyond the stated production windows. ### Each change stops working if

- Content expansion in electronics and access systems: OEM launches or customer approvals delay the conversion of platform wins into production revenue. - EV and Flash Electronics growth: Commodity and labour inflation persists for longer than customer indexation lag. - New programme commercialisation: Production starts move beyond the stated windows or customer approvals do not convert into commercial volumes. - Cash-funded capacity build: New plants add fixed costs before programme revenue reaches planned utilisation. ### The main risks

- Exceptional-income distortion: Latest reported profit includes a sizeable non-operating gain. ⚠ estimate
- Commodity, freight and labour pass-through lag: Input-cost escalation can compress reported margin before customer indexation catches up. ✓ fact
- Disclosure reconciliation risk: Export order-book mix and group utilisation have changed without a bridge. ✓ fact

(Our read after the latest results, written 22 August 2026.)

## What to watch in Minda Corporation's next results? When Minda Corporation reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: Consolidated margin to stay within the stated rest-year band; next print should show whether cost inflation and operating leverage balance. - What to check (from the call)
- Consolidated margin to stay within the stated rest-year band; next print should show whether cost inflation and operating leverage balance. - Flash growth and margin recovery to track the goal range; check customer indexation pass-through and capacity additions. - Turntide, sunroof and switch programs to meet stated SOP milestones; check line readiness, customer approvals and first commercial volumes. - Minda VAST performance to move toward group-level economics; next print should test margin progress after consolidation. ## Which stock lists is Minda Corporation on? Minda Corporation is on one of our India lists: Small & mid cap stocks. [Small & mid cap stocks Size rank in India: 427](https://www.sectoralpha.in/small-cap-stocks-india)

## Is Minda Corporation profitable? Minda Corporation Ltd earned ₹206 Cr of net profit in the Jun 2026 quarter, +216.9% on the same quarter a year earlier. That is the 5th quarter in a row of profit growth. Full-year FY26 profit was ₹358 Cr. Over 10 years profit has grown 12.5% a year on average. That is 11.2% of the quarter's revenue. The same quarter a year earlier earned ₹65.0 Cr. For the full year, FY26 profit was ₹358 Cr (+40.4% on the year before). Why profit moved: revenue changed +33.2% on a year earlier and the margin moved +0.0 percentage points. Sales did the work, and the margin was about flat. On average over the last four quarters, profit changed +99.9% and revenue +26.4%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit. ## How much revenue does Minda Corporation make, and is it growing? Minda Corporation Ltd reported ₹1,846 Cr of revenue in the Jun 2026 quarter, +33.2% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 10 years it has grown 9.8% a year on average. The last full year, FY26, came in at ₹6,185 Cr. Why this happened. Flash reported revenue growth and a rising EV mix, while management described customer indexation as the mechanism for recovering commodity and labour pressure. The driver needs pass-through to catch up with input costs. The last four reported quarters add to ₹6,645 Cr. FY26 revenue was ₹6,185 Cr, +22.3% on the year before. Recent pace: the last four quarters grew +26.4% on average, against 9.8% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +26.6%, against +18.0% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +94.9%, against +42.4% a year (accelerating). ## How much of every ₹100 of sales does Minda Corporation keep? Minda Corporation Ltd's operating margin was 11.0% in the Jun 2026 quarter, about the same as the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 13 years it has been between 8.0% and 12.0%. The latest quarter is within that range. Why this happened. Information and Connected Systems growth was led by wiring harnesses and instrument clusters, while Minda VAST adds access-system content. This is the Value Chain Climb model: more systems per vehicle can lift revenue without relying only on unit volumes. In the latest quarter it moved +0.0 percentage points on the same quarter a year ago. Why the margin moved: operating margin changed +0.2 percentage points on the year while gross margin changed −1.7 points. So the gain came mostly from the gross margin, which means input costs and prices charged. When margins are at a record, every ratio built on profit looks better than usual, so watch whether they hold. ## Is Minda Corporation's profit turning into cash? Over the last 3 years, 179% of Minda Corporation Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹676 Cr of operating cash against ₹358 Cr of profit. After ₹398 Cr of spending on assets, ₹278 Cr was left over as free cash. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 179% of profit came in as cash: the cash cycle got 23 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner. What to look at next: the bigger use of cash is spending on new assets, at 2.1× depreciation over three years. The next section checks what that spending is building. ## Where does Minda Corporation's cash go? Minda Corporation Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 18 days in FY26, down from 41 days in FY21. It spent ₹1,249 Cr on assets over the last 3 years. Customers take 59 days to pay, and stock sits for 66 days on average. At FY26 sales of ₹6,185 Cr, each day of that cycle ties up about ₹16.9 Cr, so roughly ₹305 Cr is tied up in the business at any time. FY26: customers took 59 days to pay and stock sat for 66 days, about 2.2 months of sales sitting as stock, for a full cycle of 18 days, shorter than FY21's 41. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 66 days. Customers pay about 59 days after that. Suppliers are paid at 107 days. Together that makes the 18-day cycle. Spending on assets: ₹1,249 Cr over the last 3 years, against ₹600 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹158 Cr (FY26): assets paid for that are not earning yet. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is Minda Corporation's P/E ratio, and how does it compare with its own history? Minda Corporation Ltd's P/E is 40.6×, near the high end of its own history: higher than 71% of past readings. Its usual P/E (the middle reading) is 29.3×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Jun 2026 add up to ₹20.95. Why the multiple is where it is: over the past year earnings per share moved +41.1% while the price moved +21.4%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 5 years the price moved +31.3% a year; about +33.4% a year came from earnings growth and about −2.1 percentage points from the multiple (the market paying less); over 10 years the price moved +20.4% a year; about +11.6% a year came from earnings growth and about +8.8 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple. ## Is the Minda Corporation business getting better or worse? Minda Corporation Ltd's business is getting better. Profit growth hit its low 8 quarters ago at −11.2% and has recovered to +94.9%, with ROCE rising at 21.4%. This is based on 12 quarters of 4 measures. Why it matters: a lasting rise from a low is what this page is built to show. ## What is the Minda Corporation story, and has it been checked? Minda Corporation Ltd's story is not scored yet against the checks our research set on 22 August 2026. Where it sits in its own cycle: EARLY EXPANSION. Still open: The thesis breaks if operating margin falls below the current guided band while Turntide, sunroof or switch commercialisation slips beyond the stated production windows. Our read, 22 August 2026. From the numbers. From the price. Price stage 2, week 21, above its 200-day line, relative strength falling. From the research. Where they disagree. What is proven. What is not proven yet. The thesis breaks if operating margin falls below the current guided band while Turntide, sunroof or switch commercialisation slips beyond the stated production windows. What would change our mind. The thesis breaks if operating margin falls below the current guided band while Turntide, sunroof or switch commercialisation slips beyond the stated production windows. The test written in advance. The thesis breaks if operating margin falls below the current guided band while Turntide, sunroof or switch commercialisation slips beyond the stated production windows. Measured by: the thesis as written as stated by the next result. The test written in advance. The test written in advance. Exceptional-income distortion. Measured by: Exceptional-income distortion Other income below 10% of profit before tax by the next result. What the company does. The latest quarter delivered revenue growth while reported PAT was lifted by a non-operating exceptional gain. Product content, Minda VAST consolidation and scheduled programme launches extend the revenue runway. The central underwriting issue is whether current margins persist as commodity and labour costs pass through with a lag. What the surface reading misses. What the surface reading misses. The surface reading is: An operating margin above historical levels appears to validate better execution. The research reads it further: The margin is above normalized margin while commodity, labour and freight costs remain active; a higher mix and operating leverage may offset them, but the data does not yet prove a new margin floor. Lever 2 · Value-added mix: building. Harnesses, clusters and vehicle-access products are increasing content per vehicle. What proves it keeps working: Content expansion in electronics and access systems. It stops working if OEM launches or customer approvals delay the conversion of platform wins into production revenue. Lever 6 · Order-book wins: building. Flash revenue and EV content are expanding, with pass-through intended to repair cost pressure. What proves it keeps working: EV and Flash Electronics growth. It stops working if Commodity and labour inflation persists for longer than customer indexation lag. Lever 4 · Paying down debt: building. Operating cash is funding a large reinvestment programme while working-capital days have improved. What proves it keeps working: Cash-funded capacity build. It stops working if New plants add fixed costs before programme revenue reaches planned utilisation. Sources: our stock research file (22 August 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Minda Corporation management deliver what it promised? What Minda Corporation Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. Export Order Book Mix Changed Without Explanation · 13 August 2026. In May 2026, management said exports represented about 20% of its INR 10,000 crores lifetime order book. In August 2026, it stated that exports were only 8-10% of the overall company order book, a material reduction with no explanation of whether the order-book scope or calculation had changed. Unexplained Drop in Capacity Utilization · 22 May 2026. In the Feb 2026 call, management claimed that overall group capacity utilization was running at 84% to 85%. However, in the May 2026 call, despite concurrently reporting the company's highest-ever quarterly revenues and strong volume outperformance, management stated average capacity utilization had dropped to 75-80% without providing any specific context or explanation for the sequential decline. Major Sunroof Production Delay · 5 February 2026. Management previously guided for the start of production (SOP) for the sunroof business to begin in Q1 FY27. However, in the latest call, they stated the SOP is now expected in Q1 FY28, indicating a significant and unexplained one-year delay in this key growth segment. Earlier call (Nov 2025): “Sunroof, I did touch upon that. That order has also been received and SOP is planned for Q1 of FY27.” Later call (Feb 2026): “Regarding the sunroofs... It is expected to start SOP in Q1 FY28, and the ramp-up is expected to happen over the following two quarters.”

Switches JV Operational Delay · 5 February 2026. In the prior call, management confirmed the Toyodenso switches joint venture would commence operations in Q4 FY27. The latest call pushes this timeline back to Q2 FY28, representing a material delay of two quarters for this new facility without a clear justification for the slippage. Earlier call (Nov 2025): “Our Toyodenso joint venture, we have won a significant order for the switches from the leading OEM, and we plan to commence our operation sometime Q4 of FY27.” Later call (Feb 2026): “The switches business is expected to start in Q2 FY28... We expect production to start in about a year and a half from now.”

Every quote above is taken word for word from the company’s own earnings calls. ## What is Minda Corporation management's track record? Execution strong on core, project-timing weak on new JVs. ### Regulatory and governance record

NK/Ashok Minda split (2012) settled; no SEBI/fraud action surfaced in live sweep. (Checked 21 July 2026.)

## How much does Minda Corporation earn on its capital? Minda Corporation Ltd earned a ROCE of 13% in FY26. That is up from a low of 10% in FY21. Its return on capital used (ROIC) is 1.4 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a 5.8% net margin and 1.13× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 5.8% net margin × 1.13× asset turnover × 2.08× leverage (assets divided by equity) ≈ 13.6% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 10.6% − 12.0% = −1.4 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve. ## Does Minda Corporation have too much debt? Minda Corporation Ltd has total debt of ₹1,472 Cr against shareholder equity of ₹2,659 Cr as of Jun 2026, so its debt is 0.55× its equity. Year by year, that ratio went from 0.38 in FY22 to 0.55 in FY26. Keep that borrowing in mind when reading the returns on this page. Why this happened. The Working Capital Velocity Amplifier applies: cash conversion is above reported profit and the cash conversion cycle has shortened. Capex absorbs most operating cash, so future returns depend on utilisation and programme conversion rather than near-term free cash flow. ## What is the Minda Corporation shareholding pattern? Foreign institutions raised their stake in Minda Corporation Ltd by 1.7 percentage points over 8 quarters, the biggest change among its owners. Foreign institutions now own 9.4% of the company. Domestic institutions moved −0.9 points over the same period, to 17.9%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Foreign institutions: +1.7 points over 8 quarters, to 9.4%; Domestic institutions: −0.9 points over 8 quarters, to 17.9%; Promoters: +0.0 points over 8 quarters, to 64.8%. Why the owners changed: foreign institutions drove it (+1.7 points), with the other side taken by domestic institutions (−0.9 points). They raised their stake step by step. ## How far is Minda Corporation from balance-sheet trouble? For Minda Corporation Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Minda Corporation rank in its industry? 56.2 out of 100, rank 9 of 21 in Auto Ancillaries - Diversified, with 81% of the evidence available. Minda Corporation Ltd scores 56.2 out of 100 against the 21 companies it is compared with in Auto Ancillaries - Diversified, ranking 9. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 27.1 + 9.7 + 8.4 + 11 = 56.2. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Minda Corporation compared with? Minda Corporation ranks 9 of 21 Auto Ancillaries - Diversified companies on the 4-Factor Sector Score, with 56.2 out of 100. 1. [Lumax Auto Technologies Ltd](https://www.sectoralpha.in/stocks/lumax-auto-technologies-ltd) LUMAXTECH · breaking out · Most evidence points up · 100% evidence 76.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.1/35 · Revenue 32.9% · Profit 57.5% · Operating margin change 0 points · 100% evidence Capital efficiency 19.2/25 · ROCE 21.2% · Operating margin 13% · 100% evidence Valuation 11.1/20 · P/E 37.2× · PEG 0.75 · 100% evidence Relative strength 18.8/20 · Lead over its industry 14.3% · Lead over NIFTY 500 27.5% · 1 year 79.4% · 100% evidence · 12 of 12 weeks ahead Exact sum: 27.1 + 19.2 + 11.1 + 18.8 = 76.2 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [S J S Enterprises Ltd](https://www.sectoralpha.in/stocks/s-j-s-enterprises-ltd) SJS · losing its lead · Most evidence points up · 96% evidence 71.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.0/35 · Revenue 28.6% · Profit 67.5% · Operating margin change 2 points · 88% evidence Capital efficiency 22.0/25 · ROCE 28.6% · Operating margin 29% · 100% evidence Valuation 12.1/20 · P/E 35.1× · PEG 0.89 · 100% evidence Relative strength 8.7/20 · Lead over its industry 0.6% · Lead over NIFTY 500 11.7% · 1 year 28.6% · 100% evidence · 8 of 12 weeks ahead Exact sum: 29 + 22 + 12.1 + 8.7 = 71.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [OBSC Perfection Ltd](https://www.sectoralpha.in/stocks/obsc-perfection-ltd) OBSCP · leader · Most evidence points up · 75% evidence 65.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.0/35 · Revenue 82.9% · Profit 100% · Operating margin change -1 points · 95% evidence Capital efficiency 16.8/25 · ROCE 19.5% · Operating margin 17% · 76% evidence Valuation 9.0/20 · P/E 55.2× · PEG n/a · 15% evidence Relative strength 18.9/20 · Lead over its industry 58.5% · Lead over NIFTY 500 70.6% · 1 year 162.4% · 100% evidence · 12 of 12 weeks ahead Exact sum: 21 + 16.8 + 9 + 18.9 = 65.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Sansera Engineering Ltd](https://www.sectoralpha.in/stocks/sansera-engineering-ltd) SANSERA · leader · Evidence leans up · 96% evidence 60.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.7/35 · Revenue 23.5% · Profit 52.2% · Operating margin change 2 points · 88% evidence Capital efficiency 11.6/25 · ROCE 14.5% · Operating margin 19% · 100% evidence Valuation 6.9/20 · P/E 68.9× · PEG 1.29 · 100% evidence Relative strength 18.6/20 · Lead over its industry 43.4% · Lead over NIFTY 500 56.1% · 1 year 171.6% · 100% evidence · 12 of 12 weeks ahead Exact sum: 23.7 + 11.6 + 6.9 + 18.6 = 60.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [Carraro India Ltd](https://www.sectoralpha.in/stocks/carraro-india-ltd) CARRARO · quiet · Evidence leans up · 89% evidence 60.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.6/35 · Revenue 26.3% · Profit 47.8% · Operating margin change -2 points · 88% evidence Capital efficiency 18.4/25 · ROCE 29.3% · Operating margin 8% · 100% evidence Valuation 15.6/20 · P/E 19.5× · PEG 0.42 · 65% evidence Relative strength 3.9/20 · Lead over its industry -15.6% · Lead over NIFTY 500 -5% · 1 year -8.6% · 100% evidence · 0 of 12 weeks ahead Exact sum: 22.6 + 18.4 + 15.6 + 3.9 = 60.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Jay Bharat Maruti Ltd](https://www.sectoralpha.in/stocks/jay-bharat-maruti-ltd) JAYBARMARU · quiet · Evidence leans up · 96% evidence 60.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.1/35 · Revenue 13.3% · Profit 100% · Operating margin change -2 points · 88% evidence Capital efficiency 12.5/25 · ROCE 16.6% · Operating margin 10% · 100% evidence Valuation 19.4/20 · P/E 9× · PEG 0.39 · 100% evidence Relative strength 6.3/20 · Lead over its industry -3.1% · Lead over NIFTY 500 7% · 1 year 27.6% · 100% evidence · 2 of 12 weeks ahead Exact sum: 22.1 + 12.5 + 19.4 + 6.3 = 60.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Craftsman Automation Ltd](https://www.sectoralpha.in/stocks/craftsman-automation-ltd) CRAFTSMAN · leader · Evidence leans up · 82% evidence 59.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.5/35 · Revenue 35.9% · Profit 100% · Operating margin change -2 points · 95% evidence Capital efficiency 11.8/25 · ROCE 13.9% · Operating margin 13% · 76% evidence Valuation 7.1/20 · P/E 50.6× · PEG n/a · 50% evidence Relative strength 15.7/20 · Lead over its industry 12.6% · Lead over NIFTY 500 24.7% · 1 year 53.8% · 100% evidence · 12 of 12 weeks ahead Exact sum: 24.5 + 11.8 + 7.1 + 15.7 = 59.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [Bosch Ltd](https://www.sectoralpha.in/stocks/bosch-ltd) BOSCHLTD · leader · Evidence leans up · 78% evidence 57.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.9/35 · Revenue 13.6% · Profit -11.4% · Operating margin change 1 points · 83% evidence Capital efficiency 17.7/25 · ROCE 21.5% · Operating margin 14% · 76% evidence Valuation 6.0/20 · P/E 58.9× · PEG n/a · 50% evidence Relative strength 18.0/20 · Lead over its industry 13.3% · Lead over NIFTY 500 26.1% · 1 year 26.7% · 100% evidence · 12 of 12 weeks ahead Exact sum: 15.9 + 17.7 + 6 + 18 = 57.6 · What this means: Relative strength against the index is 26.1%, and revenue and profit growth are weak. 9. Minda Corporation Ltd this page MINDACORP · quiet · Evidence leans up · 81% evidence 56.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.1/35 · Revenue 26.6% · Profit 94.9% · Operating margin change 0 points · 88% evidence Capital efficiency 9.7/25 · ROCE 12.7% · Operating margin 11% · 100% evidence Valuation 8.4/20 · P/E 37.5× · PEG 1.58 · 100% evidence Relative strength 11.0/20 · Lead over its industry n/a · Lead over NIFTY 500 9% · 1 year 12.2% · 25% evidence · 7 of 12 weeks ahead Exact sum: 27.1 + 9.7 + 8.4 + 11 = 56.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [Suprajit Engineering Ltd](https://www.sectoralpha.in/stocks/suprajit-engineering-ltd) SUPRAJIT · losing its lead · Evidence leans up · 81% evidence 55.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.6/35 · Revenue 18.4% · Profit 73.2% · Operating margin change 3 points · 88% evidence Capital efficiency 12.6/25 · ROCE 15.5% · Operating margin 12% · 100% evidence Valuation 5.1/20 · P/E 34.6× · PEG 5.51 · 100% evidence Relative strength 10.9/20 · Lead over its industry n/a · Lead over NIFTY 500 8.3% · 1 year 6.1% · 25% evidence · 7 of 12 weeks ahead Exact sum: 26.6 + 12.6 + 5.1 + 10.9 = 55.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [Varroc Engineering Ltd](https://www.sectoralpha.in/stocks/varroc-engineering-ltd) VARROC · leader · Evidence leans up · 81% evidence 52.6 out of 100 Growth Capital Valuation Relative
12. [Automobile Corporation Of Goa Ltd](https://www.sectoralpha.in/stocks/automobile-corporation-of-goa-ltd) ACGL · quiet · Evidence leans up · 85% evidence 51.6 out of 100 Growth Capital Valuation Relative
13. [Samvardhana Motherson International Ltd](https://www.sectoralpha.in/stocks/samvardhana-motherson-international-ltd) MOTHERSON · leader · Evidence leans down · 96% evidence 48.7 out of 100 Growth Capital Valuation Relative
14. [Munjal Auto Industries Ltd](https://www.sectoralpha.in/stocks/munjal-auto-industries-ltd) MUNJALAU · losing its lead · Evidence leans down · 78% evidence 47.8 out of 100 Growth Capital Valuation Relative
15. [Motherson Sumi Wiring India Ltd](https://www.sectoralpha.in/stocks/motherson-sumi-wiring-india-ltd) MSUMI · basing · Evidence leans down · 100% evidence 47.1 out of 100 Growth Capital Valuation Relative
16. [Sharda Motor Industries Ltd](https://www.sectoralpha.in/stocks/sharda-motor-industries-ltd) SHARDAMOTR · losing its lead · Evidence leans down · 96% evidence 46.3 out of 100 Growth Capital Valuation Relative
17. [NDR Auto Components Ltd](https://www.sectoralpha.in/stocks/ndr-auto-components-ltd) NDRAUTO · quiet · Evidence leans down · 96% evidence 45.9 out of 100 Growth Capital Valuation Relative
18. [Endurance Technologies Ltd](https://www.sectoralpha.in/stocks/endurance-technologies-ltd) ENDURANCE · quiet · Evidence leans down · 96% evidence 43.9 out of 100 Growth Capital Valuation Relative
19. [ZF Commercial Vehicle Control System India Ltd](https://www.sectoralpha.in/stocks/zf-commercial-vehicle-control-system-india-ltd) ZFCVINDIA · quiet · Evidence leans down · 96% evidence 36.7 out of 100 Growth Capital Valuation Relative
20. [Mercury EV-Tech Ltd](https://www.sectoralpha.in/stocks/mercury-ev-tech-ltd) MERCURYEV · quiet · Most evidence points down · 68% evidence 31.1 out of 100 Growth Capital Valuation Relative
21. [Precision Camshafts Ltd](https://www.sectoralpha.in/stocks/precision-camshafts-ltd) PRECAM · quiet · Most evidence points down · 81% evidence 25.7 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Auto Ancillaries - Diversified](https://www.sectoralpha.in/sectors/auto-ancillaries-diversified), all 21 compared on one page. ## Which companies are close to Minda Corporation in size? Minda Corporation is the 8th largest of 21 Auto Ancillaries - Diversified companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Sansera Engineering, ZF Commercial Vehicle Control System India and Motherson Sumi Wiring India. Just below it: Lumax Auto Technologies, Varroc Engineering and S J S Enterprises. ### Auto Ancillaries - Diversified companies close in size

1. [Sansera Engineering Ltd](https://www.sectoralpha.in/stocks/sansera-engineering-ltd) ₹25,664 crore
2. [ZF Commercial Vehicle Control System India Ltd](https://www.sectoralpha.in/stocks/zf-commercial-vehicle-control-system-india-ltd) ₹23,916 crore
3. [Motherson Sumi Wiring India Ltd](https://www.sectoralpha.in/stocks/motherson-sumi-wiring-india-ltd) ₹23,304 crore
4. Minda Corporation Ltd ₹15,121 crore
5. [Lumax Auto Technologies Ltd](https://www.sectoralpha.in/stocks/lumax-auto-technologies-ltd) ₹13,786 crore
6. [Varroc Engineering Ltd](https://www.sectoralpha.in/stocks/varroc-engineering-ltd) ₹11,706 crore
7. [S J S Enterprises Ltd](https://www.sectoralpha.in/stocks/s-j-s-enterprises-ltd) ₹6,694 crore

[All 21 Auto Ancillaries - Diversified companies, largest first](https://www.sectoralpha.in/sectors/auto-ancillaries-diversified#all-companies)

### Companies close in size in other industries

1. [Tata Chemicals Ltd](https://www.sectoralpha.in/stocks/tata-chemicals-ltd) ₹15,174 crore · Chemicals - Inorganic - Caustic Soda/Soda Ash
2. [Gujarat State Petronet Ltd](https://www.sectoralpha.in/stocks/gujarat-state-petronet-ltd) ₹15,141 crore · Gas Distribution
3. Minda Corporation Ltd ₹15,121 crore
4. [Triveni Turbine Ltd](https://www.sectoralpha.in/stocks/triveni-turbine-ltd) ₹14,943 crore · Capital Goods - Gensets/Turbines
5. [Vijaya Diagnostic Centre Ltd](https://www.sectoralpha.in/stocks/vijaya-diagnostic-centre-ltd) ₹14,890 crore · Diagnostics

## What else do people ask about Minda Corporation? ### What is Minda Corporation's share price today? Minda Corporation Ltd's share price is ₹684.60, +21.4% over the past year. The whole company is worth ₹16,379 Cr on the market. In the last 52 weeks it traded between ₹481 to ₹728; today it is 82% of the way up from the low, 8.7% above its 200-day average (as of 3 November 2026). ### What were Minda Corporation's latest quarterly results? Minda Corporation Ltd reported revenue of ₹1,846 Cr and net profit of ₹206 Cr for the Jun 2026 quarter. Revenue rose 33.2% and profit rose 216.9% compared with a year earlier. Earnings per share were ₹8.62. The operating margin was 11.0%, 0.0 percentage points higher than a year earlier (as of 3 November 2026). ### What is Minda Corporation's market cap? Minda Corporation Ltd's market capitalisation is ₹16,379 Cr at a share price of ₹684.60. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Minda Corporation performing? Minda Corporation Ltd's share price has been rising for 21 weeks. In its latest quarter, revenue rose 33.2% and profit rose 216.9% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 1 week running (as of 3 November 2026). ### Will Minda Corporation's share price go up? This page does not forecast Minda Corporation Ltd's share price. What it shows instead: the share price is ₹684.60, and it has been rising for 21 weeks. Its P/E of 40.6× is higher than 71% of its own last 11 years (as of 3 November 2026). ### Who owns Minda Corporation? Promoters own 64.8% of Minda Corporation Ltd, foreign institutions 9.4%, domestic institutions 17.9% and the public 6.3% (latest quarter). The biggest change over the last two years: Foreign institutions raised their stake by 1.7 percentage points over 8 quarters (as of 3 November 2026). ### Does Minda Corporation have too much debt? Minda Corporation Ltd has a moderate amount of debt: its debt is 0.56× its equity, and its operating profit is 6 times its interest bill. FY26 borrowings were ₹1,476 Cr against equity of ₹2,639 Cr. Keep that borrowing in mind when reading the returns on this page (as of 3 November 2026). ### Where is Minda Corporation in its business cycle? Minda Corporation Ltd's FY26 operating margin was 12.0%, against a 13-year range of 8.0% to 12.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 11.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Minda Corporation story? Biggest thing to watch: margins are the best this company has ever reported. Every ratio looks better at a record, so the story depends on margins staying high. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Minda Corporation a stock worth studying right now? What the numbers show: Minda Corporation Ltd's earnings have grown faster than its share price. Earnings per share grew +41.1% in a year while the price moved +21.4%. The main open question: the next one or two quarters of results. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Minda Corporation share price forecast for 2026? What management itself guided: FY27 capital spending about ₹400 crore across business verticals, without an EV-versus-ICE allocation. What is changing at Minda Corporation, from the latest results and calls: content expansion in electronics and access systems, ev and flash electronics growth and new programme commercialisation. What would change the story: The thesis breaks if operating margin falls below the current guided band while Turntide, sunroof or switch commercialisation slips beyond the stated production windows. ### Where does this page get Minda Corporation's management information? From Minda Corporation's results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

- Small & mid cap stocks: https://www.sectoralpha.in/small-cap-stocks-india

This is research, not advice. We’re not SEBI-registered.