Minda Corporation Ltd Q1 FY26 – ₹1,386 Cr Revenue, ₹65 Cr PAT, P/E 49.6. Wiring Harness Wale bhi EV Smart Key banake Qualcomm ke saath shaadi kar rahe hain.
1. At a Glance
Minda Corporation has somehow become the overachieving cousin at every shaadi—showing up with both wiring harnesses for your scooter and smart cockpits powered by Qualcomm. With a 40% market share in two-wheeler locksets, an ₹8,000 Cr+ order book (30% EVs), and a habit of selling stakes in rivals like Pricol for profit—this company looks like it moonlights as both an auto parts maker and a stock trader. Current P/E? A spicy 49.6, because apparently investors think locks and keys are the new gold.
2. Introduction
Imagine two brothers splitting their father’s garage tools in 2012. One takes the shiny torque wrenches (Uno Minda), the other takes the spanners and WD-40 (Minda Corp). Fast forward a decade, both are listed, and both are trying to out-EV each other while the rest of us are just trying to figure out how Ola scooters don’t catch fire.
Minda Corporation, the flagship of Ashok Minda, isn’t just about locks anymore. From smart antennas to die casting, from EV battery chargers to dashboard clusters that look like Jio cinema’s loading screen, they’ve spread themselves across every auto OEM in the country. TVS, Bajaj, Hero, Suzuki—if it moves, chances are some part inside came from Minda.
But here’s the kicker: while auto OEMs cry about margins like Bollywood producers cry about boycott hashtags, Minda Corp keeps reporting steady revenue growth (10% CAGR over 5 years) and pulls off PE multiples north of 45. Either Mr. Market is on something, or everyone secretly believes EV wiring harnesses are India’s answer to semiconductors.
Question for you—would you pay 50x earnings for a company whose main product is… locks?
3. Business Model – WTF Do They Even Do?
Short answer: they make every little part of your vehicle you never thought about until it stops working.
Information & Connected Systems (52% of revenue): Wiring harnesses, instrument clusters, sensors. Basically, the nervous system of your car or bike. Without them, your vehicle is just expensive furniture.
Mechatronics & Others (48%): Locks, keys, immobilisers. They went from “keys in your pocket” to “keyless entry” to “smart cockpits.” Think of them as the evolution from Nokia 3310 to iPhone.
Plastics & Interiors: Cup holders, vents—aka the stuff your kids break within 2 years.
Advanced Tech: Antennas, shark fins. Ever seen those plastic fins on cars? Half the time they don’t catch radio but they look “premium.” That’s Minda’s handiwork.
Aftermarket: ABS kits, alternators, starter motors. Every mechanic’s favorite source of chai money.
E-Mobility: Their EV division, Spark Minda Green Mobility, makes chargers, converters, BMS, controllers. Revenue still small at ₹35 Cr but growing 44% YoY. EV order book >30%.
So yes—they’re not just a “lockset” company anymore. But irony is, their locks keep unlocking the stock price.
