1. At a Glance
Minda Corporation Ltd is trading at ₹595, flexing a market cap of ₹14,220 Cr, and behaving like that overconfident topper who just discovered EV buzzwords. In Q3 FY26, the company clocked ₹1,560 Cr revenue (+24.6% YoY), EBITDA of ₹184 Cr, and PAT of ₹84 Cr (+36% YoY). Margins are steady at ~12% OPM, while the balance sheet is clearly lifting weights with ₹1,536 Cr debt and Debt/Equity at 0.63.
Valuation? A spicy 49× P/E versus industry ~28×, EV/EBITDA ~22.9×, and P/B ~5.86×. Returns are uneven: +29.8% in 6 months, but a sleepy ~2.7% over 1 year. Promoters hold a comfy 64.84%, FIIs are creeping up to ~9%, and DIIs are camped at ~18%.
The kicker: an order book >₹3,600 Cr (H1 FY26) with ₹2,000 Cr added in Q2, exports at ~15%, aggressive EV systems, sunroofs, clusters, and a ₹2,000 Cr CAPEX plan over five years. Is this the next auto-electronics powerhouse—or just paying premium rent for future dreams?
2. Introduction
Minda Corp’s journey post the famous Minda family split is like a Bollywood sequel that unexpectedly found a new genre: EV-electronics-mechatronics. While the old guard still sells locks and harnesses (cash cows that moo reliably), the company is busy pitching clusters, cockpits, EV powertrains, sunroofs, and everything that sounds futuristic enough to justify a premium multiple.
Q3 FY26 delivered the kind of numbers markets like to screenshot: strong top-line growth, disciplined margins, and rising institutional interest. But here’s the twist—returns on capital are still mid-teens, and debt has climbed to fund expansion. The market is clearly pricing what Minda wants to
become, not just what it is.
So, are investors paying today for FY27–FY30 EV and electronics profits? Or is the valuation already eating tomorrow’s dessert? Let’s dissect.
3. Business Model – WTF Do They Even Do?
Think of Minda Corp as a multi-tool in an auto OEM’s glovebox:
- Electrical Distribution Systems: Wiring harnesses, connectors, EV HV harnesses, PDUs/BDUs—boring but essential. This is the steady salary.
- EV Systems & Electronics: Motors (PMSM/BLDC), controllers (48V/72V), chargers, DC-DCs, telematics, VCUs. This is the startup dream.
- Lightweighting & Plastics: Die casting (aluminium/zinc), battery trays, motor housings, interiors. This is “reduce weight, increase range.”
- Driver Information Systems: TFT clusters (3”–12.3”), connected cockpits, ADAS-linked sensors. Screens sell stories.
- Vehicle Access Systems: Locks, switches, PEPS, flush handles, sunroofs. Old money meets new aesthetics.
End-markets are diversified: 2–3W (45%), CVs (29%), PVs (15%), Aftermarket (11%). Geography is still India-heavy (89%), with exports slowly stretching legs.
4. Financials Overview
EPS Annualisation Rule (Q3):
Average of Q1, Q2, Q3 EPS × 4
Q1 FY26 EPS ₹2.73, Q2 FY26 ₹3.54, Q3 FY26 ₹3.58 → Average ₹3.28 → Annualised EPS ≈
