Minda Corporation

₹413.1 7.5 | 1.8%

WEBSITE BSE:538962 NSE : MINDACORP 10 May, 16:01

Market Cap ₹9875 Cr.

Stock P/E 35.5

P/B 5.1

Current Price ₹413.1

Book Value ₹ 80.6

Face Value 2

52W High ₹449

Dividend Yield 0.29%

52W Low ₹ 265.5

Edit Ratio

Minda Corporation Research see more...

Overview Inc. Year: 1985Industry: Auto Ancillary

Minda Corporation Ltd is a holding corporation. The Company manufactures automobile additives/add-ons from various locations in India. The Company's essential merchandise/offerings comprises lock kits, spares, and locks and ignition switches. The Company's geographical segments consist of Revenue within India (Domestic) and Revenue outdoor India (Overseas). The Revenue within India (Domestic) segment includes sale to customers located inside India. The Revenue outdoor India (Overseas) section includes sale of merchandise manufactured in India and outside India to customers located outside India. The Company gives a diverse product portfolio that comprises safety, protection and restraint systems; driver information and telematics systems, and interior systems for auto original gadget manufacturers. Its merchandise cater to two/three wheelers, passenger motors, business motors and after-market. Its production centers are positioned in India, South-East Asia, Europe and North America.

Minda Corporation Share Price

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Peer Comparison

Minda Corporation Quarterly Results

#(Fig in Cr.)	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Net Sales	731	738	948	1010	1147	1068	1075	1075	1196	1166
Other Income	8	4	5	4	4	5	2	2	2	2
Total Income	739	743	952	1014	1152	1073	1077	1076	1198	1168
Total Expenditure	654	660	840	904	1023	954	958	960	1065	1036
Operating Profit	85	83	112	111	128	119	119	117	133	132
Interest	8	8	7	8	10	11	12	14	15	14
Depreciation	27	27	33	32	34	34	39	39	41	42
Exceptional Income / Expenses	0	33	0	0	0	0	0	0	0	0
Profit Before Tax	50	80	72	71	85	74	69	63	77	76
Provision for Tax	14	13	-4	18	22	19	-55	17	19	25
Profit After Tax	37	68	76	53	63	54	124	47	58	51
Adjustments	2	2	0	-0	-5	-2	-2	-1	0	2
Profit After Adjustments	39	70	76	52	58	52	122	45	59	52
Adjusted Earnings Per Share	1.6	2.9	3.2	2.2	2.4	2.2	5.1	1.9	2.5	2.2

Minda Corporation Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	2174	1552	1962	2446	2060	2594	3092	2223	2368	2976	4300	4512
Other Income	36	30	23	17	41	16	36	43	33	24	16	8
Total Income	2210	1582	1984	2463	2100	2610	3128	2265	2401	3000	4316	4519
Total Expenditure	2065	1421	1777	2218	1868	2318	2798	1975	2148	2680	3837	4019
Operating Profit	145	161	208	244	233	292	330	290	253	320	479	501
Interest	42	25	39	37	30	40	51	41	39	32	42	55
Depreciation	77	48	60	74	58	74	88	87	94	112	138	161
Exceptional Income / Expenses	-3	15	2	14	0	0	18	0	0	33	0	0
Profit Before Tax	22	103	111	147	131	191	236	175	121	209	299	285
Provision for Tax	17	19	27	37	29	49	67	39	31	24	4	6
Profit After Tax	5	84	84	110	102	143	169	136	90	185	294	280
Adjustments	1	-4	6	-3	0	0	0	-335	-37	7	-10	-1
Profit After Adjustments	6	79	90	107	102	143	169	-200	53	192	285	278
Adjusted Earnings Per Share	0.3	3.9	4.3	5.2	4.9	6.9	7.5	-8.8	2.2	8	11.9	11.7

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	44%	25%	11%	7%
Operating Profit CAGR	50%	18%	10%	13%
PAT CAGR	59%	29%	16%	50%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	46%	56%	29%	35%
ROE Average	20%	15%	15%	16%
ROCE Average	18%	14%	14%	14%

Minda Corporation Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	346	389	467	567	622	741	1195	975	1147	1330	1591
Minority's Interest	5	0	24	64	0	0	0	0	0	0	0
Borrowings	189	210	181	142	184	280	146	115	93	85	172
Other Non-Current Liabilities	30	25	27	36	28	28	30	69	60	145	171
Total Current Liabilities	702	688	723	962	715	1002	1071	1168	1029	1007	1269
Total Liabilities	1273	1312	1422	1771	1548	2051	2442	2327	2328	2567	3202
Fixed Assets	466	527	571	719	530	711	732	570	613	887	1026
Other Non-Current Assets	91	55	64	46	234	211	261	231	229	135	593
Total Current Assets	716	730	786	1007	784	1129	1449	1526	1486	1545	1583
Total Assets	1273	1312	1422	1771	1548	2051	2442	2327	2328	2567	3202

Minda Corporation Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	64	46	26	39	70	28	19	30	95	53	71
Cash Flow from Operating Activities	31	-18	304	226	48	70	209	450	86	167	387
Cash Flow from Investing Activities	-69	-128	-51	-160	-170	-200	-402	-137	-174	-7	-428
Cash Flow from Financing Activities	11	133	-238	-29	67	122	203	-249	65	-161	74
Net Cash Inflow / Outflow	-28	-12	15	37	-54	-8	11	64	-24	-1	34
Closing Cash & Cash Equivalent	46	26	39	78	28	19	30	95	53	71	108

Minda Corporation Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	0.29	3.92	4.32	5.16	4.91	6.86	7.47	-8.8	2.21	8.03	11.9
CEPS(Rs)	4.02	6.49	6.94	8.87	7.68	10.41	11.37	9.79	7.67	12.41	18.1
DPS(Rs)	0.4	0.2	0.4	0.5	0.5	0.6	0.7	0.35	0.65	1	1.2
Book NAV/Share(Rs)	14.69	18.24	21.55	26.33	29.9	35.51	52.6	42.88	47.87	55.54	66.35
Core EBITDA Margin(%)	4.81	7.92	8.86	8.54	8.69	10.46	9.51	11.15	9.16	9.71	10.52
EBIT Margin(%)	2.87	7.76	7.18	6.91	7.29	8.77	9.28	9.73	6.65	7.9	7.74
Pre Tax Margin(%)	0.99	6.25	5.31	5.51	5.92	7.26	7.64	7.87	5.03	6.85	6.78
PAT Margin (%)	0.22	5.07	4.01	4.14	4.62	5.42	5.47	6.1	3.73	6.06	6.69
Cash Profit Margin (%)	3.63	7.96	6.9	6.94	7.23	8.22	8.33	10	7.63	9.74	9.82
ROA(%)	0.4	6.47	6.12	6.89	6.15	7.93	7.53	5.69	3.85	7.54	10.21
ROE(%)	1.67	24.98	20.49	22.12	17.46	20.98	17.53	12.53	8.46	14.93	20.21
ROCE(%)	7.91	14.29	15.68	17.67	14.13	17.55	17.18	12.79	10.18	14.35	17.64
Receivable days	45.41	66.03	53.3	51.68	66.83	65.42	65.92	76.87	63.23	60.58	50.15
Inventory Days	39.54	48.6	36.52	37.88	51.8	52.24	52.78	69.08	60.11	52.43	43.62
Payable days	67.23	92.5	84.18	88.52	101.92	82.18	81.57	125.38	124.21	104.49	84.97
PER(x)	98.33	5.59	21.41	20.2	19.17	25.84	18.24	0	45.58	25.77	18.07
Price/Book(x)	1.97	1.2	4.29	3.96	3.15	4.99	2.59	1.34	2.1	3.73	3.24
Dividend Yield(%)	0.69	0.91	0.43	0.48	0.53	0.34	0.51	0.61	0.65	0.48	0.56
EV/Net Sales(x)	0.5	0.62	1.22	1.08	1.2	1.69	1.1	0.61	1.01	1.68	1.29
EV/Core EBITDA(x)	7.47	5.97	11.53	10.81	10.64	15.02	10.36	4.7	9.44	15.64	11.55
Net Sales Growth(%)	56.88	-28.6	26.4	24.1	-15.77	25.91	19.22	-28.12	6.54	25.68	44.5
EBIT Growth(%)	-29.66	97.34	16.93	22.13	-12.26	32.27	24.05	-24.58	-26.21	50.69	41.7
PAT Growth(%)	-90.37	1583.99	0.02	31.35	-7.16	23.23	18.57	-19.86	-33.92	105.92	59.57
EPS Growth(%)	-88.46	1232.32	10.29	19.43	-4.83	39.76	8.89	-217.83	125.1	263.45	48.25
Debt/Equity(x)	1.67	1.42	1.08	0.96	0.88	0.98	0.57	0.55	0.42	0.29	0.35
Current Ratio(x)	1.02	1.06	1.09	1.05	1.1	1.13	1.35	1.31	1.44	1.53	1.25
Quick Ratio(x)	0.66	0.79	0.77	0.71	0.67	0.68	0.94	0.97	1.06	1.06	0.8
Interest Cover(x)	1.53	5.13	3.84	4.95	5.33	5.81	5.66	5.24	4.11	7.52	8.06
Total Debt/Mcap(x)	0.88	1.2	0.26	0.25	0.28	0.19	0.22	0.41	0.2	0.08	0.11

Minda Corporation Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	64.73	64.73	64.73	64.73	64.73	64.73	64.73	64.84	64.84	64.84
FII	5.14	4.49	3.69	4.38	3.6	5.07	5.67	5.52	3.71	5.06
DII	13	13.39	13.97	13.58	13.86	11.83	11.96	13.21	16.83	20.61
Public	17.12	17.39	17.62	17.31	17.82	18.38	17.65	16.43	14.62	9.48
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	15.47	15.47	15.47	15.47	15.47	15.47	15.47	15.5	15.5	15.5
FII	1.23	1.07	0.88	1.05	0.86	1.21	1.35	1.32	0.89	1.21
DII	3.11	3.2	3.34	3.25	3.31	2.83	2.86	3.16	4.02	4.93
Public	4.09	4.16	4.21	4.14	4.26	4.39	4.22	3.93	3.49	2.27
Others	0	0	0	0	0	0	0	0	0	0
Total	23.91	23.91	23.91	23.91	23.91	23.91	23.91	23.91	23.91	23.91

Pros

Debtor days have improved from 104.49 to 84.97days.
Company is almost debt free.

Cons

Stock is trading at 5.1 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.