# Minda Corporation (MINDACORP) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/mindacorp

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹708.2
- Change: +2.07%
- As of: 2026-11-06
- 1D return: +2.07%
- 5D return: +11.98%
- 1M return: +11.50%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

MINDACORP (₹708.20) exhibits a strong daily uptrend, trading above all key moving averages and the Supertrend, with an established ADX of 28.06. This bullish structure is supported by recent positive anomalies, including a +2.3% upward gap on November 5 and extreme volume-price activity (+10.0% range, 7.24x volume ratio) on November 3. The stock is positioned near the upper end of its 20-day (+93.6%) and 50-day (+88.4%) ranges, indicating strong short-term momentum but also elevated proximity to resistance levels at ₹710.10 and ₹714.52.

However, this daily strength contrasts with weaker longer-term signals. The monthly trend is bearish (Supertrend down, weak ADX 12.88), and the weekly trend shows mixed signals with a bearish Supertrend despite price being above moving averages. This divergence suggests the current rally may be facing underlying structural headwinds or consolidation pressure. Risk remains moderate, with annualized volatility at 33.7% and a current drawdown of -5.0% from recent highs. Immediate support lies at ₹704.18, with deeper levels at ₹699.42 and ₹694.92.

- Trend Divergence: Daily trend is strongly bullish (ADX 28.06, price above all MAs/Supertrend), while monthly trend is bearish (Supertrend down, ADX 12.88) and weekly Supertrend is bearish.
- Price Positioning: Trading at ₹708.20, near the top of 20-day (+93.6%) and 50-day (+88.4%) ranges; immediate resistance at ₹710.10 (+0.27%) and ₹714.52 (+0.89%).
- Momentum & Participation: Recent upward gap (+2.3% on Nov 5) and extreme volume surge (7.24x ratio on Nov 3) confirm active buying interest in the short term.
- Risk Profile: Annualized volatility stands at 33.7%; current drawdown is -5.0% from highs; support levels at ₹704.18 (-0.57%), ₹699.42 (-1.24%), and ₹694.92 (-1.88%).

- Hammer
- Harami
- Bullish Engulfing Reversal
- Outside Bar
- Evening Star

### News Context

Minda Corporation reported Q2 FY27 results on November 4, 2026, showing a 42.6% year-on-year revenue increase to ₹2,189 crore and a 68.2% rise in net profit to ₹143 crore. Despite these strong financials, the stock fell as much as 6% on the day of the announcement. The company highlighted that electric vehicle-related products accounted for approximately 35% of new order wins during the quarter. Management also outlined long-term growth targets, including a projected annual revenue of ₹300–400 crore from its newly launched sunroof business by FY29-30 and an overall target of ₹17,500 crore by 2030, supported by acquisitions such as Flash Electronics.

External brokerages maintained positive outlooks despite the price decline. Choice Institutional Equities and Monarch Networth Capital retained 'Buy' ratings, citing robust order wins and growth opportunities in the EV segment. Emkay Global Financial issued a separate 'Buy' recommendation with a target price of ₹900. These divergent market reactions—price weakness against strong earnings and bullish analyst views—suggest investors are weighing near-term valuation against long-term strategic expansion.

- Q2 FY27 financials: Revenue rose 42.6% YoY to ₹2,189 crore; net profit increased 68.2% YoY to ₹143 crore.
- EV momentum: Electric vehicle-related products constituted ~35% of new order wins in Q2 FY27.
- Growth projections: Sunroof business expected to generate ₹300–400 crore annually from FY29-30; total revenue target set at ₹17,500 crore by 2030.
- Analyst sentiment: Choice, Monarch, and Emkay retained 'Buy' ratings; Emkay set a specific target price of ₹900.

- [Minda Corporation shares fall 6%; Choice, Monarch retain 'Buy' calls](https://www.businesstoday.in/markets/stocks/story/minda-corporation-shares-fall-choice-monarch-retain-buy-calls-565638-2026-11-04)
- [Buy Minda Corporation; target of Rs 900: Emkay Global Financial](https://www.moneycontrol.com/news/business/stocks/buy-minda-corporation-target-of-rs-900-emkay-global-financial-14069314.html)
- [Minda Corp expects sunroof business to generate ₹300-400 crore revenue from FY29-30](https://www.cnbctv18.com/market/earnings/minda-corp-q2-results-expects-sunroof-business-to-generate-rs-300-400-crore-revenue-from-fy30-alpha-article-20026560.htm)
- [Stocks in news: NSE, BSE, SBI, Happiest Minds, MCX, IEX and Minda Corp](https://economictimes.indiatimes.com/markets/stocks/news/stocks-in-news-nse-bse-sbi-happiest-minds-mcx-iex-and-minda-corp/articleshow/135508071.cms)
- [Minda Corp Q2 Results: Net profit jumps 68% to Rs 143 crore on strong revenue growth](https://economictimes.indiatimes.com/markets/stocks/earnings/minda-corp-q2-results-net-profit-jumps-68-to-rs-143-crore-on-strong-revenue-growth/articleshow/135500886.cms)

### What Changed

On November 5, 2026, Minda Corporation Limited filed a Monitoring Agency Report with the NSE for the quarter ended September 30, 2026. Issued by Acuité Ratings and Research Limited, the report confirms that no Share Warrants issued on a preferential basis in June 2025 were subscribed during this period. Consequently, zero new proceeds were received, and there was zero utilization of funds for the stated object of debt repayment. The agency observed no deviations from Offer Document disclosures and noted no material changes to the means of finance or required statutory approvals.

Market pricing as of November 6, 2026, shows the stock trading at ₹708.2, up from the previous recorded level of ₹692.8. While the corporate action remains dormant regarding capital infusion, the filing provides clarity on the status of prior fundraising efforts, confirming that the company has not yet drawn down these specific instruments.

- Monitoring Agency Report (Nov 5, 2026) confirms zero subscription of Share Warrants issued in June 2025 for Q2 FY27.
- No proceeds received and zero fund utilization for debt repayment; no deviations from Offer Document disclosures observed.
- Stock price recorded at ₹708.2 on Nov 6, 2026, compared to previous close of ₹692.8.

- [Monitoring Agency Report for the quarter ended 30th September 2026 |SUBJECT: Monitoring Agency Report](https://nsearchives.nseindia.com/corporate/MINDACORP_05112026160006_MONITORINGAGENCY051126.pdf)

### Official Filings

Minda Corporation Limited reported strong financial growth for the quarter and half-year ended September 30, 2026, with consolidated revenue rising 42.6% year-on-year to ₹2,189 crore and profit after tax (PAT) reaching ₹143 crore. The company also announced a significant capital expansion, approving an additional investment of up to ₹37 crore in its joint venture, Minda HCMF Technologies Private Limited, bringing the total cumulative investment to approximately ₹60 crore. Governance structures were updated effective November 10, 2026, with Mrs. Rachna Nath appointed as Additional Director (Independent) and Mr. Ravi Sud named Lead Independent Director, following the completion of Mrs. Pratima Ram’s term. Concurrently, the company filed a Monitoring Agency Report confirming that no share warrants issued in June 2025 were subscribed during the quarter, resulting in zero new proceeds received or utilized for debt repayment, with no deviations from the original offer document observed.

- Q2FY27 Consolidated Revenue: ₹2,189 crore (+42.6% YoY); PAT: ₹143 crore.
- Joint Venture Investment: Board approved additional investment of up to ₹37 crore in Minda HCMF Technologies Private Limited, raising total commitment to approx. ₹60 crore.
- Governance Changes: Mrs. Rachna Nath appointed Additional Director (Independent) and Mr. Ravi Sud appointed Lead Independent Director, both effective November 10, 2026.
- Warrant Utilization: Zero warrants subscribed in Q2FY27; no funds received or utilized for stated object (Debt Repayment); no deviations from Offer Document.

- [Monitoring Agency Report for the quarter ended 30th September 2026 |SUBJECT: Monitoring Agency Report](https://nsearchives.nseindia.com/corporate/MINDACORP_05112026160006_MONITORINGAGENCY051126.pdf)
- [Minda Corporation Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/MINDACORP_04112026112240_Newspapernsebse41126sd.pdf)
- [Minda Corporation Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/MINDACORP_03112026150024_BMOutcome.pdf)
- [MINDA CORPORATION LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_5462_WebXMLFile_20261103_150338311.xml)
- [Minda Corporation Limited has informed the Exchange regarding a press release dated November 03, 2026, titled "Press Release on the financials of the Company for the quarter and half year ended September 30, 2026". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/MINDACORP_03112026150830_BMOutcome.pdf)
- [MINDA CORPORATION LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_5462_WebXMLFile_20261103_150643658.xml)
- [Minda Corporation Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/MINDACORP_03112026152241_InvestorPresenetationQ2FY27.pdf)
- [Minda Corporation Limited has informed the Exchange about change in Management |SUBJECT: Change in Management](https://nsearchives.nseindia.com/corporate/MINDACORP_03112026162318_BMOutcome.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1751957_03112026055006_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1751958_03112026055220_WEB.xml)

### Fundamentals

MINDACORP demonstrates a strong top-line expansion trajectory, with TTM sales reaching ₹7,300 crore and a 43% YoY growth in the Sep 2026 quarter. Operating profit has grown robustly to ₹856 crore (TTM), supporting a TTM EPS of ₹23.4. However, earnings quality faces headwinds as net profit declined sequentially from ₹206 crore in Q1 FY2026-27 to ₹143 crore in Q2, driven by rising finance costs (₹34.6 crore) and other expenses (₹203 crore). The balance sheet reflects aggressive capital expenditure, with fixed assets rising to ₹2,028 crore and CWIP increasing to ₹180 crore by Sep 2026. While borrowings have risen to ₹1,712 crore, the company maintains a healthy cash conversion cycle of just 18 days, indicating efficient working capital management despite higher leverage. Promoter holding remains stable at 64.84%, while FIIs have increased their stake to 9.36%.

- Top-line momentum is strong: TTM sales are ₹7,300 crore with 43% YoY growth, though Q2 net profit fell sequentially to ₹143 crore due to higher finance and operating costs.
- Balance sheet shows active expansion: Fixed assets grew to ₹2,028 crore and borrowings rose to ₹1,712 crore, signaling continued capex and leverage buildup.
- Efficiency metrics remain solid: Cash conversion cycle improved significantly to 18 days, offsetting concerns from rising interest expenses of ₹124 crore (TTM).
- Next checkpoint: Monitor whether margin compression stabilizes as new capacity comes online and if operating profit growth can outpace the rise in finance costs.

### Bull Case

Minda Corporation presents a constructive case anchored by robust operational momentum and strategic expansion, despite near-term price volatility. For Q2 FY27, the company delivered a 42.6% year-on-year revenue increase to ₹2,189 crore and a 68.2% rise in net profit to ₹143 crore. This growth is structurally supported by a shift toward higher-value segments; electric vehicle-related products accounted for approximately 35% of new order wins during the quarter. Furthermore, the company has secured awards for its newly launched sunroof business, targeting ₹300–400 crore in annual revenue from FY29-30, contributing to a long-term organic and acquisition-driven target of ₹17,500 crore by 2030. Institutional sentiment remains positive, with Choice Institutional Equities, Monarch Networth Capital, and Emkay Global Financial retaining 'Buy' ratings and setting a target price of ₹900. Technically, while the monthly trend is bearish, the daily Supertrend indicator remains bullish as of November 6, 2026, suggesting short-term resilience amid broader market fluctuations.

- Q2 FY27 financials showed strong upside: Revenue grew 42.6% YoY to ₹2,189 crore, and Net Profit rose 68.2% YoY to ₹143 crore.
- Product mix is shifting toward high-growth areas, with EV-related products comprising ~35% of new order wins in Q2 FY27.
- Strategic expansion includes a sunroof business targeting ₹300–400 crore annual revenue from FY29-30, supporting a ₹17,500 crore group target by 2030.
- Institutional support persists with 'Buy' ratings from multiple brokerages and a ₹900 price target, contrasting with recent share price declines.

- [Minda Corporation shares fall 6%; Choice, Monarch retain 'Buy' calls](https://www.businesstoday.in/markets/stocks/story/minda-corporation-shares-fall-choice-monarch-retain-buy-calls-565638-2026-11-04)
- [Buy Minda Corporation; target of Rs 900: Emkay Global Financial](https://www.moneycontrol.com/news/business/stocks/buy-minda-corporation-target-of-rs-900-emkay-global-financial-14069314.html)
- [Minda Corp expects sunroof business to generate ₹300-400 crore revenue from FY29-30](https://www.cnbctv18.com/market/earnings/minda-corp-q2-results-expects-sunroof-business-to-generate-rs-300-400-crore-revenue-from-fy30-alpha-article-20026560.htm)
- [Stocks in news: NSE, BSE, SBI, Happiest Minds, MCX, IEX and Minda Corp](https://economictimes.indiatimes.com/markets/stocks/news/stocks-in-news-nse-bse-sbi-happiest-minds-mcx-iex-and-minda-corp/articleshow/135508071.cms)
- [Minda Corp Q2 Results: Net profit jumps 68% to Rs 143 crore on strong revenue growth](https://economictimes.indiatimes.com/markets/stocks/earnings/minda-corp-q2-results-net-profit-jumps-68-to-rs-143-crore-on-strong-revenue-growth/articleshow/135500886.cms)
- [Monitoring Agency Report for the quarter ended 30th September 2026 |SUBJECT: Monitoring Agency Report](https://nsearchives.nseindia.com/corporate/MINDACORP_05112026160006_MONITORINGAGENCY051126.pdf)
- [Minda Corporation Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/MINDACORP_04112026112240_Newspapernsebse41126sd.pdf)
- [Minda Corporation Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/MINDACORP_03112026150024_BMOutcome.pdf)
- [MINDA CORPORATION LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_5462_WebXMLFile_20261103_150338311.xml)
- [Minda Corporation Limited has informed the Exchange regarding a press release dated November 03, 2026, titled "Press Release on the financials of the Company for the quarter and half year ended September 30, 2026". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/MINDACORP_03112026150830_BMOutcome.pdf)

### Bear Case

Minda Corporation’s stock has experienced a sharp 6% intraday decline on November 6, 2026, despite reporting strong Q2 FY27 results with a 42.6% revenue increase to ₹2,189 crore and a 68.9% profit jump to ₹143 crore. This divergence between fundamental performance and price action highlights significant near-term volatility risk. Technical indicators reflect this tension: while the daily Supertrend remains bullish, the weekly and monthly trends are bearish, suggesting broader medium-term weakness. The stock is currently trading at ₹708.2, just below immediate resistance levels of ₹710.1 and ₹714.52, with a current drawdown of -5.0%. Historical volatility is elevated, with an annualized volatility of 33.7% and a maximum drawdown of -22.4%, indicating that even positive earnings surprises may not shield the stock from sharp corrections.

- Intraday price drop of 6% on November 6, 2026, despite Q2 FY27 net profit rising 68.2% YoY to ₹143 crore, signaling potential disconnect between fundamentals and market sentiment.
- Weekly and monthly technical trends are bearish (Supertrend direction), contrasting with the daily bullish signal, which complicates short-term trend identification.
- Stock faces immediate resistance at ₹710.1 (0.27% above) and ₹714.52 (0.89% above), limiting upside momentum in the current session.
- Elevated risk profile persists with annualized volatility at 33.7% and a maximum historical drawdown of -22.4%, requiring careful position sizing.

- [Minda Corporation shares fall 6%; Choice, Monarch retain 'Buy' calls](https://www.businesstoday.in/markets/stocks/story/minda-corporation-shares-fall-choice-monarch-retain-buy-calls-565638-2026-11-04)
- [Buy Minda Corporation; target of Rs 900: Emkay Global Financial](https://www.moneycontrol.com/news/business/stocks/buy-minda-corporation-target-of-rs-900-emkay-global-financial-14069314.html)
- [Minda Corp expects sunroof business to generate ₹300-400 crore revenue from FY29-30](https://www.cnbctv18.com/market/earnings/minda-corp-q2-results-expects-sunroof-business-to-generate-rs-300-400-crore-revenue-from-fy30-alpha-article-20026560.htm)
- [Stocks in news: NSE, BSE, SBI, Happiest Minds, MCX, IEX and Minda Corp](https://economictimes.indiatimes.com/markets/stocks/news/stocks-in-news-nse-bse-sbi-happiest-minds-mcx-iex-and-minda-corp/articleshow/135508071.cms)
- [Minda Corp Q2 Results: Net profit jumps 68% to Rs 143 crore on strong revenue growth](https://economictimes.indiatimes.com/markets/stocks/earnings/minda-corp-q2-results-net-profit-jumps-68-to-rs-143-crore-on-strong-revenue-growth/articleshow/135500886.cms)
- [Monitoring Agency Report for the quarter ended 30th September 2026 |SUBJECT: Monitoring Agency Report](https://nsearchives.nseindia.com/corporate/MINDACORP_05112026160006_MONITORINGAGENCY051126.pdf)
- [Minda Corporation Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/MINDACORP_04112026112240_Newspapernsebse41126sd.pdf)
- [Minda Corporation Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/MINDACORP_03112026150024_BMOutcome.pdf)
- [MINDA CORPORATION LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_5462_WebXMLFile_20261103_150338311.xml)
- [Minda Corporation Limited has informed the Exchange regarding a press release dated November 03, 2026, titled "Press Release on the financials of the Company for the quarter and half year ended September 30, 2026". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/MINDACORP_03112026150830_BMOutcome.pdf)

### FAQs

**How did Minda Corporation perform financially in Q2 FY27, and what drove the growth?**

For the quarter ended September 30, 2026, Minda reported consolidated revenue of ₹2,189 crore, a 42.6% year-on-year increase, with profit after tax rising 68.2% to ₹143 crore. Growth was supported by robust order wins, including electric vehicle-related products accounting for approximately 35% of new orders during the quarter.

**What are Minda's forward-looking revenue targets and strategic investments?**

Minda aims for a long-term revenue target of ₹17,500 crore by 2030, aided by acquisitions like Flash Electronics (projected ₹4,500 crore contribution). The company expects its sunroof business to generate ₹300-400 crore annually from FY29-30. Additionally, the Board approved an extra ₹37 crore investment in joint venture Minda HCMF Technologies, bringing total exposure to approximately ₹60 crore.

**What recent corporate governance changes occurred at Minda Corporation?**

Effective November 10, 2026, Mrs. Rachna Nath was appointed Additional Director (Independent) subject to shareholder approval, and Mr. Ravi Sud became Lead Independent Director. Mrs. Pratima Ram completed her term as Independent Director on November 9, 2026. Board committees, including Audit and Nomination & Remuneration, were reconstituted accordingly.

**How has Minda's stock price reacted to its recent results and analyst views?**

Despite strong Q2 results, shares fell up to 6% recently, closing at ₹708.20 on November 6, 2026. Brokerages Choice Institutional Equities and Monarch Networth Capital retained 'Buy' ratings citing EV opportunities, while Emkay Global Financial issued a 'Buy' recommendation with a target price of ₹900 on November 4, 2026.

- [Minda Corporation shares fall 6%; Choice, Monarch retain 'Buy' calls](https://www.businesstoday.in/markets/stocks/story/minda-corporation-shares-fall-choice-monarch-retain-buy-calls-565638-2026-11-04)
- [Buy Minda Corporation; target of Rs 900: Emkay Global Financial](https://www.moneycontrol.com/news/business/stocks/buy-minda-corporation-target-of-rs-900-emkay-global-financial-14069314.html)
- [Minda Corp expects sunroof business to generate ₹300-400 crore revenue from FY29-30](https://www.cnbctv18.com/market/earnings/minda-corp-q2-results-expects-sunroof-business-to-generate-rs-300-400-crore-revenue-from-fy30-alpha-article-20026560.htm)
- [Stocks in news: NSE, BSE, SBI, Happiest Minds, MCX, IEX and Minda Corp](https://economictimes.indiatimes.com/markets/stocks/news/stocks-in-news-nse-bse-sbi-happiest-minds-mcx-iex-and-minda-corp/articleshow/135508071.cms)
- [Minda Corp Q2 Results: Net profit jumps 68% to Rs 143 crore on strong revenue growth](https://economictimes.indiatimes.com/markets/stocks/earnings/minda-corp-q2-results-net-profit-jumps-68-to-rs-143-crore-on-strong-revenue-growth/articleshow/135500886.cms)
- [Monitoring Agency Report for the quarter ended 30th September 2026 |SUBJECT: Monitoring Agency Report](https://nsearchives.nseindia.com/corporate/MINDACORP_05112026160006_MONITORINGAGENCY051126.pdf)
- [Minda Corporation Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/MINDACORP_04112026112240_Newspapernsebse41126sd.pdf)
- [Minda Corporation Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/MINDACORP_03112026150024_BMOutcome.pdf)
- [MINDA CORPORATION LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_5462_WebXMLFile_20261103_150338311.xml)
- [Minda Corporation Limited has informed the Exchange regarding a press release dated November 03, 2026, titled "Press Release on the financials of the Company for the quarter and half year ended September 30, 2026". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/MINDACORP_03112026150830_BMOutcome.pdf)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Uptrend
- Weekly trend: Moderate Uptrend
- Pivot point: ₹694.92
- Risk regime: Price Risk Requires Attention

### Support levels
- 699.425
- 650
- 629

### Resistance levels
- 710.0999999999999
- 735.9
- 769

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | +2.07% |
| return_10 | +17.91% |
| return_1m | +7.37% |
| return_1y | +23.52% |
| return_20 | +11.50% |
| return_3m | -1.21% |
| return_5 | +11.98% |
| return_6m | +34.47% |
| return_since_start | +35.80% |
| return_ytd | +21.08% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | elevated_risk |
| label | Price risk requires attention |
| summary | Recent drawdown or price variability is high enough to warrant closer monitoring. |
| maximum_drawdown | -22.44% |
| annualized_volatility | +33.74% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# Minda Corporation Q2 FY2026-27: Revenue up 42.6% year on year

Minda Corporation’s Q2 FY2026-27 revenue from operations rose 42.6% year on year to ₹2,189 crore and 18.6% from Q1. Profit before exceptional items and tax increased 39.2% sequentially to ₹157 crore, while profit for the period fell 30.7% from Q1 to ₹143 crore. Operating cash flow was ₹80 crore and free cash flow was negative ₹61 crore.

## Revenue and expenses

Revenue from operations rose from ₹1,846 crore in Q1 FY2026-27 to ₹2,189 crore in Q2. It had increased from ₹1,560 crore in Q3 FY2025-26 to ₹1,704 crore in Q4, then to ₹1,846 crore in Q1.

Total expenses increased 17.3% sequentially to ₹2,035 crore. Other expenses rose 15.3% to ₹203 crore, while finance costs increased 10.0% to ₹34.6 crore. Profit before exceptional items and tax reached ₹157 crore, up from ₹113 crore in Q1.

## Profit and earnings per share

Profit before tax was ₹157 crore in Q2, compared with ₹237 crore in Q1. Tax expense declined to ₹40 crore from ₹48.6 crore; Q2 included a deferred tax credit of ₹4.5 crore, versus a deferred tax charge of ₹12.7 crore in Q1. Profit from continuing operations was ₹117 crore, down from ₹188 crore, while profit for the period fell to ₹143 crore from ₹206 crore. The share of profit from associates and joint ventures was ₹25.6 crore in Q2.

Basic EPS was ₹6.08, compared with ₹8.75 in Q1, and diluted EPS was ₹5.99, versus ₹8.62. Trailing 12-month diluted EPS was ₹23.76.

## Cash flow and working capital

Operating cash flow was ₹80.0 crore in Q2, against investing cash outflow of ₹140.7 crore and financing cash inflow of ₹54.5 crore. Free cash flow, calculated as operating cash flow plus investing cash flow, was negative ₹60.7 crore. Cash and cash equivalents stood at ₹96.5 crore on 30 September 2026, compared with ₹102.8 crore on 31 March 2026 and ₹88.1 crore on 30 September 2025.

At 30 September 2026, inventories were ₹1,001 crore, up from ₹710 crore at 31 March 2026; trade receivables were ₹1,341 crore, versus ₹995 crore; and trade payables were ₹1,537 crore, versus ₹1,143 crore. Current liabilities rose to ₹2,906 crore from ₹2,145 crore over the same period. These higher balances make working-capital movements an important counterpart to the quarter’s revenue and earnings growth.

## Balance sheet

At 30 September 2026, property, plant and equipment stood at ₹1,655 crore, up from ₹1,446 crore at 31 March 2026, while capital work in progress increased to ₹180 crore from ₹129 crore. Goodwill rose to ₹158 crore from ₹93 crore, and other intangible assets increased to ₹177 crore from ₹62 crore.

## Key Takeaway

Q2 combined strong year-on-year and sequential revenue growth with a rise in sequential pre-exceptional profit, but profit for the period and EPS declined from Q1. Negative free cash flow and higher inventories, receivables and current liabilities put cash generation and working-capital levels alongside earnings growth in focus.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q1
- As of: 2026-06-30
- Promoter holding: +64.84%
- FII holding: +9.29%
- DII holding: +17.87%
- Mutual fund holding: +14.74%
- Retail holding: +4.44%
- Promoter pledged: +0.00%

### Major reported shareholders

- ASHOK MINDA — +34.19%
- MINDA CAPITAL PRIVATE LIMITED — +16.14% (Bodies Corporate)
- SARIKA MINDA — +13.97%
- Employees Benefit Trust (Under SEBI (Share Based Employee Benefit Regulation 2014) — +1.56%
- WHITELINE BARTER LIMITED — +0.55% (Bodies Corporate)
- Any other — +0.01% (Other)

## Official filings

- 2026-11-06 — Generic Announcement: Minda Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MINDACORP_06112026154144_ResignationSMPFinal.pdf)
- 2026-11-06 — Generic Announcement: Minda Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_5462_WebXMLFile_20261106_154638927.xml)
- 2026-11-06 — Generic Announcement: Minda Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_5462_WebXMLFile_20261106_155531324.xml)
- 2026-11-06 — Management Change: Minda Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MINDACORP_ROID_104059_KMP_Doc.zip)
- 2026-11-06 — Generic Announcement: Minda Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MINDACORP_06112026201727_AppointmentSMPFinal.pdf)
- 2026-11-06 — Generic Announcement: Minda Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_5462_WebXMLFile_20261106_202509318.xml)
- 2026-11-06 — Generic Announcement: Minda Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_5462_WebXMLFile_20261106_202438719.xml)
- 2026-11-05 — Generic Announcement: Minda Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MINDACORP_05112026160006_MONITORINGAGENCY051126.pdf)
- 2026-11-04 — Generic Announcement: Minda Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MINDACORP_04112026112240_Newspapernsebse41126sd.pdf)
- 2026-11-03 — Generic Announcement: Minda Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MINDACORP_03112026150024_BMOutcome.pdf)
- 2026-11-03 — Generic Announcement: Minda Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_5462_WebXMLFile_20261103_150338311.xml)
- 2026-11-03 — Press Release: Minda Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MINDACORP_03112026150830_BMOutcome.pdf)
- 2026-11-03 — Generic Announcement: Minda Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_5462_WebXMLFile_20261103_150643658.xml)
- 2026-11-03 — Earnings Presentation: Minda Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MINDACORP_03112026152241_InvestorPresenetationQ2FY27.pdf)
- 2026-11-03 — Generic Announcement: Minda Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MINDACORP_03112026162318_BMOutcome.pdf)
- 2026-11-03 — Financial Results Filing: Minda Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1751957_03112026055006_WEB.xml)
- 2026-11-03 — Financial Results Filing: Minda Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1751958_03112026055220_WEB.xml)
- 2026-11-03 — Generic Announcement: Minda Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MINDACORP_03112026204225_EarningsCallRecordingQ2FY27.pdf)
- 2026-10-28 — Generic Announcement: Minda Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MINDACORP_28102026110139_conferencecallsigned.pdf)
- 2026-10-28 — Generic Announcement: Minda Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_5462_WebXMLFile_20261028_115052557.xml)
- 2026-10-26 — Board Meeting Notice: Minda Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MINDACORP_26102026151507_BM_Intimationnov32026signed.pdf)
- 2026-10-26 — Generic Announcement: Minda Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_5462_WebXMLFile_20261026_151839236.xml)
- 2026-10-26 — Board Meeting Notice: Minda Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_5462_WebXMLFile_20261026_151839236.xml)
- 2026-10-21 — Shareholding Disclosure: Minda Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1742411_21102026094206_WEB.xml)
- 2026-10-14 — Generic Announcement: Minda Corporation Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MINDACORP_14102026172713_IntimationtoStxSHAAggangasigned.pdf)

## News and market events

- 2026-11-04 — BUSINESSTODAY: **Minda Corporation shares fall 6%; Choice, Monarch retain 'Buy' calls** — Shares of Minda Corporation fell as much as 6% despite the company reporting strong Q2 FY27 results, including a 42.6% year-on-year revenue increase to Rs 2,189 crore and a 68.9% rise in profit after tax. Brokerages Choice Institutional Equities and Monarch Networth Capital retained their 'Buy' ratings, citing robust order wins, rising electronic content per vehicle, and significant growth opportunities in the electric vehicle segment. — [Source](https://www.businesstoday.in/markets/stocks/story/minda-corporation-shares-fall-choice-monarch-retain-buy-calls-565638-2026-11-04)
- 2026-11-04 — MONEYCONTROL: **Buy Minda Corporation; target of Rs 900: Emkay Global Financial** — Emkay Global Financial has issued a 'Buy' recommendation for Minda Corporation, setting a target price of Rs 900. This research note was published by Moneycontrol on November 4, 2026. — [Source](https://www.moneycontrol.com/news/business/stocks/buy-minda-corporation-target-of-rs-900-emkay-global-financial-14069314.html)
- 2026-11-04 — CNBC-TV18: **Minda Corp expects sunroof business to generate ₹300-400 crore revenue from FY29-30** — Minda Corporation expects its newly launched sunroof business to generate ₹300-400 crore in annual revenue from FY29-30, following the receipt of an award from a leading OEM. The company has set a long-term revenue target of ₹17,500 crore by 2030, driven by organic growth and acquisitions including Flash Electronics, which is projected to contribute approximately ₹4,500 crore. — [Source](https://www.cnbctv18.com/market/earnings/minda-corp-q2-results-expects-sunroof-business-to-generate-rs-300-400-crore-revenue-from-fy30-alpha-article-20026560.htm)
- 2026-11-04 — Economic Times: **Stocks in news: NSE, BSE, SBI, Happiest Minds, MCX, IEX and Minda Corp** — Indian equities extended their winning streak to a fourth consecutive session, with the Nifty 50 rallying 1.58% to settle at 23,811 as broad-based buying sustained market recovery. Key entities including NSE, SBI, MCX, and Happiest Minds Technologies are in focus following strong quarterly earnings, while other firms like Chambal Fertilisers and Bata India reported mixed results with profit declines or margin contractions despite revenue growth. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/stocks-in-news-nse-bse-sbi-happiest-minds-mcx-iex-and-minda-corp/articleshow/135508071.cms)
- 2026-11-03 — Economic Times: **Minda Corp Q2 Results: Net profit jumps 68% to Rs 143 crore on strong revenue growth** — Minda Corporation reported a 68.2% year-on-year increase in consolidated net profit to Rs 143 crore for Q2 FY27, driven by a 42.6% rise in revenue from operations to Rs 2,189 crore. The company's Chairman noted continued progress in its growth strategy, with electric vehicle-related products accounting for approximately 35% of new order wins during the quarter. Minda plans to further invest in R&D and manufacturing capabilities to expand its product portfolio and strengthen its presence in electronics and EV systems. — [Source](https://economictimes.indiatimes.com/markets/stocks/earnings/minda-corp-q2-results-net-profit-jumps-68-to-rs-143-crore-on-strong-revenue-growth/articleshow/135500886.cms)
- 2026-09-24 — FREEPRESSJOURNAL.IN: **Minda Corporation To Raise ₹500 Crore Through NCDs, Set Up Wholly Owned China Subsidiary** — Minda Corporation — [Source](https://www.freepressjournal.in/business/minda-corporation-to-raise-500-crore-through-ncds-set-up-wholly-owned-china-subsidiary)
- 2026-09-24 — BUSINESS: **Board of Minda Corporation approves sale of investment in EVQ Point Solutions** — At meeting held on 24 September 2026 — [Source](https://www.business-standard.com/markets/capital-market-news/board-of-minda-corporation-approves-sale-of-investment-in-evq-point-solutions-126092400595_1.html)
- 2026-09-02 — Mint: **Up to 40% returns? Looking for top stock picks for Sept 2026? Axis Securities shares list of 15 | Upside, target price** — Axis Securities presents a curated list of 15 stocks with potential returns of up to 40%. Discover which sectors and stocks are poised for growth amidst geopolitical tensions and economic shifts. — [Source](https://www.livemint.com/market/stock-market-news/up-to-40-returns-looking-for-top-stock-picks-for-sept-2026-axis-securities-shares-list-of-15-upside-target-price-11788324428926.html)
- 2026-08-14 — The Hindu: **Broker’s call: Minda Corp  (Buy)** — Elara Securities — [Source](https://www.thehindubusinessline.com/markets/brokers-call-minda-corp-buy/article71345327.ece)
- 2026-08-14 — CNBC-TV18: **Sensex Today | Stock Market LIVE Updates: Zee Ent shares soar 7%; Nifty down over 80 pts** — Sensex Today | Stock Market LIVE Updates: The markets are under pressure, with the Nifty index falling towards the 24,300 mark. The Nifty Bank is also trading on similar ground, falling below the 57,500 mark. Tata Motors PV, Hindalco, Max Health are the top losers. — [Source](https://www.cnbctv18.com/market/stock-market-live-updates-sensex-nifty-50-today-sensex-hdfc-bank-nifty-bank-q1-earnings-tata-motors-max-fin-defence-bdl-share-price-liveblog-19969121.htm)
- 2026-08-13 — The Hindu: **Q1 Results Today Live: TMPV Q1 PAT falls, Max Health PAT flat, Solar Ind, IPCA Lab, TVS Srichakra, V2 Retail, Honasa Consumer, Minda Corp PAT up, LG Electronics, Amber Enterprises, Brigade, JSW Cement to announce Q1 results** — Q1 Results Today, 13th August 2026 Live Updates: Follow Q1FY27 live updates from businessline — [Source](https://www.thehindubusinessline.com/markets/q1-results-today-live-updates-solar-ind-tmpv-lg-electronics-max-healthcare-gic-godrej-ind-jubilant-foodworks-amber-enterprises-brigade-jsw-cement-honasa-consumer-tmcv-hal-results-13-august-2026/article71335955.ece)
- 2026-08-13 — Mint: **Top Gainers & Losers on 13 August: Apar Industries, Hindalco, Ather Energy, Force Motors, CUB among top losers** — Indian stocks slid further, driven down by weak financial participation and high crude oil prices. The Nifty decreased by 0.34% and Sensex by 0.13%, with key sectors like metals and cement seeing significant losses amid ongoing geopolitical tensions. — [Source](https://www.livemint.com/market/stock-market-news/top-gainers-losers-on-13-august-apar-industries-hindalco-ather-energy-force-motors-cub-among-top-losers-11786615201243.html)
- 2026-08-13 — CNBC-TV18: **Minda Corp Q1 profit more than triples on one-off gain, revenue rises 33%** — Minda Corporation reported a sharp rise in Q1 FY27 profit, with revenue and EBITDA also growing strongly. However, the quarter's PAT included a ₹106-crore exceptional gain linked to the consolidation of Minda VAST. — [Source](https://www.cnbctv18.com/market/minda-corp-q1-profit-more-than-triples-on-one-off-gain-revenue-rises-33-pc-19968531.htm)
- 2026-08-13 — CNBC-TV18: **Q1 Results LIVE Updates: Juniper Hotels revenue rises 13%; Lincoln Pharma EBITDA up 15%** — Q1 Results LIVE Updates: Tata Motors PV, Page Industries, JSW Cement, Aditya Birla Real Estate, Avanti Feeds, Dreamfolks, Godrej Industries, IGL, Indigo Paints, IPCA Labs, Jubilant Foodworks, LG Electronics India, Max Financial Services, Olectra Industries, VST Tillers, Welspun Living, Solar Industries, are among the companies reporting their first quarter earnings today. Earnings reactions also come from Tata Motors CV, Lenskart, Apollo Hospitals among many other stocks. Watch this space for all the LIVE Q1 result updates. — [Source](https://www.cnbctv18.com/market/q1-results-live-updates-today-tata-motors-page-industries-abrel-jsw-cement-lenskart-petronet-astral-igl-ipca-share-price-liveblog-19968129.htm)
- 2026-07-20 — The Hindu: **Sensex today | Stock Market Live: Sensex down 700 pts, Nifty near 24,150 in choppy trade; Axis, HDFC Bank lead losers** — Sensex, Nifty, Share Prices Live Updates: At around 12.05 pm, Sensex traded 621.88 pts or 0.80% lower at 77,529.57; and Nifty 50 declined 151.05 pts  or 0.62% to 24,183.25. — [Source](https://www.thehindubusinessline.com/markets/sensex-nifty50-today-stock-market-live-updates-20th-july-2026/article71241122.ece)

## Business profile

**Strategic vision:** Automotive component manufacturer supplying OEMs and Tier-I suppliers.

### Business segments
- **2W Vehicle Access Division:** Specializes in security systems and mechatronics for two-wheelers, forming one of the largest business verticals within the group.
- **4W Vehicle Access Division:** Provides security systems for four-wheel vehicles.
- **Die Casting Division:** Engaged in the manufacturing of components through die casting processes.
- **Electrical Distribution System Division:** Develops and produces systems for electrical distribution within vehicles.
- **Interior Plastics Division:** Focuses on plastic components designed for vehicle interiors.
- **Drivers Information System Division:** Offers systems related to driver information, such as instrument clusters.
- **Smart Electronics Division:** Concentrates on advanced electronic solutions for automotive applications.
- **Advanced Automotive Sensors:** Specializes in the development and manufacturing of various sensors for the automotive industry.
- **Electric Vehicle Mobility Division:** Dedicated to providing products and solutions tailored for electric vehicles.
- **Starter Motor and Alternator Division:** Manufactures starter motors and alternators for vehicle powertrains.

### Competitive strengths
- Over six decades of industry presence.
- Strategic alliances with international companies.
- Certifications such as QS 9000, ISO-14001, and TS Certification.

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/mindacorp
Markdown representation: https://faxioms.com/stocks/mindacorp?render=md