Minda Corporation hits 20% upper circuit; stock jumps 105% in 12 months

Shares of Minda Corporation, one of the leading automotive component manufacturing companies in India, hit their 20% upper circuit limit of ₹645.50 apiece on the BSE on Friday, August 23. The stock settled at the same level.

EBITDA margin came in at 11.1%, up 38 basis points (bps) YoY. Its profit after tax (PAT) jumped 42% YoY to ₹64 crore from ₹45 crore registered in the year-ago period.

During the quarter, the company signed a joint venture agreement with HCMF, a Taiwan-headquartered company, for Automotive Sunroof Solutions and Closure Systems.

This 50:50 partnership between Minda Corporation and HCMF aims to provide cutting-edge technology backed by state-of-the-art manufacturing of sunroof and closure technology products for passenger cars through localisation in India, the company's press release added.

Commenting on the results, Ashok Minda, Chairman and Group CEO, said, “The first quarter of FY25 began on a positive note, with overall demand rising across most vehicle segments on a year-on-year basis. Through our focus on key initiatives, financial prudence, and commitment to excellence, we are well positioned to surpass industry expectations."

"We aim for steady growth in our current businesses while expanding our reach through increased exports and a larger customer base. Our dedication to delivering high-quality products and solutions ensures that we consistently meet and exceed customer expectations," the chairman added.

About Minda Corporation

Minda Corporation is one of the leading automotive component manufacturing companies in India, with a pan-India presence and significant international footprint. The company was incorporated in 1985. Minda Corporation is the flagship company of Spark Minda, which was part of the erstwhile Minda Group.

Minda Corporation's stock performance

Shares of the company have rallied 105% in the past 12 months and over 867% in the past five years. In comparison, the NIFTY AUTO index has jumped 67% in the past year and 270% in the five-year period. The benchmark NIFTY50 index has gained 28% and 129% over the last five years.