Minda Corporation Limited (MINDACORP.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-53.1%

₹307.79

vs ₹656.70 price

Levered DCF

₹401.73

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	33.03×	50.95×	43.99×	17.78×	25.82×	43.13×	-6.43×	18.43×
P/B	4.5×	5.91×	5.04×	3.23×	3.72×	1.98×	1.32×	2.61×
P/S	1.92×	2.62×	2.18×	1.22×	1.69×	0.99×	0.59×	1.02×
EV / EBITDA	18.4×	24.08×	19.62×	12.13×	15.45×	11.12×	5.51×	10.18×
Gross margin	18.2%	34.0%	33.5%	31.9%	33.0%	31.9%	42.8%	41.8%
Operating margin	7.9%	7.8%	8.0%	7.8%	6.4%	5.5%	7.4%	6.7%
Net margin	5.8%	5.1%	5.0%	6.7%	6.6%	2.3%	-9.1%	5.5%
Current ratio	0.94×	0.85×	1.8×	1.25×	1.53×	1.44×	1.31×	1.35×
Debt / equity	0.56×	0.73×	0.27×	0.45×	0.38×	0.46×	0.64×	0.57×
Interest coverage	4.03×	5.64×	6.39×	7.79×	5.83×	3.27×	3.94×	4.05×
Dividend yield	0.3%	0.3%	0.3%	0.5%	0.3%	0.3%	1.5%	0.6%
Payout ratio	9.8%	12.9%	13.4%	9.2%	8.0%	13.3%	-10.0%	10.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.6%	11.6%	11.5%	17.9%	14.4%	4.6%	-20.5%	14.2%
Return on invested capital	9.0%	7.1%	10.3%	13.8%	8.7%	5.5%	7.7%	7.7%
Return on assets	6.6%	5.2%	6.6%	8.8%	7.5%	2.3%	-8.6%	6.9%
Free cash flow yield	1.6%	1.5%	0.3%	2.7%	1.2%	-2.2%	23.5%	2.9%
Earnings yield	3.0%	2.0%	2.3%	5.5%	3.9%	2.3%	-15.6%	5.4%
Enterprise value	₹132.7B	₹145.4B	₹103.6B	₹57.5B	₹53.9B	₹27.5B	₹18.1B	₹37.7B
Net debt / EBITDA	1.9×	2.54×	0.73×	1.28×	1.25×	1.92×	1.6×	1.76×
Cash conversion cycle (days)	33	41	42	44	66	58	34	77