Mumbai | September 29, 2025 — eBharat Markets Desk
Filed on Sep 29, 2025, 01:52 IST via BSE trade data.
Minda Corporation Ltd (BSE: 538962, NSE: MINDACORP) touched a fresh 52-week high in Monday’s trade, extending the recent outperformance in India’s auto ancillaries pack. The move came amid firm sentiment in passenger vehicles and two-wheelers, improving component demand, and a continuing shift toward premiumization and electronics content per vehicle.
The stock’s breakout puts the spotlight on suppliers leveraged to wiring harnesses, mechatronics, security systems, die-casting, and telematics—areas in which Minda Corporation (Spark Minda) has scaled capabilities. Dealers pointed to steady OEM schedules ahead of the festive season and resilient exports in select sub-segments as additional supports for the day’s rally.
What moved the stock
- Healthy OEM ramp-ups: PV and 2W production schedules remain supportive, with model refreshes boosting content per vehicle (smart keys, controllers, sensors, wiring).
- Electronics mix rising: A secular increase in electrical/electronic components—across safety, convenience, and connectivity—continues to lift value addition for suppliers like Minda Corporation.
- Margin tailwinds: Relative stability in key commodities (aluminium, copper) and improved operating leverage have aided ancillaries through FY25; investors expect this to flow into FY26 as well.
- Aftermarket traction: A broad distribution network and higher vehicle parc support steady replacement demand in locks, wiring, and accessories.
| Metric | Detail |
|---|---|
| Price Action | Touched new 52-week high intraday on BSE |
| Sector Read-through | Auto ancillaries broadly firm; positive momentum into festive quarter |
| Key Drivers | Premiumization, electronics/safety content, OEM ramp-ups, aftermarket |
| Watchpoints | Commodity costs (copper/aluminium), FX, ramp-up execution, mix |
The broader auto-components space has outperformed through September as investors rotated into manufacturing names tied to domestic consumption and export niches. Names exposed to vehicle electrification and smart features have led gains; content-per-vehicle is rising even in internal-combustion models as OEMs add connectivity, comfort, and security features to defend market share. Market participants note that ancillaries with diversified customer bases across PV/2W/exports, and a strong aftermarket franchise, are better positioned to compound through cycles.
For Minda Corporation, the mix of wiring harnesses and mechatronics/security systems offers exposure to both conventional and electric platforms, while die-casting and telematics add adjacencies. The company’s order-book disclosures in recent quarters and investments in electronics have been key sentiment drivers, alongside a focus on operational efficiency and value engineering with OEM partners.
Risks & what to watch
- Input inflation & FX: A sudden spike in copper/aluminium or adverse currency moves could pressure gross margins.
- Execution cadence: Timely commissioning of new programs and yield improvement on complex electronics are essential to sustain margins.
- Supply-chain variability: Any hiccups in semiconductor or connector availability could affect harness/mechatronics schedules.
- Demand normalization: A slower-than-expected retail season or price competition at OEMs may affect ancillary order visibility.
Outlook
With the stock printing a new 52-week high, the near-term setup points to momentum as long as production schedules and the commodity backdrop remain benign. Medium term, the narrative hinges on electronics content, premiumization, and aftermarket. If Minda Corporation executes capex and new program ramps on time—while protecting mix and margins—the re-rating thesis for high-quality ancillaries could stay intact into FY26.
| Open | High | Low | Prev Close |
|---|---|---|---|
| ₹644.35 | ₹644.35 | ₹569.05 | ₹570.80 |
| Mkt Cap | P/E | 52W High | 52W Low |
|---|---|---|---|
| ₹13,470 Cr | 53.10 | ₹644.35 | ₹445.25 |
