MINDACORP IN EQUITY
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| CUSTOMER | BASIS | EST ₹CR | RANGE | % REV | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| Business | REV SHARE | 5,567 | 5,567–5,567 | 90.0% | COGS | FY26 | DISC | 90% |
| “Details of business activities (accounting for 90% of the turnover): S. No. Description of Main Activity Description of Business Activity % of Turnover of the …” AR · +2 DOC | ||||||||
| SBINState Bank of India | UNSTATED | 2,100 | 1,155–2,100 | 34.0% | — | FY26 | EST | 75% |
| “She previously served as the Chief Executive Officer of the South Africa Operations for the State Bank of India (SBI) and also held the prominent role of Count…” AR · +1 DOC | ||||||||
| VEDLVedanta Ltd. | UNSTATED | 590 | 325–590 | 9.5% | — | FY26 | EST | 75% |
| “Most recently, he served as President Finance and Strategy at Vedanta Limited, leading key financial operations and strategic initiatives.” AR · +1 DOC | ||||||||
| FY27 | REV SHARE | — | — | 29.0% | — | FY27 | DISC | 80% |
| “From a mobility perspective, 2-wheeler and 3-wheeler contributed about 45% of our total revenue, commercial vehicle contributed 29% of the revenue, passenger v…” CONCALL · +2 DOC | ||||||||
| China. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “While the import growth underscores India’s integration with global supply networks, it also highlights the strategic vulnerability of heavy reliance on a few …” AR · +2 DOC | ||||||||
| Business | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “His tenure includes serving as Business Head at Minda Instruments Limited and Group CHRO, as well as the CEO of Information and Connected System Verticals.” AR · +1 DOC | ||||||||
| MANAPPURAMManappuram Finance Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “She serves on the boards of, Minda Instruments Ltd., Manappuram Home Finance Limited, Manappuram Finance Limited, Avaali Solutions Private Limited, and GPS Ren…” AR · +1 DOC | ||||||||
| Maharashtra | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “9.1.2 Pillar 2 - New Market Export Focus Under Pillar 2, the priorities for FY2026-27 include sustaining the export recovery that emerged in the second half of…” AR DOC | ||||||||
| Volkswagen | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “This network provides a gateway to premium European supply chains, with customer relationships across leading brands such as Audi, BMW, Porsche, Volkswagen, KT…” AR DOC | ||||||||
| Volkswagen | UNSTATED | — | — | — | COGS | FY26 | EST | 70% |
| “Notably, he was instrumental in establishing International Automotive Components Asia in 2007, where he played a pivotal role in expanding business with both g…” AR · +1 DOC | ||||||||
| Uttar Pradesh | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “9.1.2 Pillar 2 - New Market Export Focus Under Pillar 2, the priorities for FY2026-27 include sustaining the export recovery that emerged in the second half of…” AR DOC | ||||||||
| Securities and Exchange Board of India | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “e. The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008 and Securities and Exchange Board of India (Issue and Li…” AR · +1 DOC | ||||||||
| BANKINDIABank of India | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Accordingly, the requirement to report on clause (xvi)(b) of the Order is not applicable to the Company c) The Company is not a Core Investment Company as defi…” AR · +1 DOC | ||||||||
| United States | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “USD: United States Dollar, EUR: Euro, JPY: Japanese Yen, GBP: Great Britain Pound, CNY: Chinese Yuan Exposure to currency risk The following table details the …” AR · +1 DOC | ||||||||
| Others | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “2.25 Other current liabilities Particulars As at March 31, 2025 As at March 31, 2024 Statutory dues payable 246 200 Advances from customers 123 242 Other curre…” AR · +1 DOC | ||||||||
| Joint Commissioner | CONTRACT | CT 68 | — | — | — | FY25 | EST | 70% |
| “During the previous year 2023-24, the Company had received demand order of Rs Nil (March 31, 2024 Rs. 678 million) from Joint Commissioner of State Tax-Pune wh…” AR · +1 DOC | ||||||||
| BAJAJ-AUTOBajaj Auto Ltd. | UNSTATED | — | — | — | COGS | FY25 | EST | 70% |
| “Product Portfolio Key Division/ Company Key Customers No. of Plants Plant Locations Ignition Switch cum Steering Locks, Smart Key Systems, Mechatronics Handles…” AR DOC | ||||||||
| ASHOKLEYAshok Leyland Ltd. | UNSTATED | — | — | — | COGS | FY25 | EST | 70% |
| “Product Portfolio Key Division/ Company Key Customers No. of Plants Plant Locations Ignition Switch cum Steering Locks, Smart Key Systems, Mechatronics Handles…” AR DOC | ||||||||
| HEROMOTOCOHero MotoCorp Ltd. | UNSTATED | — | — | — | COGS | FY25 | EST | 70% |
| “Product Portfolio Key Division/ Company Key Customers No. of Plants Plant Locations Ignition Switch cum Steering Locks, Smart Key Systems, Mechatronics Handles…” AR DOC | ||||||||
| M&MMahindra & Mahindra Ltd. | UNSTATED | — | — | — | COGS | FY25 | EST | 70% |
| “With a sharp focus on design innovation, feature integration, and scalability, the Plastic and Interior Division continues to experience accelerated growth and…” AR DOC | ||||||||
| MARUTIMaruti Suzuki India Ltd. | UNSTATED | — | — | — | COGS | FY25 | EST | 70% |
| “With a sharp focus on design innovation, feature integration, and scalability, the Plastic and Interior Division continues to experience accelerated growth and…” AR DOC | ||||||||
| ASHOKLEYAshok Leyland Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “Product Portfolio Key Division/ Company Key Customers No. of Plants Plant Locations DC-DC Converter, Battery Charger, Motor Controller, Intelligent Transport S…” AR DOC | ||||||||
| MARUTIMaruti Suzuki India Ltd. | UNSTATED | — | — | — | CAPEX | FY24 | EST | 70% |
| “Product Portfolio Key Division/ Company Key Customers No. of Plants Plant Locations Rod Antenna, Micro Pole Antenna, Shark Fin Antenna, LF Antenna Minda INFAC …” AR DOC | ||||||||
| China. | UNSTATED | — | — | — | COGS | 2026-11 | EST | 55% |
| “It's key products include EV HV wiring harnesses (with a strategic order from a leading PV OEM), connectors, busbars, CCS wires, and EV PDUs/BDUs, supported by…” SCREENER DOC | ||||||||
| SUPPLIER | BASIS | EST ₹CR | RANGE | % COST | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| China. | BUY SHARE | 2,598 | 2,598–2,598 | 58.0% | — | FY25 | DERIV | 90% |
| “A substantial 58% of imports originated from Asia, with China alone accounting for $2.8 billion or 23%, followed by Germany (13%), South Korea (11%), Japan (10…” AR · +1 DOC | ||||||||
| China. | UNSTATED | — | — | — | COGS | FY25 | EST | 75% |
| “2024-25 Yes Connection System Charging gun technology imported from SANCO HV Connection System, Bus Bar, Cell Contact System, PDU/ Charging gun is imported tec…” AR DOC | ||||||||
| FINCABLESFinolex Cables Ltd. | UNSTATED | — | — | — | COGS | FY26 | EST | 70% |
| “Trade receivables balance as at 31st March 2025 includes ` 25.43 crores from Telecommunication Consultants India Limited (31st March 2024 included ` 30.31 cror…” AR · +1 DOC | ||||||||
| Financial Year | UNSTATED | — | — | — | R&D | FY26 | EST | 70% |
| “Financial Year 2025-26 has been a period where our strategic investments in advanced R&D and engineering capabilities have come to fruition, solidifying our po…” AR DOC | ||||||||
| Business | UNSTATED | — | — | — | CAPEX | FY26 | EST | 70% |
| “The Company primarily operates under a Business-to-Business (B2B) model, supplying technologically advanced automotive components and solutions to leading Orig…” AR DOC | ||||||||
| Business | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “The Company primarily operates under a Business-to-Business (B2B) model, functioning as a Tier-1 supplier to OEMs and other Tier-1 suppliers, thereby contribut…” AR DOC | ||||||||
| SOURCE | READ | % | LAST READ |
|---|---|---|---|
| ANNUAL | 4/4 | 100% | 15-OCT-26 |
| CONCALL | 4/4 | 100% | 15-OCT-26 |
| RATINGS | 0/1 | 0% | — |
| SCREENER | 1/1 | 100% | 10-NOV-26 |
| SIGNAL | VALUE | AS OF | INPUTS |
|---|---|---|---|
| CUSTOMER HHI | 0.657 | 14-NOV-26 | State Bank of India share 78% · Vedanta Ltd. share 22% |
| CUST MOM 1M | +11.0% | 14-NOV-26 | from 15-OCT-26 · State Bank of India +12.5% w 1 · Manappuram Finance Ltd. -4.8% w 0 · Vedanta Ltd. +5.6% w 0 · Bank of India +18.2% w 0 · Bajaj Auto Ltd. +4.5% w 0 · Ashok Leyland Ltd. +14.2% w 0 |
| SUPP MOM 1M | -8.9% | 14-NOV-26 | from 15-OCT-26 · Finolex Cables Ltd. -8.9% |