Minda Industries Ltd declared revenue of Rs. 13709 Mn during Q4FY18 whichwas above our estimates by 17.2% on account of subsidiary consolidation ofMindarika Pvt ltd (MRPL) and Denso Ten Minda Ltd. EBITDA margins expanded by68 bps to 12.4% due to higher capacity utilization across divisions. The company is well-diversified in terms of product portfolio and client base where new product development to suit BS VI regulations are already in the pipeline.