Minda Industries Ltd (MIL) Q1FY21 result was above our and below consensus estimates. Revenue stood at Rs4.17bn vs our estimates of Rs3.34bn due to lower revenue fall in lighting/acoustics business. EBITDA loss stood at Rs715mn vs our estimates loss of Rs1.47bn on account of lower RM and operating cost. We expect 4W/2W industry to decline in double digit in FY21 and demand for lower end cars to impact MIL business. However with focus adding more value to the existing components and systems, next-gen products like controllers/sensors, 2W alloy wheel business and Harita acquisition would help MIL to arrest the current slowdown. We...