Minda Corporation Ltd. share price target

We had attended recent Analyst day hosted by the Company on September 23,
2025. The Company holds a good market in vehicle access systems, and with
innovation through R&D has built a deep expertise in manufacturing of wiring
harness and connectors, clusters, ADS and sensors, EV powered electronics
through both independently and by forming JVs with technology partners.

Given the strong growth trajectory and healthy balance sheet, the stock is valued at a 36x multiple on FY28E EPS (unchanged), arriving at a target price of Rs 690/share (vs. Rs 600 earlier), implying a 19% upside from CMP.

Minda Corp. Vision 2030E outlines a significant growth trajectory and financial improvement targets compared to FY25 performance.

We attended Minda’s Analyst Meet and visited Spark Minda Technical Centre (SMIT) in Pune and its Flash Electronics plant; the management outlined its ‘Vision 2030’ at the Meet.

We are implying an upside of 10% from the CMP, with a target price of Rs 560/share.

We have revised our FY26E/FY27E EPS estimates by -20.9%/-13.2%, as we factor in higher interest costs for acquisitions facilitated through borrowings, elevated depreciation and lower other income in absence of large idle reserves.

We recommend a BUY rating (earlier HOLD) on the company.

We recommend a HOLD rating (unchanged) on the company.

We recommend a HOLD rating (unchanged) on the company

We maintain our HOLD rating owing to a limited upside potential. However, we recommend a BUY on dips strategy for the stock.

We recommend a HOLD rating (earlier BUY) on the company

We maintain a BUY rating on the company

We recommend a BUY rating on the stock with a target price of Rs 502/share, implying an upside of 10% from the CMP

We maintain a positive view on the company as it will be a key beneficiary of product premiumization, EV growth, richer product mix on account of increased businesses from CV/PV OEMs and growth opportunities via organic and inorganic routes in the future.

Recommendation: We maintain a positive view on the company as it will be the beneficiary of product premiumization, EV growth, increased business from CV/PV OEMs and growth opportunities via organic and inorganic routes in the future.

We value the stock at 20x Sep '25 EPS (roll forward from Jun'25 EPS) as it will be a key beneficiary of product premiumization, EV growth, increased business from CV/PV OEMs and growth opportunities via organic and inorganic routes in the future; We arrive at a TP of Rs 375/share i

We maintain a positive view on the company as it will be a beneficiary of product premiumization, EV growth, increased business from CV/PV OEMs and growth opportunities via organic and inorganic routes in the future (stake increase in Pricol which has over 40% market share

Revving up dominance in the automobile industry

Recommendation: We maintain a positive view on the company as it will be a beneficiary of product premiumization, EV growth, increased business from CV/PV OEMs and growth opportunities via organic and inorganic route in the future (stake increase in Pricol will be the key monitorable).