Minda Corporation Ltd. share price target

Minda Corporation delivered record Q4FY26 EBITDA of 203cr, up 33%YoY, with margins expanding ~37 bps to 11.9%. This strong operating performance, supported by industry leading top-line growth, operational efficiencies, and a richer product mix, drove profitability higher. Net...

Minda Corporation remains structurally positioned to outgrow the auto industry through rising content-per-vehicle, expanding electronics penetration, and increasing platform-level wins across ICE and EV ecosystems.

We recommend a BUY on the stock.

EV Transition to lead Content Expansion Cycle - Electrification increases the requirement for complex vehicle components materially. EV blending contributes ~56% of two-wheeler CPV growth and ~60% of passenger vehicle CPV growth over FY25–FY30.

Premiumization Through Sunroof Entry: Entry into the sunroof and premium systems segment unlocks higher margin opportunities and strengthens positioning in passenger vehicles. Export Scale-Up Opportunity: Export recovery and 3 growth target by 2030 create diversification benefits and incremental profitability upside. Technology & R&D Moat: Strong patent portfolio, innovation investments,...

We maintain our BUY rating on the stock.

Minda Corp.’s medium-term growth visibility remains strong, underpinned by rising content-per-vehicle, a healthy platform order pipeline, and continued portfolio premiumization.

We recommend a BUY on the stock.

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