We estimate Revenue and APAT to grow at a CAGR of 15% and 28% respectively with FY20-23E. We have given a higher multiple for the company at 15x FY23E to arrive at a target price of Rs133 and retain BUY, resulting in an upside of 19%.

Minda Corp's (MDA) Q4FY21 topline increased 7% QoQ to Rs 7.9bn.

Ongoing premiumisation is also expected to lead to structural improvement in margin trajectory at MCL down the line. Once near-term squeeze on gross margins brought about by sharp increase in prices of raw materials subsides, the company is seen moving to a higher margin plane on the back of increased operational efficiencies, cost controls and removal of profitability overhang due to hive-off of Minda KTSN (the management expects the restructuring to add ~2% to margins and ~5% to RoCE in time)....

We have revised the revenue/EBIDTA/PAT upwards for both FY22 & FY23 and value the company at 12x FY23E to arrive at a target price of Rs 121 and retain BUY.

With a history of capital efficient operations, net debt free B/S (September 2020) and presence across new model launches like Mahindra Thar & Bajaj Chetak, we believe the risk-reward is favourable at MCL. Hence, we assign a BUY rating. We value it at | 105 i.e. 15x P/E on FY22E-23E average EPS of | 7.0. We are enthused by MCL's intent to clock ~12% margins & ~20%+ RoIC in future and would closely monitor its forward journey, consistency in performance for any further upgrades in our fair value calculation. Trades at inexpensive valuations i.e....

Minda Corp posted weak margin performance in 2QFY21. Revenue grew 17% YoY while EBITDA remain flat dragged by contraction in gross margin. EBITDA margin stood at 10% (-187bps YoY) led by weak margin in both Mechatronics and Wiring harness segment. Net profit de-grew...

we expect the profitability of the company to improve over FY21 to FY23 (around FY19 levels) on back of operating leverage. Currently trading at sub 10x FY23, we value the company at 13x FY23E to arrive at a target price of Rs 88 (Rs 90 earlier) and retain BUY.

Minda Corporation is one of the leading suppliers of locksets, wiring harness and instrument clusters in the Indian automotive market. We believe that the stock deserves to trade at higher multiples (compared to current levels 14/10x for FY22/23E) as we forecast EBITDA to grow at 50% CAGR over FY21- 23E and there will a significant improvement in cash flow generation and return ratio. The key catalysts that would drive stock re-rating are 1) wind up of its loss making KTSN business is structurally positive(significant saving in...

Minda Corp. Ltd.'s Q1FY21 performance was not only marked by the disruption due to lockdown but also without its European subsidiary Minda KTSN post announcement of the insolvency in June 2020. Hence, the quarterly results reported for Q1FY21 were without the numbers from its erstwhile

Minda Corporation Ltd, consolidated revenue from operations in Q1FY21 declined by 69.53% YoY and (down 66.82% QoQ) to INR 1779.60 Mn, impacted by lockdown. Gross profit margin for Q1FY21 came in at 37.77%. MCL reported EBITDA loss of INR 203.20 Mn compare to positive EBITDA of INR 666.8 Mn. EBTIDA margin for Q1FY21 was negative 11.42% compare to positive EBTIDA margin of 11.42%, significant decline was due to negative operating leverage, product mix and higher fixed cost. MCL reported net loss of INR 354 Mn in Q1FY21 as compare to net profit of 212 Mn in corresponding quarter last year....

Mindacorp reported revenues ahead of our estimates atRs698cr down 10% YoY. Everything else about Q4 results was disappointing. EBIDTA margin came in at a paltry 5.5% (down 510 bps YoY and 580 bps QoQ). PAT came in at Rs-301.8 cr on a one time charge of Rs 293 cr due to closing of Minda KTSN business

COVID 19 IMPACT: BSVI BENEFITS OFFSET BY DEMAND WOES

Minda Corporation is one of the largest suppliers of Electronic & Mechanical Security System, Wiring Harness solution and interiors and plastics components to 2/3W, PV and CV OEMs in India. It is poised to benefit from BSVI transition significantly

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Minda Ind.s (MIL) consolidated revenues stood at Rs 1,327 cr (?10% YoY & ?2% QoQ) in Q3FY20 largely in line with industry slowdown. The company reported EBIDTA of Rs 163 cr (?21% YoY & ?1% QoQ) with EBIDTA margin of 12.3% (+42 bps on YoY basis) owing to revenue decline

Minda Corporation Ltd. (MCL) posted revenues of Rs 671 cr (?13% YoY, ?9% QoQ) in Q3FY20 mainly due to fall in revenue largely reflecting the industry slowdown. EBIDTA margins were a beat and came in at 11.3% (v/s 7.1% in Q3FY19)

Minda Corporation Ltd. (MCL) posted revenues of Rs 735 cr (?5% YoY, ?4% QoQ) in Q2FY20 mainly due to fall in revenue (?22% YoY) in Information and Connected Systems (ICS) segment which caters to commercial vehicle industry which is down by 38.6% in Q2FY20.

Minda Corporation Ltd. (MCL) posted revenues of Rs 702 Cr. (?9% YoY, ?8% QoQ) in Q1FY20 mainly due to dismal performance of Plastics & Interior business (?38% YoY). This was majorly due to a substantial fall in tool sales of Minda KTSN, on subdued European demand.

Minda Corporation Ltd. (MCL) posted revenues of Rs 771 Cr. (up 7% Y-o-Y, flat Q-o-Q) in 4QFY19 due to growth in volumes across major businesses particularly Mechatronics and Information & Connected systems, profit after tax was flat at Rs 39.1 cr.

Incorporated in 1985, Minda Corporation Ltd. (MCL) is the flagship company of Spark Minda, Ashok Minda Group, the erstwhile Minda Group. One of the leading automotive component manufacturing companies, it has pan-India and international presence. The company operates through three business verticals Safety, Security & Restraint, Driver Information & Telematics and Interior Plastics for auto OEMs. Their products cater to 2/3 wheelers, passenger vehicles, commercial vehicles and after market. It has 34 manufacturing facilities in India (28 plants & two offices) & South-East Asia (2 plants & one representative office in Japan), Europe...