UNO Minda Ltd. share price target

Minda Industries Ltd (MIL) is a diversified auto ancillary supplier, manufacturing products such as switches, horns & lights. MIL holds a leadership position in switch business with a market share of 67%. Despite production cut due to semi conductor shortage consolidated revenue grew by 7%YoY (largely in line with estimate) and outperforming the industry de-growth of 20%. This was Mainly on account of new customer addition in 2W/4W, new contents, BS-VI transition & leveraging the existing client base....

Background Established in 1958, Minda Industries (MIL) is a flagship Company of UNO MINDA GROUP and one of the leading suppliers of proprietary automotive solution to OEMs. Headquarter at Manesar, Gurgaon, the company has 62 plants globally and R&D centers spread across the globe in 8 locations. The company offers a wide range product across different verticals of auto components like switching systems, lighting systems, acoustic systems and alloy wheels among others. It has more than 230 design registration and more than 30,000 touch points. Company has ~50% market share in switch segment thus leading automotive components...

We upgrade our rating from HOLD to BUY with a revised target price of Rs 1,250 (Rs 1,000 earlier), valuing the stock at 32x FY24E EPS, indicating an upside of 12% from the CMP.

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Minda Industries Ltd (MIL) is a diversified auto ancillary supplier, manufacturing products such as switches, horns & lights. MIL holds a leadership position in switch business with a market share of 67%. Despite production cut due to semi conductor shortage Q2FY22...

MIL guided for: (i) expansion in alloy wheel capacity across the 2-W & 4-W segments at a capex outlay of ~| 264 crore; (ii) formation of JV (50.1% stake) with FRIWO AG for electric vehicle components for 2-W, 3-W with...

Growth driven by new businesses

Background Established in 1958, Minda Industries (MIL) is a flagship Company of UNO MINDA GROUP and one of the leading suppliers of proprietary automotive solution to OEMs. Headquarter at Manesar, Gurgaon, the company has 62 plants globally and R&D centers spread across the globe in 8 locations. The company offers a wide range product across different verticals of auto components like switching systems, lighting systems, acoustic systems and alloy wheels among others. It has more than 230 design registration and more than 30,000 touch points. Company has ~50% market share in switch segment thus leading automotive components...