Target: ₹690
CMP: ₹574.70
Minda Corporation is one of India’s leading manufacturers of automotive components, offering a diverse portfolio that includes Electronic & Mechanical Security Systems, Die Casting, Key Solutions, Telematics, ITS & IoT, Wiring Harnesses, SRCs, Components, Instrument Clusters, Sensors, and Interior Plastics.
Ashok Minda (Chairman & GCEO): Emphasised Minda Corp’s transition towards becoming a “system solutions provider” with a strong focus on electrification, premiumisation, and exports. Reiterated the 2030 vision of achieving ₹17,500 crore revenue (about 3.5x growth), with deleveraging and sustainable mobility at the core.
D. Suresh (Group CTO): Highlighted R&D priorities, including the shift from mechatronics to electronics/software, investments in ADAS, cybersecurity, software-defined vehicles (SDVs), and EV electronics. Stressed the importance of about 4 per cent R&D spend, 310+ patents, and new-age product launches.
Minda Corporation is evolving from a conventional auto component manufacturer into a high-value, technology-driven mobility solutions provider. 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 ₹690/share (vs. ₹600 earlier).
The outlook remains positive, supported by robust new order wins, a strong order book, and management’s confidence in outperforming industry growth through both organic and inorganic initiatives.