Select brokerages have stayed constructive on a automobile ancillary company -- Minda Corporation Ltd -- post its March 2026 quarter (Q4 FY26) results. Choice Institutional Equities noted that the company reported a strong Q4 FY26 performance with revenue growing 29 per cent year-on-year (YoY), while EBITDA increased 33 per cent YoY.

"PAT (profit after tax) witnessed a sharp 134 per cent YoY growth, supported by improved operating performance, better product mix and higher associate contribution, particularly from Flash Electronics. Growth was driven by premiumisation, rising electronics content and increasing EV-related product contribution," it added.

The brokerage reiterated its 'Buy' and raised the 12-month share price target. "We maintain our 'BUY' rating with an increased DCF-based target price of Rs 700 (earlier: Rs 650), implying 28x P/E FY28E EPS, supported by improving growth visibility and expanding presence across high-value automotive electronics and EV ecosystems," it stated.

Nuvama Institutional Equities highlighted Q4 earnings as an all-around beat, combined with a positive outlook. Factoring in higher revenue and Flash Industries' profit assumption, it upped FY27/28E EPS by 7 per cent/5 per cent.

"We are building in revenue/earnings CAGR of 17 per cent each over FY26–28E. Minda is a strong play on premiumisation, regulatory changes and EV penetration. E-2W kit value has more than doubled to Rs 30,000–35,000/unit with the addition of Flash's parts. Maintain 'BUY' with a TP of Rs 700/share (earlier Rs 670/share), based on 35x FY28E EPS. The stock currently trades at FY27E/28E PE of 30x/26x," Nuvama said.

Echoing a similar view, Elara Capital said Minda Corp will continue to outperform in the OEM segment, led by rising premiumisation, higher content per vehicle and strong penetration gains across EV and advanced technology products.

Though, it mentioned that commodity inflation and labour cost are expected to impact performance. "We lower our EBITDA margin estimates in the range of 50-60bp during FY27-28E, although our FY27E-28E EPS estimates are expected to improve by 3-6 per cent, given better-than-expected outlook for existing segments and addition of new products," Elara stated.

However, the brokerage reaffirmed its 'Buy' rating while raising the target price. "We retain Buy with a higher TP of Rs 844 (from Rs 775) at 35x June28 P/E, as we roll forward by a quarter," Elara said.

Shares of Minda Corp were last seen trading 2.51 per cent higher at Rs 598 in Tuesday's trade, implying a potential upside of 41.13 per cent.

From a technical viewpoint, AR Ramachandran, Sebi-registered research analyst at Tips2trades, noted that Minda Corp's stock appeared bullish but also overbought on daily charts. "Next resistance is placed at Rs 604. Investors should keep booking profits as a daily close below the support of Rs 575 could trigger a drop towards Rs 517 in the near term," he added.