Target: ₹650

CMP: ₹541.65

Over FY21-25, Minda Corp significantly expanded its CPV through strategic acquisitions and deeper product penetration. The shift, from conventional mechanical locksets (₹400-1,000/unit) to smart keys and keyless entry systems (₹1,500-4,000/unit), delivers a 2.5x-4.0x CPV uplift. Analogue-to-TFT cluster upgrades add a further 2.5x-5x value uplift, while EV wiring harnesses carry nearly 3.0x the content value of conventional ICE harnesses. Together, these initiatives have transformed the company from a 2W-focussed component supplier into a diversified system solutions provider.

The strong financial outperformance in 9MFY26 has been driven by strategic acquisitions and favourable product-mix shifts. Key subsidiaries and associates now operate at 14-20 per cent margin, as compared with the group’s about 11 per cent historical margin, reflecting a structurally improving profitability mix.

The company has outlined a ₹2,000-crore capex roadmap over the next four-five years, directed towards greenfield die-casting plants (Pune, Greater Noida), TFT instrument cluster facilities and JV ramp-ups.

The company posted a consolidated revenue/EBITDA/PAT CAGR of about 21 per cent/28 per cent/48 per cent over FY21-25, driven by premiumisation-led content upgrades.

We initiate a Buy rating with a DCF-based 12-month target price of ₹650 per share (implied P/E of 29x on FY28E EPS). We forecast about 17 per cent/18 per cent/29 per cent revenue/EBITDA/PAT CAGR over FY26-29E.

Published on April 22, 2026