Target: ₹690
CMP: ₹574.70
Minda Corporation is a prominent manufacturer of automotive components in India. Its wide-ranging portfolio encompasses Electronic and Mechanical Security Systems, Die Casting, Key Solutions, Telematics, Intelligent Transportation Systems and Internet of Things (IoT) solutions, Wiring Harnesses, SRCs, Components, Instrument Clusters, Sensors, and Interior Plastics.
Ashok Minda, Chairman and Group Chief Executive Officer, emphasized the company’s strategic shift towards becoming a comprehensive “system solutions provider.” He highlighted the focus on electrification, premiumisation, and expanding exports. Minda reiterated the company’s 2030 vision, aiming for a revenue target of ₹17,500 crore, representing approximately a 3.5 times growth, underpinned by deleveraging and sustainable mobility initiatives.
D. Suresh, Group Chief Technology Officer, outlined the company’s research and development priorities, noting a transition from mechatronics to a stronger emphasis on electronics and software. He pointed to investments in Advanced Driver Assistance Systems (ADAS), cybersecurity, software-defined vehicles, and electric vehicle electronics as key areas of development. Suresh affirmed the importance of maintaining about 4 percent of revenue for R&D, supported by over 310 patents and the launch of innovative products.
Minda Corporation continues to evolve from a traditional auto component manufacturer to a high-value, technology-driven mobility solutions provider. With a solid growth trajectory and a healthy balance sheet, the stock is currently valued at a 36 times multiple on the estimated Earnings Per Share (EPS) for FY28, leading to an updated target price of ₹690 per share, an increase from the earlier target of ₹600.
The outlook remains favorable, bolstered by new order acquisitions, a strong order book, and the management’s confidence in surpassing industry growth through both organic and inorganic growth strategies.
Published on September 25, 2025
