According to The Hindu BusinessLine, brokerage firm Choice Institutional Equities has initiated a Buy rating on Minda Corp with a target price of ₹650 per share. The current market price stands at ₹541.65, indicating an upside potential of approximately 19% from current levels. The brokerage has based its recommendation on a DCF-based 12-month target price with an implied P/E of 29x on FY28E EPS. As per Moneycontrol, the recommendation was made in a research report dated April 21, 2026, with the stock currently trading at a PEG ratio of 1.5x.
As reported by The Hindu BusinessLine, Minda Corp has significantly expanded its Content Per Vehicle (CPV) through strategic acquisitions and deeper product penetration over FY21-25. The company has successfully shifted from conventional mechanical locksets priced at ₹400-1,000 per unit to smart keys and keyless entry systems valued at ₹1,500-4,000 per unit, delivering 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. According to Moneycontrol, these initiatives have transformed MDA from a 2W-focussed component supplier into a diversified system solutions provider.
According to The Hindu BusinessLine, the company has demonstrated strong financial outperformance in 9MFY26, driven by strategic acquisitions and favourable product-mix shifts. Key subsidiaries and associates now operate at 14-20% margin, compared with the group's historical margin of approximately 11%, reflecting a structurally improving profitability mix. The company posted a consolidated revenue/EBITDA/PAT CAGR of about 21%/28%/48% over FY21-25, driven by premiumisation-led content upgrades.
As reported by The Hindu BusinessLine, Minda Corp has outlined a ₹2,000-crore capex roadmap over the next four-five years, directed towards greenfield die-casting plants in Pune and Greater Noida, TFT instrument cluster facilities, and JV ramp-ups. The brokerage forecasts about 17%/18%/29% revenue/EBITDA/PAT CAGR over FY26-29E, positioning the company for continued growth in the automotive components sector.
