According to reports from The Hindu BusinessLine, broker Flash Electronics has initiated coverage on Minda Corp with a Buy rating and set a target price of ₹825. The current market price stands at ₹684, indicating a potential upside of approximately ₹141 from current levels. The broker values the company at a premium multiple of 34x FY28E EPS to arrive at the target price.
As reported by The Hindu BusinessLine, Minda Corp is structurally positioned to outperform the auto ancillary space through four powerful tailwinds — premiumisation, EV transition, localisation and export scale-up. The shift from analogue to TFT clusters is expected to deliver an 8x ASP uplift, while increased high-voltage wiring harnesses are anticipated to drive content per vehicle growth. The company's electronics mix and diversified growth architecture are key factors supporting the positive outlook.
According to the broker's analysis reported by The Hindu BusinessLine, Minda Corp is expected to deliver strong financial performance with 19% revenue CAGR, 20% EBITDA CAGR and 28% PAT CAGR over FY26-28E. The company maintains a large order backlog of ₹1,000 crore comprising new products like sunroofs and switches through the Toyodenso JV, along with existing products for EV applications. Despite gradual premiumisation, vehicle access continues to provide stable and margin-accretive growth supported by ASEAN exports.
As reported by The Hindu BusinessLine, Flash Electronics and Turntide agreements are expected to catapult 2W EV kit value by 3x versus ICE 2W and mark Minda's entry into high power motor controllers. The company is simultaneously scaling exports, adjacent product categories and order-backed capacities. Beyond electronics, Minda is expanding into new product categories including sunroofs and switches through strategic joint ventures, further diversifying its growth algorithm.
According to the broker's assessment reported by The Hindu BusinessLine, key risks include slower TFT adoption, weaker underlying industry growth, delays in utilisation ramp-up, slower localisation progress and export execution risks. Despite these challenges, the company's increasing electronics mix, diversified growth architecture and improving earnings quality support the positive outlook and Buy rating with the target price of ₹825.
