Feb 15, 2017 12:50 PM IST | Source:

Buy Minda Industries; target of Rs 461: KR Choksey

KR Choksey is bullish on Minda Industries has recommended buy rating on the stock with a target price of Rs 461 in its research report dated February 10, 2017.

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KR Choksey's research report on Minda Industries

In Q3FY17, Minda Industries Ltd (MIL) reported net sales of INR 8,846 Mn which (is above our estimates of INR 6,886 Mn) increased by 41.4% Y-o-Y but declined 2.3% Q-o-Q basis. However, on standalone basis company recorded a growth of 8.09% Y-o-Y led by pick-up in domestic sales volumes.


At the current market price of INR 381, the stock is trading at 14.5x FY17E EPS of INR 26.6, 11.7x on FY18 EPS of 32.8. We recommend “BUY” rating on the stock and value the stock at 12x FY19E EPS of INR 38.4 with a target price of INR 461 indicating 20.9% upside from CMP.

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