Accumulate Minda Corporation; target of Rs 649: Deven Choksey

Deven Choksey's research report on Minda Corporation

Minda Corporation reported strong performance in Q2 FY26, supported by sustained demand, product premiumisation, and a diversified customer base. Consolidated revenue for the quarter was INR 15,354 mn, up 19.0% YoY, marking the highest-ever quarterly revenue beat our estimate by 8.2%. EBITDA stood at INR 1,779 mn, with a margin of 11.6%, improving 22 bps YoY. Profit Before Tax was INR 928 mn, while PAT came in at INR 846 mn, resulting in a margin of 5.5%. For H1 FY26, consolidated revenue totalled INR 29,210 mn, registering 17.7% YoY growth. EBITDA for the period was INR 3,340 mn, with a margin of 11.4%, up 23 bps YoY. PAT for H1 FY26 was INR 1,500 mn, with a margin of 5.1%, reflecting stable profitability.

Outlook

We roll forward our valuation to Sep’27 estimates and value Minda Corp. at 33.0x Sep’27 EPS, arriving at a target price of INR 649. Accordingly, we revise our rating to “ACCUMULATE” from BUY.

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