Deven Choksey's research report on Minda Corporation
Consolidated revenue grew by 16.2% YoY (+4.9% QoQ) to INR 13,859 Mn., stood above our estimates by 5.7%, led by stronger growth witnessed in the information and connected segments. The traction in revenue growth stood strong driven by healthy order book, ramp up of new orders, increased localization, and better customer uptake across core verticals.
Outlook
We have roll-forwarded our valuation basis to Jun’27 estimates. We value Minda Corp. at 33.0x Jun’27 EPS, implying a target price of INR 596. We reiterate our “BUY” rating on the stock.
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