Moneycontrol PRO

Buy Minda Industries; target of Rs 1180: KR Choksey

KR Choksey is bullish on Minda Industries has recommended buy rating on the stock with a target price of Rs 1180 in its research report dated May 26, 2022.

May 30, 2022 / 09:53 PM IST
  • bselive
  • nselive
Todays L/H

KR Choksey's research report on Minda Industries

Revenue reported at INR 24,151Mn (+7.9% yoy / +10.7% qoq) in the midst of semiconductor shortage and inflationary pressures due to geopolitical tensions. In terms of business segments, revenue contribution from 2Ws and 4Ws stood at 45% / 55%, respectively. Export revenue stood at 16% of overall revenue during the quarter. EBITDA reported at INR 2,755Mn (-8.65% yoy / +17.07% qoq) and EBITDA margin reported at 11.4% (-207bps yoy / +62bps qoq). Employee expenses were higher on account of stock option expenses of INR 150Mn. PAT reported at INR 1,444Mn (+2.89% yoy / +42.5% qoq) and PAT margin reported at 5.9% (-29bps yoy / +133bps qoq). EPS reported at INR 5.11 and the board has recommended final dividend of INR 1.0/share. Total dividend for the year is at INR 1.5/share. The board has recommended bonus issue in 1:1 to ratio.


The stock has corrected by ~4% in the last one month that provides a good opportunity for the investors with good entry levels. We maintain our target price of INR 1,180/share (36.5 PE to FY24E EPS) and change our recommendation to BUY from ACCUMULATE with an upside of 33%.

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

Broker Research
first published: May 30, 2022 09:53 pm