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Hold Minda Industries; target of Rs 940: ICICI Direct

ICICI Direct recommended hold rating on Minda Industries with a target price of Rs 940 in its research report dated November 12, 2021.

November 17, 2021 / 03:29 PM IST
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ICICI Direct's research report on Minda Industries

Minda Industries (MIL) is India’s largest maker of automotive switches, horns, seats & PV alloy wheels and third largest automotive lighting player. FY21 segment mix – 4-W 53%, 2-W 47%; switches, lighting, castings, horns and seats comprised 28%, 22%, 12%, 10% and 10% of sales, respectively • History of vast outperformance vs. user industries riding on growth in kit value, new client and product additions & inorganic acquisitions.


We value the company at a revised target price of Rs 940 i.e. 40x P/E on FY24E EPS of Rs 23.5 (previous target Rs 835).


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: Nov 17, 2021 03:29 pm

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