Hold Minda Industries; target of Rs 940: ICICI Direct

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26 Aug, 2025 12:21

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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.

Outlook

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

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