Minda Corporation shares fall 6%; Choice, Monarch retain 'Buy' calls
Minda Corporation reported consolidated revenue of Rs 2,189 crore for Q2 FY27, up 42.6% year-on-year (YoY).
- Nov 4, 2026,
- Updated Nov 4, 2026 2:55 PM IST
Shares of Minda Corporation Ltd declined as much as 6% in Wednesday's trade, even as two brokerages remained positive on the auto components maker following its September quarter results. Choice Institutional Equities retained its Buy rating with a target price of Rs 860, while Monarch Networth Capital also recommended Buy, setting a higher target of Rs 985. Monarch sees potential upside of up to 44%, citing rising content per vehicle and growth opportunities from the electric vehicle (EV) segment.
The stock touched a low of Rs 642.15, down 6.26% from its previous close of Rs 685. The shares opened at Rs 670 and touched a high of Rs 684.50 during the session.
Minda Corporation reported a consolidated revenue of Rs 2,189 crore for Q2 FY27, up 42.6% year-on-year (YoY). Ebitda increased 44.7% to Rs 257 crore, while the Ebitda margin expanded 17 basis points to 11.8%. Profit after tax rose 68.9% to Rs 143 crore. The company said revenue growth was supported by demand across vehicle segments, product premiumisation and an expanding customer base.
Choice Institutional Equities said the company delivered its highest-ever quarterly performance, with growth significantly ahead of the automotive industry's approximately 18% expansion during the quarter. It highlighted strong order wins, rising electronic content and faster EV product ramp-ups as key growth drivers. The brokerage retained its Buy rating and Rs 860 target price, implying a potential upside of 25.6% from its reference price of Rs 685.
Monarch Networth Capital also maintained a positive view, arguing that Minda Corporation is positioned to benefit from increasing content per vehicle. Its Buy recommendation comes with a target price of Rs 985, implying an upside of around 44% from the Rs 685 reference price.
The company's EV-related products accounted for approximately 35% of new order wins in Q2 FY27. Choice noted that EV product revenue grew 113% YoY, contributing 10% of Minda Corporation's revenue. It also highlighted lifetime orders worth more than Rs 1,000 crore for TFT instrument clusters, with production expected to begin from FY28, and a 3.5 kW charger order valued at over Rs 400 crore.
Shares of Minda Corporation Ltd declined as much as 6% in Wednesday's trade, even as two brokerages remained positive on the auto components maker following its September quarter results. Choice Institutional Equities retained its Buy rating with a target price of Rs 860, while Monarch Networth Capital also recommended Buy, setting a higher target of Rs 985. Monarch sees potential upside of up to 44%, citing rising content per vehicle and growth opportunities from the electric vehicle (EV) segment.
The stock touched a low of Rs 642.15, down 6.26% from its previous close of Rs 685. The shares opened at Rs 670 and touched a high of Rs 684.50 during the session.
Minda Corporation reported a consolidated revenue of Rs 2,189 crore for Q2 FY27, up 42.6% year-on-year (YoY). Ebitda increased 44.7% to Rs 257 crore, while the Ebitda margin expanded 17 basis points to 11.8%. Profit after tax rose 68.9% to Rs 143 crore. The company said revenue growth was supported by demand across vehicle segments, product premiumisation and an expanding customer base.
Choice Institutional Equities said the company delivered its highest-ever quarterly performance, with growth significantly ahead of the automotive industry's approximately 18% expansion during the quarter. It highlighted strong order wins, rising electronic content and faster EV product ramp-ups as key growth drivers. The brokerage retained its Buy rating and Rs 860 target price, implying a potential upside of 25.6% from its reference price of Rs 685.
Monarch Networth Capital also maintained a positive view, arguing that Minda Corporation is positioned to benefit from increasing content per vehicle. Its Buy recommendation comes with a target price of Rs 985, implying an upside of around 44% from the Rs 685 reference price.
The company's EV-related products accounted for approximately 35% of new order wins in Q2 FY27. Choice noted that EV product revenue grew 113% YoY, contributing 10% of Minda Corporation's revenue. It also highlighted lifetime orders worth more than Rs 1,000 crore for TFT instrument clusters, with production expected to begin from FY28, and a 3.5 kW charger order valued at over Rs 400 crore.