Minda jumps 10% on bullish analyst calls after investor meet
Minda share price target: Emkay Global said Minda is well positioned as a structural compounder as it maintained 'Buy' on the stock, with unchanged estimates and target of Rs 600
- Sep 24, 2025,
- Updated Sep 24, 2025 9:42 AM IST
Minda Corporation Ltd saw its shares rallying 10 per cent in Wednesday's trade after brokerages stayed bullish on the auto ancillary company following Minda's Vision 2030.
Emkay Global said Minda is well positioned as a structural compounder as it maintained 'Buy' on the stock, with unchanged estimates and target of Rs 600, valuing the scrip at 30 times September 2027 PER.
"We are tweaking up FY26–28E Ebitda by 1–4 per cent factoring in higher growth for the underlying industry and increasing content. Retain ‘Buy’ with a target of Rs 620 (earlier Rs 590) based on 32 times Sep-27E EPS," Nuvama said.
This brokearge said Minda is a play on premiumisation, import substitution, regulatory changes and disruptions such as EV penetration.
Following the development, the stock rose 10.14 per cent to hit a high of Rs 588.35 on BSE. Minda gained as the management guided for an ambitious FY30 revenue vision of Rs 17,500 crore (28 per cent CAGR over FY25–30), Ebitda target of Rs 2,100 crore (30 per cent CAGR over FY25–30E) and RoCE aspiration of 25 per cent (against 20 per cent in FY25.
Net debt to equity ratio is seen falling to 0.3 time against 0.6 time in FY25 led by strong cash flows and reduction in working capital by Rs 10,00 crore.
Incremental revenues over FY25–30E are expected to be supported by improvement in existing business (28 per cent), premiumisation (14 per cent), higher exports (9 per cent), new products (12 per cent) and other opportunities/acquisitions (37 per cent).
Nuvama said Minda has built scale through tie-ups. It forecast the recent Flash takeover would also support increased content per vehicle and customer additions.
"The Flash stake has enhanced the E-2W combined kit value to Rs 30,000–35,000 per unit. Minda has entered into a TLA with SANCO (China) to develop EV connecting systems, charging gun assemblies, bus bars, cell contact systems, power distribution units and battery distribution units," Nuvama noted.
Recently, Minda formed a JV with Toyodenso (Japan) for manufacturing automotive switches with a significant order from 2W OEM already in hand and SOP slated in Q4FY27.
Minda, along with HCMF (Taiwan), is also setting up a new plant for sunroof systems, which will contribute to revenue from FY28E.
Overall, Nuvama s building in a revenue and Ebitda CAGR of 14 per cent and 16 per cent for Minda over FY25–28.
Minda Corporation Ltd saw its shares rallying 10 per cent in Wednesday's trade after brokerages stayed bullish on the auto ancillary company following Minda's Vision 2030.
Emkay Global said Minda is well positioned as a structural compounder as it maintained 'Buy' on the stock, with unchanged estimates and target of Rs 600, valuing the scrip at 30 times September 2027 PER.
"We are tweaking up FY26–28E Ebitda by 1–4 per cent factoring in higher growth for the underlying industry and increasing content. Retain ‘Buy’ with a target of Rs 620 (earlier Rs 590) based on 32 times Sep-27E EPS," Nuvama said.
This brokearge said Minda is a play on premiumisation, import substitution, regulatory changes and disruptions such as EV penetration.
Following the development, the stock rose 10.14 per cent to hit a high of Rs 588.35 on BSE. Minda gained as the management guided for an ambitious FY30 revenue vision of Rs 17,500 crore (28 per cent CAGR over FY25–30), Ebitda target of Rs 2,100 crore (30 per cent CAGR over FY25–30E) and RoCE aspiration of 25 per cent (against 20 per cent in FY25.
Net debt to equity ratio is seen falling to 0.3 time against 0.6 time in FY25 led by strong cash flows and reduction in working capital by Rs 10,00 crore.
Incremental revenues over FY25–30E are expected to be supported by improvement in existing business (28 per cent), premiumisation (14 per cent), higher exports (9 per cent), new products (12 per cent) and other opportunities/acquisitions (37 per cent).
Nuvama said Minda has built scale through tie-ups. It forecast the recent Flash takeover would also support increased content per vehicle and customer additions.
"The Flash stake has enhanced the E-2W combined kit value to Rs 30,000–35,000 per unit. Minda has entered into a TLA with SANCO (China) to develop EV connecting systems, charging gun assemblies, bus bars, cell contact systems, power distribution units and battery distribution units," Nuvama noted.
Recently, Minda formed a JV with Toyodenso (Japan) for manufacturing automotive switches with a significant order from 2W OEM already in hand and SOP slated in Q4FY27.
Minda, along with HCMF (Taiwan), is also setting up a new plant for sunroof systems, which will contribute to revenue from FY28E.
Overall, Nuvama s building in a revenue and Ebitda CAGR of 14 per cent and 16 per cent for Minda over FY25–28.