Buy Minda Corporation; target of Rs 900: Emkay Global Financial

Moneycontrol • 1 day ago

Original source

Key Investment Pillars

  • Minda Corp's revenue growth is accelerating, driven by broad-based growth across segments, with a focus on transitioning from component-led offerings to integrated system solutions.
  • The company's product portfolio has transformed over the years, with a key focus on increasing premium CPV products, including sunroofs, advanced cockpits, and TFT clusters.
  • Minda has strengthened its global footprint via strategic partnerships with players like Toyodenso-JV, HCMF-JV, and Sanco-TLA.
  • The management remains committed to its Vision 2030, targeting Rs175bn revenue, implying a 30% FY26-30E CAGR.

Thesis Validation Checklist

  • Investors should watch for Minda's ability to deliver on its Vision 2030 targets, driven by its focus on system solution offerings and premiumization trends.
  • Key growth drivers include TFT clusters, sunroofs, and power footsteps, with multiple product developments and order wins.
  • The company's operating leverage and margin resilience will be crucial in navigating commodity headwinds and minimum wage revisions.
  • Minda's global partnerships and strategic initiatives will be important in driving long-term growth and competitiveness.