Minda Corporation Ltd., a prominent auto ancillary company, has received renewed 'Buy' ratings from several leading brokerages following its impressive March 2026 quarter (Q4 FY26) performance. Analysts are projecting a potential upside of up to 41% for the stock.
Strong Q4 FY26 Performance Fuels Optimism
Choice Institutional Equities highlighted Minda Corporation's strong Q4 FY26 results, noting a 29% year-on-year (YoY) increase in revenue and a 33% YoY rise in EBITDA. Profit After Tax (PAT) saw an even sharper surge, growing 134% YoY. This robust growth was attributed to an improved operating performance, a favorable product mix, and enhanced contributions from associates, particularly Flash Electronics.
Key drivers for this growth include:
- Increased premiumisation in the automotive sector.
- Rising electronics content in vehicles.
- Growing contribution from EV-related products.
Brokerages Maintain Bullish Stance
Following the results, brokerages have largely maintained or raised their positive outlooks for Minda Corporation stock.
Choice Institutional Equities
Choice reiterated its 'Buy' rating and increased its 12-month share price target. The brokerage stated, "We maintain our 'BUY' rating with an increased DCF-based target price of Rs 700 (earlier: Rs 650), implying 28x P/E FY28E EPS, supported by improving growth visibility and expanding presence across high-value automotive electronics and EV ecosystems."
Nuvama Institutional Equities
Nuvama termed Minda Corp's Q4 earnings an "all-around beat" and noted a positive outlook. They factored in higher revenue and Flash Industries' profit assumptions, leading to an upward revision of FY27/28E EPS by 7% and 5% respectively. Nuvama projects a revenue and earnings CAGR of 17% each over FY26–28E, citing Minda as a strong play on premiumisation, regulatory changes, and EV penetration. The e-2W kit value has more than doubled to Rs 30,000–35,000/unit with Flash's parts integration. Nuvama maintains a 'BUY' rating with a target price of Rs 700/share (up from Rs 670/share).
Elara Capital
Elara Capital echoed similar positive sentiments, expecting Minda Corporation to continue outperforming in the OEM segment. This is anticipated due to rising premiumisation, higher content per vehicle, and strong penetration gains in EV and advanced technology products. While acknowledging potential impacts from commodity inflation and labor costs, Elara reaffirmed its 'Buy' rating and raised its target price to Rs 844 (from Rs 775), rolling forward its valuation by a quarter.
As of recent trading, Minda Corp shares were up 2.51% at Rs 598, implying a potential upside of 41.13% based on the highest target price provided by Elara Capital.