ICICI Direct has given Hold recommendation for Minda Industries with a target price of Rs. 1060 in its research report issued on Dec 13, 2021

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.


We are positive on the growth prospects at MIL but retain our HOLD rating on the stock amid rich valuations (trades at >40x P/E on FY24E).

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