ICICI Direct has given Hold recommendation for Minda Industries with a target price of Rs. 940 in its research report issued on Nov 12, 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 value the company at a revised target price of Rs 940 i.e. 40x P/E on FY24E EPS of Rs 23.5 (previous target Rs 835).

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