Axis Securities Bets Big On Minda Corp, Auto Stock Could Race To Rs 560 — Are You Onboard?

One of the top producers of automotive components in India is Minda Corporation, which also produces die casting, key solutions, telematics, ITS & IoT, wiring harnesses, SRCs, instrument clusters, sensors, interior plastics, and electronic and mechanical security systems. Axis Securities, a brokerage company, has selected Minda Corporation as its stock of the week to buy, with a target price of Rs 560 over the course of six to nine months. Product premiumization, robust financials and strategic capital allocation of Minda Corporation made Axis Securities bet big on the stock.

Minda Corporation Target Price

Below is Axis Securities' investment rationale for buying shares of Minda Corporation.

Delivers Q1FY26 outperformance against the auto industry (up only ~2%) driven by: (1) Higher per-vehicle kit value from premiumization-TFT digital clusters, upgraded wiring harnesses, and cockpit electronics-which improved mix and margins; (2) Ram upof newproduct SOPs and OEMprogram launches that generated incremental revenues independent of end-market volumes; (3) Market share gains in the Wiring Harness division with leading 2W OEMs across regions, along with new wins in EV 2W/3W and a recovery in the CV segment; and (4) Strong momentum in sensors, motor controllers, dc-dc converters, and other power electronics products (other segments) now contributing ~19% of total revenue, offsetting flat exports and muted domestic demand.

Strong Order Book: Minda holds a Rs 1,300+ Cr lifetime order book, with over 30% from New Energy Vehicles (EV and hybrid). The balance covers ICE-focused wiring harnesses, clusters, vehicle access systems, and interior plastics.

Technology JV with Toyodenso Corporation Limited: In Q1FY26, Minda formed a Rs 150 Cr JV with Toyodenso Corporation Limited of Japan, holding a 60% majority stake. The JV will develop and produce advanced automotive switches and control systems for both ICE and EV platforms. Operations will begin in Q4FY27 at a new Noida facility, which has already secured a significant order from a leading two-wheeler OEM. This partnership is expected to capture high-value switchgear demand across 2W, PV, and CV segments in domestic and export markets.

Outlook & Valuation: Minda Corporation is evolving from a conventional auto component manufacturer into a high-value, technology-driven mobility solutions provider. Supported by robust financials, a sticky OEM client base, a higher share of profits from Associates (Flash Electronics), and well-defined growth levers in both EV and ICE segments, the company presents a compelling long-term compounding opportunity for investors.

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