Minda Corporation's Record Q2 Revenue Surge! Analyst DEVEN CHOKSEY Reveals New Rs 649 Target – BUY to ACCUMULATE?

Minda Corporation has announced robust financial results for the second quarter of Fiscal Year 2026 (Q2 FY26). The company achieved its highest-ever quarterly consolidated revenue at INR 15,354 million, marking a significant 19.0% year-over-year (YoY) increase and exceeding estimates by 8.2%. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) stood at INR 1,779 million, with the margin improving by 22 basis points (bps) YoY to 11.6%. Profit After Tax (PAT) was reported at INR 846 million, with a margin of 5.5%.

For the first half of FY26 (H1 FY26), Minda Corporation's consolidated revenue reached INR 29,210 million, a 17.7% YoY growth. The EBITDA for H1 FY26 was INR 3,340 million, with an 11.4% margin, up 23 bps YoY. The PAT for the period was INR 1,500 million, maintaining a stable 5.1% margin.

Impact Analyst Deven Choksey's research report has rolled forward valuation to September 2027 estimates, valuing Minda Corporation at 33.0x Sep'27 Earnings Per Share (EPS), resulting in a target price of INR 649. The rating has been revised from "BUY" to "ACCUMULATE". This news is positive due to strong financial performance, but the rating downgrade suggests potential moderation in growth expectations or that the stock may be fairly valued at current levels, prompting a more cautious investment stance. Rating: 7/10.

Definitions: FY26: Financial Year 2025-2026. YoY: Year-over-Year, comparing performance to the same period in the previous year. EBITDA: Earnings Before Interest, Taxes, Depreciation, and Amortization - a measure of a company's operating performance. PAT: Profit After Tax - the company's net profit after all expenses and taxes. EPS: Earnings Per Share - the portion of a company's profit allocated to each outstanding share of common stock. Premiumisation: Offering higher-value, more advanced products or services. Consolidated Revenue: The total revenue of a company including all its subsidiaries. Basis points (bps): A common unit of measure for interest rates and financial percentages, where 100 bps equals 1%.