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ICICI Direct Report
Minda Corporation Ltd. primarily serves domestic auto original equipment manufacturers across two main verticals – mechatronics and aftermarket (MCH - safety and security, diecasting, starter motors, etc.) and information and connected systems (ICS - mainly wiring harnesses).
OEM rebound, going forward, would aid volume recovery across MCH and ICS in medium term, with significant new orders won (Rs 2,490 crore lifetime orders in FY21) imparting healthy revenue visibility beyond FY23E.
Product profile is largely immune to electric vehicle risk; actively working on EV-specific products like DC-DC convertors, battery management system, motor controllers etc.
Minda Corp has orders from incumbent and new age EV OEMs including Ola Electric.
Expect 15.1% net sales compound annual growth rate over FY21-23E; FY23E margins seen at 11%.
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