Minda Corp Q4 FY26: Brokerages Raise Targets to ₹844

Setting the context: why Minda Corp is in focus

Select brokerages have stayed constructive on automobile ancillary company Minda Corporation Ltd after its March 2026 quarter (Q4 FY26) results. The key change is not a rating shift but higher 12-month target prices, reflecting what brokerages describe as improving visibility in higher-value automotive electronics and the EV ecosystem.

The revisions come as the broader auto complex remains strong in FY26, with the BSE Auto index outperforming the benchmark. In that backdrop, target upgrades in a widely tracked ancillary name like Minda Corp are being watched closely by investors tracking sector leadership and valuation comfort.

Brokerage call 1: Buy retained, DCF target raised to ₹700

One brokerage reiterated its ‘Buy’ rating and raised the 12-month share price target.

It said it maintains its ‘BUY’ rating with an increased DCF-based target price of ₹700 (earlier: ₹650). The note added that the target implies 28x P/E on FY28E EPS, and linked the rationale to “improving growth visibility” and an “expanding presence across high-value automotive electronics and EV ecosystems.”

While the note’s underlying quarterly numbers were not detailed in the provided text, the message was clear: the broker is leaning on longer-duration drivers, not a single quarter print.

Brokerage call 2: Nuvama keeps Buy, target lifted to ₹700

Nuvama reiterated a ‘Buy’ stance while raising its target price as well. It maintained ‘BUY’ with a target price of ₹700 per share (earlier ₹670 per share), based on 35x FY28E EPS.

The brokerage also provided valuation context for the stock, stating that Minda Corp currently trades at FY27E/FY28E P/E of 30x/26x. That framing is relevant because it places the revised target against an already-premium multiple set, suggesting the brokerage is comfortable with earnings growth assumptions into FY28.

Brokerage call 3: Elara raises target to ₹844 on roll-forward

Elara reaffirmed its ‘Buy’ rating and raised its target price. It said it retains Buy with a higher target price of ₹844 (from ₹775) at 35x June 2028 P/E, as it rolled forward the valuation by a quarter.

Among the broker updates cited, ₹844 is the highest target price mentioned in the provided text. The roll-forward detail also matters because it signals the upgrade was driven by the valuation framework timeline as much as by immediate operating commentary.

What the market did: stock at ₹598, upside math implied

Shares of Minda Corp were last seen trading 2.51% higher at ₹598 in Tuesday’s trade. Based on that price, the text notes an implied potential upside of 41.13%.

That upside is broadly consistent with the gap between ₹598 and the highest target of ₹844. It also underscores that the upgrades are arriving after a period where the auto segment has already delivered strong returns in FY26, making entry points and valuation comfort more central to decision-making.

Key numbers at a glance

Sector backdrop: BSE Auto index leads FY26

The BSE Auto index has been the top-performing sector among BSE sectoral indices in FY26, rising 32% so far. Over the same period, the benchmark BSE Sensex has gained 8.5%.

Within the BSE Auto index, nearly 40 stocks have posted gains of over 20% in just over nine months. The text names Ashok Leyland, Hero MotoCorp, TVS Motor Company and Maruti Suzuki India among marquee names up 40% to 80%. In the broader BSE auto universe, SML Mahindra and Force Motors are cited with gains of 185% and 121%, respectively.

This relative strength matters for ancillaries because strong OEM performance and production momentum often support component makers’ order books and operating leverage, even though stock-specific outcomes vary widely.

What Elara expects for ancillaries and where Minda Corp fits

Elara Capital expects auto companies to post robust results in Q3FY26. For auto ancillary firms, it projects revenue growth of 12% year-on-year, led by production across segments.

The note flags standout performers including Uno Minda, Minda Corp, Endurance and Gabriel. Elara’s preferred ancillary names include Uno Minda, Gabriel India, Minda Corp and Sona BLW. At the same time, the brokerage maintains a cautious stance on Samvardhana Motherson, Bharat Forge, Motherson Sumi Wiring India and the tyre segment.

Other auto-ancillary and related stock calls mentioned

Beyond Minda Corp, the broader text includes multiple brokerage actions and performance snapshots across auto ancillaries:

• Sharda Motor Industries: Ashika Institutional Research initiated coverage with a ‘Buy’ rating and a target price of ₹1,410. It noted the stock is at 14x FY27E earnings and pointed to an upside potential of nearly 30% from its calculated price of ₹1,086.
• Belrise Industries: Jefferies recommended a ‘Buy’ with a target of ₹135, implying 31.77% upside from the previous day’s close. The stock closed at ₹112.55 on Tuesday, and the company’s market capitalisation was cited at ₹10,015.59 crore.
• Banco Products: Shares were trading 1.05% higher at ₹1,102.05 in Tuesday’s trade, while the counter is down 40.58% on a year-to-date basis.

Snapshot: select auto-ancillary fundamentals cited

Some company-level fundamentals and price points were also mentioned as part of auto-ancillary stock screening commentary:

• Samvardhana: Share price ₹144.90 and market cap ₹101,955.92 crore as of January 10, 2026; 1-year return of 32.81% on the BSE; ROCE of 14.47%; net sales of ₹98,691.70 crore in FY2024.
• Pritika: Share price ₹189.70 as of January 10, 2026; 1-year return of 163.47%; ROCE 10.52% and return on net worth 10.01%.

Market impact and why the upgrades matter

For Minda Corp, the immediate market impact described is price movement and repricing of expectations through higher targets rather than a change in rating. With multiple brokerages converging on ‘Buy’ while lifting targets, the focus shifts to whether growth visibility in electronics and EV-linked areas translates into earnings that justify the stated FY27E/FY28E multiples.

At the sector level, the BSE Auto index’s 32% FY26 surge and the breadth of gains across auto stocks set a supportive tape for ancillaries. But strong sector momentum also raises the bar for delivery, since many stocks are already trading at elevated valuations.

Conclusion: what to watch next

Brokerages have largely maintained a positive stance on Minda Corporation after Q4 FY26, raising targets to ₹700 and ₹844 while keeping ‘Buy’ ratings intact. The stock’s Tuesday price of ₹598 leaves notable headroom versus the highest target cited, but the valuation references in the notes show that expectations are being pushed out to FY28.

Going forward, investors are likely to track how brokerages update FY27E-FY28E earnings assumptions, and how sector demand and production trends feed into the 12% YoY revenue growth expectation flagged for auto ancillaries.