External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>Long-term growth drivers: (1) Premiumization trend in legacy businesses like security access, driver information systems, wiring harnesses, die casting, and electronics.</li><li>(2) New Products in EV, power electronics and EV charging stations.</li><li>(3) Intelligent transportation systems in the EV bus segment. (4) other electronics, such as wireless chargers, telematics, etc.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Long-term growth drivers: (1) Premiumization trend in legacy businesses like security access, driver information systems, wiring harnesses, die casting, and electronics.(2) New Products in EV, power electronics and EV charging stations.(3) Intelligent transportation systems in the EV bus segment. (4) other electronics, such as wireless chargers, telematics, etc.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Minda Corporation Ltd - EBITDA/PAT Beat Estimates; Fairly Valued at Current Price

<ul><li>We interacted with the management of Minda Corporation Ltd (MCL) to understand the company’s business strategy and growth prospects over the medium term.</li><li>The management highlighted that MCL is focussing on global trends, which are currently shaping the auto ancillary space.</li><li>These global trends are driven by Connectivity, Autonomous, Shared Mobility and Electrification (CASE). In-line with these trends, MCL has entered into a strategic partnership with Flash Electronics (Flash); and acquired 49% equity stake in Flash Electronics for a cash consideration of Rs 1,372 Cr. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We interacted with the management of Minda Corporation Ltd (MCL) to understand the company’s business strategy and growth prospects over the medium term.The management highlighted that MCL is focussing on global trends, which are currently shaping the auto ancillary space.These global trends are driven by Connectivity, Autonomous, Shared Mobility and Electrification (CASE). In-line with these trends, MCL has entered into a strategic partnership with Flash Electronics (Flash); and acquired 49% equity stake in Flash Electronics for a cash consideration of Rs 1,372 Cr. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Minda Corporation Ltd - Strategic Partnership with Flash Electronics to Capture Future Growth

Thematic (Sector/Industry)

<ul><li>A Year of Volatility and Market Underperformance: Samvat 2081 was a challenging year for the Indian equity market, with the Indian market underperforming global and emerging markets for the first time since the Covid-19 era.</li><li>In the last one-year, our market witnessed a roller coaster ride marked by extreme volatility in the first half of the SAMVAT, and our Largecap index - Nifty 50, corrected by 16% till 28th Feb’25 from the 26th Sep’24 Peak.</li><li>Over this same time, the broader market corrected a bit deeper while the Mid and Smallcap indices saw a correction of 21% and 25% respectively. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

A Year of Volatility and Market Underperformance: Samvat 2081 was a challenging year for the Indian equity market, with the Indian market underperforming global and emerging markets for the first time since the Covid-19 era.In the last one-year, our market witnessed a roller coaster ride marked by extreme volatility in the first half of the SAMVAT, and our Largecap index - Nifty 50, corrected by 16% till 28th Feb’25 from the 26th Sep’24 Peak.Over this same time, the broader market corrected a bit deeper while the Mid and Smallcap indices saw a correction of 21% and 25% respectively. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by 12.6%/11.2%/21.2% YoY on account of GST rate cut, subdued commodity inflation, and favourable regulatory norms.</li><li>The revenue growth is largely led by low to mid-single-digit industry growth for 2W/PVs/CVs and double-digit volume growth in the tractor industry.</li><li>The expected YoY EBITDA margin declines due to higher discounts and advertisement expenses being partly offset by richer product mix (higher exports) and price hikes taken over the past year. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by 12.6%/11.2%/21.2% YoY on account of GST rate cut, subdued commodity inflation, and favourable regulatory norms.The revenue growth is largely led by low to mid-single-digit industry growth for 2W/PVs/CVs and double-digit volume growth in the tractor industry.The expected YoY EBITDA margin declines due to higher discounts and advertisement expenses being partly offset by richer product mix (higher exports) and price hikes taken over the past year. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Auto OEMs: We expect Revenue for our OEM coverage universe to grow by ~4.2% YoY, while EBITDA/PAT is expected to decline by ~3.4% each on account of commodity inflation, negative operating leverage, and changes in regulatory norms.</li><li>The revenue growth is largely led by low to mid-single digit industry growth for 2W/PVs/CVs and low teens volume growth in the tractor industry (however, Escorts are up only 1%).</li><li>The expected YoY EBITDA margin decline would be due to higher discounts/advertisement expenses and negative operating leverage (production halts) being partly offset by richer product mix (higher exports) and price hikes taken over the past year. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto OEMs: We expect Revenue for our OEM coverage universe to grow by ~4.2% YoY, while EBITDA/PAT is expected to decline by ~3.4% each on account of commodity inflation, negative operating leverage, and changes in regulatory norms.The revenue growth is largely led by low to mid-single digit industry growth for 2W/PVs/CVs and low teens volume growth in the tractor industry (however, Escorts are up only 1%).The expected YoY EBITDA margin decline would be due to higher discounts/advertisement expenses and negative operating leverage (production halts) being partly offset by richer product mix (higher exports) and price hikes taken over the past year. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

Minda Corporation Limited was founded in 1985. The Company's line of business includes the manufacturing of electrical equipment and supplies.

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Minda Corp Ltd (MDA IN)

Minda Corporation Ltd - EBITDA/PAT Beat Estimates; Fairly Valued at Current Price

Long-term growth drivers: (1) Premiumization trend in legacy businesses like security access, driver information systems, wiring harnesses, die...

Axis Direct

Minda Corporation Ltd - Strategic Partnership with Flash Electronics to Capture Future Growth

We interacted with the management of Minda Corporation Ltd (MCL) to understand the company’s business strategy and growth prospects over the medium...

Axis Direct

Axis Diwali Muhurat Picks: SAMVAT 2082

Samvat 2081 was a challenging year for the Indian equity market, with the Indian market underperforming global and emerging markets for the first...

Axis Direct

Q2FY26 Earnings Preview - Automobile

We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by 12.6%/11.2%/21.2% YoY on account of GST rate cut, subdued commodity...

Axis Direct

Q1FY26 Earnings Preview - Automobile

On a sequential basis, the Revenue/EBITDA/PAT growth for Q1FY26 is expected to degrow by ~7.6%/12.9%/15.7% with over ~100 bps decline in EBITDA...

Axis Direct

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