Target: ₹926CMP: ₹719.75Minda Corporation reported its highest-ever quarterly revenue of ₹1,850 crore in Q1FY27, up 33 per cent y-o-y and 8 per cent q-o-q, led by strong performance across core businesses, with Mechatronics & Aftermarket/Information & Connected Systems growing 33/34 per cent y-o-y.Wiring harness and instrument clusters grew over 30/35 per cent, respectively. EBITDA rose 35 per cent YoY to ₹210 crore, while margin stood at 11.5 per cent (above our est of 10.8 per cent), up about 20 bps y-o-y but down 45bps q-o-q, impacted by commodity inflation, higher wage/labour costs and freight, though largely offset by operating leverage and efficiencies.Management highlighted that most indexed commodities have back-to-back pass-through arrangements with customers, albeit with a lag of one-two quarters, which should aid cost recovery. It expects margins to remain in the 11-12 per cent range in FY27, while reiterating its 12.5 per cent EBITDA margin target by FY30. Minda Corp is one of our preferred plays in the ancillary space, supported by its strong positioning across key automotive trends such as premiumisation, electrification, connected systems and rising content per vehicle. The company continues to outperform underlying OEM production growth, aided by healthy order inflows, increasing kit value, market-share gains and expansion into high-growth segments such as EV powertrain, TFT clusters, sunroof systems.We retain Buy with a revised TP of ₹926 (earlier ₹844), valuing Minda Corp at 35x Sep ’28E P/E.Published on August 14, 2026