UNO Minda Q3 Results Review - Dominant, Disruption-Proof; Retaining A Buy: Anand Rathi

Anand Rathi Report

Broadly in line with our Rs 3.7 billion estimate, Uno Minda Ltd.'s Q3 Ebitda rose 12% YoY to Rs 3.8 billion.

Key drivers are premiumisation, import substitution, regulatory changes and disruptions, (eg, electric vehicle penetration). In the past, the company outpaced industry growth by over10%.

Such outperformance was driven by diversifying product lines aided by global partners and market share gains.

Outperformance to continue. We retain a 'Buy' at a slightly lower 12-month Rs 760 target price, 35 times FY26e earning per share (earlier Rs 780, 35 times FY25e EPS).

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