MINDACORP.NSE

Minda Corporation Ltd

In this briefing: OGO: Finishing 2025 with 194% YoY Revenue Growth Varun Beverages: Africa Bets, Volume Surge, and a Summer Built for Growth Pernod Ricard / Brown-Forman: Talks End – Control, Not Price, Was the Constraint OOh!media (OML AU): PEP’s Non-Binding Proposal Is Light Primer: Minda Corp Ltd (MDA IN) - Apr 2026 1. OGO: Finishing 2025 with 194% YoY Revenue Growth What you need to know: • Organto reported Q4 and 2026 financials, beating our expectations on revenue and gross margins, but missing slightly on EBITDA. • Revenue came in at $60.8M for 2025 and $14.9M for Q4, compared to our estimates of $60.1M and $14.2M, respectively. Gross margins were 10.8% in Q4 vs. our 9.0%, reflecting meaningful improvements. 2. Varun Beverages: Africa Bets, Volume Surge, and a Summer Built for Growth Varun Beverages, a leading PepsiCo bottler, delivered 16.3% volume growth , completed the Twizza acquisition , signed the Crickley Dairy deal and declared Rs. 0.50 dividend. With India capacity stabilized, capex reducing to Rs. 500-600 crore , and a stronger summer outlook, operating leverage is improving, supporting sustained double-digit volume growth visibility over the medium term.

In this briefing: Artificial Intelligence (AI): Mapping the Value Chain and Testing Economic Sustainability Varun Beverages: Africa Bets, Volume Surge, and a Summer Built for Growth India-New Zealand FTA: What Lies Beneath The "Once-In-A-Generation" Agreement? Primer: KEC International (KECI IN) - Apr 2026 Primer: Minda Corp Ltd (MDA IN) - Apr 2026 1. Artificial Intelligence (AI): Mapping the Value Chain and Testing Economic Sustainability AI is real, but the capital cycle is ahead of demand: profits sit in infrastructure, while applications remain under-monetised and structurally weak. To justify current capex, AI must become a top-10 global sector (~US$700bn–US$1tn), yet demand is still developing and heavily subsidised. Investment strategy: stay long infrastructure, neutral hyperscalers, and avoid applications where deflation, competition, and weak pricing power cap returns. 2. Varun Beverages: Africa Bets, Volume Surge, and a Summer Built for Growth Varun Beverages, a leading PepsiCo bottler, delivered 16.3% volume growth , completed the Twizza acquisition , signed the Crickley Dairy deal and declared Rs. 0.50 dividend.

In this briefing: Artificial Intelligence (AI): Mapping the Value Chain and Testing Economic Sustainability Varun Beverages: Africa Bets, Volume Surge, and a Summer Built for Growth India-New Zealand FTA: What Lies Beneath The "Once-In-A-Generation" Agreement? Primer: KEC International (KECI IN) - Apr 2026 Primer: Minda Corp Ltd (MDA IN) - Apr 2026 1. Artificial Intelligence (AI): Mapping the Value Chain and Testing Economic Sustainability AI is real, but the capital cycle is ahead of demand: profits sit in infrastructure, while applications remain under-monetised and structurally weak. To justify current capex, AI must become a top-10 global sector (~US$700bn–US$1tn), yet demand is still developing and heavily subsidised. Investment strategy: stay long infrastructure, neutral hyperscalers, and avoid applications where deflation, competition, and weak pricing power cap returns. 2. Varun Beverages: Africa Bets, Volume Surge, and a Summer Built for Growth Varun Beverages, a leading PepsiCo bottler, delivered 16.3% volume growth , completed the Twizza acquisition , signed the Crickley Dairy deal and declared Rs. 0.50 dividend.

In this briefing: Varun Beverages: Africa Bets, Volume Surge, and a Summer Built for Growth Pernod Ricard / Brown-Forman: Talks End – Control, Not Price, Was the Constraint OOh!media (OML AU): PEP’s Non-Binding Proposal Is Light Primer: Minda Corp Ltd (MDA IN) - Apr 2026 Treasure Chest: Aristocrat Leisure 1. Varun Beverages: Africa Bets, Volume Surge, and a Summer Built for Growth Varun Beverages, a leading PepsiCo bottler, delivered 16.3% volume growth , completed the Twizza acquisition , signed the Crickley Dairy deal and declared Rs. 0.50 dividend. With India capacity stabilized, capex reducing to Rs. 500-600 crore , and a stronger summer outlook, operating leverage is improving, supporting sustained double-digit volume growth visibility over the medium term. A volume-first strategy in India and faster-than-expected Africa scale-up, with ~Rs. 1,000 crore incremental revenues , positions VBL for stronger earnings growth and diversification beyond seasonal dependence. 2. Pernod Ricard / Brown-Forman: Talks End – Control, Not Price, Was the Constraint Pernod Ricard and Brown-Forman have ended merger talks, validating our view that governance and economics were irreconcilable; the control versus value transfer trade-off ultimately prevented agreement.

In this briefing: Varun Beverages: Africa Bets, Volume Surge, and a Summer Built for Growth Pernod Ricard / Brown-Forman: Talks End – Control, Not Price, Was the Constraint OOh!media (OML AU): PEP’s Non-Binding Proposal Is Light Primer: Minda Corp Ltd (MDA IN) - Apr 2026 Treasure Chest: Aristocrat Leisure 1. Varun Beverages: Africa Bets, Volume Surge, and a Summer Built for Growth Varun Beverages, a leading PepsiCo bottler, delivered 16.3% volume growth , completed the Twizza acquisition , signed the Crickley Dairy deal and declared Rs. 0.50 dividend. With India capacity stabilized, capex reducing to Rs. 500-600 crore , and a stronger summer outlook, operating leverage is improving, supporting sustained double-digit volume growth visibility over the medium term. A volume-first strategy in India and faster-than-expected Africa scale-up, with ~Rs. 1,000 crore incremental revenues , positions VBL for stronger earnings growth and diversification beyond seasonal dependence. 2. Pernod Ricard / Brown-Forman: Talks End – Control, Not Price, Was the Constraint Pernod Ricard and Brown-Forman have ended merger talks, validating our view that governance and economics were irreconcilable; the control versus value transfer trade-off ultimately prevented agreement.

In this briefing: Varun Beverages: Africa Bets, Volume Surge, and a Summer Built for Growth India-New Zealand FTA: What Lies Beneath The "Once-In-A-Generation" Agreement? Primer: KEC International (KECI IN) - Apr 2026 Primer: Minda Corp Ltd (MDA IN) - Apr 2026 Aequitas: Playsimple Games Limited Pre-IPO Tearsheet 1. Varun Beverages: Africa Bets, Volume Surge, and a Summer Built for Growth Varun Beverages, a leading PepsiCo bottler, delivered 16.3% volume growth , completed the Twizza acquisition , signed the Crickley Dairy deal and declared Rs. 0.50 dividend. With India capacity stabilized, capex reducing to Rs. 500-600 crore , and a stronger summer outlook, operating leverage is improving, supporting sustained double-digit volume growth visibility over the medium term. A volume-first strategy in India and faster-than-expected Africa scale-up, with ~Rs. 1,000 crore incremental revenues , positions VBL for stronger earnings growth and diversification beyond seasonal dependence. 2. India-New Zealand FTA: What Lies Beneath The "Once-In-A-Generation" Agreement?

In this briefing: Varun Beverages: Africa Bets, Volume Surge, and a Summer Built for Growth India-New Zealand FTA: What Lies Beneath The "Once-In-A-Generation" Agreement? Primer: KEC International (KECI IN) - Apr 2026 Primer: Minda Corp Ltd (MDA IN) - Apr 2026 Aequitas: Playsimple Games Limited Pre-IPO Tearsheet 1. Varun Beverages: Africa Bets, Volume Surge, and a Summer Built for Growth Varun Beverages, a leading PepsiCo bottler, delivered 16.3% volume growth , completed the Twizza acquisition , signed the Crickley Dairy deal and declared Rs. 0.50 dividend. With India capacity stabilized, capex reducing to Rs. 500-600 crore , and a stronger summer outlook, operating leverage is improving, supporting sustained double-digit volume growth visibility over the medium term. A volume-first strategy in India and faster-than-expected Africa scale-up, with ~Rs. 1,000 crore incremental revenues , positions VBL for stronger earnings growth and diversification beyond seasonal dependence. 2. India-New Zealand FTA: What Lies Beneath The "Once-In-A-Generation" Agreement?

In this briefing: OOh!media (OML AU): PEP’s Non-Binding Proposal Is Light Primer: Minda Corp Ltd (MDA IN) - Apr 2026 Treasure Chest: Aristocrat Leisure Aequitas: KK Mart Retail Pre-IPO Tearsheet Aequitas: Playsimple Games Limited Pre-IPO Tearsheet 1. OOh!media (OML AU): PEP’s Non-Binding Proposal Is Light OOh!Media Ltd (OML AU) disclosed a non-binding proposal from Pacific Equity Partners (PEP) at A$1.40, a 64.7% premium to the undisturbed price. Despite the high takeover premium, the timing is opportunistic (shares down 32% YTD) and is unattractive compared to precedent transactions and peer multiples. The shareholder structure, comprising 10 substantial shareholders, requires a fairer offer. If the Board cannot secure a higher offer, it should reject the current offer. 2. Primer: Minda Corp Ltd (MDA IN) - Apr 2026 Minda Corp is a leading Indian auto component manufacturer, well-diversified across vehicle segments and product categories, with a strong focus on aftermarket sales. The company is strategically positioning itself to capitalize on the electric vehicle (EV) transition through acquisitions, joint ventures, and dedicated R&D, targeting significant revenue growth from its EV portfolio.

In this briefing: OOh!media (OML AU): PEP’s Non-Binding Proposal Is Light Primer: Minda Corp Ltd (MDA IN) - Apr 2026 Treasure Chest: Aristocrat Leisure Aequitas: KK Mart Retail Pre-IPO Tearsheet Aequitas: Playsimple Games Limited Pre-IPO Tearsheet 1. OOh!media (OML AU): PEP’s Non-Binding Proposal Is Light OOh!Media Ltd (OML AU) disclosed a non-binding proposal from Pacific Equity Partners (PEP) at A$1.40, a 64.7% premium to the undisturbed price. Despite the high takeover premium, the timing is opportunistic (shares down 32% YTD) and is unattractive compared to precedent transactions and peer multiples. The shareholder structure, comprising 10 substantial shareholders, requires a fairer offer. If the Board cannot secure a higher offer, it should reject the current offer. 2. Primer: Minda Corp Ltd (MDA IN) - Apr 2026 Minda Corp is a leading Indian auto component manufacturer, well-diversified across vehicle segments and product categories, with a strong focus on aftermarket sales. The company is strategically positioning itself to capitalize on the electric vehicle (EV) transition through acquisitions, joint ventures, and dedicated R&D, targeting significant revenue growth from its EV portfolio.