M&M; is a leading tractor manufacturer domestically with leading market share of ~42% in the domestic market. The company has a strong presence in the southern as well as western regions, which are expected to stage a strong recovery courtesy robust rainfall activity and healthy Rabi crop sowing. Given the underpenetrated market domestically, we expect M&M; to continue its market leadership in farm mechanisation with tractor volumes expected to grow at CAGR of 7.4% in FY20-22E. In the domestic PV space, M&M; is a prominent player in the UV space with market share at ~20% as...