Mahindra & Mahindra Ltd. share price target

Strong volume-led growth (~24% YoY) continues to be driven by SUVs; EV scale and tractors on the back of healthy rural sentiment

Mahindra & Mahindra’s (M&M) reported EBITDAM of 14.1% was slightly below our estimate. While auto EBITM was marginally better than expectation, farm EBITM was a slight miss. Impact of commodity inflation and adverse mix was partially offset by higher operating leverage.

Portfolio attributes unchanged, best bet in OEM space About the stock: Mahindra & Mahindra (M&M) is a conglomerate with presence in auto, IT, financial services, logistics, hospitality and real estate among others. for the quarter came in at 39,554 crore (up ~26% YoY) with automotive segment volumes growing ~21% YoY at 3.06 lakh units and tractor sales volume at 1.19 lakh units (up ~36% YoY). EBITDA in Q4FY26 came in at 5,564 crore with corresponding EBITDA margins at 14.1% (down ~65 bps QoQ). Resultant PAT for...

Mahindra & Mahindra’s (MM) 4QFY26 PAT at INR37b was 15% ahead of our estimates, led by higher-than-expected other income, even as operational performance across the auto and farm segments was in line.

We met MM management to understand the current business dynamics amid macro uncertainty. We expect auto demand momentum to remain intact for MM over our forecast period (FY25-28E).

Robust blended volume growth of 22% YoY, underscoring strong Auto and FES traction; blended realisations up by ~3% YoY

M&M is India's largest tractor manufacturer (43.3% FY25 market share) & 2nd largest CV, 4th largest PV maker (28.1%, 12.8% FY25 market share) Q3FY26 Results: M&M reported healthy Q3FY26. On standalone basis, top-line for the quarter came in at 38,517 crore (up ~26% YoY) with automotive segment volumes growing ~23% YoY at 3.02 lakh units and tractor sales volume at 1.49 lakh units (up ~23% YoY). EBITDA in Q3FY26 came in at 5,668 crore with corresponding EBITDA margins at 14.7% (up ~20 bps QoQ). Resultant PAT for...

Mahindra & Mahindra’s (MM) 3QFY26 PAT at INR40b was in line with our estimate. While the FES segment margin expanded 210bp YoY to 20.2%, the auto segment’s margin was flat YoY at 9.5% (despite EV ramp-up).

We had the opportunity to test drive both the XUV7XO and the XEV9S. The XUV7XO comes with multiple feature upgrades, including best-in-class suspensions, a threescreen display layout, ambient lighting options, enhanced ADAS and electronics and computing system, Dolby Vision with Dolby Atmos, a 16-speaker Harman Kardon setup, and superior seating.

We attended MM’s analyst meet in Mumbai on 20th Nov’25. The company has a clear long-term roadmap for each of its businesses: SUVs and LCVs – targets to deliver 8x growth over FY20-30; and Farm – 3x revenue growth over FY20-30.

Mahindra & Mahindra (MM)’s 2QFY26 PAT at INR45b was above our estimate due to better-than-expected margins (both from auto and FES segments), as well as higher other income.

With new launches in the electric sport utility vehicle (SUV) segment and variant refreshes, the company has maintained its SUV growth guidance. During the festival season, it is expected to ramp up electric vehicle (EV) production, supported by the upcoming launches that will drive revenue growth. GST reductions are also expected to positively impact the automotive and tractor industries by making vehicles and equipment more affordable, thereby spurring industry growth. M&M...

Automotive and tractors volumes grew in double digits by ~17%/11% YoY; blended realisations gains ~10% YoY, mild fall QoQ

Mahindra & Mahindra (MM)’s 1QFY26 PAT at INR34.4b was ahead of our estimate of INR30.7b due to higher other income even as EBITDA margin came in line.

In this note, we present the key insights from Mahindra & Mahindra (MM)’s Annual Report. Some of the company’s key achievements from the Auto segment in FY25 include: a 210bp YoY rise in revenue market share to 22.5%, and a segment RoCE of 45.2%.

We are positive regarding Mahindra & Mahindra (M&M) due to its domestic market share gains across PVs, CVs and tractors.

Automotive and tractor segment volume grew in double digits by ~16%/19% YoY; blended realisations gains ~7%/11% YoY/QoQ

M&M's Q4FY25 Standalone revenue grew by 24.5% YoY, coming in 2.3%/4.4% higher than PLe/consensus estimates. The growth in revenue was aided by strong volume growth in in Auto and Farm division as well as better mix in the automotive division led its realizations to increase by 6.2% YoY while Farm realizations remained flat, blended realization up by 4.4% YoY. Gross profit grew by 20.4% YoY while margin contracted by 89bps YoY. EBITDA grew by 42% YoY while margin expanded 184bps YoY, owing to lower staff cost and...

Mahindra & Mahindra’s (M&M) EBITDA margin, at 14.9%, was up ~30bps QoQ (I-Sec est.: 14.3%). Beat in margin was led by FES segment with EBIT margin up 130bps QoQ to 19.4% (I-Sec est.: 17.3%). Auto segment’s EBIT margin was down 50bps QoQ at 9.2%, in-line with our estimate.