Buy Mahindra and Mahindra; target of Rs 3431: Sharekhan

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Sharekhan's research report on Mahindra and Mahindra

EBITDA margin exceeded estimates by 110 bps on healthy rise in gross margins, while miss in bottomline is due to lower other income. Management has maintained mid to high-teens growth guidance for its PV segment in FY25 and observes an early green shoot in the tractors segment. Stock trades at P/E multiple of 24.7x and EV/EBITDA multiple of 17.4x its FY26 estimates.

Outlook

We maintain a Buy on the stock with an SOTP-based unchanged PT of Rs. 3431 due to a healthy traction in its PV segment, market leadership in the tractor segment, opportunity to grow in the farm machinery segment, and its road map to play in the EV space.

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