Buy Mahindra and Mahindra; target of Rs 4378: Motilal Oswal

Motilal Oswal is bullish on Mahindra and Mahindra has recommended buy rating on the stock with a target price of Rs 4378 in its research report dated February 11, 2026.

Broker Research

February 17, 2026 / 15:16 IST

Buy

Motilal Oswal's research report on Mahindra and Mahindra

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 estimate MM to post a CAGR of ~18%/18%/20% in revenue/EBITDA/PAT over FY25-28. While MM has outperformed its own targets of earnings growth and RoE of 18%, it remains committed to delivering 15-20% EPS growth and 18% RoE, ensuring sustained profitability and shareholder value. Reiterate BUY with a TP of INR4,378 (based on Dec27E SoTP).

Outlook

While MM has outperformed its own targets of earnings growth and RoE of 18%, it remains committed to delivering 15-20% EPS growth and 18% RoE, ensuring sustained profitability and shareholder value. Reiterate BUY with a TP of INR4,378 (based on Dec27E SoTP)

For all recommendations report, click here