M&M stock becomes top Nifty gainer as brokerages bullish on 'ambitious' growth targets

Mahindra & Mahindra shares rise in Friday's trade. 

Mahindra & Mahindra (M&M) shares emerged as one of the top gainers on the Nifty50 on Friday after the Mahindra Group outlined plans to achieve an eight-fold jump in consolidated revenue from its auto business by FY30 over FY20 levels, with a sharper focus on SUVs and light commercial vehicles.

In its investor presentation, the group said the auto division posted consolidated revenue of Rs 90,825 crore in FY25, marking a 3.2-times increase from FY20.

M&M shares were up 1.1 percent at Rs 3,757.9 on the National Stock Exchange around 11:45 am.

Brokerages reiterated positive views following the company’s 2025 investor day. Antique Stock Broking said the presentation set out “a bold and coherent vision” for growth, adding that the firm’s “staggeringly ambitious” revenue targets are supported by its market position, governance framework and technology initiatives.

Emkay Global said electric vehicles remain central to M&M’s strategy, with a defined path to profitability. PhillipCapital noted that while the goals appear ambitious, “at least 80 percent of them are attainable”. The brokerage raised its earnings estimates by about 2 percent, 3 percent and 4 percent for FY26, FY27 and FY28, respectively.

According to LSEG data, the stock carries an average ‘buy’ rating from 34 analysts, with a median price target of Rs 4,118.5.

Motilal Oswal said M&M’s long-term targets across business segments underscore visibility on future opportunities. The brokerage added that management may evaluate entering a new segment next year, subject to its criteria of sustaining an 18 per cent return on equity over the long term. It maintained a ‘buy’ rating with a target price of Rs 4,275, based on its September 2027 estimates.

Spelling out its ambition "to be the world’s fastest growing SUV brand", the group said its "authentic 'adventure-ready' products" will not only tap the 70 per cent of the Indian passenger vehicles market but will also "go global" targeting right hand drive markets in the UK, Australia, New Zealand and South Africa besides left hand drive market in Europe.

The automaker said it aims to electrify India’s last mile mobility with a million EVs on road by 2031.

M&M also plans to expand the electric commercial vehicle exports to over 10 markets globally, it added.

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