Buy Mahindra and Mahindra Financial; target of Rs 4275: Motilal Oswal

Motilal Oswal is bullish on Mahindra and Mahindra recommended buy rating on the stock with a target price of Rs 4275 in its research report dated November 21, 2025.

Broker Research

November 21, 2025 / 11:57 IST

Buy

26 Aug, 2025 12:21

Volume

Todays L/H

Motilal Oswal's research report on Mahindra and Mahindra

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. Some of MM’s growth gems are on a strong growth trajectory and include: 1) Last Mile Mobility – targets to deliver 6x revenue growth over FY20-30; 2) Trucks and Bus – to be among the top 3 in India’s ILCV truck and bus segment and have a focused play in HCVs in India; 3) Aerostructures – to be among the global top 10; 4) Mahindra Holidays – targets to deliver 3x keys, 3x revenue and 4x PAT growth over FY20-30; 5) Mahindra Lifespace – targets to deliver >14x sales growth in this decade. Depending on the progress of these growth gems, MM would look to unlock value in some of these segments in a couple of years. MM has also indicated that it would look to enter one new segment next year, provided it fits in the company’s guiding principles of delivering 18% RoE on a sustainable basis.

Outlook

Considering these long-term growth drivers, we maintain our BUY rating on MM with a TP of INR4,275 (valued at Sep’27E SoTP).

For all recommendations report, click here