Sharekhan's research report on Mahindra and Mahindra
M&M is consistently showing sequential improvement in its EBIT margin in the FES and auto segments for the past five quarters. The company has a robust order book in the PV segment at 292,000 units; it gained 120bps market share in the tractor segment in FY2023. The stock trades at a P/E multiple of 15.9x and EV/EBITDA multiple of 9.6x its FY2025 estimates.
Outlook
We retain our Buy rating on M&M with an unchanged PT of Rs. 1,550, on consistent improvement in profitability, focus on disciplined capital allocation, and aim to achieve market leadership in its operating areas.
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