Sharekhan's research report on Mahindra and Mahindra
M&M reported AEBITDA at Rs. 3,950 crore in Q2FY2025 vs. estimate of Rs. 3,914 crore. This was the consecutive second quarter when it held up blended AEBITDA margin above 14% level. Management has now guided for 6-8% growth in the tractor industry for FY2025 compared to 5% growth earlier.
Outlook
We maintain BUY with an SOTP-based unchanged PT of Rs. 3,490 due to healthy traction in its PV segment, market leadership in the tractor segment, opportunity to grow in the farm machinery segment, and its roadmap to play in the EV space. The stock trades at a P/E multiple of 23.1x and EV/EBITDA multiple of 15.4x its FY2027 estimates.
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