Sharekhan's research report on Mahindra and Mahindra
Timely launch of attractively-priced and feature-rich BEVs would help M&M adhere to CAFÉ norms; models seem poised well accepted in market. Company set to outperform PV industry in near term; better outlook for tractors bodes well.
Outlook
We maintain a Buy rating on M&M with an SOTP-based revised PT of Rs. 3,600 on healthy traction in its PV segment, market leadership in tractors space, opportunity to grow in farm machinery segment, and a strong EV roadmap. Stock trades at P/E multiple of 25.7x/24.2x and EV/EBITDA multiple of 18.2x/16.2x its FY26E/FY27E estimates.
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