LKP Research's research report on Mahindra and Mahindra
M&M reported a robust performance in Q4FY25, with standalone revenue rising by 24.5% YoY to ₹314 bn. EBITDA margin expanded by 184 bps to 14.9%, driven by operational efficiencies. PBT stood at ₹40.63 bn, up 48% YoY, with margin improving to 12.96% from 10.9% in Q4FY24. Adjusted PAT came in at ₹24.4 bn, growing 22% YoY, though the margin contracted slightly by 16.9 bps to 7.8%. Segment-wise, the Automotive business posted revenue of ₹249.76 bn, up 24.78% YoY, while the Farm Equipment segment reported revenue of ₹64.28 bn, up 22.99% YoY. EBIT margin for the Automotive segment improved by 20 bps to 9.23%, while the Farm Equipment segment saw a 366 bps expansion to 19.45%.
Outlook
We reiterate our BUY rating with SOTP-based target price of ₹3,624 with the standalone business valued at ₹3,201, based on 27x FY27E earnings.
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