Buy Mahindra and Mahindra; target of Rs 4521: Motilal Oswal

Motilal Oswal is bullish on Mahindra and Mahindra recommended buy rating on the stock with a target price of Rs 4521 in its research report dated January 08, 2026.

Broker Research

January 09, 2026 / 11:37 IST

Buy

Motilal Oswal's research report on Mahindra and Mahindra

We had the opportunity to test drive both the XUV7XO and the XEV9S. The XUV7XO comes with multiple feature upgrades, including best-in-class suspensions, a threescreen display layout, ambient lighting options, enhanced ADAS and electronics and computing system, Dolby Vision with Dolby Atmos, a 16-speaker Harman Kardon setup, and superior seating. We believe this model can add about 2-3k incremental units to the monthly run-rate of XUV700. For XE9S, while most of the interiors for this model are similar to the ICE variant, it features semi-active suspension and an AR Heads-up Display. Beyond these models, the company plans to launch two more ICE variants in FY27, alongside an EV in the same fiscal. This healthy launch pipeline is expected to help sustain strong demand momentum going forward.

Outlook

We expect Mahindra and Mahindra (MM) to deliver a 14% UV volume CAGR over FY25-28E. Overall, we estimate MM to post a CAGR of ~19%/18%/21% in revenue/EBITDA/PAT over FY25-28E. Reiterate our BUY rating on MM with a TP of INR 4,521 (valued at Dec’27E SoTP).

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