Buy Mahindra and Mahindra; target of Rs 980: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal's research report on Mahindra and Mahindra

MM’s 4QFY21 performance was driven by higher realizations in the Auto segment and cost savings. While growth in Tractors is slowing down after robust growth in FY21, the Auto segment is expected to see strong momentum in both LCVs and SUVs (led by new products and easing of supply issues).

Outlook

We cut our FY22E/FY23E EPS estimate by 5%/2% to account for sales loss due to the ongoing lockdown. We maintain our Buy rating with a TP of INR980/share (Mar’23E SoTP).

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