Buy Mahindra & Mahindra; target of Rs 1518: Edelweiss

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26 Aug, 2025 12:21

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Edelweiss' research report on Mahindra & Mahindra

Mahindra & Mahindra’s (M&M) Q4FY17 EBITDA (adjusted for INR 1.7bn one-time BS-III impact) of INR 14bn (up 9% YoY) surpassed estimate 10% driven by strong performance across segments. While management estimates tractor industry to log double digit growth in FY18, we expect the company to continue to gain market share riding successful new launches (YUVO).

Outlook

The company has raised capex + investments guidance for next 3 years to INR 120bn (INR 100bn earlier), reflecting higher investments to improve global presence and fulfill M&A ambitions. We envisage healthy tractors outlook and recovery in UVs to bolster EPS growth. Maintain ‘BUY’.

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