Emkay Global Financial's research report on Mahindra and Mahindra
We attended M&M’s unveiling of its first two born EV SUVs—BE 6e and XEV 9e (press release), and are impressed by the strong specifications/features and competitive pricing (introductory prices ~6% and 22%, respectively, below those of current top-selling models in the targeted ICE-SUV segments). Notably though, the E-PV category as a whole continues to see slow offtake despite multiple new launches amid customer worries around charging infra and resale value, which is likely to get exacerbated by the intensifying launch action/likely competitive pricing in the EV industry over the coming 6-12 months.
Outlook
Our estimates are unchanged (~9% core EPS CAGR in FY24-27E); we retain REDUCE given that the best of the SUV launch cycle is now behind. M&M trades at ~27x Sep-26E core PER vs ~21.5x for MSIL and 24x for HMIL.
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