Buy Mahindra CIE; target of Rs 223: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal's research report on Mahindra CIE

Mahindra CIE (MACA)'s strong operating performance in 4QCY20 was driven by a robust performance from the EU business (despite the restructuring cost impact) and a good performance from the India business. While it is focusing on new orders / exports in India, it is also cutting costs to reduce breakeven points for the EU business. We upgrade our CY21/CY22E EPS by 5%/9%, factoring in stronger growth in India as well as cost-cutting in the EU. Maintain Buy.

Outlook

The stock trades at attractive valuations of 15.8x/12.5x CY21E/CY22E consol. EPS. Maintain Buy, with TP of ~INR223 (15x Mar'23 consol. EPS).

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