Buy Mahindra & Mahindra Ltd For Target Rs. 3,220 by Motilal Oswal Financial Services Ltd

2025-04-12 12:06:16 pm | Source: Motilal Oswal Financial Services Ltd

Buy Mahindra & Mahindra Ltd For Target Rs. 3,220 by Motilal Oswal Financial Services Ltd

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* MM seems to be the best placed among OEMs as both its core underlying segments, SUVs and tractors, outpaced peers. It has reported volume growth of 15% YoY, led by 23%/18% YoY growth in tractors/automotive.

* In autos, benefits from operating leverage and price hikes are likely to be more than offset by the ramp-up of its EVs and some price cuts in XUV700 in Mar’25.

* Overall, we expect auto segment margins to slip 20bp QoQ to 9.5%. Tractor segment margins are likely to remain healthy (+150bp YoY to 17.3%).

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Buy Mahindra & Mahindra Ltd For Target Rs. 3,220 by Motilal Oswal Financial Services Ltd

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