2025-10-15 04:55:25 pm | Source: Motilal Oswal Financial Services Ltd
Buy Mahindra & Mahindra Ltd for the Target Rs. 4,091 by Motilal Oswal Financial Services Ltd
* MM posted strong 13% YoY growth in PVs (incl. PikUp) and a much stronger 32% YoY growth in tractors.
* For auto segment, margins are likely to remain stable QoQ. It is still unclear as to who will bear the cess impact and hence this is unlikely to have any bearing on 2Q nos.
* Overall, we expect auto segment margins to decline 90bp YoY to 8.6%. Tractor segment margins are likely to remain healthy (+130bp YoY to 18.8%).
* Other income is expected to be seasonally high due to dividend income from subsidiaries
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