PESB research view: HoldStock
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PESB recommendation · Stock
₹2,908▲ 39.20 (+1.37%) todayNSE · as of 3 Nov 2026, 5:30 am
Recommended on 24 Mar 2026 by Anupama Bhootra
Our recommendation read against today's market data.
Mahindra & Mahindra (M&M) is a prominent Indian conglomerate with a leading presence in the automotive and farm equipment industries, where it maintains the number one position in SUV revenue market share and domestic tractor market share. The company’s diverse portfolio extends into financial services, information technology, real estate, logistics, and hospitality.
M&M remains well positioned to deliver healthy earnings growth, supported by 15% YoY SUV volume growth, 12% EV penetration, and planned capacity expansion to 68,000 vehicles/month (including 8,000 EVs/month) by September 2026. Despite 400–500 bps commodity inflation in Auto, management expects margins to remain resilient through premiumization, localization and operating efficiencies. The Farm business, with 18% domestic and 15% export volume growth, continues to provide stability, while improving rural demand and mechanization, along with strong execution across group businesses, support sustained long-term growth. With FY26 standalone revenue/PAT growth of 25%/32%, ROE at 21%, we expect FY26-FY27E Revenue/EBITDA/PAT to grow at 21%/18%/20% CAGR with rising EV penetration (9.6%)
Research by Pune E-Stock Broking Ltd., SEBI Research Analyst Reg. No. INH000018197. Investments in the securities market are subject to market risks; read all related documents carefully before investing. Past performance is not indicative of future returns.
Market data from Accord; delayed, for information only.
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