Motilal Oswal has given Buy recommendation for Mahindra CIE recommended buy rating on the stock with a target price of Rs 223 in its research rep with a target price of Rs. 223 in its research report issued on Feb 22, 2021

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.


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).