Motilal Oswal has given Buy recommendation for Mahindra CIE recommended buy rating on the stock with a target price of Rs 360 in its research re with a target price of Rs. 360 in its research report issued on Oct 18, 2022

Motilal Oswal’s research report on Mahindra CIE

MACA’s overall performance in 3QCY22 was in line. The India business outperformed the European business, led by strong domestic demand. Given the moderation in commodity costs and partial pass-through of energy cost, we expect margin in both geographies to improve from here on. We change our CY22/CY23 estimate by -1%/+4% to reflect strong PV demand for its key customers in India and adverse forex impact.


We maintain our Buy rating with a TP of INR360 (~13x Dec’24E consolidated EPS).

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