Sharekhan has given Buy recommendation for Mahindra and Mahindra with a target price of Rs. 1550 in its research report issued on Sep 12, 2022

Sharekhan’s research report on Mahindra and Mahindra

On the Electric Vehicle Day, Mahindra & Mahindra (M&M) revealed detailed plans of its EV portfolio, in terms of positioning, differentiation, technology, collaborations and execution timelines. The management laid down a convincing EV growth roadmap, with a slew of launches under the XUV and BE brands, with deliveries of its first EV SUV, XUV 400, set to begin from January 2023. We believe that M&M is on track with its growth roadmap, across its core segments, equipment, ICE passenger car segments, passenger EVs and LCV business the company.


We retain a Buy rating on M&M with a revised PT (price target) of Rs. 1,550, led by increasing focus on new launches and increasing brand value of its core SUV products. Stock trades at P/E multiple of 18x and EV/EBITDA multiple of 11.5x its FY24E estimates.

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