Citi has maintained its Buy rating on Mahindra & Mahindra (M&M) and increased its target price to ₹3,590 per share from ₹3,520, indicating a potential upside of 23.8% from the current market price of ₹2,900. The brokerage noted that M&M’s Q2 results were ahead of estimates, with both the farm and auto segments performing better than expected. Following strong retail volume growth during the festive season, the demand outlook remains positive. However, Citi cautioned about potential near-term margin pressures related to the launch of Battery Electric Vehicles (BEVs).
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