Macquarie has reaffirmed its “Outperform” rating on Mahindra & Mahindra (M&M) with a revised target price of ₹3,441, implying a 19% potential upside from the current market price of ₹2,900. The brokerage noted a strong Q2 performance, reflecting a positive outlook for both tractor and SUV segments. M&M’s updated tractor guidance and sustained growth expectations in SUVs highlight the company’s robust demand momentum.
However, Macquarie pointed out that with the current demand trajectory, M&M may encounter capacity constraints for ICE SUVs by FY26, which could impact supply in the high-demand segment.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Please consult a financial advisor before making any investment decisions.
