Nomura has reiterated its buy rating on Mahindra & Mahindra (M&M) with a target price of ₹4,355 per share following the launch of the company’s new seven-seater electric SUV, the XEV 9S. The model, unveiled on 27 November 2025, carries an introductory price of ₹19.95 lakh—significantly more attractive than the brokerage’s earlier expectations of ₹23–31 lakh. Nomura said the aggressive pricing strategy positions the model strongly within the premium electric SUV segment and is likely to expand M&M’s EV footprint meaningfully.
Bookings for the XEV 9S will open on 14 January 2026, with deliveries scheduled to begin on 23 January 2026. Nomura noted that the vehicle is built on the INGLO platform and powered by the MAIA architecture, offering advanced features, a modern design language and improved performance metrics that could appeal to existing ICE customers looking to transition to EVs.
The brokerage added that M&M’s electrification roadmap is taking clearer shape with the XEV series, and the launch timing aligns well with the rising momentum in India’s premium EV market. Nomura believes that strong demand visibility, combined with the company’s established leadership in SUVs, sets the stage for robust growth in FY26 and beyond. The attractive pricing of the XEV 9S also enhances the company’s competitiveness against both domestic and global EV players.
Disclaimer: The views and recommendations above are those of Nomura. Business Upturn does not endorse them. Please consult a financial advisor before making investment decisions.
