Kotak Institutional Equities has maintained its buy rating on Mahindra & Mahindra with a target price of ₹4,350 per share, as it expects the company to sustain its growth momentum across key business segments. The brokerage remains positive on M&M’s diversified portfolio and its ability to retain leadership positions in tractors, autos and light commercial vehicles.
Kotak highlighted near-term tailwinds in the tractor segment, supported by improving rural sentiment and favourable demand conditions. In the auto division, the brokerage expects new product launches and export-led growth to continue driving volumes, while product refresh cycles help strengthen market positioning.
The brokerage also pointed to GST-led benefits for the LCV segment in the coming quarters, which could support incremental demand and pricing flexibility. Kotak believes M&M is well placed to retain its leadership across all three segments, given its scale, distribution reach and brand strength.
On profitability, Kotak expects margins to remain supported by an improving product mix and operating leverage benefits, as higher volumes and premiumisation offset cost pressures. Overall, the brokerage remains constructive on M&M’s medium-term earnings trajectory and growth visibility.
Disclaimer: The views and recommendations above are those of Kotak Institutional Equities. Business Upturn does not endorse them. Please consult a financial advisor before making investment decisions.
