Goldman Sachs has maintained a buy rating on Mahindra & Mahindra (M&M) with a target price of ₹3,800 per share, indicating an upside potential of approximately 19% from its current market price (CMP) of ₹3,193.
The brokerage highlighted that M&M’s Q3 results exceeded expectations, with core auto and farm EBIT coming in 5% above Bloomberg consensus estimates. Management remains bullish on tractor demand, expecting ongoing strength in volumes to continue into Q4 and FY26, with a 15%+ growth guidance for Q4FY25.
In the SUV segment, models like the Thar Roxx, Thar 3-Door, and XUV 3XO are driving strong demand. Collectively, these vehicles are expected to increase production capacity by 4,000 units per month over the next three months, supporting volume growth.
With Goldman Sachs’ target price of ₹3,800, M&M remains a key bet for growth in both the farm and SUV segments, driven by strong demand momentum.
(Disclaimer: This article is for informational purposes only and should not be considered as investment advice. Investors are advised to do their own due diligence before making any investment decisions.)