Jefferies has maintained its Buy rating on Mahindra & Mahindra with a target price of ₹4,500, citing consistent earnings delivery and demand-driven growth.
Jefferies noted that the December quarter marked the 15th consecutive quarter of double-digit EBITDA growth, with EBITDA rising 27% year-on-year, supported by demand momentum and continued market share gains.
Core EPS is expected to grow 30% year-on-year in FY26, with a projected 15% CAGR over FY25–28, reflecting sustained execution across segments.
While the brokerage remains constructive, it is cautious on the FY27 tractor cycle given the high base effect. At 23x FY27 PE, Jefferies views the valuation as reasonable considering earnings visibility and structural positioning.
Disclaimer: The views expressed above are those of Jefferies and do not represent the views of Business Upturn. This article is for informational purposes only and does not constitute investment advice.
