Mahindra & Mahindra (M&M) emerged as the top gainer on the BSE on Friday, November 21, after multiple global brokerages issued bullish outlooks backed by strong growth visibility across its auto and farm businesses.
The stock traded higher following upbeat commentary from CLSA, Citi, Nomura and Morgan Stanley, all of whom highlighted the company’s aggressive expansion strategy, stronger product pipeline, and ambitious long-term growth targets.
CLSA maintained its ‘Outperform’ rating with a target price of ₹4,417, noting M&M’s confidence in maintaining leadership across SUVs, tractors and LCVs. The brokerage sees scope for further market share gains with upcoming launches, especially as management targets an organic revenue CAGR of 15–40% from FY26 to FY30.
Citi reiterated its ‘Buy’ call with a ₹4,230 target, pointing to plans to grow SUV and LCV revenue eightfold, and triple farm equipment revenues between FY20 and FY30. Citi added that the management upbeat tone surprised investors, especially with a teaser hinting at a major SUV launch on November 27.
Nomura also stayed ‘Buy’ with a ₹4,355 target, highlighting that M&M is aiming for significant expansion across its auto, farm, holidays, finance and last mile mobility businesses. The firm noted that M&M’s valuation at 13.1x EV/EBITDA remains attractive.
Morgan Stanley maintained its ‘Overweight’ rating with a ₹4,407 target, projecting strong gains in SUVs, LCVs and tractors. The brokerage said M&M plans to scale its emerging “growth gems” to $2 billion in value by 2030, aided by favourable GST cuts for LCVs and premiumisation trends in UVs.
Overall, analyst sentiment remains overwhelmingly positive — 42 out of 43 analysts tracking the stock recommend a ‘Buy’, reflecting strong confidence in the company’s multi-year growth roadmap.
