Goldman Sachs has maintained its Buy rating on Mahindra & Mahindra (M&M) with a target price of ₹3,600, following the launch of its first dedicated INGLO EV platform cars — the BE 6e and XEV 9e. The brokerage believes these models will expand M&M’s addressable market significantly, tapping into a segment totaling approximately 85,000 units per month, compared to M&M’s current addressable SUV market of 230,000 units per month.
Goldman Sachs notes that these models will target price brackets of ₹1.5 million to ₹3 million, aligning with the growing demand for premium EVs. Shipments of the BE 6e and XEV 9e are expected to begin by February-March 2025, with M&M planning to file PLI (Production-Linked Incentive) scheme applications for these vehicles in the coming months. The launches reinforce M&M’s leadership in the utility vehicle (UV) segment and its push toward electrification.
