Morgan Stanley has reiterated its Overweight call on Mahindra & Mahindra (M&M), expecting up to a 5% upside from the current price of ₹3,137.60. The ramp-up of the Thar ROXX is expected to push the Thar franchise’s monthly sales to 8,000-10,000 units.
Key points:
- Thar franchise growth: With the ROXX ramp-up, Thar sales are projected to reach 8,000-10,000 units per month.
- Offsetting rising discounts: Gains from leverage should help mitigate rising discounts in M&M’s core portfolio.
- Consolidation in Indian PV market: The success of the Thar franchise is expected to solidify M&M’s position as the third-largest player in India’s passenger vehicle market.
Disclaimer: This information is for informational purposes only and should not be considered investment advice. Please consult a financial advisor before making any investment decisions.
