Nomura has maintained its Buy rating on Mahindra & Mahindra with a target price of ₹4,662, reiterating its positive stance on the company’s diversified growth outlook.
Nomura highlighted a strong outlook across SUVs, tractors and light commercial vehicles (LCVs), with SUVs expected to continue outperforming the broader industry. The brokerage noted that the company remains a top pick in the auto space given its consistent execution and growth visibility.
In Q3, EBITDA margin stood at 14.7%, largely in line with expectations, reflecting operational stability despite ongoing investments in new platforms and electric mobility initiatives.
Nomura believes M&M’s product pipeline, brand positioning and market share gains position it favourably for sustained earnings momentum over the medium term.
Disclaimer: The views expressed above are those of Nomura and do not represent the views of Business Upturn. This article is for informational purposes only and does not constitute investment advice.
