Nomura has maintained its Buy call on Mahindra & Mahindra (M&M) with a target price of ₹3,417 per share, reflecting an expected upside of up to 9% from the current price of ₹3,137.60. The newly launched Thar ROXX has garnered an exceptional response, marking the highest first-day bookings for any of the company’s products to date.
Key points:
- Thar ROXX bookings surpass expectations: First-day bookings exceeded expectations, with the highest numbers for any M&M product launch.
- Thar 3-door variant cannibalization: The Thar 3-door variant, currently selling 4,000-5,000 units per month, is likely to be impacted.
- FY26 sales projections: Nomura has projected monthly sales of 10,000 units for the Thar family by FY26.
- Potential upside: Based on the robust early bookings, Nomura expects up to a 9% upside in M&M’s stock price.
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.
