'Buy' M&M Shares, Maintains Motilal Oswal On Healthy Rural Recovery, New Product Launches

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Motilal Oswal Report

We believe Mahindra and Mahindra Ltd. is well-placed to outperform across its core businesses, led by a healthy recovery in rural and new product launches in both utility vehicles and tractors.

We estimate M&M to post a CAGR of ~14%/13%/16% in revenue /Ebitda/PAT over FY25-27E.

While M&M has outperformed its own targets of earnings growth and RoE of 18% in FY24, it remains committed to delivering 15-20% EPS growth and 18% ROE, ensuring sustained shareholder value.

Reiterate Buy with a target price of Rs 3,643 (based on June27E SoTP).

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