M&M has identified nine businesses as its growth gems and has set an ambitious target of achieving five times growth in five-seven years for each of these segments. Any incremental value unlocked in any or all of the growth gems in the coming years is likely to provide additional returns for M&M shareholders.
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Motilal Oswal Report
Mahindra and Mahindra Ltd.’s long-term growth targets in each business segment clearly highlight the firm’s visibility in the potential of each of these segments going ahead.
M&M has also indicated that it would look to enter one new segment next year, provided it fits in the company’s guiding principles of delivering 18% RoE on a sustainable basis in the long run.
Considering these long-term growth drivers, we maintain our Buy rating on M&M with a target price of Rs 4,275 (valued at Sep’27E SoTP).
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