Mahindra & Mahindra - Utility Vehicle Demand Remains Strong; EV Plans On Track: Nirmal Bang

Nirmal Bang Report

We hosted the management of Mahindra & Mahindra Ltd. at our investor conference.

The management expects the demand outlook to be robust on the back of a strong order book in the auto segment. Tractor volume is expected to be flattish in FY24.

We are building in 12% volume compound annual growth rate over FY23-FY26E for the auto segment, led by new capacity addition and a strong order book.

For the farm equipment segment segment, the company has guided for a flattish FY24. We value M&M on SOTP basis, with the core business valued at 17 times September-25E core earnings per share and the other listed entities at the current market value to arrive at a target price of Rs 1,859. We maintain 'Buy' on M&M.

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