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IDBI Capital Report
Mahindra and Mahindra Ltd.'s auto division has made a strong comeback with three blockbuster models (New Thar, XUV700 and Scorpio N). We expect M&M stock to offer 49% upside over next two 18 months led by strong earnings growth and price-to-earning expansion supported by-
huge impetuous by managements on growth and value creation,
strong recovery in auto business,
blistering earnings cycle, 31% profit after tax compound annual growth rate over FY22- 24E,
value unlocking in electric vehicle and other business and
simplifying group structure with tight capital allocation.
SJS Enterprises Ltd. - SJS is an India based leading decorative aesthetic parts supplier to auto and consumer durables companies in India. Indian aesthetics products industry is expected to grow at ~20% CAGR over FY21-26E wherein industry size to is expected to reach 2.5 times.
SJS having most comprehensive product portfolio, debt free balance sheet and superior profitability among its peers is well placed to benefit from auto and consumer durability recovery. However the real kicker is expected from export business which is expected to grow rapidly.
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