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Motilal Oswal Report
We believe that Mahindra and Mahindra Financial Services Ltd. is a much stronger franchise today with far better control over asset quality and earnings than it had around two years back.
Mahindra Finance might not have been the best adopter of technology and there have been deficiencies in the asset quality in the past. However, it is fast addressing the deficiencies in technology and volatility in asset quality. It has covered decent ground in terms of digital maturity, which has resulted in a much lower turnaround time than earlier.
Reducing volatility in operating performance is vital for a further rerating for the franchise. For return on asset/return on equity of 2.4%/17% in FY26E, we maintain Buy with a target price of Rs 355 (premised on 2.0 times FY26E price/book value).
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