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M&M Q4 Results Review: Motilal Oswal Maintains 'Buy', Hikes Target Price On Strong FES Performance
Given the sustained demand momentum in UVs and tractors, Motilal Oswal has raised its earnings estimates by 4%/6% for FY26/FY27E, and maintains 'Buy'
06 May 2025, 08:53 AM IST 
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M&M's revenue grew 24.5% YoY to Rs 313.5 billion, ahead of estimate of Rs 297 billion.
(Photo Source: M&M)
M&M reported a better-than-expected operating performance in Q4 FY25, led by a strong margin beat in the farm equipment segment (at 19.4% versus 17.3% estimated). The QoQ margin improvement was particularly commendable as it came in a seasonally weak quarter. Auto segment margins, adjusted for contract manufacturing at MEAL, came in at 10% (+30 bp QoQ).
