Mahindra & Mahindra Ltd. Brokerage/Research Reports, analyst Research Reports (2024)

Broker Report

ICICI Direct

Broker Report

BOB Capital Markets Ltd.

Q3 revenue grew 17% YoY led by 11% blended volume growth and supported by 5% higher realisations

Broker Report

Prabhudas Lilladhar

Broker Report

Well poised to outperform across all its verticals

Motilal Oswal

Broker Report

SMC online

Broker Report

BOB Capital Markets Ltd.

Net blended realisation per vehicle grew 6% YoY in Q2 and volumes increased 11%

Broker Report

MAHINDRA AND MAHINDRA LIMITED

Geojit BNP Paribas

Broker Report

Sharekhan

Broker Report

SMC online

Broker Report

Above est.; operating leverage aids margin expansion

Motilal Oswal

Broker Report

Profitability improvement across segments

ICICI Securities Limited

Mahindra & Mahindra’s (M&M) Q1FY24 EBITDAM at 13.2% (+105bps QoQ) was ~20bps higher than consensus as both FES and auto margins improved. Auto margin at 7.5% (+44bps QoQ) was at FY19 levels despite commodity inflation and BS VI related cost increment. FES segment margin improved to 17.5% (+110bps QoQ).

Broker Report

Sharekhan

Broker Report

MAHINDRA AND MAHINDRA LIMITED

Geojit BNP Paribas

Broker Report

Mahindra & Mahindra (BUY): Healthy performance; strong show to continue

BOB Capital Markets Ltd.

Robust Q4 volume growth of 22% YoY despite slow tractor sales; prudent product mix aids realisation gains of 13%

Broker Report

Prabhudas Lilladhar

Broker Report

ICICI Direct

Broker Report

Gradual improvement in profitability continues

ICICI Securities Limited

Mahindra & Mahindra’s (M&M) Q4FY23 EBITDA margin at 12.4% (-60bps QoQ) was ~30bps lower than consensus as FES segment margin remained flat QoQ other than lower FES segment revenue mix QoQ. Automotive segment revenue increased 11% QoQ to Rs164bn, and FES revenue fell 11% QoQ to Rs55bn.

Broker Report

In-line; SUV order book grows despite rise in production

Motilal Oswal

Broker Report

Sharekhan

Broker Report

Near-term challenges priced in

ICICI Securities Limited

Mahindra & Mahindra (M&M) has corrected ~20% in the past couple of months due to fears of El Nino impacting tractor demand in FY24 along with receding waiting period of its UV portfolio. In the past 15 years, on four occasions of El Nino, tractor volume declined by an average of ~12%. Thus, we are building in 12% tractor volume decline for M&M in FY24 as against our earlier estimate of ~6% growth.