Street View: Strong demand, but commodity risks linger for India's Mahindra & Mahindra

Mahindra And Mahindra

31/07/2026 06:33

** India's Mahindra & Mahindra MAHM.NS reported a 6.8% rise in quarterly profit to 36.85 billion rupees ($386.37 million), maintained FY27 guidance 
** Shares up 2.68% at 3,371.80 rupees--highest level since May 7, 2026

VOLUMES TO REMAIN HEALTHY, CAUTIOUS ON INPUT COSTS
** Jefferies ("Buy", TP: 4,000 rupees) says Auto business is delivering good volumes, and new SUV launches will start in CY27; tractors face risk of downturn in H2, although already in
estimates
** Citi ("Buy", reduces TP from 4,470 rupees to 4,260 rupees) notes EVs to drive growth in Auto segment; margins to face commodity cost headwinds especially in tractor segment
** CLSA ("Buy", raises TP from 4,279 rupees to 4,588 rupees)--new launches, capacity expansion to help gain further market share in utility vehicles
** UBS ("Buy", raises TP from 4,590 to 4,700 rupees) notes given cautious outlook on commodity costs, revises FY27 earnings estimates downward by 3%; commentary on rural demand is encouraging
     
     
($1 = 95.3750 Indian rupees)

 (Reporting by Saikeerthi in Bengaluru)
 ((Saikeerthi@thomsonreuters.com; (+91) 8296756080))