KOTAK SECURITIES ON MAHINDRA & MAHINDRA ; BUY | TP ₹4,000 | EARLIER TP ₹4,175

• Recent correction offers a compelling entry point. • Cyclical concerns have led to a disproportionate de-rating. • Reverse DCF implies only 3–3.5% volume CAGR over FY29–50. • Strong pricing power, led by dominance in large SUVs, supports margin recovery. • Tractor slowdown reflects weak monsoon and a high base rather than any structural change in mechanisation drivers.

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