JEFFERIES ON M&M FINANCE ; HOLD | TP CUT TO ₹330 FROM ₹365

• Q2 saw a slight profit miss; margin headwinds and asset-quality risks remain. • NIMs declined due to trade advances and a higher liquidity buffer. • AUM expected to grow at ~15% CAGR over FY26–28E, though higher rates may pressure NIMs. • Tighter insurance norms could weigh on fee income. • Asset quality remains steady, but weak monsoon conditions could increase stress.

M&M FIN. SERVICES LTD

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