CITI on M&M ; Buy, TP Rs 4330

2Q ahead of expectations, driven by better EBITDA margins vs estimate. Mgmt. outlook remains positive on UVs, with volume growth expected to be boosted by capacity expansion and new launches. LCV demand outlook is also improving. However, tractor volume growth guidance was lowered to flat YoY trends in FY27 vs +5% earlier given weak monsoons and low reservoir levels, esp in Maharashtra and Karnataka. Earnings estimates increase modestly as pencil in input-cost pressures & a weaker tractor outlook (more profitable segment).

MAHINDRA & MAHINDRA LTD

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