Bernstein on M&M ; O-P, TP Rs 4100

M&M’s next phase of growth will have to come with less help from tractor cycle Monsoon risk highlighted at end of FY26 has showed up, with weaker rainfall, declining reservoir levels & pressure on farm incomes prompting mgmt to cut its FY27 tractor industry outlook to flattish This quarter - wider earnings base of M&M proved to be valuable. Standalone EBIT (ex-Other income) grew just 2% YoY, while consolidated EBIT (ex-Other income) grew 19%. Contributions from businesses beyond standalone Auto and Farm franchises are helping group sustain growth as its core businesses navigate a tougher environment.

MAHINDRA & MAHINDRA LTD

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