Phillip Capital Research

Y/E Mar, Rs mn	FY11	FY12	FY13	FY14E	FY15E
Price					1254
Target					1500
Reco					BUY
Net Sales	227,003	310,303	396,166	395,934	433,653
Growth (%)		37	28	-0	10
EBIDTA	34,542	37,707	47,296	47,680	52,264
EBITDA Margin		12	12	12	12
Net Profit	26,620	28,789	33,603	36,459	37,608
Growth (%)		8	17	8	3
EPS, Rs	43	47	55	59	61
PER, x	28.9	26.7	22.9	21.1	20.5
EV/EBIDTA, x	23	21	17	16	15
P/BV, x	7	6	5	5	4
ROE, %	26	24	23	22	19
Total debt/Equity (%)	17.4	19.7	11.6	6.5	8.9

Latest Reports
Date	Description	Country	Analyst	Download

16-May-2024	Mahindra & Mahindra (MM IN) : ICE launch schedule reassures a continuing strong portfolio - BUY (Maintained)	India	Saksham Kaushal
14-Feb-2024	Mahindra & Mahindra (MM IN) : UV capacity increase should address longer waiting period - BUY (Maintained)	India	Saksham Kaushal
11-Nov-2023	Mahindra & Mahindra (MM IN) : UV demand remains strong, path to EV is on track - BUY (Maintained)	India	Saksham Kaushal
06-Aug-2023	Mahindra & Mahindra (MM IN) : Strong quarter; still why RBL? - BUY (Maintain)	India	Saksham Kaushal
28-May-2023	Mahindra & Mahindra (MM IN) Q4FY23 : Decent quarter with UV momentum picking up - BUY (Maintain)	India	Saksham Kaushal
12-Feb-2023	Mahindra & Mahindra (MM IN) - Q3FY23 update - Another quarter of improving performance - Maintain Buy	India	Saksham Kaushal
13-Nov-2022	Mahindra & Mahindra (MM IN) - Q2FY23 update - Auto segment going from strength to strength - Maintain Buy	India	Saksham Kaushal
07-Aug-2022	Mahindra & Mahindra (MM IN) - Q1FY23 update - New launches delivering - Maintain Buy	India	Saksham Kaushal
10-Jul-2022	Mahindra & Mahindra (MM IN) - Company update - EV investments addressed - Maintain Buy	India	Saksham Kaushal
28-Jun-2022	Mahindra & Mahindra (MM IN) - Company Update - Another blockbuster on hand	India	Saksham Kaushal
30-May-2022	Mahindra & Mahindra (MM IN) - Q4FY22 update - Stars are aligning - Upgrade to Buy	India	Saksham Kaushal
11-Feb-2022	Mahindra & Mahindra (MM IN) - Q3FY22 update - Buoyant auto segment to be offset by weak farm - Maintain Neutral	India	Saksham Kaushal
09-Nov-2021	Mahindra & Mahindra (MM IN) - Q2FY22 update - New product launches driving auto segment - Upgrade to Neutral	India	Saksham Kaushal
08-Aug-2021	Mahindra and Mahindra (MM IN) - Q1FY22 update - Cloudy days in the forecast - Maintain Sell	India	Saksham Kaushal
31-May-2021	Mahindra & Mahindra (MM IN) - Q4FY21 update - Too big to tow for weakening tractor, downgrade to sell	India	Saksham Kaushal
06-Feb-2021	Mahindra & Mahindra (MM IN) - Q3FY21 update - Hurdles no more - Maintain Buy	India	Saksham Kaushal
03-Jan-2021	Mahindra & Mahindra (MM IN) - Company Update - What you don’t get is even better sometimes! - Maintain Buy	India	Saksham Kaushal
10-Nov-2020	Mahindra & Mahindra (MM IN) - Q2FY21 Update - Mastering the tough terrain - Maintain Buy	India	Saksham Kaushal
08-Oct-2020	Mahindra & Mahindra (MM IN) - Company Update - Thar: A ‘Classic’ moment for M&M - Maintain Buy	India	Saksham Kaushal
09-Aug-2020	Mahindra & Mahindra (MM IN) - Q1FY21 Update - Making good on promises - Maintain BUY	India	Saksham Kaushal
14-Jun-2020	Mahindra & Mahindra (MM IN) - Q4FY20 update - RISE and shine - Maintain BUY	India	Saksham Kaushal
04-Feb-2020	Mahindra & Mahindra (MM IN) - Q3FY20 Update - Near term overhang remains	India	Saksham Kaushal
11-Nov-2019	Mahindra & Mahindra (MM IN) - Decent Performance; Outlook Hazy , Maintain Neutral	India	Saksham Kaushal
08-Aug-2019	Mahindra & Mahindra (MM IN) Headwinds ahead	India	Saksham Kaushal
29-May-2019	Mahindra & Mahindra (MM IN) : Autos outperform, Farm sector sluggish	India	Saksham Kaushal