Shares of Mahindra and Mahindra continued to surge as the company results for the March quarter beat street estimates. The stock surged up around 8% to hit a new all-time high of ₹2,554.10.

What Happened: The standalone net profit of the auto giant surged by 31.5% to ₹2,038.21 crore for the quarter, compared to ₹1,548.97 crore reported in the same quarter last year. This figure surpassed analyst estimates, which were around ₹1,950 crore. Additionally, the company’s revenue from operations stood at ₹25,108 crore, marking an increase of approximately 11% from the ₹22,571.37 crore recorded in the corresponding quarter last year. This revenue figure also exceeded street expectations, which were around ₹24,200 crore.

Analyst Reactions: Jefferies upgraded the stock’s rating from “hold” to “buy” raising the price target to ₹1,615 from ₹2,910. The analysts said that the company’s SUV portfolio continues to grow stronger. The research firm also highlighted that the company plans to launch 13 new SUVs by 2030.

Morgan Stanley also maintained its “overweight” rating for the stock with a target price of ₹2,665. The brokerage said that auto major posted strong numbers in the March quarter. Analysts expect the Thar maker to be the fastest-growing passenger vehicle maker for the year ending March 2025.

Goldman Sachs also reiterated its “buy” rating on the stock and revised its price target to ₹2,700, up from ₹2,160 previously. The brokerage identifies the XUV 3XO, Thar 5 door, and tractor growth as key drivers for the company’s future performance. Analysts highlight the management’s confidence in sustaining its margin trajectory throughout the financial year 2025.

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Motilal Oswal also maintained its “buy” rating for the stock with a price target of ₹2,720. The brokerage said that the company’s overall performance beat its estimates on all fronts. The company’s average selling price (ASP) grew 8% year-on-year to ₹8.75 lakh/unit beating the brokerage estimates of ₹8.21 lakh/unit.

Kotak Securities also maintained its “add” rating for the stock raising the target price to ₹2,550 from ₹1,800. The brokerage said that the company ended the year on a strong note. The domestic brokerage firm said that the company’s standalone adjusted EBITDA of ₹3,380 crore beat its estimates by 17%, led by better-than-expected ASPs and gross margins.

Emkay Global also maintained its “add” rating for the stock raising the price target to ₹2,550 from ₹2,100. The brokerage said that the company posted posted healthy number in the March quarter, with 11% YoY revenue growth accompanied by
stable margins QoQ at 12.9%.

HDFC Securities downgraded the stock’s rating to “add” from “buy” but hiked the price target to ₹2,318 from ₹1,862. The brokerage firm said that the company’s standalone profit after tax beat its estimates thanks to better realisation and soft commodity prices. The analysts also added that the revenue for the auto major was also higher than its estimates of around ₹23,300 crore.

On the other hand, CLSA downgraded the stock to “sell” from “outperform” but raised the price target to ₹2,312 from ₹2,115. The global brokerage firm said that the company’s standalone numbers were above its estimates. However, the brokerage pointed out that after the recent rally the stock fairly priced.

Price Action:  M&M's share price was up 6.37% to trade at ₹2,522.80 as the markets opened on Friday.

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