Brokerages maintained their bullish stance on Mahindra and Mahindra after the company revealed strong opening booking for Mahindra's Thar Roxx model.

What Happened: On Thursday, Mahindra and Mahindra said that the five-door Thar Roxx registered 1.76 lakh bookings within 60 minutes after booking started on 11 a.m. on October 3. The company said it will start deliveries of the vehicle on Dusshera, October 12.

Brokerage Views: Morgan Stanley maintained "overweight" call on the company with a target price of ₹3,304. The current three-door Thar has a run rate of 5,000 units per month, according to the brokerage. The research firm sees Thar's run rate going up to 8,000 to 10,000 units per month with the ramp-up of the Thar franchise. 

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The leverage gains will help offset the increasing discounts in the core portfolio says the research firm. According to Morgan Stanley, the success of Thar Roxx will consolidate M&M's third spot in India personal vehicle market. 

Nomura also maintained "buy" call with a target price of ₹3,417, saying the response for Thar Roxx was well above expectations on the first day. The brokerage says the figures are also the highest first-day booking for any of the company's products. The brokerage has also pencilled in 10,000 units sales per month in the Thar Family for FY26.

The brokerage also sees significant upside for Thar booking based on the initial response.

Price Action: Shares of M&M were down 0.15% to ₹3,125.30 on Friday morning.

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