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M&M Consensus Forecast

No. of reports in last year
10
No. of analysts
8
Average Consensus Forecast
650
Consensus Potential
11.10%

M&M Price Target Potential

BrokerageTargetPotential
Prabhudas Lilladher70318.19%
Nirmal Bang66313.26%
Motilal Oswal68015.43%
HDFC Securities570-0.89%
Karvy Stock Broking68215.67%

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M&M Ratings

Long term M&M rating by FrontPage users
4.5/5 (12 Ratings)

10 M&M share price target reports by brokerages below. See what is analyst's view on M&M share price forecast, rating, estimates, valuation and prediction behind the target. You may use these research report forecasts for long-term to medium term for your investment or trades in 2020.
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M&M Share Price Target

M&M Share Price Target - Broker Reports - 2020

9-Aug-20
Price @ Call: 606.48
Target: 703
BUY
We upgrde M&M to BUY (v/s Hold) led by increasing focus on capital allocation, plans for loss-making subsidiaries (exit or turnaround) and preference to rural exposure. Its emhasis placed on the core intensifies with active search of partner for Sangyong, no bid for truck supply contract in US (under MANA), GenZ exit. We believe these are initial steps to fix ROEs with likely more consolidation. Furthermore, FES segment has strong outlook led by healthy farm sentiments where as widened auto segment losses should improve 2Q onwars. The management also hinted that stake sale in EV business could be an additional catalyst for value unlocking in unlisted subsidiaries. With improved rural outlook, we increase consol EPS by 4%/8% as we expect contribution of high margin FES segment to remain elevated. This has resulted in 50bp/70bp uprade in FY22/23 margins. Hence, we upgrade the stock to BUY with revised SoTP based TP of Rs703 (from Rs531). We value core auto business at 14x (v/s 13x to factor in for superio mix and outlook) plus subsidiary value of Rs158 at 40% holdco discount (v/s 50% earlier).
... Read more
12-Feb-20
Price @ Call: 529.3
Target: 663
BUY
Since diesel forms majority of its Automotive sales we expect EBITDA margin to be under pressure in FY21 and we expect a contraction of 40bps YoY to 14%, which is down from 14.7% earlier. We expect margins to recover in FY22E along with volume. We have cut our earnings estimates for FY20/21/22E by 2.4%/6.4%/3.3% and we expect a CAGR of 8.5% for FY20-22E. Our updated SoTP-based target price (TP) comes to Rs663 after adjusting for the impairment in Ssangyong investment. We reiterate our Buy rating.
... Read more
12-Feb-20
Price @ Call: 524.4
Target: 600
HOLD
While MM is largest benefeciary of rural recovery benefitting tractor demand, it is highly exposed to BS6 transition and related cost increase challenge (with ~90% of its product portfolio is diesel dependent). Also increasing competion in its core forte (UV2 segment due to MG and Kia) to also dent auto segment performance. Hence, we downgrade MM+MVML FY21/22 EPS by 4% each. We believe valuations for MM is reasonable as expected uptick in tractor segment to partially offset by BS6 challenge in UV business. Hence we maintain Hold with price target of INR600 (based on 12x Mar’22E core EPS plus value of investment in key subsidiaries).
... Read more

M&M Share Price Target - Broker Reports - 2019

9-Nov-19
Price @ Call: 588.58
Target: 680
BUY
We are upgrading our EPS estimates by 8-9% to factor in the strong margins. M&M’s UV business is facing cyclical headwinds, along with rise in competitive intensity. Further, we expect it to face headwinds in the diesel portfolio during the BS6 transition. The stock trades at implied core P/E of ~11.3x/10.4x. Maintain Buy with TP of ~INR680 (Sep’21 SOTP-based).
... Read more
5-Dec-19
Price @ Call: 525.34
Target: 570
BUY
We reinstate coverage on Mahindra & Mahindra (M&M) with a NEUTRAL and a SOTP based Sep-21 TP of Rs 570. After outperforming the PV industry over the past decade, we expect growth rates for SUVs to converge. Further, as competition remains intense, M&M’s automotive segment margins are expected to remain under pressure. However, the expected revival in tractor demand (on the back of healthy monsoons) will partially offset the impact from the above. We would advise investors to turn constructive on the stock after further clarity emerges on BSVI/favorable market responses to new launches.
... Read more
11-Nov-19
Price @ Call: 577.18
Target: 682
BUY
Maintain BUY: The Company is expected to report core EPS of Rs 28.1 and Rs 31.3 in FY20E and FY21E respectively. Based on its core earnings, M&M stock is currently trading at 8.6xFY21E earnings. The stock remains one of the most inexpensive stocks amongst large cap Auto Companies in India. We maintain our BUY rating on the stock with a price target of Rs682 (PER of 12xFY21 core EPS + Rs307 Subsidiary Valuations.
... Read more
8-Nov-19
Price @ Call: 588.58
Target: 593
HOLD
MM’s 2QFY20 performance were in-line both at standalone and MM+MVML. The management has slashed tractor industry growth guidance and now expect a decline of 7-8% (v/s 0-5% earlier). We believe, not only MM is highly exposed to BS6 transition and related cost increase challenge (with ~90% of its product portfolio is diesel dependent) but also increasing competion in its core forte (UV2 segment due to MG and Kia) to also dent auto segment performance. Additionally, with tractor segment contribution is expected to decline over FY20/21, margin profile too is expected to deteriorate with S/A FY20/21 margins at ~11.8%. While maintain our consol EPS, we upgrade FY20/21 S/A EPS by 7-8% to factor in for higher other income. We belive valuations for MM is reasonable, however expected down cycle in tractor business and BS6 challenge in UV business to keep stock under check. Hence we maintain Hold with price target of INR593 (based on 12x Sept’21E core EPS plus value of investment in key subsidiaries).
... Read more
17-Oct-19
Price @ Call: 589.5
Target: 695
BUY
3-Oct-19
Price @ Call: 556.6
Target: 654
BUY
3-Oct-19
Price @ Call: 556.6
Target: 660
BUY
12-Sep-19
Price @ Call: 545.08
Target: 555
HOLD
We believe, company remains susceptible to the current industry slowdown and subdued consumer sentiments. We lower price target to Rs. 555 based on 12.5x FY21E EPS and reiterate our HOLD rating.
... Read more
9-Aug-19
Price @ Call: 540.45
Target: 724
BUY
Over the last few quarters, the company’s volume growth has remained subdued mainly due to overall slowdown in economy, which has affected the buying sentiment. However, we believe that any revival in auto industry would benefit M&M on the back of its recent new launches and facelift of some models, diversified portfolio, strong brand & distribution network. Considering the above factors, we maintain our Buy recommendation on M&M.
... Read more
8-Aug-19
Price @ Call: 527.72
Target: 570
HOLD
We expect sales & EBITDA to grow at 7.1% and 1.8% CAGR, respectively, for M&M in FY19-21E (with PAT seen declining to ~| 3,950 crore), amid muted outlook for core tractor and PV businesses accompanied by attendant pressure on margins. In our SOTP methodology, we value the standalone business at 6x EV/EBITDA (FY21E basis) and arrive at a target price of | 570 for the company, downgrading it to HOLD. We feel current valuations, however, offer relative comfort against the rest of the OEM pack given thecompany’s strong financials, R&D focus and ongoing efforts on the EV front.
... Read more
8-Aug-19
Price @ Call: 527.72
Target: 782
BUY
Green shoots seen for tractor segment demand
Management indicated that the worst is behind for the Tractor segment seeing that monsoon rains have picked up and as a result Kharif sowing has also picked up. Higher expected rainfall towards the end of the season will facilitate better Rabi sowing as well. Hence, they are looking at an industry growth of 6-8% for the rest of the year, which will cover up the decline so far and result in a flat growth for FY20. In the Automotive segment, they are cautious and will wait for any government stimulus to revive sentiments. M&M expects 2HFY20 to be better on a lower base and demand revival on the back of festivals and pre-buying. M&M’s dealer inventory in both Automotiveand FES segments is under control and it doesn’t see any stress in the dealer health. We maintain ourvolume guidance of 5.9% over FY19-21 but we have trimmed out earnings due to higher cost of the new launches. EPS growth estimate is 6.1% CAGR over FY19-21. Our SoTP-based target price (TP) comes to Rs782. We reiterate our Buy rating. Lower than expected festival demand and pre-buying before BSVI are the key risks.
... Read more
8-Aug-19
Price @ Call: 518.45
Target: 670
BUY
We expect M&M’s overall volumes, sales and PAT to grow at a CAGR of 4.5%, 6.6% and -4.4% over FY19-21E respectively. Based on its core earnings, M&M stock is currently trading at 5.9xFY21E earnings. The stock remains one of the most inexpensive stocks amongst large cap Auto Companies in India. We maintain our BUY rating on the stock with revised price target of Rs670 (PER of 10xFY21 core EPS + Rs297 Subsidiary Valuations. We have reduced our Target PER from 11x to 10x to factor in muted earning growth over FY19-21E.
... Read more
30-May-19
Price @ Call: 661.63
Target: 755
BUY
Outlook & Valuation: Looking ahead, we expect M&M’s volume to clock 6% CAGR over FY19-FY21E aided by rural demand and new launches. Factoring in the ongoing slowdown and impact of BS-VI transition, we lower our volume estimates for (M&M+MVML) by 5%/6% for FY20E/FY21E. In light of price hike post BS-VI implementation, we reduce our revenue estimates by only 1%/4% for FY20E/ FY21E. We reduce our EBIDTA margin estimates by 80bps/70bps and cut our EPS estimates by 7%/10% for the same period. Notably, in the wake of sharp price correction, the stock looks attractive at current valuation. Expecting meaningful improvement in rural demand, strong products and attractive valuation, we reiterate our BUY recommendation on the stock with a revised SOTP-based Target Price of Rs755 (from Rs835 earlier), valuing M&M+MVML at 6.5x of FY21E EBIDTA at Rs502 and subsidiary at Rs253 post 30% discount to mcap.
... Read more
3-Jun-19
Price @ Call: 647.99
Target: 790
BUY
We expect M&M’s overall volumes, sales and PAT to grow at a CAGR of 7.1%, 9.5% and 2.7% over FY19-21E respectively. Based on its core earnings, M&M stock is currently trading at 7.9xFY21E earnings. The stock remains one of the most inexpensive stocks amongst large cap Auto Companies in India. We retain our BUY rating on the stock with revised price target of Rs790 (PER of 11xFY21 core EPS + Rs309 Subsidiary Valuations. We have reduced our Target PER from 12x to 11x to factor in muted earning growth over FY19-21E.
... Read more
30-May-19
Price @ Call: 672.25
Target: 815
BUY
Going ahead, sustainence in this share should boost volume growth as well as provide operating leverage benefits for the auto segment margins (especially with launch costs accounted for in FY19 behind us). We hence, expect margins to inch up to 12.8%/12.5% in FY20/21E (expecting some margin pressure in FY21E owing to BS VI related costs). Given the valuation comfort, we maintain ‘BUY’ witha price target of Rs815, based on a core PE of 15x Mar’21E and value ofsubsidiaries at Rs273.
... Read more
15-Apr-19
Price @ Call: 677.45
Target: 790
BUY
MM’s core business faces headwinds in the form of (a) an uncertain tractor demand outlook due to the cyclical downturn and the initial forecast of El Nino, (b) a weak product lifecycle in UVs, as no major launches are likely till BS-6, (c) a huge product skew toward diesel segment (~96%), wherein prices are likely to increase by ~10-12% and (d) a deteriorating margin profile, with the share of FES likely to decline over FY19-21. However, ~40% correction in its core business valuations from 18.4x in Aug’18 to 11x in Feb’19 largely factors in these challenges, in our view. We, thus, maintain Buy with an SOTP-based TP of INR790 (Mar’21).
... Read more
25-Mar-19
Price @ Call: 678.65
Target: 873
BUY
We estimate FY18–21 core EPS CAGR would be 11% owing to weaker demand outlook as well a change in product mix. We maintain ‘BUY/SO’ with an SoTP-based TP of INR873 (13x June 2020E core EPS, INR107 cash/share and INR281 for listed subsidiaries). The stock is trading at an FY20E PER of 13.6x.
... Read more
15-Feb-19
Price @ Call: 625.54
Target: 850
BUY
We expect M&M to report net revenue CAGR of ~12% to Rs 60,634cr over FY2018-20E mainly due to healthy growth in automobile segment i.e. utility vehicles (on the back of new launches and facelift of some models) and strong growth in tractors segment driven by brand recall and improvement in rural sentiment. Further, on the bottom-line front, we expect CAGR of ~16% to `5,429cr over the same period on the back of margin improvement. Thus, we recommend BUY on the stock with a Target Price of Rs 850.
... Read more
18-Feb-19
Price @ Call: 620.51
Target: 813
BUY
11-Feb-19
Price @ Call: 656.01
Target: 835
BUY
12-Feb-19
Price @ Call: 646.75
Target: 899
BUY
Based on its core earnings, the stock at `683 is trading at a PE multiple of 8.6x FY20E and an EV/EBIDTA of 4.1x FY20E, excluding its subsidiary value of `341per share. We have assigned FY20E PER of 14x to its core earnings and have valued the listed subsidiaries at 25% discount to the market price. We maintain our ACCUMULATE recommendation on the stock with SOTP‐based target price of Rs 899 per share
... Read more
12-Feb-19
Price @ Call: 646.75
Target: 813
BUY
11-Feb-19
Price @ Call: 683
Target: 841
BUY
11-Feb-19
Price @ Call: 683
Target: 878
BUY

M&M Share Price Target - Broker Reports - 2018

29-Nov-18
Price @ Call: 769.29
Target: 900
BUY
28-Nov-18
Price @ Call: 752.52
Target: 1088
BUY
14-Nov-18
Price @ Call: 780.26
Target: 1016
BUY
14-Nov-18
Price @ Call: 791.15
Target: 984
BUY
17-Oct-18
Price @ Call: 767.32
Target: 1071
BUY
4-Sep-18
Price @ Call: 940.99
Target: 1156
BUY
9-Aug-18
Price @ Call: 928.05
Target: 1027
HOLD
8-Aug-18
Price @ Call: 930.59
Target: 1020
BUY
8-Aug-18
Price @ Call: 926.3
Target: 1095
BUY
8-Aug-18
Price @ Call: 926.3
Target: 984
ACCUMULATE
8-Aug-18
Price @ Call: 926.3
Target: 1084
BUY
8-Aug-18
Price @ Call: 926.3
Target: 1075
BUY
10-Jul-18
Price @ Call: 931
Target: 1017
BUY
29-Jun-18
Price @ Call: 900.04
Target: 960
BUY
28-Jun-18
Price @ Call: 893.9
Target: 958
ACCUMULATE
28-Jun-18
Price @ Call: 893.9
Target: 1040
BUY
27-Jun-18
Price @ Call: 898.3
Target: 1041
BUY
27-Jun-18
Price @ Call: 898.3
Target: 1053
BUY
31-May-18
Price @ Call: 912.51
Target: 1037
BUY
30-May-18
Price @ Call: 868.8
Target: 1026
BUY
30-May-18
Price @ Call: 868.8
Target: 1041
BUY
19-Apr-18
Price @ Call: 797.05
Target: 925
BUY
19-Mar-18
Price @ Call: 741.55
Target: 890
BUY
15-Mar-18
Price @ Call: 733.4
Target: 889
BUY
15-Mar-18
Price @ Call: 729
Target: 927
BUY
12-Mar-18
Price @ Call: 725.2
Target: 919
BUY
9-Mar-18
Price @ Call: 725
Target: 945
BUY
1-Mar-18
Price @ Call: 727.5
Target: 950
BUY
14-Feb-18
Price @ Call: 746.7
Target: 919
BUY
12-Feb-18
Price @ Call: 752.63
Target: 864
BUY
12-Feb-18
Price @ Call: 749.95
Target: 890
BUY
9-Feb-18
Price @ Call: 749.79
Target: 889
BUY
8-Feb-18
Price @ Call: 747.1
Target: 975
BUY
4-Jan-18
Price @ Call: 754.65
Target: 895
BUY
1-Jan-18
Price @ Call: 751.03
Target: 842
BUY

M&M Share Price Target - Broker Reports - 2017

21-Dec-17
Price @ Call: 745.61
Target: 815
BUY
1-Dec-17
Price @ Call: 708.16
Target: 829
BUY
13-Nov-17
Price @ Call: 696.7
Target: 802
BUY
11-Nov-17
Price @ Call: 692.76
Target: 803.5
BUY
21-Sep-17
Price @ Call: 646.43
Target: 793
BUY
21-Sep-17
Price @ Call: 646.43
Target: 817
BUY
4-Sep-17
Price @ Call: 674.4
Target: 737.5
BUY
9-Aug-17
Price @ Call: 698.1
Target: 793
BUY
8-Aug-17
Price @ Call: 699.65
Target: 815
BUY
4-Aug-17
Price @ Call: 709
Target: 809
BUY
7-Aug-17
Price @ Call: 709.15
Target: 735.5
ACCUMULATE
20-Jul-17
Price @ Call: 691.5
Target: 812.5
BUY
20-Jun-17
Price @ Call: 695
Target: 782.5
BUY
19-Jun-17
Price @ Call: 694.5
Target: 855.5
ACCUMULATE
1-Jun-17
Price @ Call: 708
Target: 763.5
HOLD
31-May-17
Price @ Call: 681
Target: 762.5
BUY
30-May-17
Price @ Call: 1361
Target: 1518
BUY
19-Apr-17
Price @ Call: 630.9
Target: 700
BUY
27-Mar-17
Price @ Call: 636
Target: 772.5
BUY
27-Mar-17
Price @ Call: 635.7
Target: 650
HOLD
23-Mar-17
Price @ Call: 635.45
Target: 773
BUY
10-Feb-17
Price @ Call: 639
Target: 753
BUY
13-Feb-17
Price @ Call: 1278
Target: 1382
HOLD
13-Feb-17
Price @ Call: 640
Target: 727
BUY
10-Feb-17
Price @ Call: 638.83
Target: 650
HOLD

M&M Share Price Target - Broker Reports - 2016

18-Apr-16
Price @ Call: 1340.68
Target: 1542
BUY
11-Nov-16
Price @ Call: 621
Target: 751.5
ACCUMULATE
1-Dec-16
Price @ Call: 585.25
Target: 850.5
BUY
15-Nov-16
Price @ Call: 619
Target: 680
HOLD
15-Nov-16
Price @ Call: 1242
Target: 1340
HOLD
15-Nov-16
Price @ Call: 1240
Target: 1470
BUY
15-Nov-16
Price @ Call: 1236
Target: 1380
HOLD
15-Nov-16
Price @ Call: 621.5
Target: 654.5
HOLD
27-Oct-16
Price @ Call: 653.5
Target: 770.5
BUY
13-Sep-16
Price @ Call: 1430.01
Target: 1713
BUY
10-Aug-16
Price @ Call: 1449
Target: 1717
ACCUMULATE
5-Jul-16
Price @ Call: 1465.55
Target: 1724
BUY
9-Jun-16
Price @ Call: 1385.7
Target: 1500
BUY
6-Jun-16
Price @ Call: 1374.56
Target: 1472
BUY
1-Jun-16
Price @ Call: 1333
Target: 1404
HOLD
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  • M&M Share Price Target Today- Technical Pivot Points (Classic)

    keyboard_arrow_down
    Upside Target 3618.48
    Upside Target 2606.97
    Upside Target 1599.63
    Pivot588.12
    Downside Target 1580.78
    Downside Target 2569.27
    Downside Target 3561.93
  • M&M Share Price Target weekly- Technical Pivot Points (Classic)

    keyboard_arrow_down
    Upside Target 3749.2
    Upside Target 2707.9
    Upside Target 1650.1
    Pivot608.8
    Downside Target 1551
    Downside Target 2509.7
    Downside Target 3451.9
  • M&M Share Price Target monthly- Technical Pivot Points (Classic)

    keyboard_arrow_down
    Upside Target 3693.33
    Upside Target 2670.97
    Upside Target 1638.93
    Pivot616.57
    Downside Target 1584.53
    Downside Target 2562.17
    Downside Target 3530.13
  • M&M Share Price Target today- Technical Pivot Points (Fibonacci)

    keyboard_arrow_down
    Upside Target 3606.97
    Upside Target 2599.77
    Upside Target 1595.32
    Pivot588.12
    Downside Target 1580.92
    Downside Target 2576.47
    Downside Target 3569.27
  • M&M Share Price Target weekly- Technical Pivot Points (Fibonacci)

    keyboard_arrow_down
    Upside Target 3707.9
    Upside Target 2670.04
    Upside Target 1646.66
    Pivot608.8
    Downside Target 1570.94
    Downside Target 2547.56
    Downside Target 3509.7
  • M&M Share Price Target monthly- Technical Pivot Points (Fibonacci)

    keyboard_arrow_down
    Upside Target 3670.97
    Upside Target 2650.19
    Upside Target 1637.35
    Pivot616.57
    Downside Target 1595.79
    Downside Target 2582.95
    Downside Target 3562.17
SOURCE: Data from D'Market via Quandl. Intraday data delayed 15 minutes.
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