Nomura and Morgan Stanley reinforce their bullish stance on Mahindra & Mahindra

Following the company’s 1.76 lakh orders for the Thar ROXX in only 60 minutes—the greatest first-day bookings for any model in the company’s history—brokerages Investec, Nomura, and Morgan Stanley strengthened their positive view of Mahindra & Mahindra (M&M).

In the last session, M&M shares closed at Rs 3,137

M&M’s shares finished about one percent down at Rs 3,137 in the last session. On a year-to— date (YTD) basis, the stock has performed well, rising by 84 percent. By contrast, the Nifty 50 only acquired 16 percent during the same time.

Investec maintained its ‘Buy’ rating with a target price of Rs 3,220, pointing out that the introduction enhances M&M’s SUV line-of business. With 176,000 units booked in the first hour, the brokerage noted that the Thar ROXX exceeded all past booking benchmarks. It also underlined M&M’s appealing value, at 28x FY26E EPS. Over FY24-26, the brokerage forecasts M&M’s EBITDA and ROE to rise at a CAGR of 20 percent and 22 percent respectively.

Thar three-door is running on this many units every month

Keeping its ‘Overweight’ rating and aiming for Rs 3,304, Morgan Stanley reflected the same confidence. The company said that the Thar ROXX’s success may force the whole Thar franchise to reach 8,000–10,000 units monthly. The Thar three-door runs at five thousand units per month right now. It also indicated that M&M might be able to maintain its third-largest player status in India’s passenger car market by means of the SUV’s success.

Target prices for M&M set by Investec and Morgan Stanley show an upward trend of 2.6% for Investec and 5.3% respectively.

These options are available in the 5-door model of Thar SUV, Thar Rocks

Starting at a low price of Rs 12.99 lakh, the 5-door model of the famous Thar SUV, Thar ROXX, offers petrol and diesel options. Both choices have either an automatic or a six-speed manual gearbox. Starting deliveries from Dussehra on October 12, M&M has guaranteed clients of timely delivery updates in a phased way.

M&M witnessed a 24 percent growth in SUV sales last month

M&M saw a 24 percent YoY increase in SUV sales during September, exceeding 51,000 units. Equally robust were export numbers, which increased by 25 percent YoY to 3,027 units in September.