Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a> pre-announces GST benefits, signaling consumer-first patriotism but raising questions on intent.</li>
<li>Dealer checks reveal heavy discounting despite festive demand hopes coupled with weak dispatches.</li>
<li>Possible margin risks emerge as MM tries to flush out inventory ahead of GST 2.0 and festive season.</li>
</ul>



Mahindra &amp; Mahindra (MM IN) pre-announces GST benefits, signaling consumer-first patriotism but raising questions on intent.
Dealer checks reveal heavy discounting despite festive demand hopes coupled with weak dispatches.
Possible margin risks emerge as MM tries to flush out inventory ahead of GST 2.0 and festive season.


Mahindra & Mahindra (MM IN) | Pricey Patriotism or Desperation?

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<li>The 56th GST Council Meeting is currently underway in New Delhi, having commenced on September 3, 2025 at 11:00 AM and will continue until September 4, 2025.</li>
<li>These are supposed to be "next-generation GST reforms" with a promise of implementing reforms as a "Diwali gift" for consumers.</li>
<li>Negative FII Participation, Negative Price Action, Rich Multiples coupled with Negative Earnings Revisions argue for a bearish positioning going into the "G" Day - Day of GST Reform Announcements.</li>
</ul>


The 56th GST Council Meeting is currently underway in New Delhi, having commenced on September 3, 2025 at 11:00 AM and will continue until September 4, 2025.
These are supposed to be "next-generation GST reforms" with a promise of implementing reforms as a "Diwali gift" for consumers.
Negative FII Participation, Negative Price Action, Rich Multiples coupled with Negative Earnings Revisions argue for a bearish positioning going into the "G" Day - Day of GST Reform Announcements.


A Trader's Guide To "G" Day | Positioning For "Next-Generation GST Reforms"

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

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Strong Core Performance:<a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a> delivered robust growth in Auto &amp;Farm segments in Q4FY25,with SUV volumes up 20% &amp;tractor volumes up 12%,alongside market share gains in both segments.</li>
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Strategic Expansion &amp; Capital Allocation: The company outlined a clear roadmap for scaling EV and ICE capacities to 85K/month by FY27.</li>
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Valuation Upside from Growth Platforms:With scalable and emerging "growth gems" across real estate, hospitality,renewables, and EVs, M&amp;M's Sum-of-the-Parts (SOTP) valuation pegs fair value at INR 3,437/share, including the EV business.</li>
</ul>



Strong Core Performance:Mahindra &amp; Mahindra (MM IN) delivered robust growth in Auto &amp;Farm segments in Q4FY25,with SUV volumes up 20% &amp;tractor volumes up 12%,alongside market share gains in both segments.

Strategic Expansion &amp; Capital Allocation: The company outlined a clear roadmap for scaling EV and ICE capacities to 85K/month by FY27.

Valuation Upside from Growth Platforms:With scalable and emerging "growth gems" across real estate, hospitality,renewables, and EVs, M&amp;M's Sum-of-the-Parts (SOTP) valuation pegs fair value at INR 3,437/share, including the EV business.


Mahindra & Mahindra (MM IN)  - Top 5 Takeaways from Q4FY25 Results

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Event-Driven

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<li>
<a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a> is acquiring a 58.96% stake in SML Isuzu through SPAs with <a href="https://www.smartkarma.com/entities/sumitomo-corp" target="_blank" data-smartkarma-citation="entities:5380:1" rel="noopener">Sumitomo Corp (8053 JP)</a> and <a href="https://www.smartkarma.com/entities/isuzu-motors-ltd" target="_blank" data-smartkarma-citation="entities:14726:1" rel="noopener">Isuzu Motors (7202 JP)</a>, along with open offer.</li>
<li>The acquisition aims to significantly strengthen M&amp;M's position in the &gt;3.5T commercial vehicle segment, doubling its market share initially and targeting further growth.  </li>
<li>This strategic move signals M&amp;M's clear intent to become a full-range player in commercial vehicles, leveraging synergies in product, network, and manufacturing. </li>
</ul>



Mahindra &amp; Mahindra (MM IN) is acquiring a 58.96% stake in SML Isuzu through SPAs with Sumitomo Corp (8053 JP) and Isuzu Motors (7202 JP), along with open offer.
The acquisition aims to significantly strengthen M&amp;M's position in the &gt;3.5T commercial vehicle segment, doubling its market share initially and targeting further growth.  
This strategic move signals M&amp;M's clear intent to become a full-range player in commercial vehicles, leveraging synergies in product, network, and manufacturing. 


Event Driven: Mahindra & Mahindra Acquired SML Isuzu, Strengthening Presence in CV

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<a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a>growth has been an outlier in the intensely competitive Indian passenger car industry.We share insights on how this trend has evolved over the past several months.</li>
<li>This insight provides detailed analysis of sales performance of key players-<a href="https://www.smartkarma.com/entities/maruti-suzuki-india-ltd" target="_blank" data-smartkarma-citation="entities:733:1" rel="noopener">Maruti Suzuki India (MSIL IN)</a> ,<a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a>,<a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> &amp; <a href="https://www.smartkarma.com/entities/hyundai-motor-india-ltd" target="_blank" data-smartkarma-citation="entities:40900:1" rel="noopener">Hyundai Motor India (HYUNDAI IN)</a> </li>
<li>Various initiatives introduced in the recent Union Budget are expected to boost demand for passenger cars in the medium term.</li>
</ul>



Mahindra &amp; Mahindra (MM IN)growth has been an outlier in the intensely competitive Indian passenger car industry.We share insights on how this trend has evolved over the past several months.
This insight provides detailed analysis of sales performance of key players-Maruti Suzuki India (MSIL IN) ,Mahindra &amp; Mahindra (MM IN),Tata Motors Ltd (TTMT IN) &amp; Hyundai Motor India (HYUNDAI IN) 
Various initiatives introduced in the recent Union Budget are expected to boost demand for passenger cars in the medium term.


It's M&M Vs. The Rest – Passenger Car Market Update

India

Mahindra & Mahindra Ltd. manufactures automobiles, farm equipment and automotive components. The Company's automobile products include light, medium and heavy commercial vehicles, jeep type vehicles and passenger cars. Mahindra & Mahindra also manufactures agricultural tractors, agricultural implements, internal combustion engines, industrial petrol engines, spare parts and machine tools.

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Mahindra & Mahindra (MM IN)