External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Mahindra &amp; Mahindra’s (M&amp;M) EBITDA margin at 14.4% was up ~20bps QoQ (vs consensus estimate of 14.7%); auto segment’s EBIT margin was up 20bps QoQ at 9.7%, and FES EBIT margin increased 60bps QoQ to 18.1%.</li><li>During 9MFY25, M&amp;M’s PV portfolio saw strong growth of ~20%; it is looking at debottlenecking specific capacity for models like XUV3XO and Thar.</li><li>We expect M&amp;M to continue its strong performance led by its robust UV portfolio, market share gains in both SUV and tractors, improving margin trajectory, and better outlook in FES.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Mahindra &amp; Mahindra’s (M&amp;M) EBITDA margin at 14.4% was up ~20bps QoQ (vs consensus estimate of 14.7%); auto segment’s EBIT margin was up 20bps QoQ at 9.7%, and FES EBIT margin increased 60bps QoQ to 18.1%.During 9MFY25, M&amp;M’s PV portfolio saw strong growth of ~20%; it is looking at debottlenecking specific capacity for models like XUV3XO and Thar.We expect M&amp;M to continue its strong performance led by its robust UV portfolio, market share gains in both SUV and tractors, improving margin trajectory, and better outlook in FES.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mahindra and Mahindra - In-Line Performance; New Launches to Drive Growth