Motilal Oswal's research report gives a BUY rating to Mahindra and Mahindra Financial Services (MMFS) with a target price of INR 400. The report highlights MMFS's strategic roadmap, aiming for an 18-20% AUM CAGR and a loan book of INR 3 trillion by 2030. MMFS has strengthened its operations with better underwriting and risk governance. The brokerage projects a ~19% PAT CAGR and attractive RoA/RoE targets, citing current attractive valuations.