Whalesbook
M&M Q4 Results: Revenue Up, Margins Down, Kya Chal Raha Hai?
Mahindra & Mahindra (M&M) ne FY26 ke Q4 mein revenue mein ek tagda 26.2% ka saal-dar-saal growth dikhaya hai, jo ₹395 billion ko paar kar gaya. Automotive segment ne ₹311 billion (up 25%) aur farm equipment ne ₹84.4 billion (up 32%) ka contribution diya. Profit before tax (PBT) bhi 22.6% badhkar ₹49.8 billion ho gaya.
Par, asli picture margins mein hai. EBITDA margins 140 basis points (previous quarter aur year se) kum hokar 14.2% par aa gaye. Iska reason hai commodity prices ka bhada, jisne company ki cost badha di.
Analyst Reaction: LKP Ne Target Cut Kiya, Baaki Sab Khush?
Is mix result ke baad, LKP Research ne M&M ko 'Buy' rating toh de di, par price target thoda kam karke ₹4,225 kar diya hai. Unko competition aur farm equipment sector mein aane wale slowdown ki chinta hai.
Magar, yeh sabse alag hai. Total 34 analysts mein se zyadaatar 'Strong Buy' rating de rahe hain aur unka average target price ₹4,156.59 ke aas-paas hai, aur kuch toh ₹4,767 tak bhi dekh rahe hain! Matlab, majority of experts ko M&M par bharosa hai.
Industry Ka Scene Aur M&M Ki Strategy
Automotive sector mein growth slow hone ki ummeed hai FY27 mein, 3-5% tak. Farm equipment sector bhi FY26 ke record ke baad FY27 mein 0-2% grow karega.
M&M apni growth ke liye AI ko integrate kar raha hai, jisse ₹4,100 crore se zyada automotive revenue FY27 tak aane ka plan hai. Company 19 naye automotive products launch karne wali hai aur apni production capacity bhi badha rahi hai. EV segment mein bhi company apni leadership maintain karne ka plan kar rahi hai.
Kya Khareedein Ya Intezaar Karein?
Stock ka P/E ratio 20.8 se 26.86 ke beech hai, jo kuch analysts ko fair lagta hai toh kuch ko thoda high. Haalanki, Q4 ke baad bhi stock ne Sensex ke muqable mein perform nahi kiya hai. Kai experts 'Strong Buy' bol rahe hain, par kuch 'Hold' rating de rahe hain valuation aur momentum ko dekh kar. M&M market cap ₹3.72tn se ₹3.85tn ke beech hai.