Highlights:

• Axis Capital, Elara Securities, Jefferies, Ambit Capital, and Edelweiss Capital reaffirmed ‘Buy’ ratings on Mahindra & Mahindra Ltd.
• Analysts’ price targets range between ₹4,200 and ₹4,500 per share.
• In latest quarter, the company reported 28% year-on-year rise in consolidated PAT to ₹3,673 crore.

Mahindra & Mahindra Ltd. (NSE:M&M) has received a series of positive recommendations from leading brokerage firms after reporting its second-quarter and half-year financial results for FY26.

Following the company’s consolidated revenue and profit growth, several prominent analysts — including Axis Capital Limited, Elara Securities Pvt Ltd, Jefferies, Ambit Capital Pvt Ltd, and Edelweiss Capital Ltd — have maintained or reiterated their bullish stance on the stock.

Analyst Ratings and Target Prices

Axis Capital Limited

Axis Capital analyst Nishit Jalan has reaffirmed a ‘Buy’ rating on Mahindra & Mahindra with a target price of ₹4,500 per share. The recommendation was released on 6 November 2025.

Elara Securities Pvt Ltd

Elara Securities analyst Jay Kale also issued a ‘Buy’ call, setting a target price of ₹4,350 per share..

Jefferies

Jefferies’ analyst Nitij Mangal maintained a ‘Buy’ recommendation with a price target of ₹4,300 per share.

Ambit Capital Pvt Ltd

Ambit Capital analyst Amey Dargude reiterated a ‘Buy’ rating with a target price of ₹4,299 per share.

Edelweiss Capital Ltd

Analyst Raghunandhan NL from Edelweiss Capital has maintained a ‘Buy’ call with a target price of ₹4,200 per share.

Q2 FY26 Performance Snapshot

Mahindra & Mahindra recently announced a 28% year-on-year rise in consolidated PAT to ₹3,673 crore, with consolidated revenue increasing 22% YoY to ₹46,106 crore in Q2 FY26. The company reported a Return on Equity (RoE) of 19.4% (annualized).

M&M continues to hold leadership positions in multiple segments — including SUVs, tractors, and light commercial vehicles (LCVs). The group’s auto, farm, and services verticals all reported year-on-year growth, underscoring its diversified business performance.

About Mahindra & Mahindra Ltd.

Mahindra & Mahindra Ltd., part of the Mahindra Group, is one of India’s leading automobile and farm equipment manufacturers. The company operates across diverse business verticals including automotive, farm equipment, IT services, logistics, and financial services, with a presence in over 100 countries.