Company
Aarti Drugs Ltd Aarti Industries Aavas Financiers Ltd ABB India Ltd ACC Ltd Adani Ports & Special Economic Zone Ltd Adani Power Ltd Aditya Birla Fashion and Retail Ltd Aditya Birla Sunlife AMC Aether Industries Ltd Ajanta Pharma Ltd Alembic Pharmaceuticals Ltd Alkem Laboratories Ltd Amber Enterprises Ambuja Cements Ltd Ami Organics Ltd Anupam Rasayan India Ltd Apex Frozen Foods Ltd APL Apollo Tubes Apollo Hospitals and Enterprises Apollo Tyres Ltd Ashok Leyland Ashoka Buildcon Ltd Asian Paints Limited Astec Lifesciences Ltd Astral Ltd. Atul Ltd AU Small Finance Bank Aurobindo Pharma Avalon Technologies Avanti Feeds Ltd Axis Bank Bajaj Auto Bajaj Finance Ltd Balkrishna Industries Ltd Balrampur Chini Mills Ltd Bank of Baroda Bank of India BCL Industries Ltd Berger Paints India Limited Bharat Dynamics Ltd Bharat Electronics Ltd Bharat Forge Bharat Heavy Electricals Bharat Petroleum Birla Corporation Ltd Birlasoft Blue Dart Express Ltd Blue Jet Healthcare Bosch Ltd Britannia Industries Ltd Camlin Fine Sciences Canara Bank Century Plyboards Cera Sanitaryware Cholamandalam Investment and Finance Company Cipla Ltd Clean Science and Technology Coal India Coastal Corp Ltd Coforge Limited Colgate Palmolive India Container Corp of India Ltd Coromandel International Ltd CreditAccess Grameen Ltd Crompton Greaves Consumer Electricals Cummins India Ltd Cyient DLM Ltd Cyient Limited Dabur India Ltd Dalmia Bharat Ltd Data Patterns (India) Ltd Deepak Fertilisers & Petrochemicals Corp. Ltd. Deepak Nitrite Ltd Delhivery Dilip Buildcon Ltd Divi's Laboratories Dixon Technologies Dr Reddy's Laboratories Ltd Dr. Lal Pathlabs Ltd. E2E Network Eicher Motors Ltd Elin Electronics Emami Ltd Endurance Technologies Ltd Epigral Ltd Equitas Small Finance Bank Limited Escorts Kubota Ltd Eternal Ltd Ethos Limited Exide Industries Ltd Federal Bank Finolex Cables Finolex Industries FSN Ecommerce Fusion Finance Limited GAIL India Galaxy Surfactants Ltd Gland Pharma Ltd Globus Spirits Ltd Godrej Consumer Products Ltd Granules India Ltd Gujarat Fluorochemicals Ltd Gujarat Gas Gujarat Pipavav Port Ltd Gulshan Polyols Ltd Havells India HCL Technologies HDFC AMC HDFC Bank HEG Limited Heidelberg Cement India Ltd Hero MotoCorp Hindalco Industries Ltd Hindustan Aeronautics Ltd Hindustan Petroleum Corp. Hindustan Unilever Ltd Home First Finance company Housing Development Fin. Hyundai Motor India ICICI Bank IKIO Lighting India Glycols Ltd India Pesticides Ltd Indian Oil Corp. Indoco Remedies Ltd Indraprastha Gas IndusInd Bank Infosys InterGlobe Aviation Ltd Ipca Laboratories Ltd IRB Infrastructure Developers Ltd IRB InvIT Fund J K Cement Ltd JB Chemicals & Pharmaceuticals Ltd Jindal Steel and Power JK Lakshmi Cement JSW Infrastructure Ltd JSW Steel Jubilant Ingrevia Ltd Jyothy Labs Limited Kajaria Ceramics Kalpataru Projects International Limited Kansai Nerolac Paints Limited Kaveri Seed Co Ltd Kaynes Technology KEC International Ltd KEI Industries KNR Constructions Ltd Kotak Mahindra Bank L&T Infotech L&T Technology Services Ltd Larsen & Toubro Ltd Laurus Labs Laxmi Organic Industries Ltd Lloyds Metals & Energy Ltd LTIMindtree Ltd Lupin Ltd Mahanagar Gas Mahindra & Mahindra Mahindra & Mahindra Finance Marico Ltd Maruti Suzuki Metropolis Healthcare Ltd. Mindtree Ltd Mphasis MTAR Technologies Limited Muthoot Finance Ltd Natco Pharma Ltd National Aluminium Co Ltd Navin Fluorine International Ltd NCC Ltd Nestle India Ltd Nippon Life India Asset Management Ltd NMDC NTPC Ltd Oil & Natural Gas Oil India Orient Cement Orient Electric Persistent Systems Ltd Petronet LNG PG Electroplast PI Industries Ltd Pidilite Industries Limited PNC Infratech Ltd Polycab India Prism Johnson Ltd Punjab National Bank Radico Khaitan Ltd Rallis India Ltd Ramco Cements Ltd Raymond Ltd RBL Bank Samvardhana Motherson International Ltd SBI Cards SBI Life Insurance Schaeffler India Ltd Shree Cement Ltd Shriram Finance Limited Siemens Ltd SKF India Ltd Skipper Limited Som Distilleries & Breweries Ltd Sonata Software Spandana Sphoorty Financial SpiceJet Ltd SRF Limited State Bank of India Steel Authority of India Sun Pharmaceutical Industries Supreme Industries Swiggy Ltd Syrma SGS Technology Tata Consultancy Services Tata Elxsi Ltd Tata Motors Tata Steel Tata Technologies Ltd TCPL Packaging Ltd Tech Mahindra Thermax Ltd Thyrocare Technologies Ltd. Timken Ltd Titan Co Ltd Torrent Pharmaceuticals Ltd Triveni Engineering and Industries Ltd TVS Motor Co Ltd Ugro Capital UltraTech Cement Ltd UPL Limited UTI AMC V-Guard Industries Vinati Organics VIP Industries Limited Voltas Ltd VRL Logistics Ltd Wipro Zydus Lifesciences
Sector
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Analyst
Abhishek SHINDADKAR Anirvan DIVAKERA Chaitya DOSHI Himanshu Marfatia InCred Institutional Equities Research Meghna LUTHRA Niharika AGARWAL Nishant BAGRECHA Nitin AWASTHI Pradnya Ghag Pramod AMTHE Rajarshi MAITRA Ravi GUPTA Ritik GUPTA Rohan KALLE SALES-BLOOM Kamal Satish KUMAR Saurabh SINGH Tushar WAVHAL Yogesh SONI
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Mahindra & Mahindra

Auto & Parts - Overall
13 Sep 2025 Sector Note Automobiles an...
Rating Overweight
GST cut to trigger cyclical demand rec...

Sharp GST rate cut & cess withdrawal is the biggest stimulus in recent history of the auto sector, which may tri...

Mahindra & Mahindra
07 May 2025 Company Note
CMP ₹ 3,120
Target Price ₹ 3,254
SUVs ease growth rate; hope lies in tr...

The 4QFY25 standalone EBITDA rose by 5% qoq to Rs.47bn, aided by the qoq increase in inventory (4% of sales), wh...

H HOLD
Mahindra & Mahindra
11 Feb 2025 Company Note
CMP ₹ 3,137
Target Price ₹ 3,205
Elevated valuation limits the upside

3Q EBITDA grew by 13% qoq to Rs45bn, missing our estimate but 4% above Bloomberg consensus estimate. Automotive ...

H HOLD
Mahindra & Mahindra
28 Nov 2024 Company Flash Note
CMP ₹ 2,899
Target Price ₹ 2,915
Product excitement continues with Born...

The Born EV platform vehicles, BE 6v and XEV 9e, have been launched with bold styling, rich features and introdu...

H HOLD
Mahindra & Mahindra
08 Nov 2024 Company Note
CMP ₹ 2,891
Target Price ₹ 2,915
Changing gear for rural market recover...

2Q EPS spike of 45% qoq to Rs34 was in line with our estimate and 5% above the Bloomberg consensus estimate. Aut...

H HOLD
Autos
10 Sep 2024 Sector Flash Note Automobiles an...
Rating Neutral
Car industry expert roadshow highlight...

The expert feels dealer inventory problem is less pronounced for top 2 OEMs but worsened in lower ranks. Bunchin...

Mahindra & Mahindra
01 Aug 2024 Company Flash Note
CMP ₹ 2,908
Target Price ₹ 2,455
SUVs close to their peak, tractors hop...

1QFY25 standalone EPS grew 10% yoy and 28% qoq to Rs23.5, which was below our estimate (2%) and Bloomberg consen...

H HOLD
Autos
01 Jul 2024 Sector Flash Note Automobiles an...
Rating Neutral
Jun 2024 auto sales volume performance

Volume growth was selective in Jun 2024. Within the same segment, OEMs’ trend was mixed barring CV & tractors. R...

Mahindra & Mahindra
15 Jun 2024 Company Flash Note
CMP ₹ 2,929
Target Price ₹ 2,455
Mahindra Group Investor Day - Highligh...

Automotive division has started making XUV electric vehicle, which will be launched in early CY25F. MHCV divisio...

H HOLD
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The Incred Research Team covers 17 sectors and 193 companies, with coverage to increase to 220 companies by the year’s end. Its senior analysts are rated by local and international fund managers.

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Aarti Drugs Ltd Aarti Industries Aavas Financiers Ltd ABB India Ltd ACC Ltd Adani Ports & Special Economic Zone Ltd Adani Power Ltd Aditya Birla Fashion and Retail Ltd Aditya Birla Sunlife AMC Aether Industries Ltd Ajanta Pharma Ltd Alembic Pharmaceuticals Ltd Alkem Laboratories Ltd Amber Enterprises Ambuja Cements Ltd Ami Organics Ltd Anupam Rasayan India Ltd Apex Frozen Foods Ltd APL Apollo Tubes Apollo Hospitals and Enterprises Apollo Tyres Ltd Ashok Leyland Ashoka Buildcon Ltd Asian Paints Limited Astec Lifesciences Ltd Astral Ltd. Atul Ltd AU Small Finance Bank Aurobindo Pharma Avalon Technologies Avanti Feeds Ltd Axis Bank Bajaj Auto Bajaj Finance Ltd Balkrishna Industries Ltd Balrampur Chini Mills Ltd Bank of Baroda Bank of India BCL Industries Ltd Berger Paints India Limited Bharat Dynamics Ltd Bharat Electronics Ltd Bharat Forge Bharat Heavy Electricals Bharat Petroleum Birla Corporation Ltd Birlasoft Blue Dart Express Ltd Blue Jet Healthcare Bosch Ltd Britannia Industries Ltd Camlin Fine Sciences Canara Bank Century Plyboards Cera Sanitaryware Cholamandalam Investment and Finance Company Cipla Ltd Clean Science and Technology Coal India Coastal Corp Ltd Coforge Limited Colgate Palmolive India Container Corp of India Ltd Coromandel International Ltd CreditAccess Grameen Ltd Crompton Greaves Consumer Electricals Cummins India Ltd Cyient DLM Ltd Cyient Limited Dabur India Ltd Dalmia Bharat Ltd Data Patterns (India) Ltd Deepak Fertilisers & Petrochemicals Corp. Ltd. Deepak Nitrite Ltd Delhivery Dilip Buildcon Ltd Divi's Laboratories Dixon Technologies Dr Reddy's Laboratories Ltd Dr. Lal Pathlabs Ltd. E2E Network Eicher Motors Ltd Elin Electronics Emami Ltd Endurance Technologies Ltd Epigral Ltd Equitas Small Finance Bank Limited Escorts Kubota Ltd Eternal Ltd Ethos Limited Exide Industries Ltd Federal Bank Finolex Cables Finolex Industries FSN Ecommerce Fusion Finance Limited GAIL India Galaxy Surfactants Ltd Gland Pharma Ltd Globus Spirits Ltd Godrej Consumer Products Ltd Granules India Ltd Gujarat Fluorochemicals Ltd Gujarat Gas Gujarat Pipavav Port Ltd Gulshan Polyols Ltd Havells India HCL Technologies HDFC AMC HDFC Bank HEG Limited Heidelberg Cement India Ltd Hero MotoCorp Hindalco Industries Ltd Hindustan Aeronautics Ltd Hindustan Petroleum Corp. Hindustan Unilever Ltd Home First Finance company Housing Development Fin. Hyundai Motor India ICICI Bank IKIO Lighting India Glycols Ltd India Pesticides Ltd Indian Oil Corp. Indoco Remedies Ltd Indraprastha Gas IndusInd Bank Infosys InterGlobe Aviation Ltd Ipca Laboratories Ltd IRB Infrastructure Developers Ltd IRB InvIT Fund J K Cement Ltd JB Chemicals & Pharmaceuticals Ltd Jindal Steel and Power JK Lakshmi Cement JSW Infrastructure Ltd JSW Steel Jubilant Ingrevia Ltd Jyothy Labs Limited Kajaria Ceramics Kalpataru Projects International Limited Kansai Nerolac Paints Limited Kaveri Seed Co Ltd Kaynes Technology KEC International Ltd KEI Industries KNR Constructions Ltd Kotak Mahindra Bank L&T Infotech L&T Technology Services Ltd Larsen & Toubro Ltd Laurus Labs Laxmi Organic Industries Ltd Lloyds Metals & Energy Ltd LTIMindtree Ltd Lupin Ltd Mahanagar Gas Mahindra & Mahindra Mahindra & Mahindra Finance Marico Ltd Maruti Suzuki Metropolis Healthcare Ltd. Mindtree Ltd Mphasis MTAR Technologies Limited Muthoot Finance Ltd Natco Pharma Ltd National Aluminium Co Ltd Navin Fluorine International Ltd NCC Ltd Nestle India Ltd Nippon Life India Asset Management Ltd NMDC NTPC Ltd Oil & Natural Gas Oil India Orient Cement Orient Electric Persistent Systems Ltd Petronet LNG PG Electroplast PI Industries Ltd Pidilite Industries Limited PNC Infratech Ltd Polycab India Prism Johnson Ltd Punjab National Bank Radico Khaitan Ltd Rallis India Ltd Ramco Cements Ltd Raymond Ltd RBL Bank Samvardhana Motherson International Ltd SBI Cards SBI Life Insurance Schaeffler India Ltd Shree Cement Ltd Shriram Finance Limited Siemens Ltd SKF India Ltd Skipper Limited Som Distilleries & Breweries Ltd Sonata Software Spandana Sphoorty Financial SpiceJet Ltd SRF Limited State Bank of India Steel Authority of India Sun Pharmaceutical Industries Supreme Industries Swiggy Ltd Syrma SGS Technology Tata Consultancy Services Tata Elxsi Ltd Tata Motors Tata Steel Tata Technologies Ltd TCPL Packaging Ltd Tech Mahindra Thermax Ltd Thyrocare Technologies Ltd. Timken Ltd Titan Co Ltd Torrent Pharmaceuticals Ltd Triveni Engineering and Industries Ltd TVS Motor Co Ltd Ugro Capital UltraTech Cement Ltd UPL Limited UTI AMC V-Guard Industries Vinati Organics VIP Industries Limited Voltas Ltd VRL Logistics Ltd Wipro Zydus Lifesciences