M&M

P/B ~5.1× (book value ~₹620) Dividend Yield ~0.8% (interim ₹25.30 paid) ROE ~16.8% Debt/Equity ~1.62–1.67 Market Cap ~₹3.82–3.93 lakh Cr Short-term: Likely range-bound between ₹3,000–3,200, awaiting Q1 results and macro/auto-sector signals. Medium-term: If Q1 earnings align or exceed expectations and EV uptake strengthens, potential move towards analyst target (~₹3,500). Long-term: Strong structural presence in auto, tractors, EVs, and aftermarket services, along with improving operational efficiency, supports sustained growth.