M&M

M&M continues to benefit from strong demand for its SUVs, particularly Scorpio and XUV700. Its EV roadmap is gaining momentum, with new launches planned in the next two years. The farm equipment segment remains stable, providing steady cash flows. With improving margins and reduced debt, M&M has strengthened its financial position significantly. The company is well-placed to ride India’s automotive boom and EV transition, making it a balanced bet on both growth and stability.