M&M

Mahindra & Mahindra is riding high on SUV demand, with models like Scorpio-N and XUV700 seeing strong sales. Tractor volumes, however, are under pressure due to weak rural demand. The company is also investing heavily in EVs with Born Electric SUVs planned for FY27. Q1 FY26 revenue grew 10% YoY, supported by SUV momentum. At ~18x FY26 EPS, valuations look reasonable. M&M provides a good balance between auto cyclicality and structural EV growth. Investors can consider accumulating for medium to long-term returns.