M&M

M&M delivered 13% YoY revenue growth in Q1 FY26, with strong SUV sales led by Scorpio-N and Thar. Farm equipment sales remain steady despite monsoon fluctuations. The EV portfolio under ‘Born Electric’ is gaining visibility. Margins at 17% reflect operating efficiency. At ~22x FY26 EPS, valuations are reasonable given growth visibility. M&M is a strong play on India’s SUV and rural growth story.