$M&M nd Mahindra share price in focus: Nomura bullish on auto stock; keeps target price unchanged

Mahindra and Mahindra share price in focus: Nomura bullish on auto stock; keeps target price unchanged The brokerage firm, Nomura, maintains a buy call on Mahindra and Mahindra with an unchanged target price of Rs 4,580. Here’s why: 1. M&M is optimistic on the demand outlook of mid-to-high teens volume growth for SUVs in FY27E. 2. M&M expects its SUV production capacity to increase from 64,500 units per month (56,500 ICE vehicles and 8,000 EVs) currently to 68,000 units by September 2026 and further to 82,000 units by March 2027, comprising 70,000 ICE vehicles and 12,000 EVs. 3. The company plans to launch 10 ICEs and 6BEVs over FY27-31E. 4. The Nagpur plant will eventually have a capacity of 500k SUVs and 100k tractors, which will commence operation in 2028.