Mahindra & Mahindra Ltd (M&M) is back in the spotlight on Friday, with the stock trading near its record highs after a bullish note from global brokerage Nomura and growing excitement around the company’s new XEV 9S electric SUV and ambitious EV ramp-up plans.
Mahindra & Mahindra share price today: near record highs
As of around 10:30 am IST on 28 November 2025, Mahindra & Mahindra shares were changing hands at approximately ₹3,756 on the NSE, up about 2.0% versus the previous close. Intraday, the stock has been trading in a range of roughly ₹3,685–₹3,765, with combined NSE and BSE volumes already crossing 1.1 million shares.
On the BSE, separate live data from broker terminals shows M&M quoted around ₹3,747, up roughly 1.8%, with the day’s high near ₹3,761 and the day’s low around ₹3,685. The stock also figures among the top gainers in the Nifty basket in ET Now’s gainers-and-losers list for today, underlining strong investor interest in large-cap auto names.
M&M is trading very close to its 52‑week high of about ₹3,780, far above its 52‑week low around ₹2,360, highlighting a strong rerating over the last year. According to data compiled by Mint, the stock has delivered over 22% returns in 2025 year-to-date, even after some recent profit-taking.
Valuation-wise, the stock now trades at a trailing P/E multiple in the high‑20s (around 27–29x), compared with an auto-sector average in the low‑20s, and at a price-to-book multiple of roughly 5.3x. That premium suggests the market is already pricing in a meaningful share of Mahindra’s growth ambitions, especially in SUVs and electric vehicles.
Nomura reiterates ‘Buy’ and names M&M its top OEM pick
The immediate trigger for today’s strength is a fresh note from Nomura, which has reaffirmed its ‘Buy’ rating on Mahindra & Mahindra and identified it as the brokerage’s top pick in the original equipment manufacturer (OEM) space.
According to coverage reported by Business Standard, Nomura’s analysts:
- Value M&M at around 16x FY28F EV/EBITDA, versus an implied current multiple of roughly 13x.
- Arrive at a sum‑of‑the‑parts (SOTP) target price near ₹4,355 per share, implying high‑teens upside from current levels.
- Highlight Mahindra as well positioned to take EVs mainstream in the 7‑seater segment, powered by the new XEV 9S.
Economic Times’ market report adds that Nomura views the introductory pricing of the XEV 9S, starting at ₹19.95 lakh, as “disruptive” for the segment and estimates upside of roughly 18% from earlier market levels based on its ₹4,335–₹4,355 target range. The Economic Times+1
Nomura is also building aggressive volume forecasts into its model: it expects M&M’s SUV volumes to grow faster than the industry over FY26–FY28, and projects battery electric vehicle (BEV) sales ramping up to several thousand units a month over this period, supported by the new EV portfolio.
The brokerage’s stance fits into a broader trend of global and domestic analysts turning structurally positive on M&M’s combination of SUV leadership, improving farm-equipment cycle and a now much clearer EV roadmap.
XEV 9S: new flagship in Mahindra’s EV SUV line‑up
At the centre of today’s optimism is Mahindra’s brand-new XEV 9S, a seven-seater electric SUV that was officially unveiled on Thursday.
Key details from Mahindra’s launch and brokerage reports:
- Pricing: Introductory ex‑showroom prices start around ₹19.95 lakh for the entry trim and go up to about ₹29.45 lakh for the top variant, placing it squarely in the heart of India’s mid‑to‑premium SUV band.
- Platform: The SUV is built on Mahindra’s INGLO born‑electric platform and uses LFP (lithium iron phosphate) battery packs.
- Battery & range: Different variants offer packs of about 59 kWh, 70 kWh and 79 kWh, with claimed “real‑world” driving ranges in the zone of 520–680 km on a full charge. Business Standard
- Charging: Fast‑charging capability is rated at roughly 20–80% in about 20 minutes with a 180 kW DC charger, making it competitive with global EV offerings.
- Warranty: Mahindra is offering a lifetime battery warranty for the first owner and a long‑duration warranty for the second owner, signalling confidence in the battery platform.
- Cabin & tech: The XEV 9S packs a triple 12.3‑inch screen layout, a 16‑speaker Harman Kardon audio system with Dolby Atmos, advanced driver-assistance features (ADAS Level 2+), automated parking and multiple radar and camera sensors aimed at raising the tech benchmark in its class.
SiliconIndia’s market preview notes that the launch of the XEV 9S, priced “around ₹20 lakh”, is one of the key stock‑specific triggers for M&M today, alongside IT and infra names in focus. Silicon India
Nomura’s research desk believes XEV 9S can clock monthly volumes of 3,000–4,000 units under its base case, with potential to exceed 5,000 units per month if demand surprises positively at this price point. That kind of ramp‑up would make XEV 9S a core profit driver for Mahindra’s EV business over the next few years.
Alongside XEV 9S, Mahindra has also introduced a BE6 Formula E edition, a special variant with extra features and cosmetic tweaks, with prices starting in the mid‑₹20 lakh range and deliveries slated to begin in early 2026. Business Standard Together, these launches extend the company’s “Born Electric” portfolio into higher‑volume, family‑oriented segments rather than only niche early‑adopter buyers.
EV ramp‑up: targeting 7,000 EVs a month and a larger charging network
Underneath the product headlines is a much larger EV ambition that management has now articulated more clearly.
In interactions reported by Outlook Business and The Economic Times, Rajesh Jejurikar, Executive Director and CEO of Mahindra’s auto and farm divisions, outlined the following roadmap:
- Mahindra plans to lift EV production capacity to around 8,000 units per month by the end of this fiscal year, with an intent to sell about 7,000 EVs a month on a sustained basis.
- The company currently sells roughly 4,000–5,000 EVs per month and has already delivered over 30,000 EVs in the last seven months, generating around ₹8,000 crore in revenue from its electric models.
- Management is targeting EVs to account for around 25% of Mahindra’s total volumes by 2027–28, a significant shift from today’s largely ICE‑driven (internal combustion engine) mix.
- To support this, Mahindra intends to set up approximately 1,000 charging points by 2027, focusing on high‑traffic urban and highway locations.
- The company is also investing in battery‑recycling solutions and is using experience from its older electric three‑wheeler business to prepare for end‑of‑life battery management at scale.
- On exports, Mahindra plans a calibrated rollout of its electric SUVs, starting with right‑hand‑drive markets and expanding depending on demand and regulatory frameworks.
Crucially, Mahindra says that all XEV 9S variants qualify under India’s production‑linked incentive (PLI) scheme for EVs, and it is in the process of applying for similar eligibility for the BE6. PLI accreditation can improve project economics by rewarding local value addition across the supply chain, which is particularly important for expensive EV platforms.
This combination of capacity, product depth, infrastructure build‑out and policy support is one of the main reasons why brokerages have grown more constructive on M&M’s medium‑term earnings trajectory.
Fundamentals and earnings snapshot
Today’s move in the stock comes on the back of strong recent financial performance.
Data from the September 2025 quarter shows that Mahindra’s revenue from operations rose to about ₹45,885 crore, up roughly 22% year‑on‑year from around ₹37,689 crore. Consolidated profit after tax climbed to roughly ₹3,673 crore, an increase of close to 28% compared with the prior‑year period, according to Economic Times and Mint summaries.
Within autos, Mahindra has:
- Maintained SUV leadership, with revenue market share in this category at about 25.7%, up nearly 390 basis points year‑on‑year.
- Reported total quarterly auto volumes of around 262,000 units, including light commercial and allied brands, with utility vehicles (UVs) at about 146,000 units.
Over the full year, Mint’s data shows Mahindra has delivered net profit of roughly ₹12,900 crore, reflecting a robust rebound over the last few years as the SUV cycle turned favourable and supply‑chain constraints eased.
On key financial metrics as of 28 November 2025:
- TTM P/E: Around 27–29x, versus sector P/E near 23x, indicating a premium valuation.
- Dividend yield: Roughly 0.7%, relatively modest for an auto major.
- Debt‑to‑equity: In the 1.6–1.7x range, somewhat higher than industry medians but still manageable given cash flows.
- Beta: About 0.77, suggesting lower volatility than the broader market despite the stock’s sharp move up.
Shareholding data points to heavy institutional ownership: mutual funds hold around 16.3%, up from the previous quarter, while foreign institutional investors (FIIs) own about 38%, slightly lower than in the prior period.
Earlier this month, a separate analysis highlighted Mahindra’s long‑term goal to grow auto‑division revenue roughly eight‑fold by FY30 relative to FY20, with a strategy tightly focused on SUVs, light commercial vehicles and a scaled EV portfolio, including overseas expansion. Brokerages broadly welcomed this vision as coherent, but noted that it requires flawless execution and sustained capex.
Analyst sentiment: overwhelming ‘Buy’ consensus
The sell‑side view on M&M remains strongly positive. According to Mint’s stock dashboard, 35 analysts actively cover Mahindra & Mahindra:
- 13 have assigned a “strong buy” rating,
- 21 have a “buy” rating, and
- None currently have it tagged as “sell” or “strong sell”; only one is in the “hold” camp.
Nomura’s call today simply reinforces that consensus, adding another layer of confidence by labelling M&M its top OEM pick and projecting multi‑year growth in SUVs and EVs.
For now, the market’s reaction matches the research narrative: M&M is among the day’s notable gainers, volumes are healthy, and the stock is flirting with fresh all‑time highs as investors digest the implications of a scaled‑up electric strategy.
What today’s move means for investors
From an investor’s perspective, 28 November 2025 marks a convergence of several themes in the Mahindra story:
- The near‑term catalyst of a high‑profile EV launch (XEV 9S) at aggressive pricing.
- A clearer medium‑term EV roadmap, with quantified targets on production, sales mix, charging infrastructure and PLI qualification.
- Solid underlying fundamentals, with double‑digit revenue and profit growth, rising SUV market share and strong institutional ownership.
- Valuations that are no longer cheap, but which many brokerages still view as justified by growth prospects and execution so far.
At the same time, the path is not risk‑free. The company will have to navigate:
- Intensifying competition in EVs and SUVs, including from Tata Motors and global brands.
- Execution risk around scaling production to 7,000+ EVs per month while maintaining quality and margins.
- Policy and technology uncertainty in the fast‑moving EV ecosystem, especially around battery chemistries, charging standards and incentives.
For now, the message from the market is clear: investors are rewarding Mahindra for moving decisively on electric mobility, while maintaining its strength in conventional SUVs and farm equipment. Whether today’s rally evolves into a longer‑term re‑rating will depend on how quickly the company converts its bold plans into on‑the‑ground volumes and cash flows.
