Mahindra & Mahindra Ltd (M&M) is an India-based company, operating in nine segments: automotive, farm equipment, IT services, financial services, steel trading & processing, infrastructure, hospitali ty, Systech (comprising automotive components and other related products & services), and Others (comprising logistics, after-market, two wheelers and investment).

Outlook and Valuation: We expect Mahindra & Mahindra (M&M) to report net revenue CAGR of ~15% to ~`62,218cr over FY2018-20E mainly due to heal thy growth in automobile segment like Utility Vehicles (on the back of new launches and facelif t of some models) and strong growth in Tractors segment driven by strong brand recall and improvement in rural sentiment. Further on the bottom-l ine front, we expect CAGR of ~15% to `4771cr over the same period on the back of margin improvement. Thus, we recommend BUY rating
on the stock with target price of `990.

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