Mahindra & Mahindra participated in the Citi India Conference 2026 held on June 5, 2026, in Mumbai. The company engaged with funds and investors during the physical event, which concluded at 02:00 p.m. IST. The presentation submitted to the stock exchanges on May 5, 2026, was used during the discussions. The company confirmed that no unpublished price sensitive information was shared during the event. The disclosure was made under Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Schedule of Meetings

The company secretary, Sailesh Kumar Daga, signed the intimation confirming the participation on June 5, 2026.

Mahindra & Mahindra has received a reaffirmed Buy rating from Nomura, with the brokerage setting a target price of ₹4,580. The positive stance is anchored in a strong growth outlook, driven by robust SUV demand, significant capacity additions, and an aggressive product roadmap spanning both internal combustion engine (ICE) and battery electric vehicle (BEV) segments.

Key Investment Thesis

Nomura's bullish outlook on Mahindra & Mahindra is supported by several structural and operational growth drivers. The brokerage expects mid-to-high teens volume growth in the SUV segment, reflecting sustained consumer demand. A critical enabler of this growth is the planned capacity expansion, which is set to scale meaningfully over the coming years.

The following table summarises the key highlights underpinning Nomura's Buy recommendation:

Capacity Expansion and Platform Launch

A central pillar of the growth narrative is the planned capacity ramp-up from 64.5k to 82k units per month by March 2027. This expansion is expected to directly support the anticipated increase in SUV volumes. Complementing this, the launch of the NU-IQ platform is highlighted as a significant product development milestone that could further strengthen Mahindra & Mahindra's competitive positioning in the SUV space.

Aggressive Product Pipeline Through FY31

Nomura also draws attention to the company's ambitious product pipeline, which includes 10 ICE models and 6 BEV models slated for launch by FY31. This broad-based pipeline underscores the company's strategy to address diverse segments of the automotive market while simultaneously building out its electric vehicle portfolio.

Nagpur Plant: A Long-Term Capacity Catalyst

Looking further ahead, the upcoming Nagpur plant represents a significant long-term capacity addition. The facility is expected to house a 500k SUV capacity and 100k tractor capacity, with operations anticipated to commence from 2028. This greenfield investment signals the company's commitment to scaling both its automotive and farm equipment businesses over the longer term.

Collectively, these factors — volume growth momentum, near-term capacity expansion, platform innovation, a diversified product pipeline, and long-term manufacturing investments — form the basis of Nomura's sustained Buy recommendation and ₹4,580 target price on Mahindra & Mahindra.