Citi Research has reiterated its SELL recommendation on Tech Mahindra, maintaining a target price of ₹1,290 for the IT services major. The brokerage's continued bearish stance reflects its assessment of the company's current market position and growth prospects.

Brokerage Recommendation Details

The following table summarizes Citi's current recommendation on Tech Mahindra:

Market Implications

The maintained SELL rating suggests that Citi continues to view Tech Mahindra's stock as potentially overvalued at current market levels. The ₹1,290 target price provides investors with the brokerage's assessment of the stock's fair value based on their analysis of the company's fundamentals and market conditions.

This recommendation comes as part of Citi's ongoing coverage of the Indian IT services sector, where brokerages regularly evaluate companies based on their financial performance, client acquisition capabilities, and market positioning in the competitive technology services landscape.

Mahindra & Mahindra Limited has announced that its ESG (Environmental, Social, and Governance) rating has been assigned as 74, according to a regulatory filing dated December 10, 2025. The company disclosed this development in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

ESG Rating Assessment Details

The ESG rating was assigned by NSE Sustainability Ratings Analytics Limited, a SEBI-registered ESG Rating Provider. The assessment was conducted independently by the rating agency, utilizing data pertaining to FY2024-25 that is available in the public domain.

Independent Assessment Clarification

Mahindra & Mahindra emphasized that the company did not engage NSE Sustainability Ratings Analytics Limited for this ESG rating assessment. The rating agency independently prepared the report based on publicly available data pertaining to the company's FY2024-25 performance. This clarification underscores the objective nature of the assessment and demonstrates that the rating was achieved without any direct engagement or influence from the company.

Regulatory Compliance and Transparency

The company has fulfilled its regulatory obligations by informing all relevant stock exchanges about this ESG rating update. The notification was sent to:

• National Stock Exchange of India Limited
• BSE Limited
• The Luxembourg Stock Exchange
• London Stock Exchange Plc

Additionally, Mahindra & Mahindra has uploaded this information on its official website at www.mahindra.com , ensuring transparency and accessibility for all stakeholders including investors, analysts, and other interested parties.

ESG Rating Significance

The ESG rating of 74 reflects the company's environmental, social, and governance practices during FY2024-25. ESG ratings have become increasingly important for investors and stakeholders as they evaluate companies' sustainability practices and long-term viability. The rating provides insights into various ESG parameters that are typically assessed by rating agencies based on publicly available corporate data.