Mahindra & Mahindra’s latest round of SUV launches is giving Dalal Street fresh reasons to stay bullish. Brokerage major Motilal Oswal Financial Services has reiterated its ‘Buy’ call on Mahindra & Mahindra (M&M), setting a target price of ₹4,521 after the company rolled out three new models in quick succession — the refreshed XUV 7XO, the electric XEV 9S, and the XUV 3XO EV.
Strong launch pipeline lifts demand outlook
In a note issued on Friday, Motilal Oswal said the back-to-back launches have strengthened M&M’s near-term demand visibility. The brokerage believes this steady flow of new products should help the company maintain momentum in the highly competitive SUV space.
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“This healthy launch pipeline should help sustain strong demand momentum going forward,” the brokerage said, while valuing the stock on a December 2027 sum-of-the-parts basis.
XUV 7XO: Feature-heavy refresh at a sharp price
The XUV 7XO, a major refresh of the popular XUV700, is seen as the biggest volume driver among the three launches. According to Motilal Oswal, the SUV packs several upgrades while keeping costs largely in check.
Key additions include a best-in-class suspension setup for better ride comfort, a new three-screen dashboard layout, ambient lighting, enhanced ADAS features, upgraded electronics and computing architecture, Dolby Vision with Dolby Atmos support, a 16-speaker Harman Kardon audio system, and improved seat quality.
Introductory prices are available for the first 40,000 buyers, and the brokerage estimates the XUV 7XO could add 2,000–3,000 incremental units to the XUV700’s monthly sales run rate.
XEV 9S: Premium electric offering, limited volume impact
Mahindra has also entered the premium electric SUV space with the XEV 9S, the EV version of the XUV700. Priced between ₹19.9 lakh and ₹29.4 lakh (ex-showroom), the model largely mirrors the ICE version on the inside but adds semi-active suspension that adjusts to road conditions and an augmented reality heads-up display.
That said, Motilal Oswal does not expect the XEV 9S to be a major growth driver, citing its higher price point and niche positioning.
XUV 3XO EV completes the trio
The launch of the XUV 3XO EV rounds off Mahindra’s three-model rollout. While details are still settling in the market, the brokerage sees the combined impact of the XUV 7XO, XEV 9S and 3XO EV as supportive of sustained demand over the coming quarters.
What’s next in Mahindra’s product roadmap
Looking ahead, Motilal Oswal said M&M plans to introduce two more internal combustion engine models in FY27, along with another electric vehicle in the same fiscal year — underlining the company’s dual focus on ICE and EV platforms.
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Growth outlook remains solid
The brokerage expects Mahindra to deliver a 14% compound annual growth rate in utility vehicle volumes between FY25 and FY28. Over the same period, revenue, EBITDA and profit after tax are projected to grow at around 19%, 18% and 21%, respectively.
With multiple long-term growth drivers still in play, Motilal Oswal maintained its ‘Buy’ rating and target price of ₹4,521 on the stock.
