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Time of India
28-04-2025
- Business
- Time of India
Add Mahindra & Mahindra Financial Services, target price Rs 310: ICICI Securities
ICICI Securities has maintained an add call on Mahindra & Mahindra Financial Services with an unchanged target price of Rs 310. The current market price of Mahindra & Mahindra Financial Services is Rs 265.3. Mahindra & Mahindra Financial Services, incorporated in 1991, is a Large Cap company with a market cap of Rs 32821.85 crore, operating in the NBFC sector. Mahindra & Mahindra Financial Services' key products/revenue segments include Interest, Fees & Commission Income, Rental Income, Income From Sale Of Share & Securities for the year ending 31-Mar-2024. Financials For the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 4896.84 crore, up 2.03% from last quarter Total Income of Rs 4799.45 crore and up 13.01% from last year same quarter Total Income of Rs 4332.94 crore. The company has reported net profit after tax of Rs 440.33 crore in the latest quarter. The company?s top management includes Shah, Gupta, Bijapurkar, Sarwate, Mr.C B Bhave, Mungale, Nugent, Barua, Ghai, Rebello, Kumar Sharma. Company has Mukund M Chitale & Co. as its auditors. As on 31-03-2025, the company has a total of 124 Crore shares outstanding. Live Events Investment Rationale Mahindra & Mahindra Financial Services' (MMFSL) financial performance has been in-line on a full-year FY25 basis with credit cost remaining at 1.3% vs. 1.7% YoY and AUM growth at 17% YoY; however, quarterly volatility still persists. Credit cost during Q4FY25 stood at 1.4% vs. nil QoQ vs. 2.3% in Q2FY25 vs. 1.5% in Q1FY25. Management highlighted that while it marginally missed guidance on parameters, specifically on NIM (6.5%, as on Mar'25) and RoA (1.9% as on Mar'25), it believes both are set to improve from hereon. Further, it expects credit cost to remain within 1.3-1.7% in the medium to long-term and mid to high-teen AUM growth during the same period. Maintain ADD, with an unchanged target price of Rs 310, valuing at 1.6x on Sep'26E BVPS (roll-over from Sep'25E). Promoter/FII Holdings Promoters held 52.16 per cent stake in the company as of 31-Mar-2025, while FIIs owned 10.68 per cent, DIIs 21.07 per cent.
Economic Times
24-04-2025
- Business
- Economic Times
I-Sec upgrades Mahindra Logistics to Add; lowers target price to Rs 350
ICICI Securities has upgraded Mahindra Logistics to 'ADD' with a revised target price of Rs 350, down from Rs 360. The upgrade is driven by improved EBITDA performance, particularly with reduced losses at Rivigo and better contract logistics earnings. However, achieving break-even for Rivigo by Q2FY26 may be challenging due to industry pressures and competition. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads (Disclaimer: Views and recommendations given in this section are the analysts' own and do not represent those of Please consult your financial adviser before taking any position in the stock/s mentioned.) CICI Securities has upgraded the Mahindra Logistics stock to ADD, from Hold. Their revised target price works out to Rs 350/share (Rs 360/share earlier). The current market price of Mahindra Logistics is Rs 316.25. Mahindra Logistics, incorporated in 2007, is a Mid Cap company with a market cap of Rs 2299.91 crore, operating in Logistics Logistics' key products/revenue segments include Services Rendered for the year ending the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 1571.68 crore, down -1.80 % from last quarter Total Income of Rs 1600.45 crore and up 8.12% from last year same quarter Total Income of Rs 1453.64 crore. The company has reported net profit after tax of Rs -5.31 crore in the latest company's top management includes Shah, Swaminathan, Raju, Sinha, Mungale, Davda, Pandole, Hariani, Vohra. Company has Deloitte Haskins & Sells LLP as its auditors. As on 31-03-2025, the company has a total of 7 Crore shares Logistics' EBITDA has improved from its low of 3.7% in Q3FY24 to 5% in Q4FY25. The improvement is mainly on account of paring losses at Rivigo and improved performance across other verticals. Rivigo has incurred an EBITDA loss of Rs 511 million for FY25 (Rs 803 million loss in FY24); management remains optimistic and expects EBITDA to break even by Q2FY26. Further, the earnings of contract logistics are also expected to improve on the back of better utilisation of white spaces and cost normalisation. ICICI Securities believes that achieving break even in Q2FY26 could be difficult for the company, as the industry is going through a tight phase; also, Mahindra Logistics faces heightened competitive intensity and pricing pressure. Taking into account the FY25 numbers and with the expectation of improvement ahead, the brokerage increased its EBITDA estimates by 5.6% in FY26 and 1% in FY27, while cutting PAT estimates taking into account higher depreciation and interest costs. ICICI Securities has upgraded the stock to ADD, from Hold. Their revised target price works out to Rs 350/share (Rs 360/share earlier), based on the revised valuation methodology of EV/EBITDA (earlier PE multiple); they value the stock at 7x FY27E EV/ held 57.97 per cent stake in the company as of 31-Mar-2025, while FIIs owned 5.22 per cent, DIIs 13.85 per cent.
Time of India
24-04-2025
- Business
- Time of India
I-Sec upgrades Mahindra Logistics to Add; lowers target price to Rs 350
CICI Securities has upgraded the Mahindra Logistics stock to ADD, from Hold. Their revised target price works out to Rs 350/share (Rs 360/share earlier). The current market price of Mahindra Logistics is Rs 316.25. Mahindra Logistics, incorporated in 2007, is a Mid Cap company with a market cap of Rs 2299.91 crore, operating in Logistics sector. Mahindra Logistics' key products/revenue segments include Services Rendered for the year ending 31-Mar-2024. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Discover how to go from draft to done in a few clicks—not a few hours. Grammarly Install Now Undo Financials For the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 1571.68 crore, down -1.80 % from last quarter Total Income of Rs 1600.45 crore and up 8.12% from last year same quarter Total Income of Rs 1453.64 crore. The company has reported net profit after tax of Rs -5.31 crore in the latest quarter. The company's top management includes Shah, Swaminathan, Raju, Sinha, Mungale, Davda, Pandole, Hariani, Vohra. Company has Deloitte Haskins & Sells LLP as its auditors. As on 31-03-2025, the company has a total of 7 Crore shares outstanding. Live Events Investment Rationale Mahindra Logistics' EBITDA has improved from its low of 3.7% in Q3FY24 to 5% in Q4FY25. The improvement is mainly on account of paring losses at Rivigo and improved performance across other verticals. Rivigo has incurred an EBITDA loss of Rs 511 million for FY25 (Rs 803 million loss in FY24); management remains optimistic and expects EBITDA to break even by Q2FY26. Further, the earnings of contract logistics are also expected to improve on the back of better utilisation of white spaces and cost normalisation. ICICI Securities believes that achieving break even in Q2FY26 could be difficult for the company, as the industry is going through a tight phase; also, Mahindra Logistics faces heightened competitive intensity and pricing pressure. Taking into account the FY25 numbers and with the expectation of improvement ahead, the brokerage increased its EBITDA estimates by 5.6% in FY26 and 1% in FY27, while cutting PAT estimates taking into account higher depreciation and interest costs. ICICI Securities has upgraded the stock to ADD, from Hold. Their revised target price works out to Rs 350/share (Rs 360/share earlier), based on the revised valuation methodology of EV/EBITDA (earlier PE multiple); they value the stock at 7x FY27E EV/EBITDA. Promoter/FII Holdings Promoters held 57.97 per cent stake in the company as of 31-Mar-2025, while FIIs owned 5.22 per cent, DIIs 13.85 per cent.
