Mahindra and Mahindra has been given a "REDUCE" rating by Emkay Global Financial, with a target price of Rs 2,700. The company's shares are currently trading at Rs 3,026.70, showing a 1.39% increase.

Emkay praised the specifications and competitive pricing of Mahindra and Mahindra's first two electric SUVs, the BE 6e and XEV 9e, which are priced around 6% and 22% lower than leading models in the internal combustion engine SUV segment. However, the slow adoption of electric vehicles is attributed to consumer concerns about charging infrastructure and resale value. This situation is expected to worsen as competition intensifies in the EV sector over the next 6-12 months.

Emkay maintains its estimates, projecting a core EPS CAGR of around 9% for FY24-27, but suggests that the peak of the SUV launch cycle for Mahindra and Mahindra may have passed. The stock is currently trading at a core price-to-earnings ratio of approximately 27 times for September 2026 estimates, compared to 21.5 times for Maruti Suzuki and 24 times for Hyundai Motor India.