Prabhudas Lilladher upgrades Mahindra Finance to 'Accumulate', target Rs 375

• Prabhudas Lilladher upgraded Mahindra and Mahindra Financial Services stock to 'Accumulate'.
• The research report sets a target price of Rs 375 for the stock.
• The upgrade is based on sustainable growth, margin outlook, and expected disbursement growth in H2FY26.
• Management anticipates resilient Net Interest Margin (NIM) at ~7% and long-term RoA improving to ~2.5%.
• Near-term concerns include weak asset quality and elevated credit costs, expected to normalize by FY27/FY28E.

Why It Matters: It offers an investment recommendation for Mahindra and Mahindra Financial Services.