Mahindra & Mahindra: Prabhudas Lilladher Recommends 'Accumulate' with Rs 4050 Target

• Prabhudas Lilladher maintains an 'Accumulate' rating for Mahindra & Mahindra.
• The target price is set at Rs 4,050, slightly revised from the previous Rs 4,100.
• Q3FY26 standalone revenue of Rs 385.2 billion (+26.1% YoY) met street estimates.
• Strong performance across businesses with margin expansion driven by volumes and cost optimization.
• Analysts project revenue/EBITDA/EPS CAGR of 15.4%/16.0%/17.8% over FY25-28E.