Motilal Oswal Recommends BUY on Mahindra & Mahindra; Target INR 4,521

• Motilal Oswal reiterates a 'BUY' rating for Mahindra & Mahindra (MM) with a target price of INR 4,521.
• The report highlights new models XUV7XO and XE9S, with XUV7XO offering significant feature upgrades like enhanced ADAS and a 16-speaker Harman Kardon setup.
• XUV7XO is expected to add 2-3k incremental units to XUV700's monthly sales.
• MM plans to launch two more ICE variants and an EV in FY227, sustaining demand momentum.
• Analysts project a 14% UV volume CAGR and ~19%/18%/21% CAGR in revenue/EBITDA/PAT for MM over FY25-28E.

Why It Matters: Motilal Oswal recommends buying Mahindra & Mahindra, projecting strong growth and new model success.