M&M Shares Plummet Post Q3 Results: Buy Opportunity or Sell Alarm? Experts Weigh In

• Mahindra & Mahindra (M&M) reported a spectacular Q3 FY2026, with consolidated revenue exceeding ₹50,000 crore for the first time and 15th consecutive quarter of double-digit operating profit growth.
• Despite strong results, M&M shares fell 2.23% on BSE to ₹3592.80, with an intraday low of ₹3582.20, prompting debate on whether it's a buying opportunity.
• CLSA maintains an 'outperform' rating, raising its target price to ₹4,702, citing M&M's leadership in utility vehicles and expected 20% CAGR in operating profit (FY2026-28).
• Nomura keeps a 'buy' rating with a target of ₹4,662, noting SUV growth will outperform the industry and M&M's operating margin was near expectations, making it a top pick.
• Bernstein gives a 'market-perform' rating with a target of ₹4200, highlighting M&M's excellent performance across auto, farm, and subsidiaries, supported by policy measures and improved capital allocation.