The only stock picked by two houses, and also the one where their targets differ most. Nirmal Bang rated Mahindra & Mahindra ‘Buy’ rating with a sum-of-the-parts target of Rs 4,381 against a current market price of Rs 2,869, which is an upside of 51 per cent, valuing the core business at 21.5x Sep’28 EPS. It points to record domestic SUV dispatches of 73,338 units in October, SUV revenue market share of 25 per cent in Q1FY27 and capacity rising to about 82,000 units a month by H2FY27, while flagging softer tractor volumes (domestic tractor sales fell 13 per cent in October).