Here is a sneak peek into what leading brokerages and research houses expect from the December quarter results.


Analysts at IDBI Capital expect M&M’s volumes to be up 24% y-o-y. Margins (standalone), however, are expected to be flat on q-o-q basis.


"M&M is likely to sustain strong top-line driven by volume growth of 22% y-o-y," is what analysts at Emkay said in their result preview report. However, they are expecting Adjusted EBITDA margins to decline by 310 bps y-o-y due to higher production at 100% subsidiary MVML. The key things that they will watch out for include tractor demand outlook, impact of currency swings and performance of Ssangyong Motor Company, the fourth largest South Korean automobile manufacturer.


On the other hand, Analysts at Edelweiss Securities are keeping a tab on the margins in the wake of poor contribution from the demand for tractors. “However, Within the Sensex, top line growth is expected to be healthy for the Mahindra & Mahindra (M&M). The domestic auto and tractor segment realisation is expected to go up by 4% and 1%, respectively," they stated in a report.


“M&M is expected to witness 29% revenue growth on the back of 26% volume growth. While individual business margins would remain under pressure, favorable product mix on qoq basis will drive 100bp of margin expansion," states an IDFC Securities report.