Broker Stock Recommendations for November 24, 2025: Buy or Sell?
CLSA has issued an outperform rating for Mahindra & Mahindra (M&M), setting a target price of Rs 4,417. The firm expresses confidence in M&M’s ability to maintain its leadership in the SUV, tractor, and light commercial vehicle (LCV) markets. The company anticipates significant growth opportunities through new product launches and aims for a compounded annual growth rate (CAGR) of 15-40% across various segments from FY26 to FY30. Meanwhile, Morgan Stanley has given Maruti Suzuki India an overweight rating with a target price of Rs 18,489, citing strong post-festive demand. Additionally, Nuvama has a buy rating on Vedanta, projecting a target price of Rs 686, while JP Morgan has rated Tata Consultancy Services (TCS) overweight with a target price of Rs 4,050. Citigroup has also given a buy rating to L&T, setting a target price of Rs 4,500.
Mahindra & Mahindra’s Growth Strategy
Mahindra & Mahindra (M&M) is poised for substantial growth, according to CLSA, which has set an outperform rating with a target price of Rs 4,417. Analysts highlight M&M’s confidence in retaining its market leadership in key sectors such as SUVs, tractors, and light commercial vehicles (LCVs). The company plans to leverage new product launches and focus on market segments that are currently underserved. M&M aims for a compounded annual growth rate (CAGR) of 15-40% in various segments from FY26 to FY30, a significant increase compared to the 25% CAGR achieved over the past five years.
In addition to domestic growth, M&M is also targeting export markets, particularly in the tractor segment with its Oja brand, and plans to introduce new global pickup models in the LCV category. The company has revised its tractor volume growth forecast for FY25-FY30 from 7% to 9% CAGR, reflecting its aggressive expansion strategy. M&M also aims to increase revenue from its LCV business by 1.6 times during the same period, indicating a robust outlook for the company’s future.
Maruti Suzuki’s Resilience in the Market
Morgan Stanley has assigned an overweight rating to Maruti Suzuki India, with a target price of Rs 18,489. Analysts report that the company is experiencing strong demand following the festive season, with positive booking trends continuing. They emphasize that operating leverage and net pricing will be crucial for margin growth in the upcoming quarters. The analysts noted that discounts reached their peak during the July-September quarter of FY26, but the company is still witnessing healthy growth in its export markets. This resilience in demand positions Maruti Suzuki favorably as it navigates the competitive automotive landscape.
Vedanta’s Strategic Focus on Demerger and Growth
Nuvama has issued a buy rating for Vedanta, setting a target price of Rs 686. Analysts believe that the company’s strategic focus on its demerger, delivery, and deleveraging—referred to as the “3Ds”—is on track to yield positive results. They anticipate favorable outcomes from the National Company Law Tribunal (NCLT) by December 2025, with the demerger expected to be finalized by the end of Q4 FY26. Additionally, the removal of overhang from not acquiring JP Associates and a projected Rs 20 dividend per share by January 2026 are seen as potential catalysts for growth. Analysts forecast that Vedanta’s earnings before interest, taxes, depreciation, and amortization (EBITDA) will grow at a CAGR of 16% from FY25 to FY28, driven by lower aluminum production costs and increased commodity prices.
TCS and L&T’s Growth Prospects
JP Morgan has rated Tata Consultancy Services (TCS) as overweight, with a target price of Rs 4,050. The firm highlights TCS’s recent partnership with private equity firm TPG, which involves a commitment to invest $1 billion for a 27-49% stake in its newly established data center business, HyperVault. This partnership is expected to support TCS’s capital expenditure plans while minimizing its direct equity outlay over the next five to six years. TCS has also announced plans for a 1 GW AI-ready data center, with an investment of $6.5 billion.
Meanwhile, Citigroup has given a buy rating to L&T, setting a target price of Rs 4,500. Analysts note that L&T sees significant opportunities in the Middle East and Europe, particularly in renewable energy projects. Domestically, an increase in private sector projects, which now constitute 30% of the company’s backlog, is contributing to its growth trajectory.
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