ICICI Securities has downgraded Mahindra & Mahindra to ‘Add’ with a revised target price of Rs 3,200. The company reported a consolidated total income of Rs 41,881.38 crore for the quarter ended December 31, 2024, a 16.95% increase from the previous year. Promoters held 18.45% stake, while FIIs owned 38.3% as of March 31, 2025.
