Thar ROXX Sets New Booking Record: M&M's SUV Surge Fuels Market Optimism

After Mahindra & Mahindra (M&M) recorded 1.76 lakh orders for the Thar ROXX in only 60 minutes—the largest first-day bookings for any vehicle in the company's history—brokers Investec, Nomura, and Morgan Stanley reaffirmed their positive view on M&M.

M&M's stock ended the previous session at ₹3,137, over 1% lower. Year-to-date (YTD) growth of the stock has been outstanding, rising by 84 %. By contrast, the Nifty 50 index increased by just 16% in the same time frame.

Investec stated that the launch reinforces M&M's SUV business and maintained its 'Buy' rating with a target price of ₹3,220. The brokerage said that with 176,000 units reserved in the first hour, the Thar ROXX booking milestone exceeded all prior records.

The excellent value of M&M, which is trading at 28x FY26E EPS, was also emphasized. Over FY24–26, the brokerage projects M&M's EBITDA and ROE to increase at a CAGR of 20% and 22%, respectively.

Echoing the confidence, Morgan Stanley set a target price of ₹3,304 and kept its 'Overweight' rating. The company noted that if the Thar ROXX is successful, the whole Thar franchise may reach 8,000–10,000 units each month. The Thar three-door now runs at 5,000 units per month. It also hinted that M&M would be able to maintain its third-place standing in the Indian passenger car market thanks to the SUV's capabilities.

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The 5-door Thar ROXX SUV is a competitively priced vehicle that is offered in both petrol and diesel models, with a starting price of ₹12.99 lakh. Both choices are available with either a six-speed manual or automatic transmission. Deliveries will begin on October 12 for Dussehra, and M&M has promised to provide clients with frequent information on delivery in a gradual way.

Sales of SUVs at M&M increased by 24% year over year in September, reaching 51,000 vehicles. Similar to the quality of the product, exports increased by 25% YoY to 3,027 units in September.

To Summarize

Mahindra & Mahindra (M&M) set a record with 1.76 lakh bookings for the Thar ROXX in just 60 minutes, the highest in its history. Despite a 1% stock dip to ₹3,137, M&M's stock has surged 84% year-to-date. Brokerages like Investec and Morgan Stanley reaffirmed positive outlooks, citing strong SUV demand and growth projections. The Thar ROXX, starting at ₹12.99 lakh, is offered in petrol and diesel variants, with deliveries starting on October 12. M&M’s SUV sales grew 24% YoY in September, reaching 51,000 units, with exports rising 25%.