“Upgraded Mahindra Finance to 'buy' from 'add', raising the target price by 18.4% to ₹450, implying a 29% upside potential. The Q1FY27 results reinforce a positive view, driven by impressive performance on asset quality, credit cost, and profitability. Increased disbursement growth and reasonable valuations, coupled with a fortified balance sheet and improving ROA towards 2.5%, present a compelling risk-reward ratio.”